Sept 18th Announcements on the Mars Project Latest Updates
About ETH PoW Mining Certificate — pETH18C
The Ethereum network switched on its PoS (Proof of Stake) consensus mechanism after the Merge on September 15, 2022 (GMT+8). The significant change marks the official retirement of the ETH PoW (Proof of Work) mining that has secured the network for over seven years. Likewise, the PoW-based ETH mining certificate of pETH18C has completed its mission, which persisted in ETH production until the last moment of the Merge. Mars team would like to take the moment to thank the community for their continuous contribution and support towards pETH18C.
Starting from September 16th, there wouldn't be any ETH yields generated while the Mars yields remain, taking effect to both single pETH18C staking and pETH18C<>USDT liquidity provision in either PoolinWallet or the Mars website (https://mars.poolin.fi/#/). Besides, the team has no plans to switch pETH18C to mine alternative coins to PoW ETH.
About BTC PoW Mining Certificate — pBTC35A
No doubt these days are the tough time for Bitcoin mining. The network difficulty of Bitcoin has undergone four consecutive rises since August 4th, 2022 (GMT+8), with a total upward adjustment of over 15% while the current difficulty stays as high as 32.05T (32,045,359,565,303). What makes Bitcoin mining even more challenging is the slumping Bitcoin price performance, which has oscillated around 20,000 for a fair long and painful period. Both aforementioned factors have resulted in disappointing yields, even zero output of pBTC35A staking. To reaffirm once more, pBTC35A adopts a net profit mechanism that sells mining proceeds in real-time in exchange for electricity expenditure, meaning that the electricity cost will be a very small percentage of the total mining yields when the Bitcoin price is high, and vice versa.
Despite the difficulties, we would like to assure the community that the Mars team will attempt to maximize the mining profit of pBTC35A. Actually, pBTC35A has the flexibility with respect to the scenario that Bitcoin drops below its breakeven point. This is because pBTC35A uses the theoretical formula for yield calculations, which will resume profitability immediately once pBTC35A surges above the breakeven level.
Sincerely,
Mars Project
September 18, 2022
