What Makes Minereum Tick

Imagine a cryptocurrency that doesn’t require complex setups, loud fans, or excessive electricity. Enter Minereum, the first self-mining smart contract in the cryptocurrency world. This is not just another digital currency; it’s a paradigm shift in how we view mining and crypto systems.

Genesis of a New Era

Minereum took its first steps during its Genesis phase, where from April 14-15, 2017, they gathered a whopping 4,268 Genesis addresses from various online forums. Following this, each address received a generous allocation of 32,000 coins, leading to a total supply cap of 136,576,000 Minereum coins. But here’s the kicker—don’t expect to see all those coins flooding the market anytime soon! The self-mining mechanism only allows addresses to mine a minuscule 0.00032 MNE per block, which means it will take a staggering 47 years to reach the total supply.

Mining Without Mining?

Yes, you read that correctly! Minereum has flipped the script on mining. Unlike traditional cryptocurrencies that gnaw through electricity with clunky hardware, Minereum lets you mine through a contract on the Ethereum blockchain. A representative succinctly sums it up:

“The mining process of Minereum is something never seen before…”

The Inflation Dilemma

As you scratch your head over Minereum’s unique mining system, you may wonder about its inflation rate. Currently, reports indicate that around 500,000 Minereum coins are in circulation, a contrast to Ethereum’s robust generation of 5 ETH per block. In fact, with Minereum generating only 1.36576 MNE per block, its inflation rate is an impressive 72 percent lower than Ethereum’s.

Token Creation Made Easy

The Minereum team isn’t stopping at self-mining; they’re also rolling out an Automatic Ethereum Token Creation Service. This service simplifies ERC20 token creation—just perform a transaction with Minereum, and voila! Your token is born. A spokesperson highlighted a critical advantage:

“All the MNEs received from purchases will be automatically destroyed…”

This mechanism not only incentivizes participation but also helps manage supply.

Transparency and Accessibility

Minereum thrives on fairness and accessibility, ensuring that coin distribution is balanced and equitable. Because it operates through Ethereum’s ecosystem, transaction fees are straightforward and transparent. Interested in diving deeper? There’s a wealth of technical details available on Minereum’s dedicated forums and in their white paper.

As we await more innovations from the Minereum team, one question lingers in the air: How will users embrace this new wave of digital currency?