Minereum was launched on the FTM Network on the 5th November, 2022. Initially all the FTM airdrop participants received a Genesis Address Level 1, totalling 8,383 Genesis Addresses.
Each Genesis Address was attributed 300,000 coins. As there were initially 8,383 Genesis Addresses on the Airdrop, the Total Initial Supply was set to 2,514,900,000 MNEF. However, take into account that in the FTM version all addresses are Genesis Addresses Level 1 by default and more airdrop transfers will be triggered.
Whenever Genesis Address owners upgrade their addresses to Level 2 or Level 3, the mining process starts. The mining process will run for 5,475,314,685 FTM blocks with a reward of about 0.00005 MNEF per block. The upgrade fees are distributed to the FTM Fee Share Holders.