Ethereum mining pool and yield farming for miners are the next core feature of DYP for the token to achieve long-term profitability.
DYP Ethereum miner address: https://ethminer.dyp.finance
The DYP team has been mining Ethereum since 2017, and now we are ready to help the Ethereum mining community with our Ethereum mining pool combined with yield farming. We have invested more than $1 million in our mining farm to ensure that we understand the community’s needs. Our current Hashrate is 35 GH/s. Based on Ethereum mining difficulty and gas price, we earn between 65 ETH — 150 ETH every month.
What is Ethereum Mining?
In both Bitcoin and Ethereum, new currency (Bitcoin or Ether) is created by a process called ‘’mining.’’ Nodes on a blockchain must verify transactions; the nodes are rewarded with a new currency. For example, an Ethereum node, known as a miner, is rewarded with a new Ether. This is called mining because it is similar to gold or diamond mining. However, the miners verify transactions instead of digging in the ground. Mining Ether, in this way, is referred to as ‘’proof-of-work’’ (PoW) mining. It is called proof-of-work because the node has to show that it has done the ‘’work’’ (verified the transactions) to receive its Ether reward.
Why Do You Need a Mining Pool?
By combining your hash power with other miners in a mining pool, you may increase your chances of successfully mining a block together. Also, a mining pool helps reduce the volatility of your payouts. Instead of waiting for a large payout when you successfully mine your own block, you can collect a small portion of Ethereum rewards of the entire pool much more frequently. In other words, miners in a mining pool generate blocks faster, which produces a consistent and steady stream of reward rather than irregular or one-off rewards.
Disadvantages of Mining Pool
One of the main disadvantages of joining a mining pool is that you have to pay a fee. When choosing a mining pool, it is important to join a mining pool with a low fee because the lower the fee, the higher your profit. Also, you should ensure that the fees are offset with potential returns. Here is a clear example: our current hash rate (mining power) is 35 GH/s, we use Ethermine mining pool and we pay a 1% fee every month. However, the monthly estimated earnings are volatile; therefore, we lose at least 4–5% more from our earnings. Why do we still use Ethermine? We use Ethermine because our hash rate is 35 GH/s (this is generated after a total investment of more than $1 million), and we need at least 250 GH/s, which requires an investment of more than $7 million for solo mining. We could also solo mine with our current hash rate, but it will take too much time to mine a block and this would not be profitable.
DYP Ethereum Mining Pool
Every Ethereum miner address that interacts with our smart contract and starts using our mining pool will receive a 10% monthly bonus of the ETH monthly income earned. Let’s say ETH price is $400, DYP price is $2, and your estimated earnings per month are 1 ETH — that means you will receive an airdrop of 20 DYP tokens worth $40 per month. This does not stop here. To claim your monthly DYP tokens airdrop, you will first need to join our Ethereum mining pool with a 0% fee, meaning you will also earn more ETH every month!
5,000,000 DYP will be distributed as a bonus to Ethereum mining pool over time to attract more miners to our pool and grow our platform. There are currently more than 1,400,000 Ethereum miners worldwide.
Also, all the miners who use our pool will be able to automatically provide liquidity to participating pools and earn more ETH from the DYP rewards and with DYP earn vault (the DYP earn vault is an automated yield-farming contract where users are allowed to deposit a particular token, for which the protocol automates yield-farming strategies by moving providers’ funds among the most profitable platforms. Of the profits, 75% is converted to ETH and distributed to the liquidity providers, while the remaining 25% is used to buy back our protocol governance token DYP to add liquidity and maintain token price stability).