"Mining With No Special Equipment": Token Uses Bitcoin Principles on Ethereum Blockchain

The developers of a token with the slogan "No ICO - No Pre-mine - No Bullsh*t" say it allows users to mine the coin without any mining equipment required, simulating Bitcoin mining mechanism on the Ethereum blockchain.

Bitcoinereum, a ERC-20 token created in 2017, is called by its developers the "First Bitcoin minable ERC-20 token on the Ethereum Blockchain." Its mining system imitates the same mining mechanism on the Ethereum blockchain that is used for creating Bitcoin but instead of using mining equipment the users are "Just required to call one function of the token's smart contract." According to the team, the only thing that users need to have is a few ETH in their wallets which will be only used to pay for the Ethereum network fees.

"Anyone can mine Bitcoinereum by calling the Mine() function of the smart contract. You just need to interact with the smart contract by using any Ethereum wallet like MyEtherWallet.com or geth. The token incorporates a similar mining mechanism to Bitcoin, including the mining reward halving every 4 years. The whole process is quite transparent and we invite anyone interested to review the Bitcoinereum source code." the Bitcoinereum team told Cointelegraph.

The token website states only 21,000,000 coins can be mined and the initial supply was zero coins, as there was no pre-mine.

The developers put the limit to a maximum of 50 coins being mined every 10 minutes, the same mining reward as Bitcoin back in 2009.

These rules are designed to help avoid a mining monopoly and get a better distribution of Bitcoinereum across the community.

The concept of smart contract mining means allowing anyone to mine a token by calling a smart contract function, the team explained.

This concept was originally introduced by Artemine, a token which also does not require any customary equipment for mining.

At the time of its launch in 2017, Artemine's team managed to build a major platform that was focused on public mining and self-mining principles.

Artemine coin can be mined in two ways, by calling a smart contract function or by owning a Genesis Address.