What is Trade-Driven Mining?
Trade-driven mining is one of the mining events exclusively held by CoinEx, aiming at Spot and Perpetual markets. During the mining, users need to apply FIRST then trade in the selected market(s), and share daily mining rewards according to the proportion of your actual executed trading volume.
How to join in?
1. Complete ID Verification in Account - Account Settings.
2. Go to the Trade-Driven Mining homepage and click the promotion that you want to join;
3. Click Apply Now to join the promotion (This is VERY important since your trading volume will NOT be effective without applying first);
4. Trade in the selected perpetual market(s) by Short Sell, Long Buy, Long Sell for liquidation, and Short Buy for liquidation;
5. Congrats! Now you can sit and wait for your mining rewards. During the promotion, the mining rewards will be allocated daily.
Note: Your daily mining yields = Your effective executed value of the day / Total effective executed value of the day * Daily yields
How do I know if my mining application is accepted？
Please make sure that you've completed the following steps:
1. Complete ID verification.
2. Go to the event page and apply to join the mining promotion.
Please make sure to complete ID verification BEFORE applying to join the mining promotion. Otherwise, your trading volume will NOT be included as your effective executed value.
If you have received a pop-up notification as above, you can rest assured that you have successfully joined our mining promotion, and all you need to do next is to make trades in any of the selected perpetual markets to start your “trade-driven mining”.
How to gain higher mining yields?
During the promotion, the trading volume of BOTH open or close a position will be included as your effective executed value of the day.
Simply opening or closing a position will only slightly increase your effective executed value. Therefore, to bring up your daily effective executed value, you can frequently place short sell, long buy, long sell for liquidation, and short buy for liquidation orders to make more trades in the selected perpetual markets in order to gain higher mining yields.
Why is my effective executed value still ZERO after opened/closed positions?
The situation may occur under these circumstances:
1. You didn't apply to join the promotion. Please make sure you've visited the event page and apply to join the mining promotion, otherwise your trading volume will NOT be included as your effective executed value.
2. The markets you just traded in were NOT the selected perpetual markets of the promotion: For each mining promotion, a batch of different perpetual markets will be chosen for different promotion themes. Please refer to the announcement and trade in the selected markets accordingly.
3. The statistics of trade-driven mining are updated at EVERY O’CLOCK. Please wait for the next new hour and refresh the website for your mining stats.
How many rewards will I receive after making the trades?
After making the trades, you can go to the promotion page and view the details of the current effective executed value on CoinEx, your est. effective executed value and your est. daily yields.
When will the reward be allocated?
Your mining yields of the previous day will be allocated to your spot account on the next day.
Is there an upper limit of reward for each participant?
Yes. Since the limit of reward varies from promotion to promotion, please refer to the announcement for more detailed information.
Example of Reward Calculation
On Day 1 of the promotion, the actual executed trading volume of Alice is 5,000 USD, while the total trading volume on CoinEx of the day is 500,000 USD and the daily reward is 100,000 CET.
On Day 1, the proportion of Alice’s actual executed trading volume = 5,000 / 500,000 = 1%
On this day, the reward for Alice = 100,000 * 1% = 1,000 CET