OK Pool has officially launched the lock-up mining service, which is still in Beta. Basically, Lock-up mining is a new way of mining that lock away users’ assets in the mining pool for a certain period, in order to encourage long-term holding. Further, users will be rewarded when the lock-up period expires.
As per the blog post, to start the Lock-up, initially, you need to download the latest version fo OKEX app. Next, you need to Transfer the EOS to your Mining Account. Further, Go to “Pool” – “Lock-Up Mining” – “EOS” to enter the lock-up page.
According to OKEX, the minimum Lock -up amount is 10 EOS. Once Locked up users cannot perform any actions on the locked-up EOS, including trading. Moreover, redeeming the locked-up EOS takes up to 3 days to arrive at your Mining Account.
Additionally, If a user locks up his assets on T day (Natural day in HKT) and redeems between 00:00 to 24:00 on T+n day, the lock-up period is n-1 day. If the lock-up period is fixed, it will be automatically switched to “flexible” after it expires so the user can continue to enjoy lock-up mining yield. If users need to redeem assets before the lock-up period expires, they will be charged 5% capital as violation fee. If the lock-up period is “flexible”, users can redeem their assets to their Mining Account anytime.
When a user locks up his assets before 24:00 on T-1, the yield will be calculated from T day. It will be settled daily and yield will also be distributed from T+1 day. We will distribute the yield to user’s Mining Account.
About OK Pool :
OK Pool is an innovative mining pool that relies on the world’s leading digital asset trading platform OKEx. It provides users with stable, safe, and transparent multi-currency multi-type mining services. Currently, OKPool supports the mining of a plethora of PoW assets, such as BTC, BCH, BSV, ETH, ETC, LTC, DASH, DCR, ZEC, etc.