❔FAQ

Project Frequently Asked Questions.

What is Bitcoin mining on Solana?

Bitcoin mining on Solana is a unique approach where Bitcoin (BTC) is mined using Non-Fungible Tokens (NFTs) on the Solana blockchain. These NFTs represent mining computers, each contributing a specific hash power to the network.

How do I start mining BTC on Solana?

To start mining, you need to acquire a mining computer in the form of a Solana NFT. You can purchase these NFTs from mineit.sol-btc.xyz. Once you have an NFT, you can participate in the mining process.

How are mining rewards distributed?

Mining rewards start at 50 BTC and are halved every 42,000 blocks. The mining pool that solves the block first gets the reward. Pools with higher hashpower have a higher chance of solving a block.

What is the block time in this mining process?

A block is solved roughly every 5 minutes, which is faster than the traditional 10-minute block time in the original Bitcoin protocol.

What is the 'halving' event in this context?

Halving refers to the event where the block mining reward is halved. In our system, this happens every 42,000 blocks, reducing the reward and increasing the scarcity of Bitcoin over time.

Is there a limit to the number of miners?

Yes, the number of miners is capped at 10,000, which corresponds to the limited number of NFTs available for mining. This cap helps maintain decentralization and network security.

How does owning more NFTs affect my mining rewards?

Owning more NFTs increases your total hash power contribution to the network, which in turn can increase your share of the mining rewards.

What happens when all BTC are mined?

Once all BTC are mined, miners will primarily earn from transaction fees instead of block rewards. This transition is anticipated to sustain the mining ecosystem.

Can I sell or transfer my mining NFT?

Yes, you can sell or transfer your mining NFT just like any other NFT on the Solana blockchain. The ownership of the NFT is what grants you the mining power and rewards. Trade on Tensor:

How does this system ensure network security?

Network security is maintained through the decentralized distribution of NFTs and the limited total hash power. This setup reduces the risk of centralized control and 51% attacks.