Pool Mining
Last updated
Last updated
Captain Devex Attazer NFT owners can create mining pools.
Anyone can join a pool provided they meet the minimum owner set requirements.
Pooling increases your chance to win blocks!
ChainGuardians pool mining consists of a collection of miners working together to increase their chances of mining a block at the group level rather than individually. Through such pools, miners will be able to combine their individual NFT hash rate power with those of the other members, enhancing their joint hash power and helping to win the blocks available to the pool mining system.
Rewards are distributed on a percent basis – Your percent hashrate of the total within the pool is directly correlated to the percent of the reward you will win when a block is successfully mined. (e.g. if your NFTs make up 5% of the total hashrate for the pool, your total reward will be 5% of the block rewards).
Pool participants will have to submit their NFTs as they normally would each cycle in order to be eligible for the mining rewards. If a block is won by a pool, those who have submitted their NFTs for that mining period and helped in winning that block will be awarded the applicable % of the block rewards.
You can join a pool using one of the following methods:
Randomly being assigned to a pool
Entering a referral code for a specific pool
Manual selecting a pool from the list
The Mining Pools tab / page will provide a list of available pools with the names, total number of members, fee percent, total hashrate for the pool, and any requirements set by the pool owner. A Join button will be next to each pool and will be greyed out if all requirements are not met (based on the NFTs in the user’s wallet). Each account can only be a part of one pool at a time. You must leave a pool before joining another pool. The Leave button replaces the Join button when you join a pool.
Pools do not have a restriction on maximum number of members. As the member number increases, the percentage of rewards available to each person decreases, hence incentivizing the pool toward a balance between hash rate power and total members. Available rewards per member will eventually reach a low point where it’ll be more advantageous to join and/or create another pool than continuing to add members to a single pool.
Mining pools can be created and managed by those holding a Captain Devex Attazer NFT. Once you create a pool, options are made available based on the pool owner’s preference. The following attributes capture those variable options that can be set at the mining pool owner’s discretion:
Pool Name – Each pool can be uniquely named
Pool Fee % – Pool owners can set fees for being a part of the pool – This % is subtracted from the total reward of each successfully mined block with the remainder being distributed to the pool participants based on their hashrate contribution.
Pool Application Criteria – Pool owners can set minimum and maximum requirements for joining a pool as well as remaining in a pool. Personnel cannot join unless the pool owner’s criteria are met (the Join button next to a pool name will be greyed out). Initial criteria available to the pool owner:
Minimum # eligible NFTs (1-9)
Minimum Hashrate
At the end of each mining period, a check will be built into the mining system verifying that each pool owner’s wallet contains a Captain Devex Attazer and all members satisfy the minimum requirements (if any). If a Captain Devex Attazer is transferred to a new owner/wallet, the new owner assumes ownership of the pool. However, this new owner will need an account with ChainGurdians in order to change any of the variable options.