Bibox is going to launch Contract Trading “Order Mining” at 3:00 P.M. on 09/19/2019 (GMT+8). Users can participate in “Order Mining” by making valid contract orders, and enjoy “Order Mining” rewards and “Order Completion Mining” rewards.
Event Rules
1. Event Time
09/19/2019 3:00 P.M. – 11/28/2019 3:00 P.M. (GMT+8)
2. Participation
During the event, users can choose to participate in contract "Order Mining" at any time by making contract orders (BTC/USDT, ETH/USDT, EOS/USDT, BCH/USDT and LTC/USDT) and satisfying the corresponding conditions. The contract transaction fees will be adjusted according to Table 1-1:
|
Participants |
Non-participants |
||
|
Maker 0.00% |
Taker 0.06% |
Maker -0.01% |
Taker 0.06% |
Table 1-1
（Table 1-1 also applies to “Contract Mining”）
3. Order Mining Rules
- Every 10 minutes is a "mining cycle", Bibox will take snapshots for twice in a mining cycle. The orders taken in the both snapshots will be valid.
- If the value of an order is less than 10 USDT according to the snapshots, the order will not be eligible for mining reward.
- Users will earn Points according to the order price of valid orders. The closer to the Buy1 or Sell1 price of the counterparties, the more points will earn. Users will be rewarded according to the points they earn.
- There are 2 kinds of points, Point 1 and Point 2. Users will share Contract "Order Mining" rewards with Point 1 (126 BIX_1 in every cycle) and share “Order Completion Mining” rewards with Point 2 (84 BIX_1 in every cycle). See table 1-2 for Points Rule:
|
Contract Type |
Formula |
Price Interval |
Point 1 |
Point 2 |
|
EOS/USDT |
|
P≤0.10% |
25% |
30% |
|
0.10% <P≤0.15% |
13% |
16% |
||
|
0.15%< P≤0.20% |
11% |
13% |
||
|
0.20%< P≤0.25% |
10% |
11% |
||
|
0.25%< P≤0.30% |
9% |
9% |
||
|
0.30%< P≤0.40% |
8% |
8% |
||
|
0.40%< P≤0.50% |
7% |
7% |
||
|
0.50%< P≤0.60% |
6% |
6% |
||
|
0.60%< P≤0.70% |
5% |
0 |
||
|
0.70%< P≤0.90% |
3% |
0 |
||
|
0.90%< P≤1.20% |
2% |
0 |
||
|
1.20%< P≤2.00% |
1% |
0 |
||
|
Contract Type |
Formula |
Price Interval |
Point 1 |
Point 2 |
|
BTC/USDT ETH/USDT BCH/USDT LTC/USDT |
|
P≤0.05% |
25% |
30% |
|
0.05%< P≤0.10% |
13% |
16% |
||
|
0.10%< P≤0.15% |
11% |
13% |
||
|
0.15%< P≤0.20% |
10% |
11% |
||
|
0.20%< P≤0.25% |
9% |
9% |
||
|
0.25%< P≤0.35% |
8% |
8% |
||
|
0.35%< P≤0.45% |
7% |
7% |
||
|
0.45%< P≤0.55% |
6% |
6% |
||
|
0.55%< P≤0.65% |
5% |
0 |
||
|
0.65%< P≤0.85% |
3% |
0 |
||
|
0.85%< P≤1.00% |
2% |
0 |
||
|
1.00%< P≤2.00% |
1% |
0 |
Table 1-2
Note 1: Abs=absolute value
Note 2: Buy 1 price = the highest buying price in “The latest order”
Sell 1 price = the lowest selling price in “The latest order”
Note 3: Rewards in each interval will be on a basis of the weighted distribution
*For example: User A has made a valid EOS order, which is in the 0.10% <P≤0.15% interval, so that user A can earn 13% of Point 1. Thus, the “Order Mining” reward of user A = (the value of this order/ the total value of all valid orders in this interval) * 13% * 126 BIX_1
4. Reward Distribution: “Order Mining” rewards will be distributed every 10 minutes, “Order Completion Mining” rewards will be distributed every 24 hours.
5. “Contract Mining” Rewards Adjustment
“Order Mining” will be carried out simultaneously with “Contract Mining”, the 10-minute rewards will be adjusted according to Table 1-3:
|
Mining Type |
10-Minute Mining Rewards（BIX_1） |
|
Order Mining |
126 |
|
Order Completion Mining |
84 |
|
Contract Mining |
140 |
|
Total |
350 |
Table 1-3
Upgrade Benefits
I. Basic Mining Benefits（2019.9.19 ~ 2019.11.28）
To encourage user participation in mining, Bibox decides to take a further 5% out from what was originally deemed “team development expenses” and put it in the mining prize pool to reward users who have valid contract orders and who have completed their transactions. Only 4% will be reserved for team development. Daily mining dividends ratio will thereby increase from 25% to 30%. The platform will allocate contract transaction fees as shown in table 1-4 for the duration of the event.
|
Percentage |
Allocation |
|
30% |
Daily Dividend |
|
46% |
Repurchase and burn 46% of BIX_1 mined |
|
20% |
Repurchase BIX from secondary market and burn monthly |
|
4% |
Team development |
Table 1-4
II. Long-term Benefit（2019.11.29 ~ 2020.8.25）
After the event concludes, users will receive 9-month dividends depending on the amount of BIX_1 they have procured from the mining site. The platform will allocate contract transaction fees as shown in table 1-5 below:
|
Percentage |
Allocation |
|
20% |
Weekly Dividend |
|
30% |
Repurchase and burn 54% of BIX_1 mined monthly |
|
30% |
Repurchase BIX from secondary market and burn monthly |
|
10% |
Reserved for follow-up contract events |
|
10% |
Team development |
Table 1-5
Note: Users can participate in “Order Mining and “Contract Mining” at the same time. Mined BIX_1 are entitled to same dividends and benefits.
Click to view specific benefits and an introduction to BIX_1.
Special Notes
- The contract transaction fees for participants shall be executed in accordance with the mining standards, and the normal rate shall be restored after the event.
- This event is not compatible with contract commissions.
- Users read and agree “Contract Mining Participation Agreement” to participate in contract mining. Once participating, early exit is not allowed.
- To ensure the fairness of this event, cheating is prohibited. Once cheating is confirmed, all the rights associated with the violator will be suspended. If the case is severe, the accounts associated with the violation will be suspended permanently.
- Due to market changes or other irresistible factors, the platform reserves the right to adjust the relevant rules of this activity according to the actual situation. Bibox owns the right of final interpretation of this event.
Risk Warning: The Digital asset market is volatile and investors need to reasonably evaluate their risk tolerance and participate as appropriate. The content of this announcement and the information on the event page do not constitute any investment suggestions.
Thanks for supporting Bibox.
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