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When was Gomining coin issued?
Gomining Coin (GMT) was initially released on August 15, 2013, with an initial supply of 100 million coins and a block reward of 50 GMT.
Dec 08, 2024 at 10:38 pm
When Was Gomining Coin Issued?
Gomining Coin Issuance Details
- Launch Date: Gomining coin (GMT) was officially launched on August 15, 2013.
- Initial Supply: The initial supply of GMT was set at 100 million coins, with a block reward of 50 GMT per block mined.
- Halving Schedule: The block reward for GMT mining is halved every 4 years, similar to Bitcoin's halving schedule. The first halving occurred on August 15, 2017, reducing the block reward to 25 GMT. The next halving is expected to occur in August 2021.
- Current Supply: As of March 2023, the circulating supply of GMT is approximately 88.8 million coins.
Factors Influencing GMT Issuance
- Mining Difficulty: The difficulty of mining GMT directly affects the issuance rate. As the network hash rate increases, the difficulty of mining new blocks becomes greater, leading to a slower issuance rate.
- Halving Schedule: The periodic halving of the block reward reduces the rate of new GMT issuance. Halving events create scarcity, which can theoretically increase the value of existing coins.
- Market Demand: The demand for GMT in the cryptocurrency market influences its issuance rate. Increased demand for GMT can lead to a rise in its price, incentivizing miners to increase their hashing power and potentially accelerate the issuance rate.
- Network Upgrades: Gomining's development team may implement network upgrades that affect the issuance rate or supply schedule. For example, the team has proposed adjusting the block reward algorithm to ensure long-term network security.
Additional Notes
- GMT is a proof-of-work cryptocurrency that uses the Scrypt hashing algorithm.
- GMT is primarily used for mining and transaction fees on the Gomining platform.
- The Gomining network is known for its focus on privacy and anonymity.
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