In this video Michael Joseph Presley introduces BitcoinMYK’s new simulated mining product and explains how it works alongside the platform’s staking system. He begins by contrasting traditional proof‑of‑work mining, where miners secure a blockchain and then sell the earned coins, with emerging ideas that may replace PoW and PoS. Presley describes why BitcoinMYK chose to piggyback on established blockchains rather than launch its own, highlighting benefits such as avoiding miner payouts that can depress token value. The core of the offering is a set of purchasable “simulated miners” (Series 1 for 10,000 BTCMYK tokens yielding ~100 tokens/day, Series 2 for 100,000 BTCMYK tokens yielding ~1,000 tokens/day). Half of each purchase price is funneled into a daily reward pot; each evening a random generator selects one miner to win the pot in addition to the regular daily token emission. This mechanism blends mining‑like token distribution with a staking‑like guaranteed daily reward. Presley also outlines the planned internal marketplace where users can transfer miner ownership via mutual agreement and signed transactions, noting that account security remains the holder’s responsibility. He then compares simulated mining to staking, stating that staking provides a monthly return (approximately 29.9% APR, variable) on staked BTCMYK tokens. Finally, he lists the multiple utilities of the BTCMYK token – as a curation token, ad‑purchase token, universal basic income (UBI) token, and a deflationary token where every transaction (including miner sales and ad purchases) burns a portion of supply. The video concludes with a call to action for viewers to like, subscribe, and follow future updates.
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Welcome back to the channel. I hope you all are having a great day. So today we want to talk about simulated mining. What is that? What does it mean to simulate mine? Very, uh, cool, interesting, um, new product we have, uh, with the BitcoinNYK project called simulated mining. And we're going to talk a little bit about staking, the differences between the two. People are now starting to purchase our simulated miners, so let's explain a little bit about mining to get us started here. So miners, we know, secure the blockchains and they mine coins, they mine the cryptocurrency and they're compensated in the cryptocurrency. Now, part of the problem, I guess we could say, is in that generally what happens when miners come into possession of these cryptocurrencies, They then sell them, right? So the miners are being compensated. They sell the coins, you know, for mining and securing the network. Now, this is the model we have to use. This is just how things work in cryptocurrency. But there are predictions that in the future, and there are some projects out there now that are saying that that might not be the best model. And as we go forward, You know, we're figuring out that, you know, solutions to who mines, how we mine, how it's compensated, which is the best way to secure the network. We're exploring many different ideas. And in the coming future, some people are even under the belief that proof of work and proof of stake may end up being replaced. right? So that would be quite interesting. Now, of course, we know the problems with mining under proof of work, the exhaustion to so many resources, the harm to the environment. It is, it just can become a very impractical thing that we're doing to create the blockchain. So Um, to understand the Bitcoin MYK project and how all this is relevant, the Bitcoin MYK project, when we first started the project, we went out to create our own blockchain like many of the other cryptocurrencies. Now, of course, the problem is when you create your own blockchain, uh, pretty much anybody could create a blockchain, but there are, uh, certain I guess you could say, quality of blockchains, right? So you have more secure blockchains, you have blockchains that can be attacked and become insecure. And generally how it works is, yes, it is true, you can create your own blockchain, but a lot of the blockchains aren't very secure. They can, they can be 51% attacked. And, you know, it's just going to always become this thing of the security of the blockchain not quite, you know, being the best. And, um, people aren't going to want to invest a lot of money in blockchains obviously that aren't secure with their, with their money. That's why Bitcoin is the best. That's why most of the money finds its way into Bitcoin, because Bitcoin, uh, is the hardest, uh, chain to attack, right? So the thing is, if there are blockchains that are more secure than others, and we're not going to take the risk of putting all our money on the ones that aren't. What can be done? Well, of course, we know that many projects create tokens off blockchains. It's where they kind of piggyback off blockchains. They use blockchains, they have tokens on the blockchain, but they don't have their own blockchain, right? So we have chosen that route because There are many advantages to that. We had, when we were going to create our blockchain, we had everything ready to go. We had the nodes ready to run, but it made sense for us not to go through with that process in that there are so many advantages of piggybacking off of blockchains. And there are other projects that have a type of Bitcoin at the basis of them that are doing similar things. And that is piggybacking off of well-established blockchains, blockchains that are harder to attack. Now, what are some of the advantages of piggybacking off of a blockchain? Well, number one, you don't have to pay miners. What happens when you pay miners? Well, when you pay miners, it's going to cause your cryptocurrency value to drop because the miners are going to be selling the tokens, obviously, right? And some miners selling quite a bit, mining quite a bit of coins per month. What that does is that frees up a lot of resources for us to put back in our tokens, and that's going to be better for, um, people who, uh, are invested in our token in some form or another. But what's really, uh, interesting is that just because, uh, We don't have to actually mine blocks doesn't mean that we don't have the, the, the, if you will, gaming aspect of mining blocks. Right. So a lot of people like to mine. It's fun. If you're a miner, you probably just like mining. And the idea, concept of mining in itself is quite interesting. Right. The overall goal of mining, I think, to us, in my opinion, would be securing the network, but distributing tokens across the network, right? And, you know, so many miners come into a project and the more miners you have, the more well distributed your token ends up, right? So in a situation like this where the chain is already secure, there are already miners mining the actual blocks, We thought it would be interesting and very cool and have this game element to having simulated mining. Now, other projects do a similar thing like Electroneum with their mobile miners and their various products like this, but we said it'll be interesting to add this to our project as well. What it does is it gives our token more uses, right? And we're trying to pile up as many uses for our token as possible because we want it to have a big use case. So how this works is, um, basically you can purchase these miners, these are these, uh, simulated miners, right? Now, uh, this isn't really anything new, but what is new about it is people are starting to purchase the miners. And the next part is you're going to be able to, through our internal market, sell your miners back and forth, right, for BitcoinMYK tokens. So that is the new aspect of what's going on. So how does it work? How, how does it work if you're not actually mining the blocks? Well, again, we feel we're fulfilling the idea of mining, and that's, uh, helping to distribute, uh, these tokens across the network. But, uh, you know, as well with the, the blockchain already being secure, that's not a problem. But, uh, if you look at something like proof of stake, where there is this algorithm that selects who gets to mine a block, We follow a certain idea of that and how it works is you purchase the miners. You can purchase as many miners as you want. There is a random generator that, that every evening generates which miner wins the— solves the block, the simulated block reward. Okay. So that means that the more miners you have in this thing, Um, the more chance you get of solving the block reward right now. In addition to that, it kind of has a staking element. And, um, what that basically means is that whether you solve the block reward or not, you're going to earn so many tokens each day, just like if you were mining, same way. So if you have something like the M1 model, I believe you might— you're mining like 100 tokens a day, but you're still able to solve the block reward, right? If you have a Series 2, you're mining like 1,000 Bitcoin MYK tokens per day. Now, just like in, um, uh, what you get with traditional mining, buying mining equipment is very expensive, right? So, uh, we have some kind of hefty token prices, uh, here to purchase our miners. But the great thing about, uh, purchasing these miners, um, is that, um, Um, the, the great thing about them is, um, it not only does it give the token a use, but it takes these tokens off the market, right? So that gives more value to the tokens. Um, and, uh, you're going to be able to mine so many tokens a day anyway. So if you got the Series 2, you're going to be able to mine 1,000 a day. You got Series 1, you're going to be able to mine 100 a day. Yet you're still in this algorithm, this random algorithm that's going to generate whatever miner for the day it selects to win the block reward. Now, how does the simulated block reward work? So the simulated block reward works on the idea of as people purchase the miners, right, these simulated miners, half of the money that goes into the daily purchases, they go into the block. They're what pays the block rewards, like 50%. So our entry-level miner is 10,000 Bitcoin MYK tokens. Tokens. And that's a good price right now because the price of BitcoinNYK tokens are so low. You can mine 100 tokens a day with that. Now what'll happen if somebody spends 10,000 BitcoinNYK, get a Series 1 miner? When they purchase it, half of that 10,000 BitcoinNYK, 5,000 goes into the pot. Now those 5,000 BitcoinNYK tokens, whoever, whoever miner comes up for that day, they win that 5,000 plus their daily miner rewards, whatever they're going to be. So if a Series 1, that'll be 100 BitcoinNYK tokens. For a Series 2, that'll be $1,000, right? And now a Series 2 miner costs 100,000 Bitcoin NYK tokens. So you're talking to like, uh, something on the level of what would be a big mining data center, a big mining pool. That's who would probably want to purchase, uh, a Series 2, um, uh, um, uh, miner. And you know what, that's pretty much it. Your tokens are generated, or rather sent automatically to your accounts every day at the end of every day, usually around about 6 PM Eastern Time. And that's pretty much how that works. Now, want to just cover a little bit about staking next. What are the differences? Because it's very similar, some similarities in staking, but staking is a little bit different. Staking kind of works like the first part of the miner here. But what happens with staking is, uh, staking is pretty much you're just getting so many tokens per month. So, uh, say if you, you invested, uh, you could take your Bitcoin NYK tokens, you take like, um, uh, 1,000 Bitcoin NYK tokens, and I think the rate is something on 1,000, something like it's like 1% almost a day. And that, that rate does change, so, uh, it changes and you can see it every month what whatever it goes to, but I think it's around 29.9% per month, which means like on 1,000 stake tokens, you're probably going to receive something like 299 BitcoinNYK tokens per month. So let's take you over to the staking page. Okay, we're down on the staking page and you can kind of see how it works, uh, and, uh, the tokens that are being generated And so, yeah, something like 29.9% of the tokens get generated per month. Oh, excuse me. And as they get generated, they're sent to your Steam Engine wallet each month. And so the rate does change. It all depends on where we're at at that particular time of the month, so you don't really know what you're going to get. But, uh, it moves something, uh, around that rate, or it's been moving around that rate. It all depends on what's happening in the market. It depends on many factors. But just some, some more, um, additional things that can be done with the BitcoinNYK token as we try to make as many uses, uh, for it as possible. Okay, so in discussing the transference of your simulated miner, because what we're trying to do is we want to have a way for people to come together, and if they want to transfer the value of their, their miners back and forth for whatever they agree upon, whatever value they agree upon, we want them to be able to, to do that. So what we want to have in a situation like that, as we're thinking about building a specific system for forward. But I think for right now, uh, it's gonna kind of be one of these agreements that they can form on a forum together. And when these two parties, they, they'll do a signature and, uh, they can sign off on it. And when they agree, we'll have a particular section for it soon. When they agree that they want to transfer one miner to another, when they sign in from their registered accounts Uh, once they both agree on it, we'll be able to basically for free, or we may charge something like, um, I'm thinking we're gonna— we might charge it. Then again, I think we're just gonna keep it free. I think that— I don't, I don't think we're gonna take any money for this. But, uh, I think what we'll do is when they— these two parties agree they want to transfer their miner, we'll, we'll transfer their miner ownership into whoever these parties agrees on, and then it'll be between them to, you know, to basically come up with, to make arrangements of how they want to compensate one another for that. The only thing we want, wish to facilitate is the actual transference of value when we have both, both of these parties in agreement. Now, we also want to be clear that once that agreement is made from your account, No matter whether your account was, um, uh, hacked by somebody, or you're still going to be responsible for your account, right? So whatever happens in your account, you're going to be responsible for it as well. So, you know, we want to be clear that whoever wants to use the system understand that, that when they come into this and they decide they want to transfer the value of their miners to one another that, uh, you know, if somebody gets into your account, they're saying, okay, let's do the transfer, you come back and later you're like, oh well, I didn't approve that. Well, uh, your account, you're responsible for it. So that's how we're gonna have to do that for right now. Um, but it's just another option we want to give people so they will be able to purchase these miners, then transfer the value of the miners to whomever they want at whatever price they want. So I think that's going to be Quite interesting. And those are pretty much our latest developments with that, um, that we want to talk about. But just yet another way to use the BitcoinNYK token. We have many ways now. We have, uh, it is used as a curation token right now, uh, it is used as an ad token right now. You can use the token to purchase ads on the site, promote yourself, put ads on the site. Um, it is a UBI token. We distribute UBI through the token throughout the globe. 80% of the globe requires universal basic income. Uh, it is a token where Bitcoin users can get it free based on the Bitcoin in their ledger. That hence the name BitcoinMYK. It follows the Bitcoin ledger. It is a deflation cryptocurrency, meaning every transaction that's done with this token burns a token. So it is a very aggressive burn. Uh, this is also true of transactions, the selling of miners, uh, that counts as a transaction. Buying of ad space counts as a transaction. So all those tokens get burned, they're counted as transactions. So very interesting project, uh, we're very excited about it. We know you guys are going to like it, get a lot of value from it as you use it. But that's all I want to say in this video. If you like content like this, don't forget to like and subscribe to our channel. That way you can keep up to speed on our latest developments. Until next time, take care.
