Chinese mining pool Poolin launched 1 million pETH18C tokens tied to Ethereum hashrate. Each token equivalent to 1Mh / s capacity is sold for 30 USDT.
Each pETH18C token of the ERC-20 standard is equivalent to 1Mx / s computing power using the Ethash mining algorithm. In total, tokens represent 1 terahash per second, which is about 0.2% of the hashing power of the entire Ethereum network. Token issuers explained that it is becoming increasingly difficult for retail investors to become part of the mining industry due to the lack of chips. This problem has already reached an international scale. Therefore, the pool decided to offer them the reincarnation of cloud mining.
Poolin reported that it issued 1 million pETH18C, with a preliminary token price of $ 30 in USDT. Within two hours of the pre-sale launch, users bought over a quarter of pETH18C. The proceeds will be used to reimburse the mining hardware prepayment, which should increase the hash rate.
The cost of tokens takes into account the basic costs of Ethereum miners for 1 MH / s, the Poolin commission in the amount of 1%, as well as the cost of electricity $ 0.075 per kWh. In addition, Poolin recently released 200,000 pBTC35A pegged to the Bitcoin network hashrate. Similar to these tokens, pETH18C can be staked in the Mars Protocol to directly mine ETH in proportion to the hash rate. Poolin also announced that it no longer plans to issue a second batch of tokens due to difficulties with the supply of equipment for mining ether.
As a reminder, last month, the Poolin mining pool absorbed the NovaBlock pool in order to expand and enter the North American market.
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