We are grateful for a hardcore user who shared his mining [email protected]
As a hardcore users of vite, from holding VITE to mining VX, I find that there are still many ways to earn money on ViteX. So I will share my own experience of mining on ViteX（https://vitex.net/）
Official mining document:https://vite.wiki/dex/#vx-mining
My personal experience
1ST: Trading as Mining
Currently, users are able to trade in four markets: BTC, ETH, VITE and USDT and receive VX rewards accordingly.
For the crowd: Those who have time at noon every day and hold more than 2 tokens on ViteX
Operation method：Check whether there is a profit at 11 noon every day. If there is a profit, you can trade by yourself to earn trading fee.
Cost of mining a VX is shown on official website（https://vitex.net/). If 1VX costs < VX prices on exchange, you can keep on mining.
Because trading mining releases rewards around 12 o'clock every day, as long as 1VX costs < VX prices on exchange before issuing rewards. So it is recommended that you generally look at the four markets (BTC, VITE, ETH, USDT) at about 11 o'clock which still have profit. The cost of each VX is shown in the below.
2ND:Market-making as Mining
Market-making mining is placing orders to boost liquidity on ViteX and you’ll be rewarded with VX. it has the risk but the return is very high.
For the crowd: People who usually have time need to see orders often.
The amount of VX earned depends on four factors:
1.the amount of order
2.the amount of time your order remains on the order book
3.the amount of deviation from the best bid and best offer in the order book spread
4.The orders must not deviate more than 10% from the best buy/sell offer in the order book
Following figure shows the trading pair as an example. If you want to mine more through sell orders, you need to place three orders: mining order, 2 support orders.
0.003855 price order is mining order, a large amount of funds are linked here (107) for mining.
0.003780 price order is support for mining. The role of this order is to ensure that mining order is close enough to the best buy offer, and there is no limit on the number(such as 0.00002), so that enough VX is mined
0.003701 price order also is support for mining. The order can be as long as it is in the mining range, but the total number of orders must be more than one-tenth of the sell orders (the number is 14.9), otherwise the sell order will be discounted.
If I place the order in the way I said, the profit of the order on that day will be very substantial, but you also need to look at the order and if the price fluctuates, you will immediately adjust the order.
We thank again Alvin for his valuable experience