What do we think about a bitcoin mining token?
Since we can't afford a Bitcoin miner and may still like one. Outside some mini / micro miners they have been made possible due to some people and open source work and movements.
Idea to propose a token that "acts" like a miner and gives bitcoin rewards. In this case rewards would be SWAP.BTC. Thus getting a miner at some price on the market would reward so many users every so often so many "bitcoin" in the form of SWAP.BTC in some amount(s) of satoshi(s).
Interact with this post at a chance at some SWAP.BTC to given in the spirit of this whole idea of a bitcoin miner token.
Open to pre-orders as well. However (still) undecided on a price (value) of such a miner (token). Maybe something like 10,000 Satoshi which is currently about $10 ( 10 $HBD ).
Then matter of should there be miners of these miners to control the supply? As to limit the initial amount. These may be kept internal as the goal is to distribute / offer such miners and not decentralize distribution of them through higher level miners. Then again we can just create them as needed based on demand so such miners of miners are not needed. Just sharing some thought process related to this (whole) idea.
How much bitcoin / SWAP.BTC / satoshi(s) may be rewarded? This is not fully decided...
With the low overhead and profit potentials of such, an offering should be maybe be comparable to $HBD interest with a possibility of 20% the first year (in SWAP.BTC). This could make them attractive. Especially with ongoing rewards and market.
Plenty of resources to be shared and design a good opportunity for many in(to) a growing idea / project of a Bitcoin miner as a token (service). Then maybe bringing this to another chain as a token (concept). That can be in turn staked here on the Hive blockchain is users choice to do so. While so many may be stakes to min rewards for such "miner" (tokens) on another chain. While Bitcoin (SWAP.BTC) is "mined" so that we may show such through blockchain's, proof of work, and such.
While rewarding miners (tokens) with SWAP.BTC even the host is incentivized to buy back from users to earn SWAP.BTC and partake in free markets and mining rewards.
There's more secret sauce so to speak behind the scenes to add value and success to the idea, concept, project, miners, users, and all as well.
Initial token costs are not too much. However the mining contract would require some level of interest, commitment, investment. Maybe a "presale" "offering" for users here on Hive. Especially with upvotes adding value that does not exist on other chains, to be found as a good value add to such endeavors and why to be shared here now as well.
Thus initial goal may be about fifty (50) plus such pre-orders that would effectively raise about $500+ plus. Cost of token and mining contract is currently about 140 $HBD (1100 BEE).
If in fact SWAP.BTC may be used, or a substitute. Will delve deeper to make sure initial thoughts are correct.
Looks like we could have up to twenty (20) winning miners every hour by lottery and would elect to choose this option for greater and more often distribution.
Amount will be decided as we see what the initial interest and other ideas and feedback.
Looking through the setup options there is an option for picking two tokens. Will delve deeper into this as well.
image source: tenor.com
bitcoin token idea team