In 2021 the ‘Miners’ have become extremely popular in CryptoLand. These Miners all take a deposit of a specific Crypto, and give the user a 3% daily return on their deposit in said Crypto. If one would cash out the 3% daily ROI, it would mean the Miner already starts making a profit after 33 days, and up to 1,095% per year. Please read on to learn what effect daily compounding of the ROI has (hint: it’s mindblowing!).
Although there were some predecessors, the craze really started with BNB Miner, which by the time of writing has been ‘producing’ BNB for 6 months, and is still going strong with a contract balance of 4,911 BNB.
Early September 2021 several new Miners were born, among which 5 from the team aptly named ‘Multi-Chain Miner — 3% daily’: Miners/Minters that produce AVAX, BUSD, FANTOM/FTM, MATIC or USDC. Quoting a recent update from the team’s Telegram-group: “In just under 2 weeks our TVL across all our Miners and Minters has crossed the $1 million mark. It continues to rise.”.
Success like that doesn’t go unnoticed, and inspires other devs to copy the contract and code that was used for all these Miners, thus applying the same strategy to yet another Crypto. One of the latest instances is the HEX Miner that will be discussed in this article. This Miner also gives a 3% daily return on your HEX deposit.
In future articles I will explain how these Miners operate in more detail. But for brevity I will now only briefly explain what HEX is, and how mining HEX works.
What is HEX?
From the HEX.COM site:
“HEX has taken the concept of CDs, added significantly higher average interest rates, removed banking fees, and turned it into a decentralized cryptocurrency.By locking any amount of HEX you choose for a period of time between 1 and 5555 days, you “stake” your deposit and gain interest every single day. The average APY is over 40% while traditional bank CDs average less than 2%.”
So you buy some HEX, stake it for a certain amount of time, and earn a staggering 40% per year. You can take that to the bank! And if all goes well, the price of HEX rises in the mean time, multiplying your inital investment even more. For example from May to September 2021 the price went from $0.02 to $0.45, a whopping 2,250% !
Why should I mine HEX?
Playing around with the numbers on the HEX staking site, we’ll see bonuses like the following when staking 1,000 HEX / $456 (this is presumably taking compounding into account):
- 34 days: 18 HEX
- 365 days: 200 HEX
- 730 days: 400 HEX
- 5,555 days: 2,000 HEX
However, when calculating the yield of the HEX Miner at 3% per day we get the following profits when depositing 1,000 HEX / $456 (not taking compounding into account):
- 34 days: 20 HEX
- 365 days: 9,950 HEX
- 730 days: 20,900 HEX
- 5,555 days: 165,650 HEX
This already shows a stake in the HEX Miner will greatly outperform staking in the official HEX staking site. But if we use the Daily Compound Interest calculator these profits become even more mindblowing:
- 34 days: 1,731 HEX
- 365 days: 48,482,724 HEX
- 730 days: 2,350,574,600,000 HEX
- 5,555 days: 2.0454235E+74 HEX (apologies for the mathematical notation, printing the actual amount of zeroes just wouldn’t make sense ;-)
So to answer the question “Why should I mine HEX?”: because mining will yield way more HEX than staking on the official HEX-site, especially when compounding daily/regularly!
How to get started with the HEX Miner
Have questions or need help with any of these steps? You can find me here:
https://t.me/joinchat/Z0MQ1WTMpV8xOGY6
Enable the polygon/Matic network, and get some MATIC
- Add the polygon/Matic network to MetaMask:
excellent guide by Stakingbits - Send Crypto (e.g. USDC) to polygon wallet: https://anyswap.exchange/#/router
- Switch MetaMask to: polygon/Matic network
- Use the faucet to get some MATIC (transaction fees are cheap on polygon, so this will be enough for the first couple transactions): https://macncheese.finance/matic-polygon-mainnet-faucet.php
- Swap Crypto for MATIC on polygon network (2 MATIC will suffice): https://quickswap.exchange/#/swap
Buy HEX
- Switch MetaMask to: polygon/Matic network
- Swap Crypto for HEX on the Polygon network: https://quickswap.exchange/#/swap
Join HEX Miner
- Switch MetaMask to: polygon/Matic network
- Go to the HEX Miner site (please use my referral when joining): https://cryptominer.finance?ref=0x693dF2A465F33C52ACf77846Dc4F5e088809ed6D
- If connection doesn’t occur automatically: click ‘Connect to Matic’. Approve the connection in MetaMask.
- Step 1 (Approve Spend): “Enter HEX amount to approve spend for hiring miners. Click Approve Spend button.”. Approve the transaction in MetaMask.
- Step 2. “Enter HEX amount and click the Hire Miners button to complete the hiring.”. Approve the transaction in MetaMask.
Daily/regularly Compound or Withdraw
- Switch MetaMask to: polygon/Matic network
- Go to the HEX Miner site:
https://cryptominer.finance - If connection doesn’t occur automatically: click ‘Connect to Matic’. Approve the connection in MetaMask.
- Compounding greatly accelerates the increase of your HEX position:
click ‘Hire More Miners (Compound)’ - But don’t forget to take out some HEX regularly:
click ‘Pocket Your x.xxxx HEX (Withdraw)’
Using any of my other referrals is much appreciated:
Want a cashback of up to 7% of your deposit? Subscribe to my Telegram:
https://t.me/joinchat/Z0MQ1WTMpV8xOGY6
The Miners in this list have a 3% daily ROI, unless mentioned otherwise.
- AVAX C-Chain:
AVAX Miner ², AVAX Miner ³, JOE Miner ² - Binance Smart Chain / BSC:
ADA Miner ⁶, BANANA Infinity Miner ⁵, BISWAP Miner ⁶, BNB Miner ¹,
BNB Miner ², BNB Factor (4%) ⁹, BNB Hotels (6%)¹⁰, BTCB Miner ⁶,
BUSD Bee (10%) ⁸, BUSD Farm (10%), BUSD Minter ³,
CAKE Infinity Miner ⁵, CAKE Miner ³, Crypto Bee (BNB 5%) ⁸,
Crypto Egg (BNB 10%) ⁴, DOGE Digger ³, DOT Miner ⁷, REX Miner ⁶, USDT Miner ², XRP Miner ⁶ - Ethereum:
ETH Miner ² - Fantom Opera:
BOO Miner ², FTM Miner ², FTM Miner ³ - Harmony:
ONE Miner ² - Kucoin Community Chain:
KCS Miner ² - OKExChain:
OKT Miner ² - polygon:
HEX Miner ⁵, MATIC Miner ², MATIC Miner ³, USDC Miner ²,
USDC Miner ³, WETH Miner ²
DEVs:
¹ The Developer
² DeFi Eco System
³ Multi-Chain Miner
⁴ CRYPTO EGG
⁵ CryptoMiner
⁶ codeboys
⁷ DotMiner
⁸ BeeGame
⁹ BNBFactor
¹⁰ BNB Hotels
Nothing in this article is intended to constitute investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Readers are encouraged to perform their own due diligence and research, or consult a licensed financial advisor or broker before making any and all investment decisions. This content is intended for general informational and educational purposes only. Though the author strives for accuracy, the data contained within the article cannot be relied upon. The author may own cryptocurrencies and tokens discussed in the article. The article may contain affiliate links.
