Top 10 Tips for NYC Coin
NYC Coin (a new CityCoin) will start mining today, Thursday, November 11.
It’s a mining-only launch. No coins exist as of today, so they can’t be bought. They must be mined.
Mining will start at block 37449, which is between 11am and 12pm EDT.
Estimated time is 11:26am EDT.
Top 10 Tips for NYC Coin
10. STX is required to bid on blocks
STX is available for purchase at these crypto exchanges:
9. Download and install the Stacks Hiro web wallet
8. Save your wallet phrase in a safe place
Write it down on a piece of paper. Save it.
7. Find and copy your STX address
There is a copy icon next to you abbreviated address.
6. Send STX from your exchange account to your STX address
Memo is not required when sending to a web wallet. It’s only required when sending STX to an exchange.
More info on mining: https://docs.citycoins.co/citycoins-core-protocol/mining-citycoins
After miners send their STX to the contract, a winner is selected by a Verifiable Random Function (VRF) weighted by the individual miners' bid compared to the total miners' bids sent in that block.
e.g. if Alice sends 10 STX into the contract and Bob sends 30 STX, then Alice has a 25% chance and Bob has a 75% chance to win in that block.
Mining rewards cannot be claimed until a 100 block maturity window passes, see the Claiming Mining Rewards for more info.
4. NYC Coin Mining Explorer
As soon as mining starts, block mining bids will appear here:
3. Mining Probabilistic Distribution
Run various scenarios:
Bid 10 STX for 100 blocks, what’s the probability of wining?
Bid 20 STX for 150 blocks, what’s the probability…?
More info on a mining strategy: https://docs.citycoins.co/citycoins-core-protocol/mining-citycoins. See chart below from CityCoins Docs,
An example with real numbers: the table below assumes the total committed by miners is 500 STX, and you have 200 STX to spend.
2. Join a public mining pool?
In order to compete with other miner bids per block, joining a public mining pool may increase the probability of winning.
There is a public pool run by the Syvita Guild, a boutique development organization supporting the Stacks ecosystem.
As of today, more than 535,000 STX have been sent to the mining pool wallet.
asteria.id @0xAsteriaUpdate: Syvita has now raised over $550,000 worth of $STX from around 120 people in 3 hours for mining $NYC @ericadamsfornyc — you’ve got your token! $550k+ of STX will be heading your way soon ⚡️⚡️ https://t.co/rb38cBD3xK
Mining pool requirements: more than 150 STX is required to participate and 4% mgmt fee. Deadline is Friday, November 12 at 11:59pm CST. All the standards risks apply such as loss of funds. Any mining rewards would only be sent out 100 blocks before the cycle 1 stacking starts, which is in about 2 weeks: https://explorer.stacks.co/address/SPYABDY1GR8RPQVNK1VFD1CQP6MZT2GF4Q9QB19F?chain=mainnet
1. Most importantly, once STX are submitted to the contract, they are not returned, they are distributed to the city's custodied wallet and Stackers of a CityCoin.
Track the NYC Coin wallet (100% of miner Stacks from Cycle 0; then 30% of miner Stacks starting in Cycle 1): click for current value: https://mining.nyc/wallet
Stacks sent to CityCoin Stackers (70% of miner Stacks starting in Cycle 1): https://mining.nyc/stack
Data will start to appear in Cycle 1.
CityCoins on Twitter: https://twitter.com/mineCityCoins
CityCoins docs: https://docs.citycoins.co
NYC wallet Twitter bot: https://twitter.com/NycWallet
Mayor of NYC: https://twitter.com/ericadamsfornyc
Stacks explorer: https://explorer.stacks.co/