RENEC Mining: A Comprehensive Guide
RENEC Mining: A Comprehensive Guide
RENEC, short for Remitano Network Coin, is the native cryptocurrency and governance token of the Remitano Network – a decentralized blockchain ecosystem focused on decentralized finance and next-generation web applications.
As RENEC is mineable, many crypto enthusiasts have questions around how to mine the coin and what the process entails.
This guide serves as a one-stop resource for everything you need to know about mining RENEC.
What is RENEC?
Launched in 2021, RENEC serves multiple purposes on the Remitano Network:
- It allows users to pay gas fees for transactions at 40% cheaper rates compared to alternatives
- It facilitates decentralized governance of the network via staking and voting
- It incentivizes participation via crypto mining to secure the network
The coin is currently still in its nascency – mainnet mining began in October 2022 and transfers are disabled until July 2022 to prevent frauds.
However, RENEC has strong potential to grow as Remitano already serves over 30 countries with millions of users.
On Remitano.com, you can Buy and Sell Bitcoin and 15 other Altcoins worldwide. It is the Top one P2P marketplace.
Key Details
- Consensus Algorithm: Proof of Stake
- Maximum Supply: 100 Million
- Current Circulation: <5 Million
- Launch Date: October 2022
How to Mine RENEC
RENEC utilizes a Proof of Stake consensus that allows any Remitano user to mine coins by staking assets on the integrated DEX. Here is a step-by-step guide to start mining:
1. Create a Remitano Account
- Head to Remitano.com and sign up for an account
- Complete your KYC verification to maximize mining output
Without verification, your mining output will be constrained
2. Deposit Cryptocurrencies
- Navigate to the asset section and deposit cryptocurrencies like BTC, ETH, USDT etc.
- More assets deposited = higher mining power
Minimum $50 worth deposits required to enable mining
3. Enable Mining
- Head to “Mining” page under RENEC section
- Toggle mining ON and select assets to stake
- More assets staked = more coins mined
4. View Mining Output
- View real-time mining output on Mining page
- Coins will be credited daily to RENEC wallet
- Transfers get enabled from July 2022
What is the Mining Output?
RENEC mining output depends on your staked assets and Remitano’s dynamic difficulty algorithm. On average, here are the expected returns:
- Verified Users: $50 deposit = ~15 RENEC/day
- Unverified Users: $50 deposit = ~5 RENEC/day
With more assets deposited, the yields can potentially reach over 100 RENEC per day. The mining difficulty dynamically adjusts based on total staking by all miners to target 100M max supply by 2029.
Where Can You Store Mined Coins?
Mined RENEC are instantly credited to your RENEC wallet on Remitano. To access it:
- Go to Wallet > RENEC wallet
- Available balance shows coins ready to transfer
- Locked balance shows frozen/vested coins
Third-party wallet support is still lacking but will improve with mainnet launch and listing on centralized exchanges. For now, it is best to store RENEC securely on Remitano’s integrated wallet.
When Can You Transfer Out Mined Coins?
According to Remitano’s official announcements, RENEC transfers opened to all users from July 1st, 2022. This restriction is placed temporarily to prevent mining exploits before mainnet launch.
Here is a summary timeline for RENEC’s mining and transfer roadmap:
- October 2022: Mainnet Launch
- November 2022: Mining Activated
- July 2022: Transfers Enabled
- 2024 & Beyond: Listing on Exchanges
So the waiting period for transferability is under a year for early miners. Afterwards, you will be able to freely transfer to external wallets or exchanges.
Risks & Precautions
While RENEC mining is enticing, you should be aware of all risks before proceeding:
Scam Warnings
- RENEC is NOT purchasable right now
- Listings on third-party sites are fake backdoors
- Only official remitano.com allows mining
Avoid RENEC scams claiming token sales online
Price Volatility
- Speculative mining assets see high volatility
- RENEC’s price after launch is unpredictable
- Mine at your own judgement of ROI potential
Restricted Liquidity
- RENEC trades only on Remitano’s DEX currently
- Transfers are disabled until mid-2022
- Public exchange listings will take 12-18 months
Consider all risk-return tradeoffs before mining RENEC.
Frequently Asked Questions
Here are some additional common questions about RENEC mining:
How long will mining last?
- Remitano will enable RENEC mining until the 100M supply cap is reached by approximately mid-2029.
Are there any lock-ups on mined coins?
- 95% of mined coins can transfer immediately once enabled
- 5% of outputs are locked for 1 month for security
What is the minimum mining amount?
- You need ~$50 worth crypto deposits to start RENEC mining
- More assets deposited increases mining eligibility
Can US citizens mine RENEC?
- Unfortunately, RENEC mining is currently not available for users from the USA due to regulation. Other countries are still eligible.
Conclusion
In summary, RENEC is a promising mineable cryptocurrency with strong incentives for early adopters in 2022 and 2023.
By staking your existing crypto holdings on Remitano, you can passively earn RENEC without additional costs.
Just be sure to factor in the long vesting period and startup risks before proceeding. As the ecosystem expands, RENEC has potential to deliver outsized returns.