Minereum was launched on the AVAX Network on the 5th November, 2022. Initially all the AVAX 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 MNEAV. However, take into account that in the AVAX 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 2,989,160,839 AVAX blocks with a reward of about 0.0001 MNEAV per block. The upgrade fees are distributed to the AVAX Fee Share Holders.