Updates To Miners Reward Token For Waves Posted On Steemit Blog Platform
Most recently, Waves made a post on Telegraph in June regarding their desire to buy back Miners Reward Tokens (MRT). In the original plan, the platform said that they will be purchasing 500 WAVES of MRT back to their platform from the open market. A stipulation on this purchase is that they would lose 20% of the MRT to burning.
The remaining tokens, after the burn, would be put out onto mining nodes, based on how many blocks they created. The restriction on this distribution is that there could be no more than 70 blocks posted daily, since MRT is only awarded for the first 70 blocks anyway.
Back in June we announced that we had started buying back $MRT to distribute to #Waves miners. Over the last two months we have been purchasing, burning and distributing MRT as promised: https://t.co/qI2jBUNvUi#WavesPlatform #Blockchain #Cryptocurrency $WAVES
— Waves Platform (@wavesplatform) August 9, 2018
As of June 6th, 2018, the company had already purchased back 20,795 Miners Reward Tokens. However, they made amendments to this policy in a new Steemit post, where they updated investors on what their buyback program had done. Thus far, they have:
- Purchased 278,734.74 MRT
- Burned 26,933.66 MRT
- Distributed 251,801.08 MRT to the mining nodes
In this update, they let users know that there is a new calculator in place on their official website to demonstrate how much a user can make when they mine. Nodes have the choice to pass on MRT, and they also control the amount passed on.
Now that the company has passed the initial stages of the purchases, they posted regulations regarding the structure, which does not appear to have any changes. The lack of difference should make it easier for miners to keep up with their progress and profit. There has not been an end date posted yet for the buyback program.
To access the Waves calculator, visit https://wavesplatform.com/mining. However, to find a list of mining nodes, visit http://dev.pywaves.org/generators/.