How are new maxcoins created?

Maxcoin frequently asked questions.
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Meconomy153
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How are new maxcoins created?

Post by Meconomy153 » Fri Jan 02, 2015 6:51 pm

New maxcoins are generated by the network through the process of mining. In a process that is similar to a continuous raffle draw, mining nodes on the network are awarded maxcoins each time they find the solution to a certain mathematical problem (and thereby create a new block). Creating a block is a proof of work with a difficulty that varies with the overall strength of the network. The reward for solving a block is automatically adjusted so that, ideally, every 12 months of operation of the Maxcoin network, half the amount of maxcoins created in the prior 12 months are created. This means maxcoins are a controlled currency supply. There is a limit on how many maxcoins can be mined.

Blocks are mined every 60 seconds, each block included 16 new maxcoins. As the amount of processing power directed at mining changes, the difficulty of creating new maxcoins changes. This difficulty factor can be calculated and is based upon the time taken to generate the previous blocks.

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