What is MINERAL?
MINERAL is a dual mining protocol on Base L2. It combines two distinct mining mechanisms — Auction Mining and Block Mining — into a single, integrated protocol with deflationary tokenomics and real ETH yield.
The Core Idea
Traditional crypto mining requires expensive hardware, high electricity costs, and technical expertise. MINERAL reimagines mining as an on-chain economic game where participants compete with ETH instead of hashpower.
Two ways to mine, one token to earn:
| Mining Type | Mechanic | Payout | Speed |
|---|---|---|---|
| Auction Mining | Dutch auction for 4 mining veins | 80% to previous operator | Continuous |
| Block Mining | 5x5 grid lottery with Chainlink VRF | 90% to winners | ~1 min rounds |
Both mechanisms generate real ETH revenue that flows into buyback & burn, staking rewards, and auto-liquidity — creating a self-reinforcing deflationary loop.
Key Numbers
| Parameter | Value |
|---|---|
| Total Supply | 21,000,000 MINERAL (hard cap, enforced on-chain) |
| Mining Allocation | ~92.86% distributed through mining emissions |
| Initial Liquidity | 5% (1,050,000 tokens) |
| Team/VC Allocation | None (0% pre-mine for insiders) |
| Chain | Base L2 (Coinbase's Layer 2, built on OP Stack) |
| Randomness | Chainlink VRF v2.5 (verifiable, tamper-proof) |
| Audits | 3 independent audit rounds completed |
| Staking Tiers | 5 tiers (Flex, Bronze, Silver, Gold, Diamond) |
How It Works (30-Second Version)
Auction Mining
- Four mining veins (Amethyst, Emerald, Sapphire, Ruby) emit MINERAL tokens per second
- Anyone can take over a vein by paying ETH in a Dutch auction (price decays from high to low over time)
- The previous operator receives 80% of what the new miner pays
- Remaining 20% splits into buyback & burn, staking rewards, auto-LP, and treasury
- The new operator earns MINERAL tokens until someone else takes over
Block Mining
- A 5x5 grid refreshes every ~60 seconds
- Players deploy ETH onto any squares they choose
- Chainlink VRF selects one winning square randomly
- All ETH from losing squares goes to winners — proportional to their deployment
- 1-in-625 chance per round of hitting the Motherlode jackpot
What Makes MINERAL Different
vs. ORE / GODL / Macaron (Solana Mining Protocols)
| Feature | Solana Protocols | MINERAL |
|---|---|---|
| Chain | Solana | Base L2 |
| Randomness | Solana native RNG | Chainlink VRF v2.5 |
| Mining Types | Single (grid or auction) | Dual (both in one protocol) |
| Audits | None publicly disclosed | 3 audit rounds |
| Staking | Basic single-tier | 5-tier with lock incentives |
| Deflationary | Buyback only | Buyback + AutoLP + Refine Fee |
| Admin Safety | Varies | 1-day timelock on all admin changes |
| Winner Selection | Native RNG | Chainlink VRF (oracle-grade, verifiable) |
Built on Base
- Low gas fees (~$0.01 per transaction)
- Coinbase ecosystem (800M+ users in reach)
- Ethereum security via OP Stack
- Native Chainlink VRF v2.5 support
- Growing DeFi ecosystem
The Deflationary Flywheel
Every ETH spent in the protocol creates deflationary pressure:
Mining Activity (ETH In)
│
├── 8% → Buyback & Burn (reduces circulating supply permanently)
├── 3% → Staking Rewards (ETH yield for token holders)
├── 3% → Auto-LP (deepens liquidity, LP tokens locked)
├── 80% → Previous Operator (auction) / 90% Winners (block)
└── 4-6% → Treasury (protocol development)
More mining activity → more burns → fewer tokens → higher scarcity → more demand to mine → more activity.
Protocol Architecture
MINERAL consists of 10 smart contracts working together:
| Contract | Role |
|---|---|
| Token | ERC20 with hard cap (21M), burn, and permit |
| AuctionMining | Dutch auction mechanics for 4 veins |
| BlockMining | 5x5 grid lottery with Chainlink VRF |
| EmissionsController | Epoch-based emission schedule with halving |
| RefineVault | Converts unrefined tokens to tradeable MINERAL |
| StakingVault | 5-tier staking with ETH rewards |
| BuybackVault | Accumulates ETH for buyback operations |
| BuybackExecutor | Executes buyback swaps and burns tokens |
| AutoLPVault | Accumulates ETH for liquidity provision |
| AutoLPExecutor | Adds liquidity to MINERAL/ETH pair |
All contracts are non-upgradeable (immutable after deployment) and triple audited.
Quick Links
| Resource | Link |
|---|---|
| Start Mining | mineral.bid |
| Documentation | docs.mineral.bid |
| Twitter/X | @BidMineral |
| Telegram | TBD |
| Farcaster | @mineralbid |
| GitHub | TBD |
| Contract Addresses | Security & Audits |