Early miners could dig out BTC with simple computers, and the investment ratio was very low. And when the price of BTC gradually rises, computing power becomes the focus of everyone's competition. In order to be able to dig out a large amount of BTC, miners buy mining machines at all costs. If things go on like this, the mining cost of mining machines is getting higher and higher, coupled with the need to pay the huge electricity bills and maintenance costs of mining machines during operation, these factors discourage ordinary investors, and the proposal of a new mining model is imminent.
The emergence of cloud computing power in 2014 revived the mining field. Cloud computing power is a remote mining mode. Users do not need to understand mining principles or purchase expensive mining machines. They only need to purchase cloud computing power contracts through the platform and lease computing power for mining, and they can earn regular income. The emergence of cloud computing power makes mining easier and lowers the threshold for investors.
However, cloud computing power relies heavily on computing power service providers and is not decentralized. Computing power service providers must ensure that there is a sufficient scale of the mine, the authenticity of mining, and the sustainability of operations. Once the computing power service provider does not operate honestly, or does not have enough mining machines for mining, or does not manage well, it will bring huge losses to users.
In addition, since March last year, the country has successively issued regulatory measures for virtual currency mining, and successively shut down mines in Inner Mongolia, Qinghai, Xinjiang, Yunnan, Sichuan and other places. A group of miners who hope to continue to dig deep in the mining industry have gone to sea, stepping into more unknown areas with relatively friendly policies.
Is there a safer mining method that not only allows miners and cloud computing terminal investors to obtain a large amount of valuable cryptocurrencies, but also reduces the high maintenance costs and policy risks of mainstream mining methods?
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The first gamified mining based on real computing power
Last year's GameFi boom gave birth to hundreds of projects, and the X to Earn mode has also become a sought after object by developers and players. Because it can not only innovate in the gameplay, but also allow players to earn rewards while playing the game.
The CoolMining team is a group of early BTC adopters with background and experience in BTC mining, Solidity development, and graphic design. They saw the development trend of GameFi and were inspired by it, and decided to combine BTC mining with GameFi to develop an on-chain mining simulation game based on real computing power.
In the real world, miners perform trillions of hash calculations every second to compete for the right to verify new blocks and obtain network rewards. CoolMining achieves that the in-game hash rate is the same as the real-world hash rate by ensuring that all in-game hashrates (whether in the form of tokens or miners) correspond to real-world hashrates, so that players can Obtain the same competitive reward rights as real mining.
CoolMining is built on the KCC chain and has close cooperation with KuCoin mining pool. KCC has a complete ecological infrastructure, smooth game experience and low transaction fees, which has laid a good foundation for the development of CoolMining. CoolMining’s partners in the mining industry also include Canaan Technology, Whatsminer, Bitmain, etc.
In addition, the CoolMining game scene simulates a real mining site and visualizes the traditional boring mining behavior. You can see concrete mines, mining machines, mining pools, etc., and you can also participate as a staker, miner, and mine owner. These roles and tools exist in the form of NFT, and you can also play your own With imagination, invent mining machines that have never been seen in real life, and enjoy the fun of creation.
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CoolMining Gameplay Introduction
mining pool
mining pool：Become a cloud miner, pledge computing power tokens and get daily BTC rewards.
All CoolHash token holders can become stakers to earn BTC rewards. By design, CoolHash tokens represent ownership of the corresponding hashing power. Pledging CoolHash in the mining pool means that the underlying computing power is connected to the Bitcoin network, and participating in POW mining can obtain BTC rewards.
Total BTC rewards are calculated based on real world total hash rate. The reward corresponding to the CoolMining computing power will be distributed to the BTC reward pool 24 hours after deducting the production cost and accumulating. Players can claim their share of BTC rewards at any time.
miner:Speed up mining and earn hashrate rewards by building custom mining rigs.
Miners exist in the form of CoolMiner NFT. Players can use CoolPart NFT (accessories that can be used to customize the mining machine) to mint CoolMiner NFT, and can also purchase already minted finished products on CoolMart.
There are currently 4 types of CoolPart NFTs to assign different properties to CoolMiner NFTs.
Hashboard: The core of the mining machine determines the computing power of the mining machine.
Control panel: used to adjust the settings of the mining machine, such as affecting the reward acceleration rate of the mining machine, which determines the reward bonus of the miner.
Mining machine power supply: determines the operating cost of the mining machine, such as CoolGas consumption.
Cooling system: mining machine radiator to prevent overheating of the mining machine, stabilize the performance of the mining machine, and affect the level of receiving fees when receiving rewards
In addition, CoolMining is also equipped with a miner's laboratory, where miners can check the inventory of accessories and mining machines, and assemble or disassemble the mining machine according to their own ideas. You can assemble an innovative and unique mining machine to achieve the best results in mining.
hosting:
hosting:Hosters need to pre-invest in mining sites, and then lease these sites to miners. Help them earn rewards faster, while charging hosting fees to miners. Hosting providers can customize the lease term and hosting rate. In addition, miners also need to extract part of the operating costs to pay the custodian as energy costs.
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CoolMining’s Reward Mechanism
CoolMining has two types of rewards, BTC rewards and CoolGas rewards.
BTC rewards are calculated based on real-time total computing power in the real world. The rewards corresponding to CoolMining's pledge computing power will be distributed to the BTC reward pool every 24 hours after deducting the production cost. Rewards accumulate over time and players can claim them at any time.
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CoolMining Token Introduction
There are two ERC-20 tokens in the CoolMining ecosystem: CoolHash and CoolGas.
The CoolHash token COOHA is a hashrate coin that represents real-world hashrate.Each CoolHash is equivalent to 0.01TH/s computing power.CoolHash is also the governance token of the CoolMining community.
In the first phase, 10,000,000 CoolHash will be distributed, corresponding to a real-world computing power of 100 PH/s. Players can buy CoolHash from MojitoSwap. MojitoSwap is the first decentralized exchange on KCC, and CoolMining is also the first project launched on MojitoSwap, so it is also supported by more attention and mining rewards provided by MojitoSwap.
Distribution of CoolHash:
CoolMining treasury: 30%, linear vesting after 1 year of lock-up.
Investors: 5%, linear vesting after one year of lock-up.
Community rewards: 5%, distributed through community activities.
GameFi Bonus: 10%
Liquidity activation: 50%
In addition, the COOHA/USDT trading pair will also be listed on Kucoin at 16:00 Beijing time on the 27th.
Another token of CoolMining is called CoolGas, $COOGA, which is both a mining reward token and an energy consumption token with unlimited supply.
Compared with BTSCT's single-token model, CoolMining's dual-token model distinguishes governance tokens from mining reward tokens, which can not only share risks, but also allow tokens to be used in more scenarios. In addition to staking and mining, players can also use CoolMining tokens to participate in hosting and NFT games, earning more rewards.
Currently, all CoolMining smart contracts have passed the CertiK audit and are under intensive development. The mining pool staking game has been launched, and players can stake COOHA to earn BTC.
Moreover, in the Lucky Block Lottery event officially held by CoolMining from March 19th to April 17th, players have the opportunity to get rich returns when staking in the mining pool. CoolMining will also launch a miner hosting model in the second quarter of 2022. With the development of the ecosystem, CoolMining is also seeking to cooperate with other major miners and add more computing power to CoolMining. In addition, CoolMining will also consider deploying the game to other chains.
