Mine LEO Tokens Passively | Your Ultimate Guide to LEOMM and LEOM

steem.leo (68) in steemleo • 5 years ago (edited)

There’s been an influx of questions about the mining tokens, LEOM and LEOMM since our launch.

We figured that there was no better way to explain it than by making the end all-be all guide to our mining tokens. An infographic that will simultaneously blow your mind and give you one of the worst cases of FOMO you’ve ever experienced.

The infographic above explains it all. But here is the written version along with some mining statistics:

Guide to Mining LEO

There are two digital mining tokens that allow stakeholders to mine LEO passively. They are called LEO Miner (LEOM) and LEO Mega Miner (LEOMM).

The LEOM mines at 1x speed.
The LEOMM mines at 4x speed.

The LEOM is listed at 2 STEEM.
The LEOMM is listed at 6 STEEM.

The listing price versus the mining speed creates a 25% discount on mining power when using a LEOMM versus LEOM.

With this comes a small caveat —> LEOMM is at a more limited supply than LEOM. That means that one day, there will be no more LEOMM’s to buy (at least, at the current price of 6 STEEM) and users who want to mine LEO will need to buy the LEOM.

There are 250,000 LEOM.
There are only 70,000 LEOMM.

How Exactly Do These Digital Mining Tokens Work?

Digital mining tokens on Steem Engine work on a sort of “lottery ticket” system based on your mining power. Different miners have different settings but here’s how LEOM and LEOMM work:

There are 30 winning miner “tickets” per hour, every hour of every day —> 30 potential winners each hour
1 mining power = 1 chance at winning a slot (i.e. if you have 1 LEOMM, then you have 4 potential chances to win 1 of these slots)
1 miner can win more than once (this is why having more LEOMM or LEOM will result in bigger payouts — you will win more often and you may even win more than 1x per hour)
The mining pool is 15% of the total inflation which means that there are 300,000 LEO tokens being distributed this year from the mining pool.

Each hour the system selects 30 random winning “tickets” (based on mining power) and then automatically distributes these tokens to the winning miners who can then claim the rewards in their Steem Engine wallet.

How to Mine LEO With LEOMM and LEOM:

So now that you know the basics. How do you even mine with LEOMM and LEOM?

1). First, you’ll need to head over to the Steem-Engine Decentralized Exchange (DEX) and get yourself some LEOM or LEOMM

https://steem-engine.com/?p=market&t=LEOM
https://steem-engine.com/?p=market&t=LEOMM

2). Go to your Steem Engine wallet

3). Find LEOM or LEOMM and then click the stake (lock) icon to the right

4). Double check and make sure that your username is in the “to” field and then confirm the amount of miners that you’re staking

5). Claim your mining rewards —> when you have rewards to claim, they will show up on your rewards page as claimable LEO. Click “Claim” and then they will be sent to your token wallet

That’s it! Every hour of every day for the life of the network, you’ll have a chance to mine LEO tokens 😉

Current Mining Token Statistics:

Special thanks to @gerber for working hard to pull the data from the blockchain and make these charts about the mining tokens on Steemleo!

Another thank you goes out to @flauwy for redesigning and optimizing our divider :)

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5 years ago by steem.leo (68)

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adenijiadeshina (66) · 5 years ago

This is an excellent guide I must say. Is there also an explanation to point out how many Leo will the Leo mega miner mine per day

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1 vote

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zammie (60) · 5 years ago

With all thismine information I wish all massive gains.

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6 votes

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financialadvice (44) · 5 years ago

Still waiting patiently to mine some LEO. Posting decent on topic content has turned out to be much more lucrative thus far. Better to go for the majority % that takes some Proof of Brain than the 15% from 'mining. '

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3 votes

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steem.leo (68) · 5 years ago

Hey @financialadvice. Yes, I checked the block explorer and saw that you've got .67 LEOMM staked. The thing about having a small amount of LEOMM staked is that it will take much longer to get a payout because your odds of winning a mining round are far lower. It could take 1 week or even 1 month (hard to say for sure) to get a payout with .67 LEOMM as your mining power is currently 2.68 and the total mining power is far greater than that.

With that said, your payout will be equivalent to a full mining payout --> meaning that you'll make about ~1.1 LEO on your payout day. At current LEO prices, that would = 0.198 STEEM which is a 4.77% ROI on your original investment in a miner (.67 LEOMM = 4.02 STEEM). Couple that with the fact that miners hold their value very well and often times increase in price after they are sold out (see EMFOUR on Steem Engine). Hope this helps clear it up a bit, if you have any other questions, please let us know. :)

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3 votes

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financialadvice (44) · 5 years ago

Wow thanks for the detailed explanation

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mindtrap (74) · 5 years ago

Excellent guide. Didn’t expect anything less than this actually:)

I have a question though. At current prices is better to keep buying Leo or to buy some miners. I know that miners are a long trrm investment, but out of curiosity...

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3 votes

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steem.leo (68) · 5 years ago

Thanks @mindtrap :)

Hmm.. Good question. If you're looking at it purely from the perspective of which one will earn you the most LEO rewards, then staking LEO and then curating and posting regularly is definitely the way to go.

Mining, however, gives you the chance to just constantly have an inflow of the token without any effort on your end. That's why we emphasized passively. So if you have to make a choice between 1 or the other and you're planning on being a highly active user of the platform each day, then staking LEO would be better. If you can do both, then even better because you'll have the tokens flowing into your wallet from both routes. Hope that helps :)

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4 votes

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mindtrap (74) · 5 years ago

I have a feeling that you’re gonna get bored of seeing me over here.

Whether you believe it or not ever since I joined Leo and Pal family, the first thing I do is to check my feed via those platforms and later on I login to steemit.

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abitcoinskeptic (73) · 5 years ago

Right now buying leo tokens is better. But when leomm and then leom get close to selling out pick those up. I plan on buying every 10 to 25% sold leomm then leom. And in the meantime getting leo cause that won't wait to go up.

Posted using Partiko Android

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2 votes

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mindtrap (74) · 5 years ago

And in the meantime getting leo cause that won't wait to go up.

Speaking my mind actually...

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bitrocker2020 (77) · 5 years ago

still waiting ... :S

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5 votes

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julisavio (69) · 5 years ago

Greetings, grand @steem.leo

Excelent notice. I think it will bring a lot of value to steem blockchain and SteemLeo.

Thank you for share with us and have a nice day!!

#steemleo #palnet

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2 votes

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bearbear613 (67) · 5 years ago

claimed my first MEGA MINER for LEO ;)

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1 vote

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funtraveller (71) · 5 years ago

Thanks a lot for the infographic guide, it definitely answers every question in mind.

By the way, I received my first mining reward today. My 1 LEOMM has got me 0.839 Leo which is quite a surprise for me. I thought it would take a while to mine my reward for such a small miner that I own. I will be getting more of these as soon as I get my payouts from Steem & other Tribes to reinvest.

Cheers!

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2 votes

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jongolson (74) · 5 years ago

this. is. perfect!!

first off i’m a sucker for infographics lol

but it goes over the two mining tokens perfectly. and very easy to understand.

thanks guys. shared this with my discord community to get them FOMO’ing ;)

Posted using Partiko iOS

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1 vote

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kayceefresh (56) · 5 years ago

after reading this i just rushed to buy 3 leomm hoping to buy more chunk at the end of the month, dont post much or curate much these days i guess , i was the one they where thinking about when they started the mining pool.

to all the lazy writers out there like me, here is our oppotunity to earn more, going bullish on loe miners

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1 vote

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emergehealthier (65) · 5 years ago

Thank you for the information. I was unsure if I needed to stake my miners. I plan on adding more over time.

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1 vote

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outlinez (65) · 5 years ago

I have 2 LEO Mega Miner from 3 days and no luck till now. Hope to win next rounds :)

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1 vote

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j85063 (67) · 5 years ago

Thanks for putting this information together for us 👍

Posted using Partiko Android

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abitcoinskeptic (73) · 5 years ago

Thanks for the explain.

I only have 5 leomm and made around 8 Leo in 3 days. I see this really paying off especially if they all sell out.

Posted using Partiko Android

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snackaholic (57) · 5 years ago

Is there somehow a way to find out who is winning each hour?

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shadowmask (55) · 5 years ago

I decided to buy exactly 1 lottery ticket.LoL, who knows there is a lot of hours in a year, maybe I will actually mine something, if not it was only 2 steem. I hope I don't end up feeling like the bitcoin pizza guy in 5 years.LoL.

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steemitboard (66) · 5 years ago

Congratulations @steem.leo! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You received more than 2000 upvotes. Your next target is to reach 3000 upvotes.

_{You can view your badges on your Steem Board and compare to others on the Steem Ranking}
_{If you no longer want to receive notifications, reply to this comment with the word STOP}

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

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retrocommodore (62) · 5 years ago

A lot of very good information here. Also, a mining system like this sounds much better than having to set up a mining rig and calculate hashes that don't actually do anything, and things like that.

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krunkypuram (51) · 5 years ago

Thanks for the explanation. I had been wondering why the LEOMM payout was erratic and I came here looking for the answer and found it in the 'lottery' system that you describe. Great stuff :)

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bitcoinflood (77) · 5 years ago

Give it another day or two and I should be picking up a boatload of new miners. BTW I love the info graphic would it be ok to use in one of my own posts?