‘Mining is Mining’: Huobi’s Mining Unit Issues 10 Billion HPT To Establish a Vibrant Ecosystem
Huobi Pool, Huobi Group’s crypto mining arm, has issued its Huobi Pool Token(HPT) on August 19, the first ever sub-token in the Huobi Token(HT) ecosystem.
The total supply of HPT is 10 billion with 2 billion airdropped to HT holders and 4 billion distributed to Huobi Pool community members. Its crowdfunding price is 0.02USDT per coin.
The unit offers others ways for crypto enthusiasts to earn HPTs. Huobi exchange users who hold digital assets such as EOS, TRX, ONT with the exchange also have the opportunity to get the airdrop of HPT. Users can also earn the coin by voting for block producers in projects including EOS, TRX and ONT, as well as by contributing their hash power to the Huobi’s mining pool when mining for Bitcoin(BTC) and/or Bitcoin Cash(BCH).
The Huobi Pool is mainly engaged in mining cryptocurrencies with the Proof-of-Work (PoW) consensus mechanism , such as BTC and BCH. It also involves in the running of EOS community.
HPT can be seen as a “mining pool token” which has three features, that is , “lock up-driven mining”, “ vote-driven mining”, and “mining-driven mining”. Among them, “vote-driven mining” will play an important role in the Huobi Pool ecosystem. Because it not only explores the mining of PoW coins, it also allows users to put Proof of Stake (PoS) coins ( EOS, TRX, ONT) in the pool which will take full use of Huobi Pool’s hash power and injects fresh momentum into the PoS coins.
Huobi Group COO Zhu Jiawei said HPT is not only a token, but also a bridge and tool for Huobi’s involvement in the development of PoS blockchain ecosystem. “ Huobi has firm belief in the blockchain space, despite the crypto bear market. We need to stimulate the industry to ignite a revolution to let blockchain technology and ‘ token economy’ to serve the real economy.” Zhu said.
As Chinese government has banned cryptocurrency trading and ICOs, HPT is only available for users from countries or regions where where the issue or use of the coin requires regulatory registration or approval.