Rootstock, which brought Smart Contracts to Bitcoin, is now the most profitable Bitcoin merged-mining platform in the blockchain space.
Rootstock, the first Bitcoin layer 2, has announced that it has launched an incentives program that significantly increases mining rewards, paid in RBTC, Rootstock’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 Rootstock 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 Rootstock network are now eligible for rewards 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 Rootstock network. Three of the top Bitcoin mining pools already allow merged mining with Rootstock.
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, Rootstock has already been able to reach up to 60 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, Rootstock 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 RootstockLabs announced its acquisition of the Latin America’s largest social network, Taringa, and its plans to integrate Rootstock 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 RootstockLabs, commented: Bringing enough rewards to miners and pools is crucial for Rootstock’s 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 Rootstock. Having reached up to 60% 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 closer collaboration with the mining industry and building out a full DeFi ecosystem on Bitcoin.”
About RootstockLabs
RootstockLabs is a key contributor to Rootstock, the first, biggest, and longest-lasting Bitcoin layer 2.
RootstockLabs specializes in pioneering innovative solutions within the blockchain space, empowering developers with funding, technology, and marketing support to expand the frontiers of decentralized technology and make Bitcoin work for everyone.
About Rootstock
Rootstock is the first, biggest, and longest-lasting Bitcoin sidechain. It is the only Bitcoin layer 2 that combines the security of Bitcoin’s proof-of-work, with Ethereum’s smart contract capabilities.
Rootstock is open-source, EVM-compatible, and secured by over 60% of Bitcoin’s hashing power, which makes it a gateway to a vibrant ecosystem of dApps that continues to evolve to become fully trustless.