Credits Mining has been launched!

Credits Mining has been launched

Based on the voting results from April 21, 2023, the Credits community has shown majority support for the implementation of a mining mechanism for the Credits blockchain.

Today, on August 7, 2023, we are pleased to announce that all preparations have been completed, and the mining mechanism has been successfully launched.

How Mining Works

To participate in mining and receive mined rewards, two basic requirements must be fulfilled:

  • Maintain a physical node that participates in the mining process.

  • Stake a minimum of 50,000 CS on the node, with the option to stake up to 500,000 CS. The more CS you stake, the greater the potential for mining rewards.

You can find all the detailed information about how the mining mechanism works in these two articles. Read more here: Staking and Mining Program

Credit mining is a classic mining process based on the Proof of Stake (PoS) concept with Credits unique BFT implementations. Read more here: Credits Unique Consensus Mechanism

Algorithm of actions to start a node

For Windows:

For detailed information on installing on Windows, follow this link.

For Linux: 

For detailed information on installing on Linux, follow this link.

10% to 100% APR mining reward 

Currently (after the launch), with a small number of active nodes, the annual yield is around 100.8% APR. Each node can earn 1400 CS Coins/day, 42000 CS Coins/month, and 504000 CS Coins/year

Definitely, the number of nodes will grow, and the amount of reward will also decrease. At more number nodes with 300-400+: 140 coins per day, 4200 coins per month, 50500 coins per year. This would result in a reduced annual return to around 10%.

The mining process is competitive and the outcome of each mining round depends on a number of factors.

Read more about calculation here.

Delegation Period (lock up period)

Delegation is a lock up period for which the miner locked his coins. The longer the delegation period of CS coins, the greater the advantage for the user in calculating the reward for their participation in the network.

  • Not locked coins or delegated till revoke - 10% of basic 1CS per block

  • Lock for 3 months - 25% of basic 1CS per block

  • Lock for 6 months - 50%  of basic 1CS per block

  • Lock for 9 months - 75%  of basic 1CS per block

  • Lock for 12 months - 100%  of basic 1CS per block

Thus, the longer a user keeps their CS coins in delegation, the higher their reward for participating in the blockchain network.

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