Mining Contract NFT
When a user purchase mining contract from the platform, an NFT is minted with all data associated with mining contract as proof of ownership, which also tradable and transferrable.
User determine the investment they will commit and contract period, and the platform will calculate total hashrate user will get on the mining contract.
The mining contract represented as NFT holds relevant information
- BTC market price when contract is minted
- Price when minted
- Time minted
- Total hashrate
- Relevant information about the fractional mining hardware and operation of this contract
- Price per terra hash (hash rate)
- Hardware Efficiency
- Location of the mining hardware
- Energy cost
- Contract period
- Artwork
- As an “access pass” to withdraw the BTC yield in ckBTC from user NFT vault to the wallet that holds the NFT
- Stakable to get LOM token as the native token of the platform
- As the “origin NFT” to mint new mining contract. All users will need another NFT owned by other user as the “origin NFT” to mint new mining contract except it’s a Genesis NFT.
The first batch of mining contracts can be minted by handful of users in the allow list who already completed the tasks when Loka Platform launched in the testnet as early contributors.
These mining contract NFTs are called “Genesis” because they don’t need any “origin NFT” and the holders are called “The Loka OGs”.
NFT Vault is a loosely term similar to “bank account” in Loka platform from user’s perspective, but associated to each mining contract represented by Loka NFT.
- The place where the bitcoin mining yield yield is transferred in ckBTC every 24h until contract expires. Users can withdraw ckBTC anytime.
- The place where users “deposit” the energy token (LET) as a form of payment to electricity until contract expires. Every day, the vault will burn the LET based on the energy consumption of the mining contract
