What is Post-Mining?
Let's find out Post-Mining meaning, definition in crypto, what is Post-Mining, and all other detailed facts.
Post-Mining is a process used by developers to produce new coins after a cryptocurrency is launched but before public mining is available. This enables the team to create new currencies without interference from outside parties.
This occurs on occasion between snapshot dates, including when token levels are calculated so that a freshly generated coin may be dumped or traded on exchanges - but before code is publicly disclosed for outsiders to mine new currencies.
For instance, Bitcoin Gold (BTG) carried out what many thought to be post-mining. The team that developed the project issued 100,000 BTG between the snapshot date and the date that the public mining first started.
The initial team took 5,000 BTG for every Bitcoin Gold’s six fundamental members. The remaining BTG was set aside for growing the newly developed currency’s environment. But a few considered these 100,000 BTG to be a big amount for that goal.
Coinbase, on the other hand, refused to endorse the launch of BTG, claiming that the currency's developers had not made the code accessible for public inspection. The exchange saw this as a "serious security concern," and a negative vibe developed throughout the ecosystem regarding BTG.
Following that, BTG was subjected to a 51% attack, and despite the team's response and implementation of an upgrade to its mining algorithm, the damage had already been done.