Dec 17, 2022
MetaBlox Updates: Miner Deployment Begins, TGE Postponed, and More
As MetaBlox deploys the world’s first decentralized WiFi OpenRoaming Network, we have some important updates for community members. These updates relate to:
- Miner deployment
- Cloud Mining
- MetaBlox NFT staking
- Token Generation Event
Miner Deployment Begins
MetaBlox miner deployment has commenced! Starting on December 5, hundreds of miners were installed in the Philippines, with more coming soon to Canada and the UAE. These miners are special because while they issue ongoing $MBLX tokens, they also provide WiFi to busy public locations and businesses. That’s because MetaBlox miners are routers which issue $MBLX tokens as they establish internet connections.
Cloud Mining Starts
MetaBlox cloud mining has begun: as of December 12 2022, holders of the MetaBlox NFT secure rights to all the $MBLX tokens issued by a MetaBlox miner. The miners issue more tokens the more WiFi connections they establish, so NFT holders optimize their $MBLX yields because the NFT-pegged miners are in the busiest locations. Holders will be able to claim all rewards they earn from cloud mining after the TGE.
NFT Staking Period Ends
For the past few months, MetaBlox NFT holders have been able to earn ongoing $MBLX by staking their NFT on MetaBlox’s NFT management site. Staking closed on December 12th, so NFTs are now back in holders’ wallets. To view NFT staking reward balances, login to your account on the NFT management site.
For those interested in claiming their share of $MBLX cloud mining tokens and other rewards, a few NFTs remain on OpenSea.
TGE Delayed
Taking into account community input, the MetaBlox team has decided to delay its token generation event until 2023. This means $MBLX rewards from cloud mining and staking will remain as credits for now–they will not be available for withdrawal into crypto wallets or exchanges until the TGE.
However, tokens from cloud mining will continue accumulating as credits, and those for NFT staking will also remain safely in your account. You’ll be able to view your cloud mining credits after logging in on the NFT management site mentioned above.
There are two reasons behind our decision to postpone our TGE:
- Current economic conditions are not ideal for a TGE, as the fallout from projects such as BlockFi and FTX has caused a bearish crypto market. Countless projects, coins, and tokens have lost over 90% of their value as a result. We want to protect our community’s cloud mining and staking rewards from losing their values in a similar way, so we will wait to put a token on the market until conditions are more favorable.
- Community polls showed significant support for the delay
Ultimately, it is clear to us that holding a TGE would not be in the best interest of our community, and we are confident that members agree. In the meantime, simply keep holding your MetaBlox NFT to continue earning token credits from cloud mining.
Final Words
We are heading for exciting times as 2023 nears. MetaBlox miner deployment, $MBLX generation, and cloud mining are all crucial to laying the foundation for Web3. Explore how this is the case on our website and social media channels as you await MetaBlox’s TGE–
