If you’re a Bitcoin miner or enthusiast, you now have another reason to smile. On October 12th, RSK, the project that brought smart contracts to Bitcoin, launched a new incentive program that will provide a big boost to its merged mining rewards program.
RSK’s reward program, which compensates merged mining efforts in RBTC, the platform’s native token, increased rewards by more than 1,000%.
Smart contracts have been one of the most lauded features of blockchain technology. Deloitte’s 2019 Global Blockchain Survey found that 58% of today’s businesses see smart contract development and implementation as highly important and an additional 37% see it as moderately important.
RSK brings this functionality to businesses while developing as a sidechain to Bitcoin’s famously secure and incredibly popular blockchain. The value of the platform’s utility token, RBTC, is linked 1:1 to Bitcoin, and this token is used to facilitate the smart contract ecosystem.
Its merge mining technique means that Bitcoin miners don’t need any additional equipment or capabilities to merge mine RBTC. Simply put, Bitcoin miners can accrue fees from transactions taking place on the RSK sidechain, without expending additional effort or relying on more resources.
RSK’s most recent incentive program will make this process even more lucrative. Indeed, the initial plan which ran between September 1st and September 5th, showed that rewards increased by 1,000% per block, surpassing all other merged mining platforms during that period.
In total, nearly $50,000 was distributed during the first month.
The announcement was made at the Global Mining Leaders Summit, an invite-only event that brings together 300 of the industry’s movers and shakers with a special emphasis on the mining space.
Now, all network miners can participate in this new program, with increased rewards that are intended to spur additional mining involvement as the platform grows.
As Adrian Eidelman, RSK Chief Technology Officer, said in an October 12th statement, “Bringing enough rewards to miners and pools is crucial for RSK’s goal of becoming the most secure smart contracts platform. As we drive adoption and increase the volume of transactions in the network, we want to be sure incentives are already enough to make it attractive for miners and pools to integrate RSK.”
The announcement was just one element of the positive sentiment surrounding RSK.
IOV Labs, which develops many of the popular elements for RSK’s platform, recently acquired Taringa, Latin America’s largest social network. Taringa intends to integrate RSK blockchain infrastructure into its platform, which boasts a user base of more than 30 million people.
While RSK isn’t the only merged mining platform compatible with Bitcoin, it already has support from three of the top Bitcoin mining pools, and its latest announcement should entice more people to participate, further bolstering its long-term capabilities.
For miners, the implications are clear. The financial prospects for merge mining are significantly improved. There is money to be made from the practice as supply and demand economics continues to drive the equation.
Image by Luisella Planeta Leoni from Pixabay