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Burn & Mint cycles
This is a 1 week cycle, at the end of which we burn all GoMining tokens spent on NFT maintenance and immediately mint new ones. Each cycle runs Tuesday through Tuesday.
All of our NFT holders pay for maintenance, and a portion of them do so in GoMining tokens from their virtual wallets.
There's a smart contract wallet that stores the same amount of tokens as all virtual wallets in our system and every day synchronizes with them by balance:
So, when holders pay for maintenance with their GoMining virtual wallets, the smart contract wallet withdraws the same total amount of tokens. These withdrawn tokens go to the Burn & Mint smart contract:
The Burn & Mint smart contract accumulates these tokens during the Burn & Mint cycle. And on Tuesday, at the end of the cycle, the smart contract burns all received tokens and right after that mints new ones.
The newly minted tokens are distributed every Tuesday among 4 directions:
- 65% to the service provider issuing the NFT Smart contract: 0x4a58FCd78613545108d00Bed89EB27a9a63B4889
- 20% as veGOMINING rewards to vote holders Smart contract: 0x69B3D98E2bdA71fD8B2053cAD3977ABbe550C476
- 10% as GoMining rewards Smart contract: 0xB7868b801B87368c7723B9d7ab091C00B59b3046
- 5% to the GoMining team Smart contract: 0x2e9c303104E78384a3b86691f5AbA9e4105fD64B
This ratio is fixed for all Burn & Mint cycles.
The GoMining rewards are 10% of the weekly emission. These are rewards that cover:
- Extra Solo mining discount — an additional discount on maintenance fees for all Solo miners
- Pool mining multipliers — round multipliers in Pool mining modes that increase game rewards
- The Greedy Machines power increase — TH upgrade of all held NFTs from The Greedy machines collection
The vote holders are the ones who determine where the most GoMining rewards go. The ratio in which GoMining rewards are distributed to these 3 categories depends on the results of veGOMINING voting. This directly affects the value of the extra discount, round multipliers and power increase.