Using melminter
This page shows how to participate in Melmint with the melminter CLI.
Installation and Setup
Ensure that you have an up-to-date version of melminter installed:
You will need:
A small amount of MEL in your wallet (see setup instructions here). This is because Melmint transactions are required to pay transaction fees, just like every other transaction.
If you simply want to try this out on the testnet, you can acquire testnet MEL yourself via a faucet transaction, as shown here.
If you wish to participate in mainnet melminting, please ask for some MEL in the #beta-testers channel in our Discord server.
Running melminter
The first time you run melminter, it will ask you to send a particular address a small amount of MEL in order to start. This is so that it can pay initial transaction fees. Send that money, and after around 30 seconds you'll see a nice TUI show up:
Running melminter will generate ERG, a temporary token representing computation, and immediately exchange it for MEL. Note the daily return line in the terminal output, which predicts how much computational work (in DOSC) the minter will do in 24 hours, as well as how much MEL that will buy.
Caveats
Bidding for MEL with computation is not always profitable. Because of the mechanics of Melmint, minting is very unlikely to be profitable unless you either have a top-of-the-line CPU and cheap electricity, or Melmint is off-peg. This is because Melmint is not a proof-of-work consensus system, but rather a pegging arbitrage system that is only really used to restore the MEL/DOSC .
Transient volatility in the MEL/ERG exchange rate may also affect profitability.
melminter makes no attempt at guessing whether or not minting is profitable.
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