Thanks to the efforts of the SOV team it is now possible to mine Bitcoin (BTC) with EOS.
Bitcoin is certainly the asset that has most influenced the other projects in the industry, not to mention its PoW (Proof of Work) consensus mechanism, which for some is indispensable and synonymous with security.
The mining activity requires both suitable hardware and a considerable amount of energy resources. Which is why mining farms and companies manufacturing the hardware optimized for the extraction of BTC were born.
But what if there was a different and innovative system to mine Bitcoin (BTC)?
This is the question posed by the team of SOV, the first “self-deflationary” token based on the EOS blockchain.
On this protocol, each time tokens are transferred, a part is burned at a rate of 0.05%, until the initial supply of 1 billion is reached, followed by the total supply of 21 million tokens, like that of bitcoin. From that point on, no more tokens will be burned.
The team has recently released a platform that allows managing tokens through staking. It also introduced the possibility to directly mine Bitcoin (BTC) using the resources of EOS accounts.
The interesting thing about this platform is that the mined BTC are instantly transferred to the user’s account thanks to the integration of pBTC.
So, for each transaction that is confirmed, a minimum of BTC, or rather satoshi, are generated, which will be proportional to both the protocol difficulty and the amount of EOS that will be staked for the CPU.
It should be noted that it is also possible to use the REX (Resource Exchange) to obtain a huge amount of EOS to stake for CPU: with only 1 EOS and for 30 days, in fact, over 6000 EOS can be obtained at the current rate.
How to mine Bitcoin on EOS
The first step to mine bitcoin with an EOS account will be to start a wallet that supports the EOS blockchain, for example Scatter.
Subsequently, it will be necessary to connect the wallet to the SOV platform by clicking the “Login” button.
Then it is time to set the reward value, or leave the default one, and finally press the “Mine X” button (it is also possible to choose the number of transactions from 1 to 10).
After that, this will activate the smart contract and the mining via CPU will start.
As can be seen, the payment is instantaneous and we have already received 0.00000005 pBTC, mining only one transaction and having used up the CPU resource.
It is also possible to click on “Auto” so that the transaction will start automatically every time the reward is higher than the one set.
This way we’ll just have to leave the page and our wallet open, as we’ll have to confirm the transaction each time.
If with REX today we have a little less than 7000 EOS at the cost of 1 EOS, which is about $2.36, and if we calculate an average of about 5 satoshis every 30 EOS, then we will have about 35000 satoshis per day and in a month as much as 0.00350000 BTC, because it must be kept in mind that the CPU will completely reset after 3 days.
With the current price of bitcoin (BTC) at about $9100, we will get about $30, a gain that will allow us to cover the initial cost of the EOS invested initially.