MINE Network November Report

3 min readDec 5, 2022

People in the crypto space know well that November did not serve as solace to the real crypto and Web3 builders. Instead, the collapse of Sam Bankman-Fried’s FTX exacerbated the already moribund macro environment. To say the least, it sparked a cryptocurrency rout and has left an estimated 1 million creditors facing losses of billions of dollars.

In 2022, no money or project can stand entirely immune from such incidents. So, in a way, everyone that builds Web3 has indirect exposure to the FTX crisis.

In such dark moments, the fight is mental. However, stoicism (hope now you are a believer) tells us that we all have a fortress on the inside, and now is the perfect time to summon your courage, persistence, certainty, liveliness, and alertness.

Team Adjustment & New Positions

In Future Outlook, we announced our new strategies to confront the harsh reality, which is to take the initiative and make changes. As a result, we opened several positions for the future establishment of the project because now is the best time to adjust the MINE Network product niche, strategy, and team and gear us toward a new future.

However, this onboarding process takes time as time and conditions require us to be extremely cautious and selective in allocating resources.

Fortunately, we have several promising candidates to shoulder operational responsibilities. As a result, we believe, in the coming weeks, you will see significant growth and engagement on all MINE Network social channels.

A Change of Mentality

After the hit of FTX and multiple big-name bankruptcies, it’s finally time we, as the crypto industry, drop the Go-To-The-Moon mentality of seeking to gain enormous profits and focus on the fundamentals that brought so many of us to this world.

Crypto was never about the next meme coin or the next x-to-earn application and not about minting your tokens to fund risky business practices. Instead, it was about financial self-sovereignty and cutting out the intermediaries.

The promise of crypto should be a system where access to financial services isn’t determined by geography, race, gender, or creed. It’s a system free of the go-betweens that siphon dollars out of our pockets at every turn and where greedy actors can’t treat our life savings like their bankroll at the roulette table.

To some degree, we should celebrate that it frees us from the hamster wheel of chasing deposits, users, and mainstream attention. Instead, we can now focus on building for the long term, both technologically and strategically.

Tech Development & Roadmap

The most recently communicated roadmap cannot be adhered to due to necessary adjustments to market conditions. Therefore, it will be subject to general review and adjustment to meet a niche in the new market.

As the previous announcement mentioned, to adapt to the current market conditions, we must assemble a new team and start from a different perspective, which requires time and patience. We hope to announce our technical roadmap soon. Please follow us for more updates.

ABOUT MINE Network:

MINE Network is the First Decentralized Multichain Hashrate Token Protocol that solves the liquidity problem of miners on chains like Bitcoin, Litecoin, Ethereum, and Filecoin. MINE Network will standardize the mining power from different mining pools for different mining projects and issue hashrate tokens. Every hashrate token is a synthetic token that represents the mining power of a unique mining blockchain and is also collateralized by standardized mining power.

MINE Network will also use Substrate’s OCW off-chain oracle workers to monitor the on-chain revenue data of different mining projects in real-time and upload revenue information to ensure that the data is open and transparent for miners.

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