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CBX Mining – Everything you need to know!

CBX mining was launched in January 2022 and now 1.5 years since its launch, over 70 Million CBX has been mined by farmers.

Over the months, we have rolled out v1 and v2 with tweaks to improve the value generated for farmers. Let’s explore the current version of CBX Mining which has reached this stage with over 3 years of data, multiple simulations, and community feedback.

What is CBX Mining?

Farmers can collect CBX by utilising the Extracts and Utilities generated by Assets. Since CBX is the currency of the CropBytes verse, it’s essential to ensure that there is no oversupply of CBX. To ensure this, CBX mining follows a deflationary supply protocol which ensures the right amount of available CBX and the long term value of it.

Let’s look at all the factors that are involved in CBX Mining.

Extracts: These are output generated by Animals and other assets. For example, a ‘Highland Cow’ produces ‘Milk’, ‘Solar Panel’ produces ‘Power’.

Actual Produced CBX: The amount of CBX that farmers ended up producing in a week.

Estimated CBX: At the beginning of CBX mining, the CropBytes team released a prediction of weekly estimated CBX that would be produced by farmers. That prediction can be found >here<

Difficulty: It refers to a variable that determines the level of challenge or complexity in the process of mining CBX tokens using animal extracts. It is calculated based on the ratio of the actual produced CBX tokens to the estimated CBX tokens, raised to the power of 5: (Actual produced CBX / Estimated CBX) ^5

Conversion Rate: Every 10 weeks, the amount of CBX that you could get from an Extract decreases by 10%. For Example, on week 1, 4 Milk could get you 1 CBX, but in week 55, you would need 6.44 Milk. The per week conversion rate has already been calculated and made public, you can find it >here<

Refining Time: This is a new concept! CBX mining so far was an instant process. But just like in the real world mining scenario: Say of Gold Mining, there is a time factor involved between digging and getting the final output after smelting. After multiple consultations with economists and even with some players, ‘refining’ is the necessary step we have decided to implement. Adding this will positively impact the price of CBX and indirectly the value of assets in the game.

So what does this mean for you as a farmer? For completing a CBX Mining session you will have to burn the necessary extracts + wait until ‘Refining’ to be completed. The time required for ‘Refining’ will be based on a formula. Players will be able to see if their CBX mining is in-progress in the ‘Active Minings’ tab. Players will then need to ‘Claim’ the CBX after the mining is completed.

Check out the schedule for Standard ‘Refining Time’ for Mining CBX >here<

Multiply ‘Refining Time’ with the current difficulty level. Increase the value of ‘Refining Time’ by 5% every 10 weeks. You can draw a parallel to Gold Mining or Bitcoin Mining, where the difficulty factor increases as more and more supply is mined.

Therefore to Mine CBX

The formula to mine CBX is (Difficulty) x (Extract / Conversion rate)
The formula for Refining time is (Refining Time x Difficulty)

Let’s look at this now with an example using Milk.

When the Difficulty level is 1:
When Refining Time is 7 Days
(Difficulty) x (Extract / Conversion rate)
Difficulty (1) x (Milk x Conversion rate = 4)
I:e 4 x 1 = 4
Therefore, 4 Milk = 1 CBX in 7 Days

When the difficulty level is 0.5:
When Refining Time is 7 Days
(Difficulty) x (Extract / Conversion rate)
Difficulty (0.5) x (Milk x Conversion rate = 4)
I:e 4 x 0.5 = 2
Therefore, 2 Milk = 1 CBX in 3.5 Days

When the difficulty level is 2:
When Refining Time is 7 Days
(Difficulty) x (Extract / Conversion rate)
Difficulty (2) x (Milk x Conversion rate = 4)
I:e 4 x 2 = 8
Therefore, 8 Milk = 1 CBX in 14 Days

Different ways to Mine CBX

  1. Single Extract Burn: You can individually convert your extracts to CBX.
  2. Collective Burn: You can convert extracts to CBX in combinations to get some Bonus. Find more about it here: https://blog.cropbytes.com/cbx-mining-v2/

In conclusion, CBX Mining has evolved over the years with continuous improvements to benefit the farmers and maintain the value of CBX. With the addition of time as a standard for mining CBX, the game has introduced a realistic measure to positively impact the value of CBX in the long term. The formula to mine CBX using extracts, difficulty, and conversion rate, ensures that farmers can earn CBX in a fair and balanced manner.

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