AMA Recap Crypto Library with The Mining Token (TMT)
On 6th October 2021, The Mining Token (TMT) conducted an
AMA in the Crypto Library Community. Our guest is Sneazy. Lots of
questions as usual from the Community about The Mining Token (TMT) progress. The The Mining Token (TMT) team
took part in a very interesting AMA session which included
introductions, questions from twitter, and a live AMA session with the
Crypto Library community. If you missed the AMA in person, read this
recap for a deeper insight into The Mining Token (TMT).
Let’s take a look at the most interesting points of our conversation.
INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?
Sneazy (The Mining Token) : Hi everyone! I'm Sneazy, one of the founders of The Mining Token. We are a team who dedicated themselves to crypto mining. We've been in the industry for some years now and only recently we decided to expand our horizons to the decentralized world of the blockchain. It only made sense for a crypto mining company to eventually get into crypto themselves haha!
FIRST SEGMENT (HOST)Crypto Library Team : What is The Mining Token (TMT) ? and how does it work?
Sneazy (The Mining Token) : TMT is the first token that delivers Ethereum rewards 100% backed from Mining. This means all our rewards come straight from a direct asset (miners) and allow us to distribute true value through out our holders. By holding $TMT people will be able to receive the highest ETH rewards in the whole market since it is based on real mining. This makes the Mining Token a real sustainable project with no need to mint infinite tokens as a rewards for a stake pool!
Crypto Library Team : What are the special features and advantages does The Token Mining want to offer?
Sneazy (The Mining Token) : We have a lot of advantages compared to other competitors. As i said, we are the first token that will be 100% fully backed from Ethereum Mining. In a few words, each TMT in our supply of tokens equates to a % of the mining power of our facility. And we are extremely meticulous on making sure that TMT correlates exactly to 1 Mega Hash of mining power, this is why we will be able to deliver always in a sustainable way very high Ethereum rewards for every $TMT you have!
Plus, as some members of our community stated, we are one of the (if not the only) projects that deliver the rewards directly in the mined asset (in this case ETH). Most other projects deliver their own native token. But we believe that in order to truly decentralize the mining business, miners should be receive the rewards straight from the source and then decide what to do with it.
Plus, as some members of our community stated, we are one of the (if not the only) projects that deliver the rewards directly in the mined asset (in this case ETH). Most other projects deliver their own native token. But we believe that in order to truly decentralize the mining business, miners should be receive the rewards straight from the source and then decide what to do with it.
Crypto Library Team : Please tell us about $TMT token! What are the token use-case, distribution, and also where we can buy it?
Sneazy (The Mining Token) : Yeah, sure. So $TMT is our Utility token. And this is pretty much how it works, by holding and staking $TMT in one of our 3 pools you are being part of our community and will be rewarded with the Ethereum earnings produced by the mining power of our rigs in our mining warehouse.
TMT does not have inflationary pools like other tokens, our pools only generate ETH directly from our mining rigs.
For distribution, $TMT is only ever minted at MTOs (Mining Token Offerings, sort of presales hosted in our site) where we accurately mint the exact amount of $TMT equivalent to the new amount of mining power (MHs) that can be purchased with the investment gathered in the MTO. Thus, not diluting the mining power a $TMT token holds, even after minting new tokens.
Given $TMT equates to a specific and constant amount of mining power (MHs - Mega Hashes), every $TMT token (in the same pool) will always reward the same amount of Ethereum. And as previously explained, this will not change even after multiple MTOs.
Lastly, one can always purchase $TMT at pancakeswap, though we highly encourage people to participate in MTOs where we are able to protect buyers from the typical price impact of buying against the liquidity in a swap such as pancake
TMT does not have inflationary pools like other tokens, our pools only generate ETH directly from our mining rigs.
For distribution, $TMT is only ever minted at MTOs (Mining Token Offerings, sort of presales hosted in our site) where we accurately mint the exact amount of $TMT equivalent to the new amount of mining power (MHs) that can be purchased with the investment gathered in the MTO. Thus, not diluting the mining power a $TMT token holds, even after minting new tokens.
Given $TMT equates to a specific and constant amount of mining power (MHs - Mega Hashes), every $TMT token (in the same pool) will always reward the same amount of Ethereum. And as previously explained, this will not change even after multiple MTOs.
Lastly, one can always purchase $TMT at pancakeswap, though we highly encourage people to participate in MTOs where we are able to protect buyers from the typical price impact of buying against the liquidity in a swap such as pancake
Crypto Library Team : Could you give us some information about your roadmap, your milestones, and also your future plans?
Sneazy (The Mining Token) : Of course, the main plan behind The Mining Token is pretty simple. TMT was born, so as to transform the entire Proof of Work mining into a 100% decentralized process from the investment to the obtaining of the profits and thus break down the barriers imposed by Proof of Work mining. Our Audience is DeFi investors who want to invest in a sustainable investment with REAL things being done. The investors will profit from ETH mining and this is great news. We are aiming to decentralize the mining protocols. All these conditions make TMT able to provide very attractive returns for the investor.
Our next milestone is expanding into new mining alternatives such as BTC (a lot more news to come shortly regarding this, but we can’t disclose the totality of it yet.)
We are also looking into expanding to new warehouses along the world to account for different variables offered by different countries. Our eyes are set right now in Paraguay and solso Oklahoma, USA.
Please if anyone has any further doubts, we invite you all to our telegram:
Sneazy (The Mining Token) : Ok so, listen to this cause this is one of the better aspects of our token. This is VERY important.
Given the amount of ETH we mine is constant, our token actually benefits from people selling. How? its easy, if people sell their TMT, they are renouncing to their right to claim ETH. So all that unclaimed ETH is distrubted amongst the remaining holders/stakers.
Thus, if the token ever dumps in price, the APRs will skyrocket (more ETH payed to less people). This mechaninc prevents the token to ever go too low. Remember 1 TMT = 1 MHs of mining power. So if the token where to drop because half the people sold, your ETH rewards would double and pools with 200% or 300% returns in eth would only last so long until someone decides that they want in and buys the token to increase its price again
It's really a win-win situation
And this is only possible thanks to having actual real assets backing up our pools!!
Our next milestone is expanding into new mining alternatives such as BTC (a lot more news to come shortly regarding this, but we can’t disclose the totality of it yet.)
We are also looking into expanding to new warehouses along the world to account for different variables offered by different countries. Our eyes are set right now in Paraguay and solso Oklahoma, USA.
SECOND SEGMENT (TWITTER)Crypto Library Team : Token Offer is Choose one of 3 different pool options for staking tokens (Flex Pool, Locked Pool, Liquidity Pool). Please explain these 3 options. What is the daily interest rate and profit for each option? How many TMT tokens need to be staked for each option?
Sneazy (The Mining Token) : Basically, ETH is being mined daily by our mining rigs located at our datacenter. These ETH are constantly being sent to each of the 3 pools in our site according to the given allocation per pool. A holder’s share of staked $TMT in a pool is used to calculate the amount of ETH that will be rewarded to that user
You can stake in any of these according to what your preference is:
Flex Pool: Perfect for those go are not sure about Ethereum mining business and prefer to earn a little less in exchange for having their tokens withdrawable all the time
30 Days Locked Pool: Perfect for those who are in the mining business for the medium-long term so they have no problem leaving their tokens in staking for longer periods.
TMT - BUSD LP Pool: Designed to reward those who want to add liquidity to the project and make it even more stable!
As for the interest on these pools, right now they all average in a close to 70% APR in ETH!! We are really content with what we achieved here. We are proud to say that these are some of the highest yields paid in ETH in the whole market. Other aggregators suchs as Beefy or Venus only come up to 5% APR.
Lastly, there is no minimum to stake, you can stake as little or as much as you want
You can stake in any of these according to what your preference is:
Flex Pool: Perfect for those go are not sure about Ethereum mining business and prefer to earn a little less in exchange for having their tokens withdrawable all the time
30 Days Locked Pool: Perfect for those who are in the mining business for the medium-long term so they have no problem leaving their tokens in staking for longer periods.
TMT - BUSD LP Pool: Designed to reward those who want to add liquidity to the project and make it even more stable!
As for the interest on these pools, right now they all average in a close to 70% APR in ETH!! We are really content with what we achieved here. We are proud to say that these are some of the highest yields paid in ETH in the whole market. Other aggregators suchs as Beefy or Venus only come up to 5% APR.
Lastly, there is no minimum to stake, you can stake as little or as much as you want
Crypto Library Team : The Mining Token is the first token that delivers Ethereum rewards backed 100% from mining. How does The Mining Token effectively address mining risk issues with low-margin single tokens and loss risks when mining LPs? Can you tell us how your platform works in a unique way?
Sneazy (The Mining Token) : Well this is quite the complex, and maybe long, question to answer.
First of all, to address mining risk issues we look at the following strategic fundamentals:
Equipment – we analyze and monitor the market for mining equipment to buy
the most profitable units available. We diversify our portfolio to limit our risk to a single type of machine, a single location and single hosting facility.
Electricity and Management Cost – we run a very lean and clean operation with low power costs thanks to the fact that we are located in countries with the best electricity rates.
Availability – Due to reliable power supply and automated miner management, our mining centers achieve an uptime of over 99%.
Lastly, we allow ourselves to remain flexible so there is always the possibility to switch between mining ETH and any other coin in case the market demands for it.
All these conditions make TMT able to provide very attractive returns for the investor.
Finally, I think there might be a misunderstanding given we don’t mine LP tokens.
As explained before, we ask miners to stake their BUSD-TMT LP tokens in our pools as the driving calculator under which we will then distribute the mined ETH to. So basically depending how many LPs you stake, is how many ETH you will receive.
First of all, to address mining risk issues we look at the following strategic fundamentals:
Equipment – we analyze and monitor the market for mining equipment to buy
the most profitable units available. We diversify our portfolio to limit our risk to a single type of machine, a single location and single hosting facility.
Electricity and Management Cost – we run a very lean and clean operation with low power costs thanks to the fact that we are located in countries with the best electricity rates.
Availability – Due to reliable power supply and automated miner management, our mining centers achieve an uptime of over 99%.
Lastly, we allow ourselves to remain flexible so there is always the possibility to switch between mining ETH and any other coin in case the market demands for it.
All these conditions make TMT able to provide very attractive returns for the investor.
Finally, I think there might be a misunderstanding given we don’t mine LP tokens.
As explained before, we ask miners to stake their BUSD-TMT LP tokens in our pools as the driving calculator under which we will then distribute the mined ETH to. So basically depending how many LPs you stake, is how many ETH you will receive.
Please if anyone has any further doubts, we invite you all to our telegram:
Join us and become a miner!
Here is the link to our site:
https://theminingtoken.com
And our whitepaper:
https://theminingtoken.gitbook.io/tmt-mining
Here is the link to our site:
https://theminingtoken.com
And our whitepaper:
https://theminingtoken.gitbook.io/tmt-mining
THIRD SEGMENT (LIVE QUESTIONS)
Crypto Library Team : Can you list 1-3 killer features of your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Given the amount of ETH we mine is constant, our token actually benefits from people selling. How? its easy, if people sell their TMT, they are renouncing to their right to claim ETH. So all that unclaimed ETH is distrubted amongst the remaining holders/stakers.
Thus, if the token ever dumps in price, the APRs will skyrocket (more ETH payed to less people). This mechaninc prevents the token to ever go too low. Remember 1 TMT = 1 MHs of mining power. So if the token where to drop because half the people sold, your ETH rewards would double and pools with 200% or 300% returns in eth would only last so long until someone decides that they want in and buys the token to increase its price again
It's really a win-win situation
And this is only possible thanks to having actual real assets backing up our pools!!
Crypto Library Team : Currently, Gas Fee is the problem of small investors like me so Your project have any plans for any other platform to optimize gas fees like BEP2 & MATIC?
Sneazy (The Mining Token) : TMT we seek to minimize the greatest amount of costs to allow us to deliver the highest possible profitability to the investor. That's why we decided to host our token in the Binance Smart Chain. Each of the transactions made in the BSC has fewer commissions than the Ethereum network (by a mile), that is why our token is made on this network. If we think about it, the processing power of our miner does not depend on the network that we use to deliver the tokens since this is only a means for us to obtain our ETH at the end of the day.
Crypto Library Team : I basically love to earn passively through staking, so does $TMT allows its holders to stake and earn more? If so, can you please provide some information about the staking mechanism of $TMT ?
Sneazy (The Mining Token) : TMT's whole goal is to provide people along the world with a safe and sustainable passive income stream. We ourselves found out that mining was a highly reliable source of income and so we understood that many people were left behind in fear of the all the complexities that exist when mining. That's why we decided to create a decentralized mining protocol to allow each and one of you to become a miner yourself. And of course, those rewards are payed by staking our $TMT token in any of our pools in our site!
Crypto Library Team : Security is always top priority for a users. Can you tell us about your platform security? Have you done any audit via any third party? How can we rest assured that our funds are safe?
Sneazy (The Mining Token) : Our pools have been effectively rewarding stakers with true ETH for a couple months now. We have a really wholesome community and we like to addres each and any questions they have to allow for the smoothest interaction possible. That's why they can feel comfortable working with us.
As for Audits, we have one in the way with one of the largest and most recognized auditing agency. More details on that coming later this week
As for Audits, we have one in the way with one of the largest and most recognized auditing agency. More details on that coming later this week
Crypto Library Team : Is there any kyc requirements to play and will you support in a global level or are there any sorts of restriction to use your platform?
Sneazy (The Mining Token) : Even though i wouldn't consider it playing 😂
But yeah, in order to keep the highest posible degree of decentralization we decided to keep our site open to everyone. No KYC needed, we kept our user interface as simple as possible with no restrictions whatsoever.
Also, as mentioned earlier, we have an open community were miners can ask any question they have regarding how to use our platform:
But yeah, in order to keep the highest posible degree of decentralization we decided to keep our site open to everyone. No KYC needed, we kept our user interface as simple as possible with no restrictions whatsoever.
Also, as mentioned earlier, we have an open community were miners can ask any question they have regarding how to use our platform:
Comments