— The White House Office of Science and Technology Policy threatened to ban bitcoin mining due to its unsustainability. Their report calls for miners to reduce greenhouse gas emissions. The US Environmental Protection Agency, the Department of Energy and other federal agencies are promised to come to their aid.

— Green blockchain project GRNGrid secured a $50 million investment. The L1-blockchain from GRNGrid has been touted as highly scalable and ecologically pure. Users can choose nodes that run solely on renewable energy sources for their transactions verification.

— A town in Norway is waging war on bitcoin miners. Locals are fed up with the noise made by the farm. Complaints arose regardless of the fact that the company creates jobs and utilizes the heat generated by mining equipment for its purposes.

— Environmental scientists claim: bitcoin needs to switch to the PoS algorithm. The Environmental Working Group announced the launch of a $1 million ad campaign to push bitcoin to change their consensus algorithm from Proof-of-Work to Proof-of-Stake.

#minto_eco

It’s important to point out that we get centralized bitcoin mining rewards working together with our partner — the F2Pool, and then distribute them between the BTCMT token holders through a decentralized system.

We allocate all of our power to the F2Pool in exchange for the mining reward which is calculated and disbursed by the mining pool. The centralization of this step is necessary to ensure accountability and greater efficiency. The mining pool acts as the distributor and auditor supervising the sufficiency of our powers.

We got the rewards. Now what?

A part of the resources is used to cover the project’s daily operational and energy costs. You can find out all project costs in our Whitepaper.

The remaining mining rewards go into a smart-contract for further distribution between its owners.

DApp, the virtual interface for smart-contract interaction, stores the amount in BTC that is available for withdrawal by the owner for each uninterrupted day of token staking. The reward calculation and distribution process is decentralized and transparent. The owner can fully or partially withdraw their Bitcoin whenever they like.

For example, if the owner were to stake a 1000 BTCMT on the DApp for a whole day, they would get the distributed Bitcoin according to the amount of mining power equal to the amount of tokens mined (10 TH) the day after.

As is the case with traditional mining, the exact amount of BTC mined per power unit will change every day depending on the total network hashing speed, the network complexity and the BTC exchange rate in relation to the electricity expenses.

Still have questions about how the distribution works? Ask us in the comments!

We’ll leave you with this graphic of all the steps to illustrate.

It’s October already and we still haven’t updated you on how September went! Let’s fix it :)

— We’re going to start with our September report. See below how much we’ve earned this month in “65% uptime” mode and what the numbers would look like with a 100% uptime.

Hypothetical results with 100% uptime
Mined:
BTC: 6,5846
USD: 127 168
Electricity cost:
USD: 134 600
Net profit:
USD: -7 432

Actual results with 65% uptime:
Mined:
BTC: 3,9269
USD: 76 186
Electricity cost:
USD: 55436
Net profit:
USD: 20750

— We held a new vote on our platform. This time we suggested migrating from HECO to BNB to be able to develop our product on Binance. The results are in the post above or you can follow this link to see how it went: https://bit.ly/3EhIrq9.

— We’re launching Minto in Korea — Minto Korea Inc. This is huge news for our project, a new direction for development. Details are coming soon, and for now — let’s celebrate :)

— On social media we talked about our workshops and and published the blogger Umut’s story.

That’s all of the September news. There’s a lot of work and new projects ahead! Stay tuned!

#minto_about