💸Virtual Mining
You create your own coins. TITAN is built with self-custody, censorship resistance & pure DeFi DNA at its core.
We believe in humans' freedom to transact and do with their finances what they want.
When you go to the Mine page, you can specify the # of days you want to mine for & the # of power you want your miner to have.
The number of days you pick (from 1 day up to 280 days) & power you choose, determine the amount of TITANX you get at the end of your miner.
The mining formula looks like this:
where:
numOfDays = number of days chosen when starting mine (1 day up to 280 days max)
currentTitanMinable = the amount of titan per day you can get, this goes down every day
mining Power = the power you specified during your miner creation
The mining cost formula looks like this:
where:
currentMinerCost = the cost per 100 power (max power) miner, this goes up every day
miningPower = the power you specified during your miner creation
Miners can be created in 3 ways (all do the same thing, just differently & easier for the user)
Single Miners
This will create a normal single miner.
Batch Mining
This will allow you to automatically create up to 100 miners at a time, saving you the hassle of having to create miners individually. This also uses the contracts miners function to create your miners for you, so outcome is the same, just multiplied by whatever # of miners you batch create.
Mining Ladder
This will create a mining ladder for you using the contract's single miner function at the interval rate you specified and at the power you specify. More details on the Virtual Mining page.
Mining Bonuses
🚀 Early Adoption Amplifier This bonus starts at 10% and works its way down to 0% in 350 days this reduces at a rate of 10%/350 per day.
🔥 Burn Bonus Multiplier You can get up to +8% extra on your new Miner if you've burned 80B titan. This bonus starts at 0% for new wallets and the more they burn, the more they get, up to 8%. This is to reward burners, acts like a loyalty program.
💸 tRank Bonuses When you create a miner, you get assigned a tRank (TITAN Rank) on that specific miner, this tRank determines where you start earning rewards from. As people start miners after you, they give your miners extra bonuses. This tRank Bonus starts at 2,200 TITANX extra per max power miner that starts after you. it's 22 TITANX extra per 1 power after you, this is based on the miningPower instead of tRanks to prevent whale abuse of the bonuses. In essence, this means that you get rewarded for helping bring adoption to the ecosystem and helping it grow.
If someone starts 100 power miners, you get a higher tRank bonus.
If someone starts 1 power miners, you get a the same tRank Bonus / 100
tRank Bonus formula looks like this:
where:
currentMiningPowerIncreaseBonus = the current tRank Bonus, this goes down every day for new miners, once you start a miner, your tRank bonus gets locked in for the duration of that miner
miningPower = the power you specified during your miner creation
globalMiningPower = the global miner power when you claim your miner
minerStartGlobalMiningPower = the global miner power locked in when you start your miner
Mining Power Explained
Mining power determines how much TITANX you get per day in your miner + also determines how much ETH your miner costs.
if you have 100 mining power, you get the full currentTitanMinable per day.
If you have 1 mining power on your miner, you get 1% of the full currentTitanMinable per day.
100 power is referred to as a "max" miner.
Mining power also determines how much your miner costs in ETH as referenced above
So if you have 1 miner power, it's 1% of the miner cost.
Note - the eventual "Cost per TITANX token" you get at the end of your miner moves linearly, meaning that a 100 power miner and a 1 power miner have the exact same cost per titan, the 1 miner just gets a lot less titan at the end of the miner, but the cost is the same - so if possible, just do a max miner, it's easier to manage, there's no benefit to doing smaller power miners at all unless you don't have enough ETH for a max one or multiple max ones or have some ETH change you want to put to work.
Penalties
At whatever end date you specified when creating your miners, you can claim.
After that day, you have a 7-day grace period in which you can claim your miners and not receive any penalties.
After that 7-day grace period, you enter penalty zone, which looks like this:
if 1 day late ~> lose 1% of your claimable TITANX if 2 days late ~> lose 3% if 3 days late ~> lose 8% if 4 days late ~> lose 17% if 5 days late ~> lose 35% if 6 days late ~> lose 72% if 7 days late ~> lose 99%
Limits
Due to blockchain data reading limits, each wallet can have at maximum 1000 miners & 1000 stakes.
If you want to create more miners, you can do so on a second or third wallet.
Also a good reason to do max miners if possible, easier to manage & keep track of. No extra benefit in doing small ones unless needed.
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