Solax Mining
At the core of SOLAX is a commitment to self-custody, censorship resistance, and pure DeFi principles. We champion the freedom of individuals to manage their finances as they see fit.
On the Mine page, users can specify the number of days and the power level for their mining activity.
The duration (from 1 day up to 280 days) and the power level you select will determine the amount of SOLAX you earn by the end of your mining term.
The mining calculation formula is as follows:
where:
numOfDays = Number of days chosen for mining (between 1 and 280 days)
currentSOLAXPool = The amount of SOLAX available daily, which decreases over time
miningPower = The power level specified during mining setup
The cost to mine is calculated using this formula:
where:
currentMinerCost = The cost per 100 power (maximum power) miner, which increases daily
miningPower = The power level specified during mining setup
Users can create miners in three ways:
Single Miners: Create a standard single miner.
Batch Mining: Automatically generate up to 100 miners at once, streamlining the process by leveraging contract functions to create multiple miners simultaneously.
Mining Ladder: Set up a series of miners at specified intervals and power levels using the contract's single miner function. More details are available on the Mining page.
Mining Bonuses
🚀 Early Adoption Amplifier This bonus starts at 10% and gradually decreases to 0% over 350 days, with a daily reduction of 10%/350.
🔥 Burn Bonus Multiplier Earn up to an additional 8% on new miners if you've burned 80B SOLAX. This bonus starts at 0% for new participants and increases with the amount burned, rewarding loyal burners.
💸 tRank Bonuses When you set up a miner, you receive a tRank (SOLAX Rank) which determines your initial reward tier. As others start miners after you, your miners receive additional bonuses. The tRank Bonus starts at 2,200 SOLAX for each maximum power miner that follows yours, scaling with miningPower to prevent exploitation. This system encourages ecosystem growth and adoption.
The tRank Bonus formula is:
where:
currentMiningPowerIncreaseBonus = The current tRank Bonus, which decreases daily for new miners. Once you start a miner, your tRank bonus is locked in for its duration.
miningPower = The power level specified during mining setup
globalMiningPower = The global miner power at the time of claiming
minerStartGlobalMiningPower = The global miner power at the start of your miner
Mining Power Explained
Mining power determines the amount of SOLAX you receive daily and affects the cost of your miner.
For a miner with 100 power, you receive the full daily SOLAX pool. A miner with 1 power yields just 1% of the daily pool. 100 power represents a "max" miner.
The cost of mining power in ETH is:
A miner with 1 power costs 1% of the miner's cost.
Note: The "Cost per SOLAX token" remains linear, so a miner with 100 power and one with 1 power have the same cost per token. However, the 1 power miner produces less SOLAX, so using max power miners simplifies management without offering additional benefits for smaller miners unless constrained by SOL availability.
Penalties
You can claim your mined SOLAX up to 7 days past your end date without penalties. After the grace period, penalties apply as follows:
1 day late: Lose 1% of claimable SOLAX
2 days late: Lose 3%
3 days late: Lose 8%
4 days late: Lose 17%
5 days late: Lose 35%
6 days late: Lose 72%
7 days late: Lose 99%
Limits
Due to blockchain data constraints, each wallet can hold a maximum of 1000 miners and 1000 stakes. To create more, you may use additional wallets.
Opting for max power miners is recommended for easier management and tracking. Smaller miners offer no additional advantages unless necessary due to SOL constraints or specific use cases.
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