What is it about?
„Virtual Mining“ is a game unlike any other currently found in the BTC community. In contrast to most other games VM is neither a gambling site, nor a Ponzi scheme to give most money to only a handful of people. In VM every user has the chance to make the same amount of money, no pyramid anywhere.
So in just a few words – what is VM?
As the name says: Virtual Mining is virtual mining.
It seemed to become sort of a trend to spawn new forks for fast pump and dump. This lead to some serious opportunities to make money but It always had an impact on the BTC network since it had drawn computing power away from the real network. Also most of the chains were rather short lived. So this game is meant to put this on a different level. In VM you are meant to create virtual rigs and point them on virtual forks, here called “chains” (short for Blockchains). As of now there will be up to 5 parallel chains around and everyone can mine with as many virtual rigs on those.
As in real BitCoin you earn coins from mining which can be traded for Bitcoins on the site’s exchange. Therefore this game is basically a virtual BitCoin network.
So what are the rules?
Currently the game is running in a testing phase – therefore all of the rules are negotiable, except the one about cheating
- Every user may “Buy” up to 30 rigs per account
o A rig can be upgraded 7 times
o A rig costs 0.025 Btc (including 100vMH (virtual MegaHash)) any upgrade 0.005 BTC per 100vMH
- Users can create new Chains
o There can be a maximum 10 parallel active chains
x A chain is flagged inactive after 24 hrs. of no one mining it anymore
x A chain is deactivated (unminable and untradeable, 24hrs after flagging inactive)
x Every new chain costs 0.125BTC for every Chain already in existence. The first one is free, the 2nd costs 0.125, the third 0.25 and so on..
o There is currently no upper limit on coins created nor a way to premine coins. This might come later.
- To prevent bubbling on the exchange a fee of 0.3% exists on all trades. Fees go into a Faucet
- Deposits are handled with a unique address every time. A deposition is “valid” and added to the account after 4 confirmations.
- There is a small fee of 0.01BTC on withdrawal. This is to keep the server alive and cover transfer costs.
o “In theory, as the service operator, I could keep the bitcoins for myself. I'm not going to do this, but I completely accept that people do not trust the service operator. It is their freedom of choice, and Bitcoin is about freedom.” (slush)
Have fun and please report every bug or suggestion here