As CEO Anthony previously announced through the Turkish media, Automatic and Manual mining will be completely halted on December 9th, 2020 10:00 UTC.
Current Mined KOIN Supply: ~365,109,293 KOIN（as of 11/30/2020)
In order to improve the value of KOIN and maximize the benefits of KOIN holders, we will halt issuing new supply through trade mining. Going forward, there is no need for a large supply of KOIN in the market.
* When automatic mining halts, Automatic Repledge will disappear as well. The automatic Repledge plans previously set by users will be subject to the daily unpledging.
In the future, new KOIN can only be issued through the Staking function.
The advantage of Staking is users can get rewards by staking KOIN with one easy step. Continuous rewards can be earn for a long time by doing so. Koindex rewards will be awarded at the following rate:
Staking Reward:
- Turkish Interest Rate + 1% (annualized) (current Turkish Interest Rate is 15%)
- Paid in KOIN
Implementation Date: 12/9/2020 10:00 UTC (after maintenance)
Details of Staking will be announced separately at the time of release.
Notes:
- After the release of Staking, the Automatic Repledge function will end.
- Usage of Mining tickets (K/IUSD) will also be suspended. Users with remaining K/IUSD will be refunded in USDT in a 1:1 ratio.
- Staked KOIN cannot be sold unless a user unstakes their KOIN.
- If you cancel within 24 hours of Staking, you will not receive any staking rewards.
- Staking bonuses are distributed daily. (Turkish interest rate + 1%, as stated in the Rulebook)
- The Staking period is planned for 1 year.
Thank you for your support.
Koindex Team