Minereum was launched on the CELO Network on the 5th November, 2022. Initially all the CELO 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 MNEC. However, take into account that in the CELO 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 1,166,783,216 CELO blocks with a reward of about 0.00025 MNEC per block. The upgrade fees are distributed to the CELO Fee Share Holders.