Flux Loves Miners, PoW, and Our Community!
Flux loves miners. With the Ethereum merge looming on the horizon, we wanted to reiterate why Flux is an excellent community for miners and that it has significant profitability and some very interesting development. Read on and come and get your love.
If you’re a GPU miner, there is an elephant in the room. The Ethereum merge is looming on the horizon, and the World of crypto mining is due for a massive shake-up. What will happen? Where will the hashrate go? Who will take the mining crown after Ethereum? These are the questions that every miner is asking themselves right now.
However, the Ethereum merge isn’t the only elephant in the room. Recently, we’ve witnessed some spectacular collapses in significant proof of stake projects. These unfortunate developments have put the proof of stake model under pressure. Blockchain communities are left wondering; Can proof of stake deliver proper network security and decentralization? Is it even a viable alternative to proof of work?
There are a lot of questions out there and no clear-cut answers to find.
At Flux, we’re 100% committed to proof of work; there are simply too many unsustainable and overly centralized projects using proof of stake. It’s time for a reckoning. Flux is ready to prove why proof of work is not only Blockchain's collective past but also blockchain's only viable future.
For all of you who believe in proof of work, let us reiterate why GPU miners should bring their hash home to Flux after the Ethereum merge.
Flux loves miners
Flux will forever be an ASIC-resistant proof of work GPU mineable coin. There can be no true decentralization without miners securing the Flux blockchain. Thus, It will be impossible to fulfill the vision of Flux without the proof of work component.
Flux loves miners simply because it wouldn’t exist without them.
Flux itself dates back to 2018 and was initially known as Zelcash. It focused hard on decentralization and was fairly launched without any allocations to venture capital or the like. If you want Flux, you must mine it, run a node or outright buy it.
The Flux founders are miners and initially met in the mining community. From the very inception of Flux, great care has been taken to build Flux as a proof of work powerhouse with great incentivization for GPU miners. The Flux tokenomics are built around sustainable incentivization for miners and node operators.
Flux is mined using the ZelHash algorithm, a GPU minable implementation of Equihash 125,4. It has built-in ASIC/FPGA resistance and has been developed by Wilke Trei of lolMiner.
Flux works continuously with its mining community, pool operators, mining software developers, content developers, and other stakeholders to ensure that miners will feel right at home with Flux.
The Flux team is focused on providing a stable and profitable ecosystem for any hash moving over from Ethereum. We’re preparing and optimizing our back-end and infrastructure. We’re actively working with pool operators and mining software developers to ensure that the hashing power that comes to Flux after the Ethereum merge will stay with Flux.
We welcome miners, pool operators, and developers to contact the Flux team with any issues, so we can keep improving. The Flux team is all openly available at the Flux discord and actively participates in the community. So come and get your love.
Flux is a top profitability coin.
Flux is one of the most profitable GPU mineable proof of work coins. Profitability can be calculated on popular sites like whattomine.com, but be aware that no sites currently account for the full mining incentivization model of Flux. In reality, the profitability of mining Flux is even higher than what is currently listed on Whattomine.
As a Flux miner, you’re currently incentivized in three ways; block rewards, parallel mining rewards, and dynamic bonuses from Titan claiming transactions.
The current Flux block reward is 75 Flux; that reward is split 50/50 between miners and node operators. So the Flux mining block reward is 37.5 Flux.
Flux also rewards miners through ‘parallel mining.’ Flux has parallel assets which are Flux tokens on other blockchains. These tokens are part of the Flux maximum supply and can be moved between parallel asset chains through the Fusion app.
Flux distributes parallel assets on top of the native block rewards. For each 1 Flux mined, there will be 0,1 of each of 10 parallel assets added to the reward. This essentially doubles the block reward. Currently, 6 out of 10 parallel assets are released and actively distributed. The remaining four are still earned but will not be distributed until the parallel assets are released. Your mining pool needs to support parallel mining for you to earn them, so use the pools that do. The Flux mining pools have various fee structures for parallel assets, so keep this in mind.
With the recent launch of the Flux shared node program, dubbed Titan, additional rewards for miners were added. When people claim their Titan node rewards, they pay a 1 Flux fee, and half of that fee is redistributed to miners.
For every Titan claiming transaction in a block, 0.5 Flux will be added to the block reward for that specific block. This is an example of Flux actively building out the incentivization model for miners. Flux wants to ensure that miners are fairly rewarded as valuable contributors to the Flux ecosystem, and we’re able to add more incentivization as the ecosystem grows.
In summarizing, here is the reward breakdown for mining a Flux block:
- 37.5 native Flux
- 37.5 Flux parallel assets (3,75 of each of the ten parallel assets. Usually distributed from pools in native Flux)
- 0.5 Flux bonus for each Titan claiming transaction in the block.
Only 60% of the parallel asset rewards are currently being actively distributed. However, the remaining 40% are still being earned and distributed as more parallel assets are launched and available. Pool fees apply for parallel asset distributions and vary from pool to pool.
When calculating profits for Flux on whattomine, the Flux parallel assets are shown as ‘Bonus.’ This amount can be adjusted to correspond with your chosen pool’s fees. The default calculation on whattomine only includes the distributed parallel mining rewards. The bonus amount in the calculator can be increased manually to account for future rewards that are also earned.
There are a variety of Flux mining pools to choose from, and we encourage everyone to spread the hash. You can find many fellow miners and pool operators at the Flux discord in our dedicated mining channels.
The official Flux community mining pool called ‘Fluxpools’ is currently running a loyalty program that rewards one random miner (with more than 95% uptime) $1000 in Flux every month. Other pools also run various loyalty programs, so be sure to check them all out.
Coming developments and future potential for miners
There are lots of exciting things on the horizon for Flux miners. Flux is one of the few projects that dedicate a lot of developer resources to improving the mining ecosystem in short and the long term.
In the short term, we have more parallel assets deployed; the next drop will be FLUX-ERGO in October of 2022. This will enable yet another parallel asset to be actively distributed, increasing the current profitability. Flux is also currently working to improve the mining efficiency of Flux through various means that we’re unable to disclose at this time.
In the longer term, Flux is actively developing a new and revolutionary proof of work model called ‘Proof of useful work’ or PoUW. This entails a new mining algorithm and will enable Flux miners to solve real-world problems like rendering, training AI, and other computational work. Your mining rig will be able to switch between ‘normal’ mining and solving PoUW jobs, depending on which is most profitable. It will enhance miners' profitability and make PoW more environmentally sustainable as the hash will do more than solve arbitrary problems. The PoUW lead developer is Jeremy Anderson, who previously contributed to PIVX, Ravencoin, and Veil. Flux partnered with the Western Switzerland University of Applied Sciences in Geneva to develop PoUW.
You can check out the recent ‘Flux state of the union’ on Youtube to hear more about PoUW and other developments on Flux.
Bring your hash home to Flux.
We invite all GPU miners to bring their hash home to Flux. Together we can build the best and most profitable proof of work ecosystem in the blockchain.
Miner or not, Flux is fueled by community, so we invite anyone to come to take part. All are welcome; it doesn’t matter if you’re interested in the technology, an investor, a developer, or just like to make crypto memes all day. Flux needs all kinds of people to participate in the decentralized future.
If you want to witness what Flux has built so far, visit the Flux network dashboard and see how many nodes we’ve got online, check out the massive resources available to the network, see what decentralized apps are running and what the current rewards are for Flux node operators.
And also, please do stop by the Flux discord to meet the Flux team and community and discuss all things Flux; we’re always on the lookout for new community members or developers.