[Ann] Increasing Mining Range for Selected Trading Pairs



  • To encourage mining, ViteX will be adjusting mining range for selected trading pairs based on trading demand.

    Currently mining rewards account for 10% of the total VX release on each giving day, with BTC trading market taking 5%, ETH and VITE trading market each taking 1.5%, and USDT trading market taking 2%.

    Starting 15:00 (UTC+8) on January 8th, mining range will be increased by 5% for the following trading pair, details are as follows:

    Adjusted mining range for selected trading pairs of BTC
    Screen Shot 2020-01-07 at 18.16.19.png

    Adjusted mining range for selected trading pairs of ETH
    Screen Shot 2020-01-07 at 18.16.04.png

    Adjusted mining range for selected trading pairs of VITE
    Screen Shot 2020-01-07 at 18.15.53.png

    Adjusted mining range for selected trading pairs of USDT
    Screen Shot 2020-01-07 at 18.15.43.png

    Note:
    The ratio of VX rewards from buys versus sells is capped. When the ratio hits the cap, if one continues to place buy orders, their VX rewards will NOT be increased.
    The ratio of VX rewards from sells versus buys is also capped. When the ratio hits the cap, if one continues to place sell orders, their VX rewards will NOT be increased.

    Example
    Suppose that the BTC market has only PEG/BTC trading pair and all orders are placed for 24 hours, a total of 250 VX will be allocated as mining rewards. Consider five scenarios as follows:
    Screen Shot 2020-01-07 at 18.15.26.png

    The mining calculation is conducted as follows:

    The Base Number of 1 user on one market in a day = the sum of all Base Numbers of every single order of that market. Here, the Base Number (m) is subject to three factors: the order time (T), the order amount (A), and the mining coefficient (y). That is, m = T * A * y (T ≥ 300 seconds)

    The sum of the Base Number on one market in a day = the sum of the Base Numbers of all eligible orders on that day. That is, M = m1+ m2 + m3 + .....mn
    Mined VX of 1 user = m / M * 2.5% * VX daily released amount on that day

    Jan 7, 2020
    Team ViteX


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