01_
Why do we need
miners?
The highly secure and scalable TEE network is the backbone of Phala Network confidential contracts. That's why the computation power of the worker nodes with TEE-capable CPUs are critical to the network. Therefore, like PoW blockchains, Phala miners need to run a “mining client” to rent their computing power to the network for rewards.
02_
Mining rewards
70% of the initial supply (i.e. 700M) is reserved for mining.
At beginning, it has a fixed amount of daily supply, 720,000 PHA. Among them 144,000 PHA goes into the treasury, and all the rest is divided proportionally to the miners.
pie
Phala has two kinds of reward for miners: online rewards and computation rewards.
For more details, such as the halving rule and the algorithm, please refer to the Miner Guide.
03_
Miner node
environment
Hardware: Computer with Intel SGX enabled CPU
Software: SGX-enabled Linux (REC. Ubuntu 18.04)
Public IP for solo mining, or join a Phala-enabled mining pool otherwise
04_
Lending
protocol
In Phala's token economics model, worker nodes have to mine with some PHA staked. To lower miners' entrance barrier, Phala implements a risk-free lending protocol similar to Polkadot's NPoS. PHA holders can lend their token to worker operators at an interest rate agreed by both parties, leading to the creation of an interest rates market.
05_
Cooperative
mining pool
coming soon...