The Basics

What is MinexСoin?

MinexCoin is a global payment system built on the eponymous low-volatility crypto-asset regulated by an autonomous algorithm with methods proven on traditional financial markets.

What is so unique about the MinexСoin?

MinexCoin asset is a low-volatility cryptocurrency with predictable and dirigible price development. It may be employed both as a means of settlement and a means of saving. Long-term value of the coin is based on its annual growth of 33.6%. In order to reduce its volatility such supply/demand regulation tools as market interventions and coin parking are used. By parking MNX in your MinexBank account, you may earn your interest with no risk of losing your money. Besides predictable increase of MNX price enables you to earn from increase in the exchange rate.

How does MinexBank work?

The main purpose of MinexBank is to stabilize the exchange rate within the range of no more than 5% of the previous day’s closure price. The five per cent growth owes to the practice of global stock exchanges. Once the values are reached, stock markets halt the trading, thus preventing speculators and misguided investors from dictating their own prices. Once the limit values of the five per cent range are reached, MinexBank has two options: it either changes interest rates for parking payouts, or intervenes to keep the price within the preset range. Coin parking and intervention are the basic financial instruments used by MinexBank.

What are the coin’s parameters?

Total amount: 19 000 000 MNX

Block rewards: 2.5 MNX

Hashing algorithm: Equihash

Block size: 1 MB

Block time: 3 mins

Premined Coins Distribution

Premining: 5 500 000 MNX

ICO (subscription + pre sale + bonuses): 2 700 000 MNX

Bounty: 300 000 MNX

MinexBank reserve: 1 500 000

MNX Developers’ and advisors’ capital: 1 000 000 MNX

ICO 1st Stage period (Subscription): 06.10.2016 – 28.12.2016

ICO 2nd Stage period (Subscription): 15.05.2017 – 13.06.2017

MinexCoin Wallet

Where can I find and download the wallet?

You can download the wallet at our official website https://minexcoin.com
To choose the wallet for your OS you should scroll the webpage down until you see the button Download Minexcoin Core Desktop. Once you move your mouse cursor over it, you will see the options for different OS. Currently there are wallets for Win 64 bit, Win 32 bit, Linux and Mac OS.
Wallets are downloaded as archived files. You should start a minexcoin-qt (for Windows systems), minexcoin.sh (for Linux systems) and Minexcoin-Core.dmg (for Mac OS)

Please feel free to contact us at any time if you have any further questions.

Is this wallet safe?

We strongly recommend you to backup your wallet once you downloaded and installed it. The file’s name is usually “wallet.dat”. Copy the file to some safe location, for example, flash-drive. We would also advise that you re-do the backup from time to time, especially when you receive large amount of coins, in order to secure your coins additionally.

You might need this file if you want to move your wallet from one computer to another, if you need to reinstall the OS, etc. This way you can also use your wallet in different systems, i.e. copy the wallet.dat file to your desktop with the Win 64, to your laptop with the Mac OS and your Android app (in future) and have possibility to work with the MinexBank from each of the devices.

Please feel free to contact us at any time if you have any further questions.

How do I backup my wallet?

To make a backup of the wallet you need to:

  1. Go to menu File
  2. Choose Back up Wallet…
  3. Choose folder to save the backup and the name for your backup file.

    For Windows systems wallet.dat file is saved to C:/Users/User Name/AppData/Roaming/Minexcoin.

    For Linux systems wallet.dat is saved to /home/[User’s Name]/Documents

    For Mac OS wallet.dat file is saved at Library/Application Support/Minexcoin

  4. Press Save
  5. Copy the file to some safe location, for example, to a flash drive.

NOTE: Please do not rename wallet.dat file, otherwise the wallet would not see the balance.

Please feel free to contact us at any time if you have any further questions.

How do I recover the wallet?

To recover the wallet with a backup file you should download a new wallet from our web-site https://minexcoin.com, install it and copy your previously saved wallet.dat file to the folder
C:/Users/User Name/AppData/Roaming/Minexcoin (for Windows systems).
/home/[User’s Name]/Documents (for Linux systems)
/Users/XXXXX/Library/Application Support/Minexcoin (for Mac OS systems)

Please feel free to contact us at any time if you have any further questions.

What is the wallet encryption?

Our MinexCoin Core wallet has encryption option which prevents unauthorized operations with your coins - no one can transfer coins from your wallet without knowing your passphrase.

To encrypt your wallet you need to:

  1. Go to menu Settings.
  2. Choose Encrypt Wallet…
  3. Think about a passphrase which is quite difficult to guess and type it in.
  4. Confirm your passphrase.

NOTE: You should be extremely cautious with this option, because if you forget your passphrase no one will be able to recover it.
Also there may be a case when during creating a passphrase you enter it too fast or touch some keys on your keyboard without even noticing the phrase, and then find yourself in situation when you “know your passphrase” but the wallet doesn’t give you access. Please enter the passphrase slowly.

Please feel free to contact us at any time if you have any further questions.

What is the “wallet address”?

Technically saying, it is a string of bytes obtained by converting a public key. The address is made up by coding and consists of up to 34 letters of the Latin alphabet or digits in length. For example, MinexCoin wallet address might look like this: XKPboGhkX1KW5KTD8tuR22EYa5Zt1NFeud.

The address is used for identification of the recipient when making transactions with the coin.

How many addresses can I create?

One wallet can have several addresses and you can work with all of them. One can be linked to your account in the MinexBank, another one can be used to receive your mined coins. You can use the third address to pay sellers for the goods or services you purchase from them (in future). You can create as many addresses in your wallet as you wish.

Currently in the Overview tab of the wallet you can see the total balance of all the addresses you have.

You can check number of addresses, add a new one or rename it in menu File – Receiving Addresses (for addresses you receive the funds to) or menu File - Sending Addresses (for addresses you use to send the coins from).

Please feel free to contact us at any time if you have any further questions.

How do I send coins to someone?

  1. To send coins to some other participant, please, press Send button on the top of the wallet.
  2. Enter the recipient’s address in Pay to line. You can copy and paste it from the clipboard (Ctrl + V or using Paste address from the clipboard button, or pick among the existing addresses, if it is not the first transaction for this address, by using the button Choose previously used address)
  3. In the next line you can name the wallet you send coins to to add it in your recipients’ list.
  4. Next step is to enter a number of coins to be sent. If you wish that the transaction fee was paid by the recipient, tick the box that says Subtract fee from amount on the right of the amount line. Recipient will then receive less MinexCoins than you entered in the amount field.
  5. You can also send coins to several recipients at the same time. To do this press button +Add Recipient in the bottom of the form after you entered all details for the first recipient. If multiple recipients are selected, the fee will split equally.
  6. After you fill in all the fields press Send button below.
  7. The coins will be sent right away and received immediately, but the recipients will be able to use them after receiving 6 confirmations of the transaction from the blockchain.

NOTE: Fee is set by the sender, we recommend to set it at 0.00020000 MNX/Kb.
Please feel free to contact us at any time if you have any further questions.

How do I request coins from someone?

To receive coins you can create a request at the Receive tab on the top. All fields in this tab are optional except for the Amount.

The interesting feature of the wallet is that you can create a request for receiving coins for accidentally generated address. This is made due to security reasons to avoid showing your address around the Internet.

However you can also use some of the existing addresses. To do so you should tick the box under the Message line before you press Request Payment button.
Please feel free to contact us at any time if you have any further questions.

MinexBank Operations

What is MinexBank?

MinexBank – is an absolutely new and really revolutionary product which allows you to gain additional profit by parking the coins from your wallet.

What makes parking different from usual regular depositing?

While depositing implies you give your assets to a third party like a bank, parking only means temporary suspension of the amount of coins designated by you in your wallet. In order to get interest from the parked coins, you undertake to withhold the coins at specific address of your wallet for a certain period of time (from one day to one year), i.e. the address which is linked to the bank account. If need arises to use suspended coins before the parking term ends, you still may spend them. In that case you just won’t have your interest.

A distinguishing feature of parking coins is that you do not move them to your bank account. They stay in your wallet and you are the only one person with access to them. MinexBank only displays the number of coins located at a certain wallet address and allows to park them, i.e. suspend them at the bank account at a certain interest rate depending on the parking period.

NOTE: Please remember that if you cancel the parking before its period expires, you lose the interest.

This also can be the case if you move the coins from the address linked to the bank account - parking will be cancelled automatically due to lack of coins at the address. To avoid such situation you should check number of coins at the address linked to the bank account and in the MinexBank. You can check it at menu Send - Inputs.
Please feel free to contact us at any time if you have any further questions.

How do I register at MinexBank?

In order to work with the MinexBank you need to register at website https://minexbank.com/ according to the instructions below

  1. Open your wallet.
  2. Go to menu File – Receiving Addresses
  3. Create a new receiving address with the label MyMinexBank and copy it (right click the mouse and choose Copy Address line in the drop-down menu)
  4. Go to website https://minexbank.com/
  5. Click Sign Up or the Get Started button.
  6. Paste the new address you have copied in the Minexcoin Address field.
  7. Create and enter the password for your bank account and confirm it in the line below.
  8. Next step is to confirm the address at the next stage of registration. To do so you should go back to your wallet and go to menu File – Sign Message...
  9. Paste your new address to the first field of the form.
  10. Type in the word minexbank in the second field
  11. Press Sign Message button below.
  12. You will see the code in the thirst line. This is your “signature” for this operation. Copy it.
  13. get back to the MinexBank and paste the signature to the second line.
  14. Press Confirm button.

If you did everything correctly, MinexBank Dashboard would be shown immediately.
Please feel free to contact us at any time if you have any further questions.

How does the MinexBank work?

The interface of MinexBank is simple and user friendly. However, we will spend some time to tell you how it works.

At the top line of the Dashboard you can see the number of available for parking coins you have, i.e. how many coins you have at the address which is linked to the bank. Then there is the number of already parked coins. The last number shows your general balance, i.e. both parked and available for parking coins.
On the left of the numbers you can see the Refresh button (curved arrow). Click it to see the actual numbers, because currently this information is not refreshed automatically.
On the right of the numbers there is a Log Out button.

Due to security reasons we recommend you not to save the password in your browser and not to leave the MinexBank website opened and unattended.

Below at the page you can see current interest rate of the bank for daily, weekly and yearly periods for parking. We do recommend you to check this block from time to time, because interest rate may change quite often and you might find it more profitable to cancel your existing parking to re-park it again at the new interest rate.

Then there is a parking block. You can see the interest you will gain if you park some amount of coins for any of the available parking periods.

Further blocks show active parkings (shows parked amount of coins, excepted interest, parking period, date of parking, and the countdown) and list of Payouts (i.e. how much interest have you received and the transactions’ hash addresses which you can check at http://minexexplorer.com).
Please feel free to contact us at any time if you have any further questions.

How do I park my coins?

First of all, make sure you determined exact number of coins you want to park and defined the parking period. Then do the following:

  1. Enter the amount of coins to park to the field Amount
  2. Choose the parking period among Daily, Weekly and Yearly
  3. Press Create button on the right of the block

Congratulations! You have parked your coins.

Note: During payout a minimum transaction fee of 0.00001 MNX is set and deducted from your amount.

If your return is smaller that a minimum value required, which is less than 0.001 MNX, you will not be able to park.
Please feel free to contact us at any time if you have any further questions.

Coin Mining

What is coin mining?

Mining is a process of extraction the coins by finding the blocks. You can mine solo, i.e. by yourself using your computer, or in the pool, i.e. among other miners.

What is the difference between mining solo and mining in the pool?

If you mine solo, you are the only one to receive the profit from mining onto your wallet. However, solo mining is quite a difficult energy and time consuming process.

Pool mining is much easier, because your productive capacity is multiplied due to other members’ capacities of the pool. At the same time all coins which were “found” in pool are distributed among all its members. The coins are distributed in proportion to the efforts: the more capacity you granted the more parts of coins you get.

Note: For any mining process, whether it is solo mining or work in pool, coin developers get 0.5 MNX from each block.

Awesome! Now how do I start mining?

You can mine solo using your own wallet.

  1. Go to menu File – Help – Debug Window
  2. Choose Console tab.
  3. Check instruction at our Blog to enter commands for mining at https://blog.minecoin.org/here-is-detail-instruction-how-to-mine-7be0d91ef5f0

Currently we also have CPU and GPU mining pool (Windows and Linux). The pool was created and is maintained by our Community participant Racquemis.

Pool addresses
Asia: Asia.minexpool.nl
Europe: eu.minexpool.nl
USA: usa.minexpool.nl

You can check instructions and ask all questions about the pool mining at specialized Telegram group at t.me/mxpool (@mxpool) (English only)

ICO and Bounty Campaigns

How do you distribute reward for participating in ICO and Bounty campaigns?

ICO and Bounty campaigns’ rewards are distributed in different ways because the campaigns differ a lot.

ICO - is actually direct investments. For those who invested their money into our project distribution works as shown below.

We take the investment amount and add a bonus which depends on the date when investment was made, e.g. those who invested in the first days of the campaign get 50% bonus. The amount with the bonus is divided to the MNX/BTC exchange rate at the moment of the campaign completion.

Let say, that a person invested 0.5 BTC in the first days of the campaign and he is eligible for 50% bonus. His reward formula will look like this:
0,5 BTC + 50% / 0.00230755 = 325 MNX

Withdrawal orders for ICO rewards were mostly processed automatically unless there were balance errors detected. If that was the case, orders have been checked manually.

You can check information at our ICO campaign at https://minexcoin.com/?r=site/ico

Bounty campaign rewards’ distribution was a bit more difficult, because each task was estimated differently. You can check “price” for different tasks on the Bounty campaign at https://blog.minecoin.org/minexcoin-bounty-campaign-4413fea291f8

Withdrawal orders for Bounty rewards are checked manually to avoid mistakes which could take place at automated distribution as well as detecting bots and multi accounts.

Currently we have the list of the bots and multi accounts detected https://docs.google.com/document/d/1loQjUoOleSKj-ITowlo4ZbdO499i7IojnPOMWnw2_iQ/edit

If you find yourself in the list but you do not agree with this, please, send us an email to [email protected] and provide us with the proof that you are not a bot or that was your only account. We’ll be happy to re-check information and send your coins to you or explain why we wouldn’t do it.

All participants can also withdraw the coins from ICO and/or Bounty accounts directly to exchanges, when our coin will listed on them.

If you still want to withdraw the coins onto your wallet, please, check our instruction at https://blog.minecoin.org/withdraw-mnx-from-the-ico-account-to-mnxcore-9014bc3a3b6b.
Please feel free to contact us at any time if you have any further questions.

Errors and problems during rewards withdrawal

We faced some errors and problems while distributing coins between ICO and Bounty participants:

  1. Due to some bug that occurred in the beginning of the campaign, some ICO account owners had wrong amount at their balance, so we had complaints that the system does not allow to withdraw the whole amount but only a half of it. Problem was solved by calculating the correct amount according to the formula provided above.
  2. In Bounty account participants had their withdrawal orders in Opened status for quite a long time. This status means that the application was submitted successfully, but there are errors in the balance sheet and it has to be checked manually. Of course, it took more time, but also prevented Community from the losses as a result of automated distribution to all participants, including bots and owners of multi-accounts.
  3. Another problem was when participants ordered withdrawal for their old test wallet, Xcore. Coins never reach this wallet, because it is now not maintained and was only used for testing the coin and the bank. Now we have instruction for moving the coins from Xcore address to the new MNX Core wallet.:

    In Xcore

    1. You need to copy your Receiving Address you sent the coins to.
    2. Go to file Help - Debug Window - Console (tab)
    3. Enter the following command dumpprivkey [address]
    4. Copy the line you get (this is your private key)
    MNX Core
    1. Go to menu Help - Debug Window - Console (tab)
    2. Enter the following command importprivkey [the line you got from Xcore]