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ViaBTC Announces VIAT Token as a Reward for Pool Miners

Oct 2, 2018, 9:00AM
1 min, 8 sec READ

ViaBTC will soon offer its own reward tokens to miners. Will this become a more common practice as mining becomes more difficult to profit from?

ViaBTC, a prominent China-based mining pool, has announced a new token. The ViaBTC Token (VIAT) will be given as a reward to miners in addition to their regular mining payout. ViaBTC has produced a total supply of 2 billion VIAT tokens, and the pool will begin issuing the tokens on October 8.

The token launch will coincide with the introduction of "duo-mining 2.0," which simply means that users will receive two tokens, namely the coin they are mining and the VIAT token. Initially, 5 million VIAT tokens will be distributed to miners per day. The daily issuance will gradually decrease, which will allow ViaBTC to continue to issue the coins for several years.

Only half of the total token supply has been reserved for miner rewards. The remainder of the VIAT tokens will be allocated to those who have funded the token. 37% of the tokens will be given to community supporters who funded the project via CoinEx Accelerator. The final 12.5% of the tokens will be given to partners who supported the token. These tokens will be released when they are tradeable on exchanges.

ViaBTC is not the only pool to introduce such a reward scheme; Huobi Pool recently introduced the very similar Huobi Pool Token, which rewards miners and other Huobi users. As mining becomes harder to profit from, complementary tokens such as these may become an increasingly popular way to compensate miners.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.