Mine to 1 Million STX Challenge: Announcing Part 3
The third installment of the Mine to 1 Million STX Challenge is here!
The Challenge was originally announced in the fall of 2020 as a partnership initiative between Daemon Technologies and the Stacks Foundation to kick start the STX Mining market and test mining software. It is a three part contest series that rewards a total 1 million STX tokens to miners. Parts 1 and 2 of the contest were held on the Krypton and then Xenon test networks earlier this year and late last year, and rewarded over 500,000 STX tokens to miners.
Today, Daemon Technologies is excited to announce Part 3 of the Mine to 1 Million Challenge. Click here if you just want to get started.
Part 3 is different than parts 1 and 2, which rewarded participants simply for mining on the network. Instead, Part 3 is focused on making the STX mining market more competitive, and lowering the barriers to entry. This focus is informed by analyses Daemon has done on STX mining, including reports on the first 5000 blocks of mining, as well as the first 1000 blocks of mining. The most recent report, on the first 5000 blocks of STX mining, highlights an under served opportunity for STX Miners: lowering the capital requirements to sustainably mine STX and be profitable.
To address this, Part 3 of the Mine to 1 Million Challenge will consist of a set of bounties aimed at incentivizing the creation and growth of STX mining pools. The first of these bounties will reward creating open source frameworks and infrastructure to allow anyone to easily create or join a mining pool from Daemon's Mining Bot. The second bounty will reward the first two STX mining pools that are able to get at least $100,000 worth of BTC committed from members.
See the full details for Part 3 and register here.