What is behind the Project Minereum?
Minereum is a self-mining smart contract which mines tokens by its code itself. So there is no need for a mining pool or mining equipment which makes it kinda valuable and interesting. All you need is just a Genesis Address you might buy from their website for 0.44 ETH. In my opinion this is way to much for these tokens. Due to the fact that you must upgrade these addresses for another 0.3 ETH from level 1 to 3 to start the mining process and be able to transfer your mined tokens to livecoin.net being able to sell it. And you know what that mean, Fees, fees, fees and again fees.
The truth is in the beginning in 2017 the project was really profitable distributing the first 4268 Airdrop Genesis Addresses the first owner of these addresses who begun to mine on this stage of the project had truly benefited from it.
FIG. 1: Nicely started but died to fast.
This decrease moved on till April 2020. Which was one month after their second airdrop of 1,197,634 Genesis Addresses. And minereum got its maybe last move-up trend. Nowadays the telegram channels are just a place for sellers who want to get rid of their genesis addresses to get their initial investment back. So bad days for minereum.
FIG.2: Last move upward of MNE. Will it have its comeback?
However, the concept is quiet smart as the smart contract is, but its kinda weird project nothing is really self-explaining and its nothing for persons that are new to crypto. I participated in the last airdrop phase of the three airdrop phases and yeah i got an address having 32,000 coins in my ether wallet. I was quiet impressed as i saw my account statement, but even more frustrated as i found out, that the money was frozen and i had to mine the 32,000 coins with a rate of about 1.34 MNE/day i think. This is really frustrating. But hey maybe and really maybe MNE got its comeback someday and i can finally get my money back. oh yeah dreams sometimes coming true.
HOW IT WORKS AND SOME FACTS ABOUT THE PROJECT
01 LAUNCHED IN 2017: FIRST AIRDROP WITH 4268 GENESIS ADDRESSES
2019-12: 2nd AIRDROP
2020-03: 3rd AIRDROP
1,197,634 Genesis Addresses (SUM OF 2nd and 3rd)
02 EACH GENESIS ADDRESS RECEIVED 32,000 MNE GIVING A total supply of 38,324,288,000 MNE
03 MINING PROCESS COSTS 0.3 ETH The mining process will run for 100,000,000 ethereum blocks with a reward of 0.00032 MNE per block, this will make the whole mining process run for about 50 years.
FACTS
Minereum is
- not solving any technical problems
- Upgrading to level 3 is far to expensive at this moment
- It is dying
Summary
Absolutely do not buy a genesis address at this moment it is a nightmare. The only people that are going to make the money with it are the coder of MNE. But this is nothing new. Think about the shovel seller during the goldrush in america? Did the gold digger or the shovel seller made all the money? Guess who is who in this scenario?
Happy to answer you questions and i am happy for any comments.
