The Bitcoin mining sector has consolidated into just a few multi-million dollar businesses which dominate the mining pools.
Only seven companies are responsible for mining 75% of all Bitcoin transactions; this phenomenon conflicts with the original decentralised nature of cryptocurrencies. Gemyn restores accessibility and decentralisation to the crypto-community with GMN.
Are you interested in mining cryptocurrencies? Learn more about how you can benefit from participating in the Gemyn community.
When Gemyn is launched, there will be 2.5 million coins mined. The amount of pre-mined coins is the equivalent of approximately 3.8% of the total supply of GMN. The pre-mined coins will be used for advancing the project and making enhancements to the GMN network and ecosystem. The pre-mined supply of GMN is essential to provide the community with constant improvements and innovations
A Gemyn block is mined every two and a half minutes. Compared to Bitcoin, which is processed once every ten minutes, a Gemyn block is computed in a quarter of the time. Faster block processing times are essential. Users transactions are processed quicker, and recipients can accept transactions securely with just a single confirmation.
There are tens of thousands of small miners for whom mining has ceased to be profitable. Many miners have retired, switched off their equipment and left it to collect dust. Because the Gemyn network is less intensive to compute blocks, miners can repurpose their equipment and start recuperating their investment and making a profit. The algorithm is programmed to enable almost anyone to earn a meaningful amount of GMN. Gemyn demonstrates there is a realistic way to earn cryptocurrencies as a miner.
Anyone has the opportunity to mine GMN with only a laptop or a personal desktop computer. Mining GMN is energy efficient and doesn’t have any noticeable negative impacts on the environment.
Powerful ASIC mining farms have taken away the opportunity for people to enter the Bitcoin mining sector. Due to the intense amount of resources required to mine BTC today, all mining is being performed by a few companies. The Gemyn network uses sCrypt, which requires memory rather than processing power. Therefore, a gaming laptop is better qualified to process blocks in the Gemyn network than a higher performance ASIC miner.
Each block generates a reward of 50 GMN. The reward is halved when 620,000 blocks are mined (approximately every four years). The Gemyn network is scheduled to produce 64.5 million Gemyn throughout its lifetime.
Gemyn (GMN) will be available to trade on various exchanges to ensure the mining community can easily dispose of the coins they earn on demand. You can expect to find GMN traded on tier-1 exchanges and decentralised exchanges.