Thu May 25
The GameFi to Watch in 2022: CoolMining – to Empower Decentralized PoW Mining
2021 was a historical year for crypto. The total market capitalization of crypto in 2021 reached an all-time high of nearly $3 Trillion The second half of 2021 marks the rise of NFT and more excitingly, GameFi. It is one of the hottest things in the crypto world where both public chains and investment institutions are actively laying out the game circuit. with P2E, Free to Play, and Play for Fun concept games emerging massively.
14 years after Satoshi Nakamoto’s Bitcoin Whitepaper though, ordinary computational equipment lost their places in the mining scene due to the short of specialized mining rigs, which are expensive to purchase, maintain and operate. The current crypto mining landscape is consisted of 4 major types of players in a highly centralized way: mining rigs manufacturers, big miners, mining farms and mining pools who jointly control the majority of global bitcoin hashrate.
But this does not stop the community from devoting their time, energy and expertise to making the crypto world a better one.
As an open-world mining simulation GameFi, the mission of CoolMining - an on-chain simulation game based on real-life hash power, is to empower the community to participate in PoW mining in a decentralized manner. It was first launched on KCC (Kucoin Community Chain).
In the CoolMining world, there are a variety of ways for players to possess computing power. Various occupations are also available for players to choose, immersing themselves into the mining world vividly from different perspectives.
By gamifying the mining process, players can mine under a cozy environment and unleash their creativity and imagination to design and craft their own unique mining rigs which can be minted or purchased as NFTs, maximizing the play-to-earn and play-for-fun spirit.
How CoolMining Works
First of all, two ERC-20 tokens are circulated in the ecosystem: CoolHash and CoolGas, both are available for purchase on MojitoSwap.
CoolHash is an ERC-20 token, representing real world hash power. Every CoolHash is equivalent to 0.01TH/s hash power. It is also the governance token of CoolMining Community.
CoolGas is another ERC-20 token working as the utility token in the GameFi ecosystem with unlimited supply. It is the mining reward token as well as the energy consuming token. Miners consume CoolGas tokens as the mining rigs operate. At the same time, miners get BTC rewards and CoolGas as mining rewards. In addition, mining hosts will receive a portion of CoolGas paid by hosted miners as custodial fees.
On the other hand, “Miners” refer to the mining rigs that can accelerate mining with hashrate bonus which translate into higher BTC rewards and CoolGas rewards. Miners also exist as CoolMiner NFTs in CoolMining. Players can either mint the CoolMiner NFTs with the CoolPart NFTs (which will be distributed in the form of Mystery Boxes via official website) or purchase directly in the CoolMart (the official NFT marketplace of CoolMining).
CoolMiner NFTs (components of mining rigs)
BTC rewards pool is calculated real-time based on the aggregated hashrate in the real world. Rewards corresponding to staked hashrate will be distributed to BTC rewards pool every 24-hour after cost of production is deducted. Rewards accumulate over time and players are able to claim BTC rewards at any time.
CoolGas is calculated as mining rewards. Certain amount of CoolGas will be mined each day to intensify miners' participation, which then will be distributed to players according to the hashrate at stake in proportion to the total hashrate in the ecosystem.
More About CoolMining
In order to lower the entry barrier for junior miners, as well as to eliminate the noisy environment and detangle complex operation faced by real world mining, CoolMining finished building its prototype in Q4 2021, aiming to turn the costly and complicated business of mining into a simulation game based on blockchain, so that every participant can become a miner in the blockchain game and earn BTC rewards by owning power.
Caption: CoolMining’s Project Roadmap
Thanks to the development of blockchain technology, token standards like ERC-20, ERC-721 and ERC-1155 gained public recognition in forms of tokens and NFTs, making it possible for ordinary players to participate in bitcoin mining. This concept and its underlying value are being understood by a growing number of people.
The cornerstone of CoolMining is the actual hash power provided by CoolMining Treasury uniting real world mining organisations, miner manufactures, public listed companies, top-tier mining pool and audit companies such as BITMAIN, Canaan, Whatsminer, and Kucoin Pool just to name a few. Under the strict scrutinisation, CoolMining aims to provide players with stable hash power supply, making sure the basic BTC rewards for players are secured, also to offer top-notch GameFi mining experience for players and miners.
To facilitate and build a sustainable CoolMining ecosystem, outstanding ecosystem contributors, KOLs and ambassadors will be nominated and rewarded with hash power or any other forms.
For more details about the CoolMining world:
Official website: https://coolmining.io/