IDO Announcement: MINE Network
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Sælir og blessaðir, friends
In September, we posed MINE Network as a potential partner in the Thorstarter Forum. After due diligence by the teams, the community, and the resulting confidence, we decided to move forward with MINE.
Today, we are thrilled to bring them to you as our partners, who we plan to launch in late November after several of our premier THORfi launches (THORSwap and THORWallet). MINE Network features an established and growing community with a highly qualified team targeting a particular problem: multi-chain hashrate tokenization.
Enter MINE Network
Mine Network is a cross-chain protocol that standardizes mining power by issuing consistent hashrate tokens (pTokens) for multiple mining projects (BTC, ETH, LTC, FIL).
In their own words,
“We believe that mining does not have to be complex anymore. One of our core motivations for creating this platform is to solve the liquidity problem in the mining industry. For the first time, miners can potentially not worry about resources for mining anymore as Mine Network is poised to create the ultimate mining market for them.” — Andreas Aschenbrenner, Project Lead
Why MINE?
The Thorstarter team is confident that MINE Network brings together a seasoned, crypto native team to solve a specific problem: hashrate tokenization.
Presently, many investors and crypto participants would like access to mining yields but cannot afford the capital expenditure for whatever latest generation of mining equipment is in vogue. Furthermore, as industrial mining continues to scale worldwide (China excluded), the ability for the public to participate using their hardware decreases. MINE solves this problem.
MINE Network’s solution will allow token holders to own real hashrate and earn mining rewards without owning mining hardware.
The team is open, transparent on all product documentation and team details are public.
Learn more from their docs.
We are proud to announce this partnership and encourage you, the Thorstarter community, to research them and let us know what you think!
How MINE Works
MINE Network is the First Decentralized Multichain Hashrate Token Protocol that solves the liquidity problem of miners on chains like Bitcoin, Litecoin, Ethereum, and Filecoin. MINE Network will standardize the mining power from different mining pools for different mining projects and issue hashrate tokens. Every hashrate token is a synthetic token that represents the mining power of a unique mining blockchain and is also collateralized by standardized mining power.
To accomplish this, MINE:
Delegates distinct mining power standards to different mining projects
Eases identification and tokenization of mining projects
Issues pTokens for every increase in mining power
Rewards miners who buy and stake pTokens
Retail miners earn real-time mining rewards by staking pTokens
Monitors pools output using Substrate’s OCW oracle function
Audits of pools breed trust for all parties involved
Integrates pTokens into multi-chain DeFi protocols
Creates sufficient liquidity for miners
Learn more about the details in the MINE Whitepaper
Benefits for Miners
Opportunity to be part of creating and voting for proposals
Opportunity to join DAO Governor Board
Rewards can be traded across DeFi exchanges for choice tokens.
Miners with sufficient Hashrate can apply to become Cooperation Mining Pool (CMP)
Benefits for Investors
Participating in mining without owning mining facilities
Create proposals
Mining even on a low budget.
Multiple streams of income as there are numerous hashrate tokens to invest in (one for each coin)
Ability to buy multiple hashrate tokens on a single platform
Early membership in the world’s most unique mining network
Freedom to easily sell acquired tokens any time
Opportunity to acquire tokens just about when they’re cheapest
Opportunity to connect with other like-minded investors and miners through MINE Network’s communities
Looking for more?
Get a sense of the MINE Network big picture in their One-Pager
Why Thorstarter?
Thorstarter is the only Venture DAO, and IDO platform on THORChain committed to launching the best of DeFi. Through Thorstarter’s xIDO model, early supporters of MINE will be able to participate in a fair launch before the general public has access to MINE tokens.
In addition, MINE Network will receive a liquidity grant from Thorstarter, which will allow investors to swap native THORChain-pooled assets with MINE through XRUNE, Thorstarter’s native token, as a relayer token.
What to expect next
Thorstarter will be launching MINE in late November, tentative date of November 23. We will release more detailed day-of instructions as the date approaches in addition to doing AMAs with the community.
To stay up to date on upcoming IDOs, check Thorstarter’s official channels. To learn more about the exciting plans for MINE, check out their channels and docs below.
Þökk fellow THORChads.
MINE Links & Docs
Homepage: https://mine.network
Telegram Group https://t.me/mine_blockchain
Announcement Channel https://t.me/mine_blockchain
Whitepaper https://docsend.com/view/d9jijm9qqvbavcen
Thorstarter Links
⚡️ Website: https://thorstarter.org
⚡️ Telegram: https://t.me/thorstarter
⚡️ Telegram ANN: https://t.me/thorstarter_ann
⚡️ Twitter: https://twitter.com/thorstarter
⚡️ Blog: https://blog.thorstarter.org
⚡️ Discord: https://discord.gg/awmWNyWb
️️⚡️ XRUNE address: 0x69fa0fee221ad11012bab0fdb45d444d3d2ce71c
IDO Announcement: MINE Network was originally published in Thorstarter on Medium, where people are continuing the conversation by highlighting and responding to this story.