Mining

BFG Mining is over.

Mining had become one of the key features of BetFury. It is the system of obtaining BFG by placing bets. Tokens could be mined by playing In-house games and Slots. To reduce the load on mining and ensure its correct process, the min bet for mining BFG was $0.01 in any currency.

The number of mined tokens is more than 5bln BFG.

Mining was divided into levels. The transition to the next level occurred when every 25mln BFG was mined. Moving to a new level, the cost of mining increased.

The mining terms were dynamic and adjusted to the platform's users' wishes. They could be changed based on the results of community voting. For example, in August 2022, it was decided to Increase BFG Mining Price based on the voting results.

Recently 50.79% of users support increasing the mining price by 5 times! Mining was extended for about 53 months.

Mining price

Token value BFG = Mining Price = How much you spend to get 1 token.

The mining price of BFG in each currency depended on the BTC exchange rate at Binance and rose after every 50 000 000 BFG tokens were mined. It changed in real-time and is always actual on BetFury. With each change, users needed more crypto to mine BFG. So, the earlier you started mining, the more tokens you got. The mining price rose to 0.000001 BTC in all In-house games and to 0.0000005 BTC in all Slots.

Economics and Sharing of Mined Tokens

The total mined amount of BFG is the number of tokens that have existed since the launch of the platform (including tokens that were burned).

All the Mined BFG tokens of BetFury are shared as follows: 51% of all the mined tokens are shared among users, and, in order to develop the platform, the other 49% are divided for different goals on BetFury.

Simply put, when you mined 1 BFG, the total mined amount increased by 2 tokens. This meant that 1 BFG went to the miner and 1 went to the team. The BetFury team used this amount of tokens for developing the platform in different ways and for the burn. Some part of all of the mined tokens by the team were burned. The total amount of burnt tokens might be found here.

All newly mined tokens were locked for withdrawals for 180 days (including those that are mined for the team). Unlocked team tokens were used to improve the development and marketing campaigns of the BetFury platform. Also, the platform kept BFG for Referral payments, Reserve, and Bonuses - 5% for each. And 4% went for Partnerships. Every month, a part of the unlocked team tokens were burned to keep the balance between holders and developers.

What will happen after all BFG tokens are mined?

BFG token just like Bitcoin has a limited emission. There is a finite quantity of BFG tokens, this was mined out at some point. The max number of BFG that could be Mined on BetFury is 5 000 000 000.

Let’s take the example of Bitcoin to understand better! When Bitcoin was created, it was stated in its protocol that the total supply would be restricted to 21 million. The supply cannot increase — regardless of growing demand. The value of Bitcoin grows because of its unique Mining system. There is extremely high interest in obtaining it.

Looking at this example, we expect the same for the BFG token. The BFG overgrown ecosystem increases its value too. BFG Mining is over, no new BFG will enter circulation. Therefore, since all tokens were issued - it would be a full-fledged coin with its tokenomics and value. Currently, BFG has many utility opportunities: staking, playing, getting bonuses, and trading.