Blockmine to Release GOLD BAR Token Boosting on September 25th

Blockmine, the new revolutionary sustainable mining solution on Binance Smart Chain, is about to release their GOLD BAR refinement coin.

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BSCNews
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September 19, 2021
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The Gold Rush

Blockmine is launching the next phase within their unique mine-themed ecosystem. The sustainable liquidity mining provider that offers gaming and Non-Fungible Tokens (NFTs) is launching GOLD BAR boosting next week on September 25th, the third of four steps in their token evolution process.



Why Do I Need Gold Bars?

With GOLD BARs you can convert your token (GOLD COIN) into a more valuable one with more utility and exclusive offers on Blockmine. The team refers to the conversion as the ‘refinement process’.  Blockmine has created an animated explainer video to help users get started on the process. 

Besides the unlimited native token NUGGET, which is reduced by automatic buybacks and burning, Blockmine offers a unique token economics. On Blockmine, there are three more tokens that are created by using the other ones. This unique process increases the value of the tokens through refining and reducing supply.

The evolution tokens have a limited supply with a deflationary approach similar to Bitcoin. Each token has its own utility, which makes the tokens even more valuable in the long-term due to their low supply plus the special utility.

At the first step - starting back in July 2021, GOLD NUGGETs could be refined into GOLD COINS. During that process about 10% of the staked NUGGETs were burned. The second step of the process is about to start with the GOLD BAR refinement. 

This refinement differs from the first step in one manner: while GOLD NUGGETs are still staked to get them, GOLD COINS are needed to harvest them in the ratio of their max supply, i.e, 1:10. This unique process ensures that the value of the Blockmine ecosystem is retained. The final step will include the refinement of GOLD BARs into the ultimately rare BIT BAR. The process is inspired by actual goldsmithing.

Blockmine infographic with max supplies compared with Bitcoin


$GoldCoin

The previously released GOLD COIN has a supply of 1,000,000 tokens. In comparison, Bitcoin has 21 million tokens. Besides rarity, the GOLD COINs are mainly used for the games in the Blockmine’s Saloon, such as the game Coinflip and their new upcoming game in October. You need NUGGETs to be able to refine them into GOLD COINS. You can also buy them directly for the GOLD BAR refinement release next week.


$GoldBar

GOLD BARs are the newest released token by Blockmine. The new GOLD BARs can be boosted starting on September 25th. You need GOLD NUGGETs to stake and GOLD COINs to finish the refinement process to obtain the GOLD BARs, which is a unique process within the DeFi system. 

The shift from GOLD COINs to GOLD BARs creates new value, and the refinement interval is 3 times as long as the one for GOLD COINs: 90 days. In addition, it also pushes the prices of GOLD COINs by burning them during the process.

GOLD BARs offer a set of new utilities. First of all, they can also be used as gaming tokens, but with the difference that no NUGGETs are needed as entry fee anymore. Secondly, GOLD BARs - once they are harvestable for the first time - will be the only token you can stake in partner pools.That ensures that only long-term investors will benefit from new pools. 

Last but not least, GOLD BARs will be the only way to obtain BIT BAR tokens which, among other utilities, will be the governance token of Blockmine

$BIT BAR

The BIT BAR token will be released later in the winter season with a special event for refining. There will only be a total supply of 10,000 BIT BAR.

How to Acquire GOLD BARs?

GOLD BARs are currently unable to be purchased anywhere. On September 25th users can start staking their GOLD NUGGETs, and then will be able to convert resulting GOLD COINs into GOLD BARs once the refinement period has passed.


What is Blockmine?

Blockmine is a Wild West-themed project that will offer sustainable mining (APR +450%), special token evolution (NUGGETs, GOLD COINs, GOLD BARs, BIT BARs), and various games (including Coinflip) for utility.

To learn more about Blockmine, visit the following links:

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