Tl:dr: Meet BlockMiner - a Bitcoin fair launch token platform built around proof of work. BlockMiner is here to make mining crypto fun again.
Hi ICP fam, BlockMiner is excited to announce the upcoming launch of BlockMiner.fun. Inspired by the proof-of-onchain-work design of Bob.fun, and by the multi-chain vision of CryptoSchindler, we are launching a Bitcoin tokens mining platform aimed at the Bitcoin community.
The problems we are trying to solve are: (1) pump-and-dump memecoin launches without intrinsic value, (2) ephemeral nature of memecoin communities and (3) unfair access to early token launches. We intend to solve these problems by implementing proof-of-work mining for token distribution and Bitcoin-like tokenomic models (gradual token emission combined with routine supply shocks).
BlockMiner is built on the Internet Computer, accepts Bitcoin as the payment method and provides runes and (soon) BRC-20s as block rewards directly into the user’s Bitcoin wallet. Our belief is that proof-of-work is the ideal token distribution method because it provides a fair launch, imbues tokens with intrinsic value and provides a gradual token emission schedule with regular supply shocks. In short, we believe Bitcoin tokens should have Bitcoin’s tokenomics. Satoshi got the tokenomics right on the first try… why should we deviate from that?
Differing from some ICP proof-of-onchain-work/burn apps, BlockMiner supports multiple tokens and users can change their preferred mined token anytime. We plan to launch a platform for any user to create (and distribute through proof-of-work) runes and BRC-20 tokens shortly after launch.
We also want to be good neighbors and limit the chances that BlockMiner will cause any performance issues to existing and future apps on ICP. We have designed BlockMiner to have a few levels of flexibility in the event that the app is successful and needs to scale quickly. These levels of flexibility include novel ways to control mining difficulty, deploy to multiple subnets and/or decrease the number of canisters created by the app, all while maintaining the same level of fairness and tokenomic mechanics.
Happy to answer any questions related to the app, but here’s a few details we anticipate you will want to know:
Launch Date: February 6th, 2025
Proof-of-work mechanism: Double SHA256 (like Bitcoin), we do not use the cycle_burn API
Wallets Supported: Xverse, Unisat (will expand to Magic Eden and Leather shortly, also exploring MetaMask and ICP wallets if there is demand)
Blockchains supported: Bitcoin at launch. Contemplating adding support for accepting additional cryptos and distributing tokens onto other chains shortly after launch, depending on demand (for example, Solana fans may want to pay in SOL and receive tokens on the Solana blockchain in a Solana wallet). If we do expand, PoW mining will always be on ICP.
Open-Source: we plan to announce our plans shortly
X: @blockminerfun
Roadmap Considerations : We mentioned a few items we are considering on our immediate roadmap (for example, user-created tokens, additional chain integrations) above. We also want to say that we fundamentally believe there is a high probability that the future of runes will be on ICP. We plan to leverage ICP’s burgeoning runes ecosystem (Odin, Omnity, others) to help bring liquidity and users to other ICP-runes applications.