Huobi Pool opens CFX mining, allowing miners to earn double rewards

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Dec 15, 2020
Updated: Dec 16, 2020
  • Per Huobi Pool, the double rewards program will run for five days after mining begins.
  • The first reward will need miners to challenge ETH mining revenue to earn subsidies.
  • The second reward involves the sharing of 10,000 CFX and 20,000 HPT among the miners.

Huobi Pool, the digital assets mining and trading pool of Huobi Global, has rolled out mining for Conflux (CFX), the native token of the Conflux Network. The organization unveiled this news via an official announcement on December 14, noting that its PoW Innovation Zone would open the CFX mining function at 8:00 AM UTC, December 15. Reportedly, CFX’s mining will assume PPLNS mining mode and daily payments.

According to the announcement, Huobi Pool’s PoW Innovation Zone introduced CFX mining to help minimize mining difficulty while providing its users with a wide variety of mining solutions.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

However, the coin’s mining has terms and conditions. The first rule is that CFX mining is anonymous. As such, miners will have to keep the names of their machines and binding addresses secret to prevent losing profits. Huobi Pool added that the final interpretation of this event belongs to it.

Double mining rewards

The publication further noted that Huobi Pool would roll out a double rewards program for the next five days after opening CFX’s mining.

To earn the first reward, CFX miners will have to connect their computing power to Huobi Pool Innovation Zone and compare CFX revenue with ETH mining revenue. If CFX revenue is lower than ETH mining revenue under the same computing power, Huobi Pool will allegedly offer a differential subsidy to ensure CFX revenue is not lower than that of ETH’s. During the event, the comparison will be based on the Huobi Pool ETH calculator. Per the announcement, the system will complete the settlement and payment of any generated subsidies within five working days after the event’s completion.

The second reward will need CFX miners to share 10,000 CFX tokens and 20,000 HPT tokens. As aforementioned, the miners will have to connect their computing power to Huobi Pool Innovation Zone to mine CFX. Based on their computing power, the system will distribute 10,000 CFX and 20,000 HPT as extra rewards.

However, these rewards will depend on the amount of computing power each miner generates. As such, miners with more computing power will obtain a larger share of the total prize. The publication went on to disclose that the system will settle the rewards that users get on the last day of the event. However, the distribution of the rewards would be within five working days after the event comes to an end.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker, eToro
67% of retail CFD accounts lose money