Daemon Technologies is happy to announce the mainnet release of the mining bot!
With this release, the mining bot can now be used on the Stacks 2.0 mainnet. In the coming weeks and months we will turn our attention to both improving the bot, and incentivizing things such as mining pools to be created using it.
Please note, the Mining Bot is open source software. Use at your own discretion. Daemon Technologies is not responsible for performance.
Thanks for your post.
Could you clarify some points about mining right now? The community on reddit is disgusting some aspects of rewards about mining
I would love to know if the rewards are paying the bitcoin investment on mining economics. Because of an economics analysis, the reddit community conclude that a single miner that spend the minimum BTC amout for each mining block would end up spending $65k for each cycle of STX mining.
- From documentation, initial recommended amount is 11K Sats or ~$6
- But what about the BTC TX fee? At current price ($25), isn’t this something that A)impacts APY and B) is NOT represented by the 26.93 BTC spend in the first cycle (i.e. the amount transferred to Stackers)?
- The way I’m reading it, a miner would need to spend a total of ~$30 per block and then would only have ~1% of being selected as a miner unless they wanted to increase the amount of money spent
- At 2100 blocks per cycle, that is a ~$65K investment to compete across all blocks
Hope hear from you soon.
Publishing a follow up report soon, but my general response is if you have STX, you should Stack them. It’s not really an either/or with STX Mining. If you’re also or separately interested in STX Mining, you need to have enough BTC to get the law of large numbers on your side and the probabilities to play out. Super rough estimate of $40-50K USD worth of BTC needed to be able to sustainably mine.
If you have that amount of BTC, there is a ton of profit being left on the table for STX miners. That being said, not many have that level of capital. To solve this, Daemon is going to be incentivizing the creation of STX Mining pool infrastructure.