Frequently Asked Questions
  • FAQ
    • About GoMining
    • Buying and selling
    • Tokenomics
      • Epochs
      • Burn & Mint cycles
      • veGOMINING & Locks
      • Voting
    • Liquidity Pools
    • GoMining Launchpad
    • Legality
    • Security
    • Technical equipment
    • Environmental friendliness
  • Instructions
    • How to create crypto wallet and add GOMINING to it
      • Trust Wallet ERC-20
      • Trust Wallet BEP-20
      • Binance Chain ERC-20
      • Binance Chain BEP-20
      • Ledger ERC-20
      • Ledger BEP-20
      • Trezor
    • How to add GOMINING and BTC wallets
    • How to buy GOMINING
      • Purchase in the personal account
      • Purchase on the exchange
        • BitGet
        • BitMart
        • Gate.io
        • Phemex
        • MEXC
        • HitBTC
        • EXMO
        • Coinsbit
        • LBank
        • Latoken
        • Sushiswap
        • Uniswap
        • 1inch
        • Pancakeswap
      • Purchase via Trust Wallet
    • How to use GoMining Pay
    • How to pass KYC
Powered by GitBook
On this page
  • 1. What is the Burn & Mint cycle?
  • 2. How are GOMINING tokens burned and minted?
  • 3. How are the minted tokens distributed?
  • 4. What are the GoMining rewards?
  1. FAQ
  2. Tokenomics

Burn & Mint cycles

PreviousEpochsNextveGOMINING & Locks

Last updated 24 days ago

1. What is the Burn & Mint cycle?

This is a 1 week cycle, at the end of which we burn all GOMINING tokens spent on digital miner maintenance and immediately mint new ones. Each cycle runs Tuesday through Tuesday.

2. How are GOMINING tokens burned and minted?

All of our miner 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:

0xC13F2778B92699e93e6df8c92D1aF8b50c340C3D

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 These withdrawn tokens go to the Burn & Mint smart contract:

0x44DDEF36f5d4926de2edc495938ADF854C93fA5C

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 exact ratio of burned and minted tokens is determined by the .

3. How are the minted tokens distributed?

The newly minted tokens are distributed every Tuesday among 4 directions:

  • 65% to the hashpower service providers 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.

4. What are the GoMining rewards?

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

  • Miner Wars prize pool — extra GOMINING tokens for personal victories

  • The Greedy Machines power increase — TH upgrade of all miners from The Greedy machines collection

  • Liquidity provider bonus — additional weekly rewards for liquidity providers

The vote holders are the ones who determine where the most GoMining rewards go. The ratio in which GoMining rewards are distributed to these 4 categories depends on the results of .

Epoch
veGOMINING voting