Hidden Treasure in the Crypto World: Doge Founder’s First Token Uncovered, Miners Reaping Rewards
On December 13th, CT was graced by a tweet from Adam McBride detailing the Dogecoin founder Billy Markus’s older project, Bells…
Through some expert sleuthing, he and his friends discovered that Bells (BEL), based on Animal Crossing, had been created in 2013 but abandoned in 2014, and they revived it together! Included in the thread he wrote were instructions on how to set up the client and mine BEL.
Community reception was astronomical, and miners quickly onboarded to this new gold rush. The emissions in the first 90 days has created quite a profitable situation for miners, who have been mining upwards of 400k BEL every single day. At current prices as of this writing (~$5.50), that’s just around $2.2M daily! For comparison, the daily DOGE and LTC rewards are $1.3M/day and $250K/day, respectively.
Miner hashrate has reflected this, at recent peak being 40% the DOGE daily hashrate. For a token with ~$25M marketcap, BEL has certainly punched above its weight.
On December 14th, Belscan (http://belscan.io/), the official Bells explorer, was created to help users navigate the BEL L1 blockchain. Similar to Etherscan, users can find the data on wallet holdings, wallet transfers and current supply, along with other potentially useful information such as the current hashrate.
As was done in the olden days, OTC trading become quite common and frequent in the Bells Discord (https://t.co/4DCHZEdSSE) until nonKYC Exchange (https://nonkyc.io/market/BEL_USDT) listed BEL on the 15th — daily volumes of which have quickly topped #1 for the small, privacy-oriented exchange; as of current writing daily volume ($2M) is 10x the #2 ranked volume, ETH ($200K).
BEL is growing quickly, but its story is still being written and there are plenty of mining rewards to go around. Below image outlines the current emission rates for BEL.
Currently, there are roughly 4.6M BEL mined. Given the block reward schedule, we can expect another ~32M BEL to be mined in the next ~80 days, followed by another ~18M BEL when the rewards are adjusted again in the 2nd 90 day interval, and an incremental ~4M BEL in the final 180 days before the reward schedule reaches a reward terminus of 2 BEL per block (i.e., at an assumed rate of ~1 block per minute, that is ~1.05M BEL mined per year).
All to say — if you’re interested in participating, you’re still early and there’s plenty of BEL to go around! Here’s information on our mining pool, MinePixel: The official mining pool of BEL.
MinePixel Pool Overview:
Pool connection URL: stratum+tcp://pool.minepixel.io:3389
Username: Your BEL wallet address
Password: Can be anything (special instructions for rentals)
Pending balance URL: https://minepixel.io/#bells1/dashboard
Balance updates after block confirmation
Payouts: Every 5 minutes, minimum 0.01 $BEL
Our goal as an ecosystem is to build upon Billy’s creation and create fun for all — happy mining!
