Pre-Trade Mining at ProBit, Explained
An introductory explanation of what Pre-Trade Mining is and the benefits you can get by participating
Most traders at ProBit Exchange are already familiar with ‘Trade Mining’, however ‘Pre-Trade Mining’ still remains a foreign concept to many. Pre-Trade Mining is essentially Trade Mining with a few tweaks and modifications. Hence, in order to explain Pre-Trade Mining, let us first revisit how Trade Mining works.
Trade Mining
Trade Mining or ‘trade-driven mining’ is a way for ProBit Exchange to reward users by distributing its own utility token — the ProBit Token (PROB) based on the user’s trading volume.
During the Trade Mining period, 80% of trading fees are converted to PROB at market price and deposited to traders as rewards. For example, if the trading fee is 1 BTC, traders will receive PROBs equivalent to 0.8 BTC.
For traders, trading fee is a loss inherent in any exchange. However, Trade Mining provides traders with an opportunity to reimburse the trading fee loss by getting exchange tokens — PROB, in the case of ProBit. Furthermore, Trade Mining at ProBit works in conjunction with the Referral Program which rewards traders with 10–20% of trading fees, hence, Trade Mining allows traders to effectively have zero-fee trades!
Trade Mining at ProBit Exchange is scheduled to kick off after the listing of ProBit Token at ProBit Exchange.
Pre-Trade Mining
Pre-Trade Mining works in the same principle as Trade Mining. PROBs are still rewarded to users of ProBit Exchange based on their trading fees. However, in contrast with Trade Mining, Pre-Trade Mining at ProBit will start before the listing of ProBit Token (PROB) and will occur in rounds with relatively short duration.
ProBit Exchange is scheduled to hold Pre-Trade Mining on the following dates:
1st Pre-Trade Mining Round:
30 Jan 2019 (16:00 KST) to 31 Jan 2019 (04:00 KST)
2nd Pre-Trade Mining Round
31 Jan 2019 (19:00 KST to 23:00 KST)
ProBit Token (PROB) Listing
31 Jan 2019 (23:59 KST)
Pre-Trade Mining also follows several conditions which are summarized below:
1. Quantity of tokens to be mined per round is limited.
The number of tokens to be mined for each round is capped at 1,000,000 PROB.
2. Price per PROB is fixed.
The price of PROB is fixed at KRW 240 or equivalent USDT amount.
3. Only selected pairs are eligible to mine PROB.
4. Mining rate is 100% of trading fee.
Here’s a detailed summary of the terms for the Round 1 of Pre-Trade Mining at ProBit:
The terms for Pre-Trade Mining (Round 2) will be announced at a later date.
Pre-Trade Mining Championship
If the zero trading fee is still not enough to attract you from participating at Pre-Trade Mining, you will surely change your mind upon hearing about the Pre-Trade Mining Championship. The top miners of PROB will be rewarded with a total of 2 BTC (Check table below)! Now, that’s definitely huge!
Why Mine PROB?
Say that you have acquired PROB through Pre-Trade Mining, you are bound to receive endless of benefits as a PROB Holder!
Regular Airdrops
PROB holders already received multiple airdrops of tokens listed at ProBit even before Pre-Trade Mining. PROB holders will receive 12 more rounds of airdrops of coins and tokens to be listed at ProBit in the next 6 weeks! Check the Airdrop Schedule here.
Exchange Benefits
PROB holders will receive several utilities and benefits at ProBit, including trading fee discounts, referral bonus, voting rights and preferential access to new features at ProBit.
BuyBack of the Decade
30% of all trading fees incurred in both Pre-Trade Mining rounds will be used as funds to buyback circulating PROB tokens in 2019.
Conclusion
It is evident that mining ProBit Token (PROB) during Pre-Trade Mining phase offers multitude of benefits to traders.
Pre-Trade Mining will be held from Jan.30–31 at ProBit Exchange (www.probit.com) and ProBit Korea (www.probit.kr). Don’t forget to mark your calendars!
