DUBAI, United Arab Emirates, Aug. 12, 2022 (GLOBE NEWSWIRE) — Jax.Network, a blockchain merge-mined with Bitcoin, has launched a mining pool. JaxPool is a BTC mining subpool under a top-5 mining pool. Its goal is to merge-mine Bitcoin with the Jax.Network blockchain and provide miners with increased profitability.
To encourage miners to merge-mine Jax.Network, JaxPool offers negative fees on BTC mining. This means that miners not only don’t have to pay any fees but also receive a 1% bonus on the mined BTC. As an added benefit, JaxPool miners are entitled to a portion of block rewards for merge-mining Jax.Network paid in JXN coins.
Miners can join the pool via one of the two modes. Mode 1 implies that miners will merge-mine the Jax.Network beacon chain along with BTC and receive their reward in BTC. They also will receive JXN coins as an additional reward but they won’t be able to use a negative fee offer. Mode 2 allows miners to use a -1% fee, however, they won’t receive any locked JXN rewards; only 20 unlocked JXN. Please note that the Mode 2 offer is eligible only for the first 700 PH/s.
“We clearly understand that miners need a stable and secure business model, especially during bear markets. JaxPool comes as a life jacket, offering a one-of-a-kind proposal to keep BTC miners afloat,” Vinod Manoharan, Founder of Jax.Network commented.
Jax.Network provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues two digital currencies JAX and JXN. JAX is a stablecoin pegged to the energy spent on mining, while JXN is an asset coin representing the value of the whole network. The Jax.Network team aims at making these coins a universal standard for the quantification of economic value. Established in 2018, the company united professionals from all over the world to build a blockchain network based on the Proof-of-Work consensus mechanism and pure state sharding as a scaling solution.
JaxPool is a BTC mining subpool under a top-5 mining pool. Its goal is to merge-mine Bitcoin with the Jax.Network blockchain and provide miners with increased profitability.
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