The reasons I started mining on DMEX
As a miner myself, I’ve been dabbling in the mining business for nearly three years. Recently, with Coinbase going public, a large number of individual investors around the world would flood into the cryptocurrency circle. This is a great opportunity for us miners. For newcomers, there are some practical experiences I would like to share.
Although the secondary market is in frequent and violent change, with the token price rising or falling dozens of times within a few hours. I’ve always believed that it is investment experience and market sensitiveness that decide whether one can achieve great fortune. What I care about the most is how to seize this precious opportunity and earn as much as possible in the safest way, and at the lowest cost. Since the price of the cryptocurrency is unpredictable, the mining power market is our next best choice.
Recently, the highly popular IPFS has opened people’s eyes to the prospect of distributed storage. The present situation is that, with the currency price rising steadily, more and more institutions and crypto whales would enter the IPFS circle. The entry barrier for individual miners is becoming even higher.. However, numerous individuals are still longing for an opportunity to participate in IPFS mining. Filecoin mining has become a relatively promising project for them due to its relatively easier entry. For now, FIL mining industry is still in its early and most profitable stage.
There are a number of DeFi projects on the market this year. Most individual investors are attracted by those projects with ultra-high APY. But for us miners, we are not interested in these financing tricks. We prefer earning stable mining incomes with authentic mining powers. This year after the Spring Festival, I heard about this mining power financial service platform, DMEX, which combines DeFi and mining power NFT to mobilize users’ FIL assets. As is known to all miners, the upfront collateral mechanism of FIL makes it nearly impossible for miners to withdraw their FIL collateral for 540 days, no matter how FIL price changes. I wondered how does DMEX add liquidity to this situation. As of today, I have participated in DMEX for more than 3 months.
So why did I choose the decentralized DMEX platform for mining power, instead of continuing to purchase physical mining machines? How much FIL can we earn from DMEX’s mining power products?
Firstly, I want to briefly introduce the current status of Filecoin mining. Taking the 192T mining machine as an example, here comes the math:
Mining machine + GAS fee + Collateral costs + Custodial fee = 18.8W+469F+1273F (suppose FIL price is 170U)
According to the calculations, the initial expenditure is about CNY 2.2 million. Other than that, 20% of the mining output will be deducted as administrative expenses like operation and maintenance fees. Conservatively speaking, if the currency price and the mining output maintains at the current level, and the operation and maintenance cost is taken out of the equation, it will take at least 270 days before users can earn real profits. The high cost and the long payback period create high barriers for many users who are new to mining.
If users want to buy physical mining machines, they must prepare for long-term investment. In addition to the prerequisites mentioned above, mining machine buyers also need to consider other risk factors, such as preliminary screening of mining machine vendors and sealing cycles. Another risk is that the FIL used for FIL collateral might depreciate when the currency price falls. Considering all the risks above, purchasing mining power is a better way for those average users with limited capital and those veteran miners with limited time and energy. In the current market, there is a dazzling array of mining power service platforms, so what are the advantages of DMEX’s mining power NFT?
DMEX is a decentralized mining power financial service platform. Its smart contract has passed the security audit of Chengdu Beosin Security and CertiK. To help average users find quality mining power providers and avoid the total absence of promised payout, DMEX has a strict screening system for its mining power vendors. At present, DMEX has tokenized high-quality mining power from IPFSMain, IPFSUnion, and Nonentropy into NFT. Users can purchase the mining power and earn a stable mining income on a daily basis.
The current price of FIL has stopped many people from participating in FIL mining. With the DMEX joint mining pools, FIl owners can stake FIL to obtain more FIL mining incomes. For those who do not own FIL, they can simply stake USDT to mine FIL. Other users can also stake FIL to mine FIL. There are barely any barriers and users can withdraw their tokens at any time. In this way, users can participate in joint mining to earn FIL when the currency price is high or exit the joint mining pool when the price is ideal for mining machines investment.
DMEX is a decentralized platform based on smart contracts. The actual mining output of DMEX is totally transparent. The mining income is settled on a daily basis. Users are free to sell their mining power at any time they want. The daily mining output is openly displayed on DEMX’s DApp.
What concerns average users the most is how to mine FIL on DMEX and what the return rate is like:
1. Users could stake USDT or FIL in the joint mining pool (APY: 20–30%);
2. Upon the staking behaviour, the joint mining pool will generate DLP as the deposit credentials. Then users could deposit DLP in PoW pool to obtain DMC (APY: 20–40%);
3. Users could stake DMC to mine FIL (APY: 20–30%).
With extremely low entry barriers and risk of loss, DMEX makes it possible for average users to participate in FIL mining. It frees users from the restriction of the upfront collateral mechanism and greatly enhances their asset liquidity. With innovative mining power products, DMEX will enable more users to enjoy the benefits of mining, whether in bull or bear market.
Official website: dmex.finance
Telegram: DMEX Chat