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2024-07-26 16:38:53

OceanSlim on Nostr: "The good news" is Monero has inflation to "keep miners motivated" Come on... ...

"The good news" is Monero has inflation to "keep miners motivated"
Come on...
"The good news about mining XMR is that any standard computer can become a miner. Miners do not require ASICs to mine #Monero. To become a miner, you will need to use special software for mining monero.

Miners verify transactions on the Monero blockchain, helping generate the next block on the network. They are rewarded with XMR. It’s important to note that monero doesn’t have a hard cap, like bitcoin, which has a fixed supply of 21 million. Mining helps to secure the Monero network. This is why there is technically no fixed supply for XMR. Verifying transactions allows miners to receive rewards, even after te max supply has been reached.

Since all monero coins have been discovered (~18.132 million XMR), the monero mining rewards have a fixed value. Since May 2022, A “tail emission” generates 0.6 XMR rewards per block infinitely to keep miners motivated. This translates to <1% inflation decreasing over time.

A new block is mined every two minutes, and the reward is 0.60484 XMR, indefinitely. Since all the Monero supply is already in circulation, the block rewards will not change anymore. This feature is hard-coded into the source code."
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npub1zmc6qyqdfnllhnzzxr5wpepfpnzcf8q6m3jdveflmgruqvd3qa9sjv7f60