Being able to update your mining equipment is one of the most important parts in your journey as a Bitcoin miner.
With the Miners Upgrade Module, you have a chance to upgrade the hash power (SOLH/h) of your Bitcoin Miners using BITCOIN ON SOL.
Upgrades Available
Tier - Req. HP - New HP - Base Chance - Increment - Cost (Btc)
1 - 10 - 12 - 25% - 5% - 2 * sh_price * 0.30
2 - 12 - 15 - 25% - 5% - 3 * sh_price * 0.30
3 - 15 - 17 - 20% - 4% - 2 * sh_price * 0.33
4 - 17 - 20 - 18% - 3% - 3 * sh_price * 0.35
During the last week, we thought a lot about how to roll out such upgrade without “disrupting” the secondary markets. Keeping a balance where both options (upgrading and buying more miners) remains attractive under certain conditions is crucial.
The solution is the concept of “SH Price” (SOLH Price), meaning the average cost of 1 SOLH/h in the market.
For example: Let’s assume the Floor Price is currently sitting at 2 SOL for a 10 SOLH/h miner. This means the price of 1 SOLH/h (SH Price) = 0.2 (2/10).
With that number, we can know the cost of the upgrades:
Tier - Req. HP - New HP - Base Chance - Increment - Cost (Btc)
1 - 10 - 12 - 25% - 5% - 0.12 (sol in BTC)
2 - 12 - 15 - 25% - 5% - 0.18 (sol in BTC)
3 - 15 - 17 - 20% - 4% - 0.132 (sol in BTC)
4 - 17 - 20 - 18% - 3% - 0.21 (sol in BTC)
First 2 upgrades works basically the same: For each roll, you pay 30% the cost of the extra HP you’re getting, and you get 1/4 initial chances to hit the upgrade. Each time you roll and don’t hit the upgrade, your chances increments by 5%.
Tiers 3 and 4 are more expensive. Now they cost 33 and 35%, respectively, and both base chances and increments are smaller.
This set a good scenario where using BTC to upgrade your miners is usually +EV at first, but if you really want to push your mining capacity to the edge, then it’s cheaper to first go and sweep cheap miners in secondary markets.
The system will adjust the SH Price whenever Floor Price moved considerably away.
We are excited to see how this is going to change the dynamics in our ecosystem, and we will monitor everything closely in case further adjustment are needed.
Are you feeling lucky? 👀🎰