Starting from Aug 1st, BitForex will release and issue 44% of BF total supply, equaling a total of 4.4 billion BF, in trade and invite mining mode.
Also, BitForex will put 80% of trade-mining fees into BF token buy-back in platform income distribution mechanism.
BF Mining Time:
Pre-mining starting at 12:00 am until 23:59:59 HKT, 2018;
Mining starting at 12:00 am HKT on Aug 2nd, at the same time, BF/USDT trading would start at 12:00 HKT.
Please note: Trading and inviting mining goes the same time
What is Trade Mining?
Trade Mining Rules
BF Mining Proportion: 120% of trading fees will be distributed in form of BF Token; among 120%, 80% are circulating BF, 40% are holding BF.
BF Return Period: 120% of trade fees are converted into BF daily (0:00 ~ 24:00 HKT, UTC+8), and distributed to your circulating and holding BF account at 11 am next day, and the mining data is updated for the previous day.
Trade Mining Token Pairs involved in BF trading: currently, BitForex provides three trading pairs for mining, including BTC/USDT, ETH/USDT, and BCH/USDT. The pairs will be adjusted according to mining progress.
BF Conversion Price: BF token amount distributed hourly, according to the average price of the previous hour.
During the pre-mining period, and the first hour of BF trading, BF token initially price at 0.05USDT, to calculate the amount mined out on BTC/USDT, ETH/USDT, BCH/USDT trading.
BF Mining Limit: 3 million per hour for all, 0.5 million per day for a single account.
BF Trading Fees Buy-back Mechanism:
From the date when trade mining starts, BitForex will put 80% of the trade-mining fees into buy-back fund pool. After 1 month, 1/100 of the total amount of the fund in the pool will be used as buy-back in the market every day.
What is Invite Mining?
Users can invite friends to sign up with BitForex though invitation link. After friends complete registration, the inviter gain BF token as invite mining rebate when the invitee trades.
BitForex shall reward the inviters a separate and additional incentive BF equaling to 20% of the invitee's trading fee.
Your BF mined from inviting, which is converted into circulation BF at a floating rate of five in ten thousand to one in thousand in percentage, the initial proportion is 8%.