Post-Mining in Cryptocurrency: Beyond Block Rewards
Post-Mine is the retroactive creation of new coins after a cryptocurrency has been launched, before public mining is possible.
What is Post-Mine?
In cryptocurrency, Post-Mine is used by developer who create new cryptocurrencies after the launch of its first version, but before public mining is possible. This gives the team the opportunity to mine new coin without competition from outside participants.
When the code is made public, it can be done in different snapshot dates. For example, when token balances are counted so that newly created coins can be dropped or exchanged on exchanges – but before the code is made public so that third-party users can mine new coins.
In the process of creation, the founding team allocated 5,000 BTG to every six core members of Bitcoin Gold. In the ecosystem of the newly created currency, all other coin were left to develop the ecosystem of the newly created currency. More than one person considered this 100,000 BTG to be too much for such purposes.
Coinbase did not support the launch of BTG, explaining that the developers of the currency had not made the code publicly available. The developer of the currency has not made it publicly available since they have not made the code publicly available. A “serious security risk” was recognized by the exchange, and BTG has been criticized for its use. The BTG mining algorithm was re-updated, and the team responded to the 51% attack, but even after the team made an update to the mining algorithm, the damage had already been done.