uTalk

Official forum for Utopia Community

You are not logged in.

#1 2023-10-20 19:36:38

Mine4Me
Member
Registered: 2022-05-01
Posts: 4

Mining improvement suggestion

In our humble opinion, the actual mining requirements and situation is making mining not sustainable without losses, due to the CRP price and the amount of miners.

A solution is not easy, we know that, and it has to be consistent over time, and not a quick solution for a short term, but a long term one. Without knowing all the details of Utopia under the bonnet, we would like to come up with a suggestion calculator that takes into consideration actual CRP price, avg cost of a reliable server running. Total supply and total amount of miners allowed/needed as a maximum to make it not necessarily profitable but sustainable.

The idea behind this solution is to increase the amount of CRP needed to run 1 miner, so the amount of miners would decrease. But that amount of CRP required should be dynamic, as it depends on the price of CRP too. It all works around the idea of making at least 20$ per miner (20$ is the cost minimum to run a reliable server for the mass). I will post a few examples here depending on CRP prices later on, so you can see how it works. This will improve many things:

  1. Mining would be sustainable again, and forever, regardless of CRP price.

  2. New investors might want to join the game, and they will have to buy X amount of CRP in order to run one miner (this will benefit the early adopters of this project).

  3. People can and should still be able to delegate onto others and make mining a community on its own.

  4. People will be forced to hold and not sell if they want to run miners (big investors specially). As time goes on, the amount of CRP needed per miner will get reduced, and the amount of allowed miners will increase exponentially. This allows early adopters at some point to run their own miners with the profits generated on the early stage of the game.

Those are just some advantages of having a dynamic calculation over mining rewards based on price, and amount of miners without touching the basis of the ecosystem where 48 CRP are given away to miners.

Please take a look at few examples for actual CRP price (0.35$ today), CRP at 1$ and even CRP at 5$:
https://ibb.co/1JLLYzk
https://ibb.co/jGtS4vJ
https://ibb.co/CQCcdy1

If the formula needs to be shared, just let us know, although is pretty clear. Let us know what do you think, guys.

Last edited by Mine4Me (2023-10-21 08:46:40)

Offline

#2 2023-10-26 01:16:59

Ubao
Member
Registered: 2023-10-25
Posts: 1

Re: Mining improvement suggestion

Offline

#3 2023-10-26 08:13:57

Mine4Me
Member
Registered: 2022-05-01
Posts: 4

Re: Mining improvement suggestion

Ubao;24244 wrote:

<p><a href="https://ibb.co/1JLLYzk" rel="nofollow">https://ibb.co/1JLLYzk</a><br /><a href="https://ibb.co/jGtS4vJ" rel="nofollow">https://ibb.co/jGtS4vJ</a><br /><a href="https://ibb.co/CQCcdy1" rel="nofollow">https://ibb.co/CQCcdy1</a><br />i can not open anyone</p>

Those are clearnet images, you will have to go to clearnet to see them.

Offline

#4 2023-10-26 10:22:38

Mine4Me
Member
Registered: 2022-05-01
Posts: 4

Re: Mining improvement suggestion

!!!QUICK UPDATE

There is a small mistake on the shared images, the Monthly amount rewards per miner (1 for every 15 min) is 2880, but that does not change much of the situation, it is all interconected so it recalculates

Offline

#5 2024-01-08 19:07:24

KAMSI_UG
Member
Registered: 2022-12-26
Posts: 1,812

Re: Mining improvement suggestion

Implement real-time monitoring capabilities to track mining processes and detect anomalies promptly. This enables quick response to changing patterns or issues, improving the agility of your mining operations.Integrate advanced analytics techniques, such as machine learning algorithms, to extract deeper insights from your mining efforts. This can lead to more accurate predictions and uncover hidden patterns in your data.

Offline

#6 2024-01-08 21:06:56

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,505

Re: Mining improvement suggestion

Ensure the accuracy and completeness of your data sources. Regularly audit and clean your data to minimize errors and enhance the reliability of your mining results.

Offline

#7 2024-01-08 21:16:55

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,505

Re: Mining improvement suggestion

If the bot requires specific permissions to access resources or interact with external services, insufficient or incorrectly configured permissions can impede the setup process. Verify and grant the necessary permissions to avoid setup problems.

Offline

#8 2024-01-13 22:58:26

gap
Member
Registered: 2023-06-14
Posts: 1,105

Re: Mining improvement suggestion

its reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Before you invest the time and equipment

Offline

#9 2024-01-21 18:39:01

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,505

Re: Mining improvement suggestion

Mining improvement suggestions typically refer to recommendations for enhancing mining processes, safety measures, environmental practices, or overall efficiency within the mining industry. These suggestions can range from adopting advanced technologies for extraction and exploration to implementing sustainable practices that minimize environmental impact. The goal is to optimize mining operations while addressing challenges and promoting responsible resource extraction.

Offline

Board footer

Powered by FluxBB