Trade mining service official opening
ProBit Exchange is glad to announce the official start of Trade Mining service.
* Trade Mining explained
When a user trades a Trade Mining applicable trading pair (Mining Trading Pair) and pays transaction fees, the incurred transaction fee paid will be reimbursed in PROB tokens.
The rules of Trade Mining can be amended from time to time. Mining Trading Pairs can also be added, changed, and excluded. Please read the announcements carefully before participating in Trade Mining.
* Mining Trading Pairs
BTC/USDT
ETH/USDT
BTC/KRW
ETH/KRW
ETH/BTC
* Trade Mining rules
- PROB equivalent to 50% of the trading fees paid by a user for Mining Trading Pairs will be mined and rewarded to the user. However, if a user mines over 1,000 PROB in a day (according to KST), PROB equivalent to 110% of the mined PROB will be rewarded as a bonus to the user.
- For example, if a user mines 2,000 PROB in a day, (according to KST) a 110% bonus of 2,200 PROB will be rewarded and the user will receive a total of 4,200 PROB.
- The unit price of PROB applicable for Trade Mining is calculated as the 24-hour volume weighted average price of PROB against the KRW market and updated every 10 minutes. In other words, the last updated average price of PROB will be applied as a unit price for Trade Mining.
- Mined PROB will be deposited to a user’s staking wallet during the following calendar day before 24:00 KST and can be traded immediately without any lock-up restrictions.
- Trade Mining is not applicable when trading fees are paid in PROB
- Referral bonuses will not be rewarded for transactions involving Mining Trading Pairs.
*80% of all trading fee revenue from Trade Mining transactions will be used for the Buyback Program of PROB, which will help ensure stability and long term growth of PROB.
* Not only will Trade Mining provide users with the benefit of trading fee reimbursement, but it will also help enhance trading activities on ProBit Exchange and promote the PROB ecosystem.
* Stake Mining
- Every day during Trade Mining period, ProBit will compensate users for staking PROB by distributing new PROB.
- Distribution time: Once a day
- Distribution amount: Under Stake Mining, PROB is mined and distributed to users staking PROB on a daily basis at a rate of 8% per annum of PROB staked. PROB Stake Mining distribution will be deposited into the staking wallet and locked up for 6 months.
* Trade Mining and Stake Mining will continue until the entire amount of PROB allocated for the mining (i.e. 100,000,000 PROB) is mined.
* Mining rule changes
-BTC/USDT added as a Mining Trading Pair on June 17, 2019.
-Starting on June 26, 2019, ETH/USDT, BTC/KRW, ETH/KRW, and ETH/BTC added as Mining Trading Pairs.
-Beta service duration extended to July 14, 2019.
-Starting on July [***], 2019, Trade Mining percentage changed from 105% to 50%, users can also receive a 110% bonus when mining more than a certain amount
-Starting on July [***], 2019, Stake Mining rewards changed from 12% per annum to 8% per annum.
