Mining on XRPL
To mine you just need to trade on Magnetic DEX (or use Autominer to receive rewards automatically and passively).
It's simple - make trades for several XRP and get for this reward at the end of each hour.
You can mine tokens that have their own mining pools at xmagnetic.org.
There are two types of pools: MAG pools and partner pools. Each pool contains information about the conditions of the pool: the amount to be traded in this block (1), the type of order (BUY, BUY/SELL) (2).
Power (3) - the coefficient of the reward you receive, the guaranteed reward (4), the reward for holding your NFTs (5) and your tokens (6). There is also the number of remaining tokens in the pool (7) and information about Power for each token.
Power - the coefficient of the reward you receive for mining. It is measured in how many tokens must be kept on your balance to receive the maximum reward. Each block this value increases a little until it reaches the peak level. But don't worry, your reward level will never drop to 0. Even if your Power drops to 0, you will receive a minimum of 50% (even if you don't hold anything). And if your balance of tokens is more than zero, then the reward can increase to 100%!
MAG pools differ from Partner pools by the presence of a burn percentage. Every hour it increases slightly, and part of all rewards in the block is burned. This is the deflationary mechanism of $MAG.
- Pool conditions: required trading volume - 7.05 XRP order type - BUY/SELL (that is, you can sell or buy MAG for 7.05 XRP and receive a reward for it) without holding tokens or NFTs, you will only receive a guaranteed reward (more on additional rewards later).
- Go to the trading page using the Trade button.
- Buy MAG for 7.05 XRP. We create a Market order. Sign the transaction in XUMM
- Go to the pools page and see a green checkmark and fulfilled conditions. At the end of the block you will receive a reward. Congratulations, you have mined your first block!
Rewards are distributed every hour. You can see the end time of the current block on the pools page.
Note: If you buy MAG for 8 XRP and then sell MAG for 4 XRP within the same block, your volume will be 8-4=4 XRP (4<7.05) and you will not receive a reward. If you buy MAG for 2 XRP and then sell for 10, your volume will be 10-2=8 XRP. You will receive a reward.
There are three types of rewards: guaranteed reward, reward for holding NFTs, reward for holding tokens.
- Guaranteed reward - you receive this reward simply for fulfilling the conditions of the pool no additional holds are needed. Just trade and get rewarded.
- Reward for NFT hold. The more NFTs from the Magnetic collection you have in your wallet, the more rewards you will receive. There are different types of NFTs: Common, Rare, Epic, Legendary, Mythic.
Each of them gives an increasingly greater reward. You can see what reward each NFT in each pool gives by simply opening the drop-down menu and selecting the NFT you are interested in. NFTs can add up! They add up as follows: you receive 100% of the reward for the most valuable NFT in your wallet and 25% of the reward for all other NFTs. You can receive NFTs in two ways: on the marketplace or by opening an NFT box in our bot.
- Reward for holding Tokens. Each mining pool has levels of rewards for holding tokens. Each level has a required amount of hold, as well as a reward for that hold. If you hold the required number of tokens at the time of distribution of rewards, you will receive an additional reward, which is in the "Reward for holding tokens" section.
You can view all reward levels by opening the drop-down menu and selecting the hold level of interest.
All rewards are summed up and as a result you receive a total reward!