WHAT CAN I DO WITH MINED MXC AND DHX?

MXC’s newest Meta XP implementation sought to revolutionize and innovate the mining experience in unprecedented ways, allowing the mining community to experience the multi-token mining journey with ease. The Meta XP integration on the MXProtocol ensures the sustainability of the data republic while empowering the mining community to transition to extremely efficient multi-token mining that can be sustained for an extended period of time with no additional user effort.

The Meta XP is a method for miners to increase their mining assets over time, starting with MXC and automatically switching to DHX, as well as other minable tokens like BTC and DOT, while retaining control over their mining performance. The automatic switch to DHX optimizes mineable tokens, thereby improving the viability of mining operations. Therefore, in order to maximize their mining potential, the mining community must be aware of the possibility of mining both MXC and DHX.

Before discussing the use of mined MXC and DHX, let’s examine how the mining community can increase its mining efficiency following the launch of Meta XP.

Mining MXC and DHX following Meta XP:

The release of MetaXP highlights the importance for the mining community to have diverse exposure to multiple tokens, and users can immediately begin mining MXC by purchasing the M2 PRO multi-token miner from our sister company, MatchX. Download the DataDash app and scan the QR code on the back of the miner, and you will be ready to begin mining MXC within a few minutes. Ensure the optimal mining performance of your choice by ensuring miner health factors such as fuel, uptime, and proximity.

As the user continues to mine MXC, the Meta XP ensures the enhancement of the mining experience by allowing users to automatically transition from MXC to DHX, making a gradual transition from off-chain mining to on-chain mining. To ensure a smooth transition and encourage on-chain mining, eligible miners may receive DHX airdrops in the coming weeks following an analysis of the current DHX supply in circulation. This airdrop aims to streamline the onboarding process for all M2 Pro miners and support their DHX mining operations.

After the introduction of Meta XP, users with a miner who wish to mine additional DHX will still require MXC and DHX to mine DHX. The user must keep the MXC fuel tank at the optimal level, which will serve the same function. The MXC fuel tank will allow the user to increase or decrease their mining operations at their leisure, without the need to perform any locks. The necessity of bonding DHX will remain unchanged.

Users without a miner who wish to mine DHX will not notice any difference in the mining process. To begin DHX mining, the user must lock MXC to generate the required mPower while simultaneously bonding DHX.

What can I do with my mined MXC and DHX?

There is a lot a user can achieve with mined MXC and DHX. The holder of mined MXC and DHX tokens can leverage these tokens to acquire additional tokens. Here is a list of everything that can be done with mined tokens:

1. Stake MXC for More MXC

The user can use mined MXC tokens to stake them on the DataDash app, thereby increasing their MXC holdings. Staking is a method by which cryptocurrency holders can lock their tokens for a period of time in order to contribute to the performance and security of the corresponding blockchain network. MXC currently offers staking options ranging from six to twenty-four months with variable APY up to 12%. In addition, the user also has the option to flex stake, giving them complete control over the amount and lock duration of their staked MXC.

Staking MXC not only enables users to benefit from the attractive APY rates, but also provides a secure storage location for their tokens. The staking occurs entirely on the DataDash App via the Cobo Custody Wallet, which is similar to cold staking. This ensures that all tokens deposited and locked for staking are held in the wallet, and the user does not need to maintain an active internet connection.

2. Lock MXC for DHX:

The user can also utilize mined MXC to increase their exposure and experience multi-token mining. One such token that depends upon the locking of MXC is DHX (or DataHighway Token). A user does not necessarily require a miner to mine DHX tokens. However, the user is required to lock a certain amount of MXC and bond DHX tokens simultaneously to generate the required mPower needed to mine additional DHX tokens. Furthermore, the generation of mPower is dependent on the duration and quantity of MXC that is locked, implying that the greater the duration and quantity locked, the greater the mPower, and thus the mining performance. The user does not need technical knowledge to understand the entire on-chian DHX mining process in order to begin mining. Rather, they only need to perform a few simple click actions on the DataDash app in order to enjoy the mining experience, which has been made simple and hassle-free for the mining community.

3. Lock MXC for BTC:

Users can also take advantage of their mined MXC tokens by gaining access to the world-famous low-power BTC mining. To gain access to BTC mining, a user does not need technical knowledge or traditional complex devices, but they must meet these three simple requirements and can begin mining within minutes using the DataDash application:

• Own a M2 Pro Miner
• Maintain a health score of 90%
• Lock a minimum of 5000 MXC for 90 days

The locked MXC amount has a substantial impact on the BTC mining efficiency. To make $BTC mining more participative, users will be able to increase their mining efficiency by bonding more $MXC, implying that the greater the locked MXC, the greater the mining power directed toward BTC mining. In addition, there is no limit on the maximum bonded $MXC, allowing each miner to determine the extent to which they wish to participate in a decentralized and fair low-power $BTC mining experience.

4. Bond DHX for DHX

The mined DHX can also be used to increase the user’s share by re-bonding them to acquire an additional share of DHX tokens. To mine additional DHX tokens, both MXC and DHX are required. For DHX mining operations to be effective, the user must lock a certain quantity of MXC in addition to bonded DHX. The amount of bonded DHX determines the maximum efficiency of your DHX mining. Therefore, the generated mPower for DHX mining is proportional to the number of DHX paired with a significant quantity of locked MXC. Whether or not the user has access to a miner affects the method of MXC locking the user chooses. Users without miners can still participate in DHX mining by locking MXC to generate the necessary mPower. Any user with a miner can keep their mPower by either locking MXC or keeping a substantial fuel balance.

5. Running a Collator:

DHX token holders can also take advantage of running a collator on the allocated DHX Kusama parachain. Collators are crucial participants in the blockchain network that maintains the parachains in which they participate. They are accountable for maintaining the transactions as parachian blocks and generating state transition proofs for validators based on these blocks. The collators are responsible for storing all of the data required to generate new blocks and execute transactions. Nonetheless, they are not responsible for network security.

Holders of DHX tokens can delegate their tokens to the collators, which are responsible for producing blocks. If the respective collator is chosen to create an additional block, the collator and its delegators, the DHX token holders, are awarded each round based on the number of blocks they produce each round. The collators are chosen based on the highest stakes per collator; therefore, depositing DHX to a collator increases the likelihood of that collator being chosen and producing new blocks.

In conclusion:

The user has complete flexibility to utilize their mined MXC and DHX tokens without the need for technical expertise, using the simplest and easiest method applicable to everyone. The user can easily acquire an M2 Pro and, within minutes, begin mining MXC at their desired mining efficiency by maintaining the fuel tank at their leisure. The innovation of Meta XP enables the users to experience multi-token mining and to automatically and gradually migrate to DHX on-chain mining and other multi-token mining. Nonetheless, the user has full discretion and freedom to increase DHX mining by purchasing and bonding additional DHX from the market while simultaneously earning DHX and MXC. The re-bonding and locking of mined DHX and MXC tokens, respectively, can enhance mining operations and facilitate the acquisition of additional mined tokens. The user may repeat this procedure as many times as desired. Additionally, the user can use the mined MXC to experience low-power BTC mining, or they can simply stake MXC to gain an additional APY of up to 12%. All of this is just the beginning of what MXC has to offer. Get involved and learn more by joining our socials.

About MXC

Based in Berlin, Germany, the MXC Foundation is a purpose-built IoT Foundation with the mission to inspire fast, efficient, decentralized data exchanges using LPWAN, Blockchain, and Token technology. The MXC Foundation is pairing “MXC” — the pioneer IoT cryptocurrency — with advanced LPWAN technology, developing the next, vital step in the fourth industrial revolution, enabling secure, vastly scalable, lightning-fast transactions. Learn more at: www.mxc.org

For further information, media requests or comment, please MXC can be contacted directly at hello@mxc.org or via the www.mxc.org website.

WHAT CAN I DO WITH MINED MXC AND DHX? was originally published in MXC Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.