Updated: Jun 7, 2021
Jeff: I have read many messages, there's been a lot of confusion and I understand that people are worried. But there is no need to be. MXC has always stood by our mining community and supporters and will always continue to do so. If anything, Miner Health is an extension of this. So to start out (again) I'll say clearly -- if your miner is online, your mining will not decrease when miner health is launched.
Jeff: Alrighty, so the first question is a pretty good one. What Exactly is Miner Health?
Jeff: Give me a if you've ever had a Tamagotchi (or know what that is).
Jeff: Sweet - lots of you. That's pretty epic. For those of you that forgot, it's that little digital animal you used to take care of. Looked something like this:
Jeff: Picture your miner as a tamagotchi, some things make it happy, fit, and function well, while others make it sick and sad. So let's say I have Betsy the M2 Pro Miner on my balcony. Betsy is happiest when she's able to provide a strong and reliable wireless network. She's happy when it's standing upright. And she's happy when he has enough to eat.
Jeff: Miner Health functions similarly. It provides you with the information you need to make your M2 Pro Miner function at the best of its ability. Naturally this is important for the long term reliability and stability of the network.
Jeff: Unlike a tamagotchi though, your Miner produces its own food, or fuel. Each day it mines MXC, and it adds fuel to the miner. Which effectively keeps it mining the next day and the next day at the best possible mining rate. After setting it up, plugging it in, and leaving it alone, your miner will continue to mine, and provide its own fuel as it goes. Its mining efficiency is really completely up to you.
Jeff: So your miner makes its own fuel, and puts it in the fuel tank. As it does this your fuel continues to grow, equivalent to the amount the miner has mined since the launch of miner health.
Jeff: You can remove the fuel or "mined mxc" any time you want. It just makes your miner a bit sad, and therefore it mines a bit less efficiently. You can top it up at any time as well. Putting the mining potential of your miner fully within your control.
There are a number of factors that influence the health of your miner these are:
At the initial launch, miner fuel, and uptime. Uptime measures the reliability of your miner. If it’s offline for a few days, then it’s unreliable, and it won’t be mining at full capacity. It works on a seven day average, so a reduced miner will mine at a reduced rate until that period expires.
Then we have miner orientation, so it needs to be upright, not sideways
Altitude -- miners don't work well in the basement.
To make this a fair network, data packets will not affect miner health. They will in the future increase earnings. We do this because without the network, nobody brings the devices. We built this so that anyone who participates in building the network, receives a return.
Jeff: MXC is always on your side, it won't happen overnight, it's going to be rolled out over a period of time. With just the first two items being released first. There will be no surprises on this. We want you to keep earning.
Jeff: So to clarify that, the tank starts growing as your miner mines. So it is equal to the equivalent of the total mining of the miner. For those that area already mining, the tank starts from the day miner health is released.
Jeff: So -- there won't be a need to "fill the tank" on day one, it'll already be full.
Why? Because we're on your side.
Question: Is there a direct relationship between fuel and health? Such that a healthier miner contributes more fuel?
Jeff: Answer: Fuel is a part of miner health. So if fuel is low, overall health will be reduced.
Question: How long does it take for fuel to come to full ??
Jeff: Answer: It will start full.
Jeff: I'm going to jump into another question from earlier.
Question: Will distance have an impact on miner earnings such that spaced out miners earn more and miners that are together will earn less than base earnings?
Jeff: Answer: So the answer to this is yes but not a large impact. Naturally we want everyone to spread out the miners as much as possible. It’s important for the growth of the network. That said, we understand that not everyone has the ability to do this. So those that make the extra effort, will do marginally better than those that don’t. But really - it affects mining very very very minimally.
Question: For an avg person that doesnt have money to invest past the miner and doesn't invest anything at all or top up, are they expected to have rewards go down more and more over time ?
Jeff: Answer: No - this isn't a punishment, and it's not about getting more money from you. If you set up, and leave it, it will continue to mine and keep its own tank full.
Jeff: It's set up in a fair way so that everyone can maintain 100% miner health without investing more money into it.
Jeff: It's set up in a fair way so that everyone can maintain 100% miner health without investing more money into it.
Jeff: Release date of this will not affect your earnings. It's set up so that everyone, regardless of history, can maintain 100% miner health.
Question: What exactly is the "tank" full of? Can we still stake our MXC?
Jeff: Answer: You're free to stake or to mine DHX, or get involved in uniswap, or even DFI, the choice is up to you. We're empowering you with this model.
Jeff: So let's get back to the list real quick.
Jeff: Is the reported $10-$14 base reward going to decrease? Mining health uses the same base mining algorithm as we’ve been using up until this point. Mining potential remains the same.
Question: But, eventually we will want to take profits. And it sounds like if we take mined mxc and allocate it towards locking for dhx. Selling it for ROI, or staking, will decrease health, which makes us earn less. Then the cycle continues…that’s a bit concerning.
Jeff: Answer: We're a non-profit @Danilla Ice , everything that comes through goes back into building the network.
Question: How does this affect my already staked MXC and dhx?
Jeff: Answer: It won't affect it at all. Mining health is specific to the M2 Pro, and does not influence mPower or any other opportunity in the DataDash app.
Question: Will have 2 m2 miners next to each other affect my earning
Jeff: Answer: Extremely minimally. How could we know if it's yours, or your neighbors? That wouldn't be fair to you. So it encourages you to spread them out, but it really doesn't affect you much.
Jeff: How will HEALTH impact those that own multiple miners? As long as the health is maintained for each miner, it won’t affect them much. The only item that may affect it some would be proximity. But as I mentioned, it doesn’t have a large effect.
Jeff: We're preparing for the inter-chain data market, as you look at other companies in the world, like Amazon Sidewalk, the PoP model will strengthen our network allowing you to all earn more.
Jeff: This is a massive global vision, and we're happy we're all a part of it.
Jeff: Regarding mining fuel, here's a question that came through: How is it depleted and at what rate
Jeff: Mining fuel doesn't burn. We put the power back in your hands through PoP, what you choose to do will affect your miner health, and your miner earnings. If you choose to invest what you mine into other things, that's up to you, totally your choice. We want to ensure you keep making profits to keep the network alive. We're in a partnership together with you.
Jeff: So to clarify Will it be necessary to refuel at additional cost? A big resounding no.
Jeff: For those with multiple miners -- no need to worry either. Miner health is calculated individually. You'll have an overall "summary" of your total miner health in the app. So you can see when something is up, but health itself is individual to the miner.
Jeff: Ok so I'm seeing a lot of concern of what will happen if you remove fuel from the miner. The miner won't stop. It still works. A miner mines, and will continue to mine, even if you remove fuel. So please don't think that miner fuel will stop your mining.
Question: What exactly is miner fuel? I'm sorry but this makes absolutely NO sense
Jeff: Answer: Fuel is MXC
Question: Is there any visual for us?
Jeff: Answer: We'll release these soon - a lot of testing happening right now to make sure everything works epicly. I've heard rumors of gifs and cool graphics coming from the marketing team.
Jeff: Yes Fuel is the mxc in your "tank" -- and is one of the miner health factors. This is geared to help you improve your miner setup to provide the best possible network.
Question: What happens to base earnings if you decide to cash out 100% of your "Fuel/MXC" or use that fuel for DHX, staking, etc? Is it possible to naturally mine your way back to 100% or will we need to add more MXC manually?
Jeff: Answer: Fuel fuels your earnings. But it's not the only thing that keeps you earning. Of course by dumping MXC it reduces your value in the MXC movement. So that's represented in the PoP model. That said - as I said before - your miner will continue to mine.
Jeff: So what's the point of fuel? Fuel improves liquidity to assist with trading on the interchain data market between gateways and devices. We're making large steps forward with the MXProtocol and we're preparing miners to participate in the larger interchain data market. This takes blockchain to the real world of IoT sensors and data (look at what Amazon's doing, we're preparing our miners for that). With increased MTL (Mined Token Liquidity) Miners can process data payments, but this also ensures you as a Miner continue to earn. . . . The power is in your hands!
Jeff: Miner health is an extension of PoP, to keep everyone participating, and earning rewards.
Jeff: We're focused on supporting the mining community. We know we need you, if you’re not getting rewards, you’ll turn off your miner and that’s not what we want. Our goal is to ensure that you continue to receive rewards throughout the lifetime of the network simply by participating. We want to protect your rewards and miner health helps us do this.
Jeff: our miner health starts at 100%, you affect the miner health, and you affect the base rate. We are preparing all of the miners to build a robust data network. This is important for the future rollout of IoT connectivity.
Jeff: Thanks everyone -- if there's anything else -- join TG, Aaron will be there to continue the conversation. We'll be summarizing the information in this channel in an article (with graphics) to help clarify the details.
Jeff: Again - we want to ensure you keep mining at a high rate. As I always say, it's through participation of the community that we can achieve the vast global data network we are working to build. After all "it's only together that we can build the future of IoT".
Telegram Portion by Aaron:
Aaron: Excited to respond to a few questions - anything that wasn't covered fully?
Aaron: The MXC Fuel will be used to benefit Miners, ensuring M2 Pro miners have sufficient liquidity stakes for the future roll-out of M2M payment transactions. This will be then used for data processing or payments where needed.
Aaron: By ensuring miners secure Mined Token Liquidity “MTL”, it ensures that increased MTL Miners can process data payments faster and pay for data (e.g. on the DFi network), but this also ensures you as a Miner continue to earn. DFi is expected to be quite a massive market for earnings for our miners
Question: Seems the one question not answered is what happens if we take out 100% or 50%
Aaron: Answer: If you reduce your fuel? You're reducing your stake in the MXC Data network, it will NOT stop mining, your miner will continue to mine. But as you become less active in the market the minability will reduce. This is a way of keeping the control on your hands
Aaron: I was 100% against bringing in halving, I strongly believe that this is in the interests of all miners. If we were to bring in eg: halving, everyone would be at 50% rate. This decision was made to allow those who want to earn, earn!
Question: If I’ve earned 10k since miner health and I lock 5k for dhx, is my fuel at 50%?
If someone has mined 100 and they sell 50, is there fuel at 50%?
Does this mean we have the same fuel even though the numbers are vastly different?
Aaron: Answer: No, it won't affect your previous mined token
Question: If I’m not mistaken, the miner's health is only an additional thing to the miners. They will still make the base amount a day?
Aaron: Answer: yes, this is correct! We tried to come up with a fair way to EXTEND Mining at the current rate.
Aaron: 1 question we received often (me and fellow mxcers) was, when will this end? So we decided, why don't we decentralize the authority of this? Why don't we allow miners to choose that?
Aaron: It seems for a peculiar reason, people don't like this. I'm keen to find out why
Question: it is worrisome that people are incentivized to not take out money off the system *that they earned*
Aaron: Reply: How is that? Can you explain that to me? Isn't staking all about incentivizing people to hodl?
Aaron: Reply: I am not staking here. i am getting paid mxc in the wallet
Aaron: Reply: and you will continue to be
*some confusion in the TG chat*
Aaron: I think you're missing the point that, this is about Mined Token Liquidity of fuel to ensure you are more prepared for the inter-chain-data market
But, once again, I feel this is not what people are looking at
Aaron: Comment: We're mostly conceptually understanding fuel and health. It's the practicalities of it we need detail on.
Aaron: Reply: As Jeff said, we will roll this out over a long period, we aren't here to make any surprises. We work together with our Mining community.
Aaron: We need Miners to earn, so they stay live and the network flourishes. That's your insurance as a miner
Question: How do we replenish fuel? What depletes fuel?
Aaron: Answer: You can top up your fuel. We give everyone the chance to choose to go back to 100% if they wish.
Everyone STARTS at 100%, you choose when it's reduced. If you don't want to reduce it, dont.
If you choose to reduce it, you can top it up later, we don't want to punish anyone
Aaron: Guys, please you really need to focus on what the issue here is. We had many people asking us how long Mining at this high level will continue - the answer is, for as long as you want. This gives you the power!
Question: Aaron, I'm sorry, but I'm lost on this:
Let's say I get my miner after the Health&Fuel thing. I mine for one year. Let's say I want to cash out selling my liquidity, and to do so I retrieve 60% of the tokens. What happens then? I will have 40% of the mining capabilities?
How do I top up my fuel to go back to 100% of the mining capabilities? A practical example would be great
Aaron: Answer: The calculation on that isn't as simple as that. All I will say is of course dumping your MXC will reduce your leverage in the MXC Miner Community.
Aaron: We are preparing more MTL for the real world market to have our Miners more active. Look at what Amazon is doing, this is part of MXC building a robust network
Question: If you let me know whether locking MXC to mine DHX affects fuel, I'm informed of my power and how to use it. If I don't know I could blunder into what may be a less desirable option.
Aaron: Answer: Do you have mined MXC locked to earn DHX right now?
Aaron: I feel I've done a horrendous job here of trying to explain this, my humble apologies. I feel there are a lot of misconceptions and nervous people here who panic
Let me please highlight a few points
Question: In your ama u said you want us doing more and being part of community by participating but not being able to withdraw without affecting miner earnings is more like being forced now
Aaron: Answer: So you don't want to be part of MTL, but you want full rewards? You don't want to participate 100% but you aren't full POP rewards? Is that correct?
Comment: You'd panic too if you had every penny you own tied up in this.
Aaron: Reply: Please read the answers, I think you'll see there is nothing to panic about
Aaron: 1. Your base mining will continue to mine and earn and in fact with miner health it will in fact EXTEND the base earnings
Aaron: 2. We will be rolling out MORE ways to earn including the Liquidity Markets and DFi (you will need a high amount of MTL to get high returns)
Aaron: 3. We are preparing for the next phase of POP, this will make the network more robust, allowing for MXC to build a sustainable network that can also monetise the new sensors coming on to the market thanks to our friends at Amazon who are also pushing LORA / LPWAN
Aaron: IoT has an amazing future, with Amazon also coming onboard to LPWAN, it’s proof that all of us, right here, are heading in the right direction. We want all of you to continue to earn, because we want this robust network, so we designed a method to ensure you continue to earn
Aaron: This is also about making MXC a more robust token and offering on the Crypto markets, which is in the interests of everyone here
Question: What do you mean by not participating?
Aaron: Answer: Proof Of Participation means (as Jeff mentioned) that you ensure you have up-time, your fuel is at a high level and that your network is at a strong functionality.
I thought Jeff mentioned all of these points?
Question: Ok so how is fuel calculated? That’s the sticking point.
Aaron: Answer: We will release an in-depth article about that next week.
Aaron: I feel, and I take 100% responsibility for this, that this was not the best platform to do this. It's quite busy with all the questions and please, this is also important:
We aren't doing this "over night" , we want our MXC community to test things out, try it, and do what works for you, without fear of any drop in earnings.
We are on your side - it is in MXC interest to ensure you all earn. That should be the biggest insurance policy of all. We need the Mining Community to continue to produce the network, without you it hurts our global ambitions, we know that you want to earn, so that's what we are dedicated to doing!
Question: Example: I receive my miner today and I lock my 300 MXC tomorrow, from what was said so far, my fuel will drop to zero because I just withdrew 100% of my mined MXC. How do I get that fuel back?
Aaron: Answer: No, this will NOT happen! 100% will not happen.
Reply: Ok, that is good.
Aaron: Reply: This is why, and I apologise again, this is not the right format for this discussion
Aaron: I wish you all a great Friday! Please also feel free to read over Jeff's discord as many questions from here are in there
Aaron: Yes, I agree. Video next time!
End of AMA via Telegram