The project that brought Smart Contracts to Bitcoin is now the most profitable Bitcoin merged mining platform in the blockchain space.
CHENGDU, CHINA / ACCESSWIRE / October 12, 2019 / RSK, the Bitcoin-backed smart contracts platform, has announced that it has launched an incentives program that significantly increases mining rewards, paid in RBTC, RSK's native token. The network has increased mining rewards by over 1,000 percent compared to the current rewards.
The rewards program was announced today at the Global Mining Leaders Summit in Chengdu, China, and has made RSK the most profitable merged mining platform on Bitcoin.
The program has been running since September 1, with an analysis for the period of September 1 to September 5 showing a 1000% increase in rewards per block. Rewards payout since the launch date has surpassed all other Bitcoin merged-mining platforms, totaling $48,788 in the first month, distributed across three mining pools.
All miners on the RSK network are now eligible for reward under the new program. This means that throughout October, at least $50k in compensation is available to miners who participate in merged-mining on the RSK network. Three of the top Bitcoin mining pools already allow merged-mining with RSK.
Pools interested in introducing RBTC merged-mining to their operations can visit mining.rsk.co for more information.
Under the old merged-mining rewards rate, RSK has already been able to reach up to 45 percent of Bitcoin's hash rate. This achievement makes it the most secure and stable smart contract platform in the world. Now, by offering increased mining rewards, RSK will be able to attract even more miners to merged-mining RBTC, further enhancing network security and the scalability, functionality, and interoperability of the entire Bitcoin ecosystem.
The rewards-per-block increase comes just after IOV Labs announced its acquisition of the Latin America's largest social network, Taringa, and its plans to integrate RSK and RIF blockchain infrastructure to serve the 30 million users on the network.
The MinerSummit event, in which the new mining incentives program was announced, is an exclusive cryptocurrency mining conference aimed at bringing together the global leaders who are shaping the crypto mining industry today. Attendance is limited to 300 invited guests, which includes representatives from some of the top companies in the mining space.
Adrian Eidelman, CTO at RSK Labs, commented: Bringing enough rewards to miners and pools is crucial for RSK goal of becoming the most secure smart contracts platform. As we drive adoption and increase the volume of transactions in the network, we want to be sure incentives are already enough to make it attractive for miners and pools to integrate RSK. Having reached up to 45% of Bitcoin's total hashing power, we continue working to increase this number even more in the near future. The incentives program is the next step towards fostering a closer collaboration with the mining industry and building out a full DeFi ecosystem on Bitcoin."
About IOV Labs
IOV Labs is a purpose driven organization focused on developing the platforms needed for a new blockchain-based financial system that will enable worldwide financial inclusion and bridge the gap between these nascent technologies and mass adoption.
The organization currently develops the most popular implementations of the RSK Smart Contract Network and RIF OS platforms. RSK Network is the most secure Smart Contract platform in the world, as it relies on Bitcoin's hash power. RIF OS protocols, are a suite of open and decentralized infrastructure protocols that enable faster, easier and scalable development of distributed applications (dApps) within a unified environment to enable mass adoption of Bitcoin and RSK.
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SOURCE: IOV Labs
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