Mining Pools
Last updated
Last updated
Mining Pools are an innovative, noncustodial staking protocol designed for beetMiner NFTs holders. This system enables participants to combine their computational power (hashpower) to enhance their chances of successfully mining blocks.
Just like a conventional mining pool, rewards from mining activities are distributed proportionally based on the amount of hashpower each participant contributes to the pool.
For example:
MinerA: 50 Hashpower.
MinerB: 30 Hashpower.
MinerC: 20 Hashpower.
In the above case, miners will have 50, 30 and 20% of the block rewards, respectively, assigned to their accounts.
How it Works?
To join a mining pool, select the beetMiner NFT you wish to stake. You will then execute a transaction to delegate your NFT to a secure address managed by our system. You can select up to 3 miners at the same time (both to pool/unpool)
This action will temporarily freeze your NFT, meaning it cannot be transferred or listed for sale during its staked period.
However, your NFT will not leave your wallet and you can, for example, upgrade your miner while it remains staked.
A beetMiner must be staked in the pool for a minimum of 48 hours.
Electricity and Bonuses
While participating in a pool, miners still consume electricity from their holders, but they don't adds up to the holder hashpower, or count towards bonuses (miners bonus or hashpower bonus), meaning that it will be like if the nft doesn't exist, while still consuming electricity.
In essence, while the NFT remains visible in your wallet, it will not appear in miner lists when searching your wallet in the Beetcoin Dashboard. We are committed to updating the dashboard to reflect pooled miners as part of a pool, although this feature will not be available at launch.
Pools get no bonus from the amount of miners staked or the hashpower they have, and always are 100% efficient.
Costs
Join/Staking Fee: There is a fee of 2 Beetcoins and 0.0042 SOL to join or stake a miner in the system pool. These funds are directed to a marketing multisignature wallet for consolidation.
Block Rewards Fee: A future fee of 2% is planned to be deducted from block rewards (1 beetcoin per block, based on current reward amounts). Details regarding the implementation of this fee will be announced.
Withdraw/Unstake Fee: The cost to withdraw or unstake is the same as the join/staking fee.
Participants can view their accrued Beetcoins within the pool at any time.
However, accessing these funds requires making a claim, which is free of charge, but can be done once per week, per wallet.
Pools: pools.beetcoin.cash
