[AMA Record] Tellor Oracle Star is launched on BTC.com mining pool

On March 29, the roundtable discussion on "Bear Market Survival Strategy Tellor Oracle Star Launched on BTC.com Mining Pool" was successfully concluded. Moderator Ivy, BTC.com CEO Zhuang Zhong, Matrixport Li Kuang, BKEX CEO Ji Jiaming, Tellor CSO Michael, Tellor Chinese Community representative Singularity, and Kevin from Aladdin Mining Research Institute participated in the sharing.

The conference is co-organized by BTC.com, Matrixport, Tellor, BKEX and Multminer, with strategic support from Miner Home, BlockArk, Aladdin Mining Research Institute, Huobi and Wabi.net.

Ivy:

What kind of project is Tellor? What is the difference between it and Chainlink and Band, which are also in the oracle track? What is the reason for choosing mortgage mining?

Singularity:

Tellor is a decentralized oracle on Ethereum that submits off-chain data to the blockchain through staked PoW miners.

Chainlink has a set of permissioned nodes that push prices into smart contracts to earn fees. Tellor is a permissionless network of PoW miners who stake. In each block, miners earn TRB by submitting data to Tellor's on-chain price feed, which can be read by smart contracts.

Additionally, if a malicious actor submits improper data, he will be challenged and lose his 1000TRB collateral, providing more security for our oracle. Chainlink is faster, but we are more decentralized and censorship-resistant.

Ivy

A brief description of the current status of the mining industry before the halving, a bear market survival guide for miners

solemn:

In the current market situation, there are actually many different points this year. For example, now is a bear market, and everyone will find that the price of BTC is becoming more and more similar to the trend of some previous financial assets.

In addition, on the one hand, we are saying that miners can use more financial tools to help themselves run their businesses better.

In fact, many miners have begun to use lending services to increase their leverage, and then they can expand their computing power by mortgaging digital currency or machines, etc. Then, a few days ago, this led to an extreme market, and many high-leverage users suffered heavy losses.

Therefore, you will also see a 16% drop in the last difficulty cycle adjustment, which should be said to be the second largest drop in recent years. However, it seems that the entire halving will definitely have a huge impact on the entire industry and the market. On the other hand, such a market fluctuation will also to some extent cause some miners who may have increased their leverage too much to withdraw accordingly, and then these machines will be transferred to some miners who are more prepared and have better overall operational advantages.

Therefore, the application of financial tools is still a very good means of operation. I must talk more with Li Kuang about how to make good use of these tools.

Therefore, whether it is halving or there is a market, as long as the miner's machine currently has the best performance, or your overall cost, including your electricity bill and hosting cost, as long as you are in a leading position in the entire market, you can still have an advantage in the entire mining competition.

However, we should also see that the entire mining industry has entered a period of rapid expansion, and the number of participants and players are becoming more and more professional. I think for ordinary miners, they must actively look for resources, find their own partners, and control their own costs.

In addition, beyond controlling these costs, there are definitely better ways to expand your profits.

For example, one of them is to better allocate the machines in your hands. You may refer to various firmwares, for example, to appropriately overclock or downclock according to the current currency price. Moreover, our mining pool will also launch such optimized firmware in a targeted manner, and we have also launched the machine gun pool function recently. It will automatically switch the miner's computing power according to the exchange rate of the three currencies of BTC, BCH and BSV. After it is turned on, the miner will automatically obtain the highest income of these three currencies. And if you bind a vichpoll account, it will automatically convert to BTC or USDT currency.

Let me summarize it here: First, everyone should recognize the market situation. In fact, whether it is halving or market fluctuations, the most important thing is to control your own costs, so that your own machines are leading and the proportion of electricity costs is relatively low. Second, it is to increase profits as much as possible on the existing basis, whether through firmware optimization, machine adjustment, or using the function of the mining pool's machine gun pool. The last point is to make reasonable use of various financial tools. Ensure the security of your own business and better expand your own profits.

Li Kuang:

Hello everyone, I am Li Kuang.

I feel a lot of pressure to speak after Mr. Zhuang. I agree with Mr. Zhuang's views. I think the halving is approaching, and the panic is over for now. The difficulty of Bitcoin's total network computing power will increase by at least 5% next time. And it is currently in a process of Bitcoin rebounding and then correcting. I think it is also a process of bottoming out. I am almost waiting and watching before I enter the market (audience please do not follow blindly)

First of all, I think S17 should correspond to S7 of that year. S7 was launched before the last halving. Old miners, please try to recall the era of S7. Generally speaking, the profit of miners in the S7 era was not very high. However, if you keep the coins mined with S7 mining machines, the income is terrible. Because I have been working for Bitmain, right? The S7 I am talking about is the model that impressed me the most. I just use it as an example. I bought other models of friendly companies. Please recall the models of the same era as S7. I think S7 can be used to compare S17.

1. I personally think that S17 corresponds to S7 of that year, which was launched before the last halving. Old miners please try to recall the S7 era. Generally speaking, the profit of miners in the S7 era was not very high, but the coins mined in S7 were retained, and the income was terrible.

2. S19 should correspond to the S9 of that year, the king of the generation. The price was not expensive when it was released. More than a year after the halving, it was hyped up to 30,000 yuan per unit. If the Bitcoin market is clear after the halving and the epidemic is steadily under control, it is necessary to plan a little ahead of time. S19 will be the best choice for miners.

3. Crisis is also an opportunity. Many miners said that they would take advantage of the time when the mining machines are shut down or sold off to purchase second-hand mining machines and cooperate with the site mining during the flood season.

4. If mining is a hobby, pay more attention to small-currency mining machines, configure them appropriately, and there will definitely be good POW currencies in the post-mining era, such as TRB. I started mining very early and it has increased many times. Look for MultMiner for mining machines. You can add the host on WeChat now to learn more. Everyone must pay attention to Aladdin's public account, which will help you select good currencies. Paying attention to small currencies in a bear market will bring unexpected surprises. TRB is a very good new project.

Ivy:

Is the panic over?

Li Kuang:

Anyway, I am not panicking anymore. I am not panicking anymore, it is almost over.

Ivy:

Could you please tell us about the launch of TRB on BTC.com? Why did you choose to launch TRB at this time?

solemn:

We are also paying attention to the FPGA market this year, because we all say that mining is good in a bear market, and making money in a bull market.

In fact, if you pay attention to some small currencies in a bear market, you will usually get some unexpected gains. And when the bull market comes, small currencies usually have better growth.

Miners definitely need to consider more of these new POW currencies. As for TRB, we have also paid attention to such a project before. This year we are paying attention to the FPGA market because we also believe that compared with ASIC miners, the FPGA market is also a very different field. FPGA miners have different advantages from ASIC miners. Of course, the TRB project itself is also a very interesting project, which may be very different from other currencies we have developed before. We also think that such a project, first of all, it has its own meaning, and we also think some of its designs are very interesting.

Ivy:

How do mining machine companies and large mining pools plan TRB mining demand? Is Tellor's mining income considerable?

solemn:

TRB is also a currency that seems to have relatively good returns during this period. We also cooperated with MultMiner this time, which made it very easy for MultMiner miners to participate in our mining pool. We also communicated some mining protocols in this process and customized a whole set of communication logic.

I think there are still some complexities in the development of TRB. First, it actually needs to receive a mining submission from the mining machine. At the same time, our mining pool needs to upload a solution to the Ethereum network to obtain revenue.

So we actually have to manage Ethereum addresses and maintain a wallet that mortgages TRB. We also have to ensure that when TRB users query, we can access the corresponding API query requests in a timely and correct manner. So overall, it is still a very complex project, and it also poses many challenges to the operation and maintenance of our mining pool.

We have cooperated with MultMiner to customize the mining protocol so that miners can mine easily. TRB is also different from traditional currencies, involving Ethereum interaction and mortgage wallet management.

TRB’s recent earnings are worth paying attention to, and we will also have more in-depth cooperation with other mining machines in the future.

Ivy:

What is the reason why the exchange took the initiative to support Tellor? What is the difference between the exchange's listing and promotion of mining coin and non-mining coin projects?

Ji Jiaming:

There are several reasons to support Tellor. First, the oracle project has become the infrastructure of DeFi, and Tellor, as an oracle project, has received investment and recognition from MKR, the largest DeFi ecological project.

Secondly, Tellor's price feeding mechanism is combined with PoW mining, which can make price feeding safer and faster. Tellor has also been unanimously recognized by miners and mining pools, as well as the support of the community. BKEX has also been committed to discovering high-quality assets with potential for users, so it decided to support Tellor.

As we all know, mining coins have mining machine loss and electricity costs, which are also an internal and external value support for the project. Since mining coins are highly decentralized and most of them are supported by the community, there may be a phenomenon that high-quality projects lack operating or development funds.

BKEX is willing to integrate our resources and provide greater support for the operation of high-quality mining coin projects. In addition to the event support when TRB was launched, we also organized a series of activities for this AMA. Interested students can learn about it and participate.

There are activities for recharge and trading, as well as airdrops.

Ivy:

How can keen investors discover star projects like Tellor in a bear market? How can users easily participate in projects like Tellor?

Singularity:

Since entering the cryptocurrency circle in 2017, I have been participating in the primary market. Even in the bear market of 2018 and 2019, there are still many star projects worth investing in.

When I saw the list of Binance Labs investment projects on Twitter, Tellor, as the first oracle project to be mined, really caught my eye. After careful study, I found that Tellor did a better job in weighing the triple dilemma of blockchain (speed, security, and decentralization), so I decided to start mining Tellor. As the only Chinese among the top five miners, I communicated with the team and began to be responsible for the Chinese community.

The key point is that btc.com has been connected to the mining pool. I think it becomes more convenient and faster for retail investors to invest without the need for collateral.

Aladdin:

Just now, Mr. Singularity explained his coin selection logic very clearly. I would also like to add that it is actually easier to screen out high-quality projects in a bear market than in a bull market, because there are fewer existing and new projects in the market than in a bull market, and the projects we see after market screening are all the best.

When we were looking for projects like Tellor, we first looked for them from the perspective of investors. We mentioned in an earlier article that Tellor was a project jointly incubated by two heavyweight players, Consensys and Binance Labs.

Just like CKB before, it is also booked by a wealthy project. Although projects booked by wealthy projects may not necessarily perform well, last December was the period when oracle projects such as Link were booming. In addition, with the strong endorsement of Dian Ge, we began to learn more about Tellor. This is how we found Tellor.

I think users who are optimistic about the Tellor project can obtain TRB through the two simplest methods of purchase and mining. Currently, BKEX and Huobi have listed TRB. The second method is mining.

Most of the friends in this group are TRB miner fans. As the saying goes, whoever mines knows. At that time, the big boss of Singularity participated in the early mining and reaped rich rewards.

I and some other friends are the later miners who participated in mining through FPGA mining machines. Although the income is not as good as the early mining, even if the price has fallen a lot, the daily income is about:

Although the living environment is difficult, the advantage of FPGA mining machines is that they can flexibly switch algorithms. I think the income is still acceptable at the moment.

Ivy:

Next is our free question session, where you can nominate guests to answer questions you want to know.

Let me ask the first question ~ What is the fee for TRB to be listed on BTC.com?

solemn:

Currently we support the SOLO model, and other settlement methods will be opened in the future. The rate is currently 8%, and large customers can cooperate with us in depth.

Ivy:

Will there be a pplns mode in the future?

solemn:

This is related to some features of TRB. We will open it according to the situation.

Andy:

On behalf of the MultMiner team, I would like to ask Mr. Ji a question. Leveraged tokens have been controversial in the cryptocurrency circle recently. BKEX has also launched leveraged tokens and held a series of activities when Binance delisted leveraged tokens. I would like to ask why BKEX did this. Is it vigorously developing the derivatives sector?

Ji Jiaming:

First of all, I don’t think we can deny the value of this product just because Binance delisted leveraged tokens. Its existence is reasonable.

The core product strategy of BKEX is to provide users with a variety of trading investment tools and investment targets in different market conditions. If you have known or experienced BKEX LT leveraged tokens, you should have felt its magic.

When the market is one-sided, this product is very attractive. In addition, we are also doing LT zone voting and recharge rebate activities recently, welcome everyone to participate. If you have any questions about the product or anything you don’t understand, feel free to ask customer service. Our customer service staff are professionally trained and have a thorough understanding of LT products.

Ivy:

Tellor CSO Michael has joined the group. If you have any questions, you can ask them.

Michael:

wow! Hi everyone!

Thanks so much for being fans of Tellor(TRB)!

Missed Moments:

Hi Michael, I have one question. Why is Tellor updated from CPU to support GPU mining algorithm and adjusted from linear release to linear production reduction?

Michael:

We felt GPUs would open up more opportunity for more people to participate.

Ivy:

And why Tellor adjusted from linear release to linear production reduction?

Michael:

We reduced our inflation because it was 140%. Which was too high. We needed high inflation to boot-strap the launch of our network. We grew much faster than anticipated. And eventually came to the belief that we needed a reduction in inflation in order to preserve the longevity of our project. We are slowly reducing over 1 year time, down to 17% inflation, which is much more standard. Balance is important

(We reduced the inflation rate by 140%, which we believe is too high at the moment. We needed high inflation to bootstrap our network launch, but we grew faster than expected. So ultimately we believe we need to reduce inflation to maintain the longevity of the project. We will gradually reduce inflation over a 1-year period, reducing inflation to 17%, which is more standard.)

Skeyilil1lLiaaeeeyyr . . ₿ch:

@Michael Zemrose Hi Micheal. How do you see ASIC and FPGA in Tellor mining, Will Trllor defend FPGAs or ASICs? 》

Michael:

We don't think ASICS and FPGAS are bad. They can actually be good in the sense that it is really expensive hardware that someone builds just to mine with your network.

Ivy:

Due to time constraints, our event ends here today. Thanks again to all the guests and miners for participating! Thank you for supporting Tellor, BTC.com, and MultMiner!

This does not constitute any investment advice