What is Instamine?
Instamine is the process where a significant amount of cryptocurrency is mined in the first days or even hours after the launch of a new cryptocurrency network.
This term often has a negative connotation and is associated with the uneven distribution of coins among early participants, which can lead to market manipulation and reduced trust in the project.
Key Characteristics:
đ” A significant amount of cryptocurrency is mined in the first hours or days after the network launch, often before most users know about the launch.
đ” A large portion of the coins ends up with a limited number of participants, which can lead to price manipulation and concentration of power.
đ” The community may perceive instamine as a scam, leading to criticism and difficulties in project adoption.
Prevention Methods:
đ” Announce the exact launch time of the network and provide equal access for all participants.
đ” Implement mechanisms that ensure an even distribution of coins among participants in the early stages.
đ” Provide advance notice to the community about the planned network launch so that everyone can prepare.