BlocX Stops Paying Miners

There have been a bunch of issues with Proof of work coins in the past week Either by the chain completely halting Coming to a very slow crawl or just Block explorers going down Etc one of The affected coins that we already Talked about was Dynex which you can Check out that post-mortem on for the Video that we posted yesterday and then We've also seen this on the Kiri Network Supposedly which I'll be covering later In the week and then the block Explorer Issue was on a new coin called rutherium Which we have been briefly covering in Some of the blocks episodes on this Channel today we're going to be talking About block X which is an X11 hash Algorithm and is basically a lot along The lines of Dash in that it does both The masternodes as well as Mining and Essentially all the mining rewards have Stopped and the entire reward is going To the masternodes let's get into it [Music] So a few days back actually probably Almost even a week back now the Masternode started receiving all of the Block rewards for the block X coin and You can see this on any of the mining Pools by heading over to the mining Pools and looking up the previous blocks And seeing that they are receiving zero Rewards as of now and unfortunately none Of these rewards will end up getting

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Paid out in the future to the miners There's some adjustment that's going to Be done that we will cover now obviously This is a huge problem because one There's an issue there with security on The network because you only have Master Nodes currently securing the network and Then in addition to that you Disenfranchise the miners that were Supporting your network and it'll be Harder to get them to come back online Funny enough most people that are mining This particular coin are doing it Through nice hash and most of the miners Themselves have their ant minor d9s and D7s and d3s Etc pointed to nice hash and Not directly to the chain if you were Pointed directly to the chain it became Quite obvious that you weren't getting Any rewards in fact on my private pool That I had for this I had not seen Rewards in over five days and then this Report came out and it made a lot of Sense during that time I did move my Antminer D9 back over to nice hash and Was still reaping pretty good rewards at Over 25 a day reason being is it appears That people were still renting this X11 Hash rate out for Block X in particular Unfortunately these individual users or Renters did not receive any block X so Here is the rundown of what happened From block x per their Twitter post they Go on to say we come to you with a with

Both a crucial update and a sincere Apology our commitment to transparency And growth brings us here to share a Recent Challenge and the steps we're Taking to make things right to ensure a Stronger foundation for Block X we're Implementing a source code update with The following improvements now these are Their Dev funds and their super block Rewards as you can see what they were Implementing that ended up breaking was Whatever they were doing with the super Block rewards at this seven percent that Somehow ended up going through and Sending that reward distribution to the Masternodes only and cutting out the Miners when they were making these Changes there's going to be a three Percent Dev fund as well we've talked About this in the past it does say that For the super block rewards should These Funds remain unused or unallocated Unallocated they will be permanently Removed or burned from the total Supply Just in case you're wondering what's Going on with the gov governance funds Now the reward distribution is supposed To be 45 to the miners and 45 percent to The master nodes but because the minor Rewards were not being sent out Correctly they are making these changes To to fix that or to reconcile that Temporary masternode reward adjustment So effective immediately after the new

Fork masternode rewards will be Temporarily reduced by 10 percent until The next having of masternode rewards And so this will be a collaboration with The mining pools this 10 reduction will Be pooled together to compensate miners Whose rewards were affected mining pools Will be contacted and paid out block X So they would be able to distribute them To their miners now this is going to be A pretty heavy load on the mining pool Side of things because they're going to Have to take in additional distribution Into the mining pool wallet and then They're going to have to disperse that Out through of course some sort of share System that's tied into the typical Functioning of the mining pool Unfortunately for the mining pool Ops This is a pretty big deal and in Addition to that I did notice that a Couple pools started having their Rewards or the actual fees that were in The mining pool wallet go out so it adds Rewards while this breakdown was Happening is because the mining pool was Saying well these miners still deserve a Payout because you know they solved a Block or at least in theory they solved A block but in reality while they did Solve it the payout wasn't coming from The chain to the mining pool wallet and Therefore it drained the mining pool Fees I think this is something that

Block X should look into as well as far As helping these pool Ops I don't think That there is going to be a huge Incentive for a lot of these pools to Really work very hard on this and it'll Be interesting to look in their Discord And see kind of how the pools are Responding which pools are going to be Up and ready and which pools are going To be participating in this just Something that from my perspective is Still up in the air we are fully Committed to growth and restoration Following the next having of masternode Rewards the standard 45 distribution Will be restored we understand the Impact the situation has and we extend Our sincerest apologies to each member Of our community your trust means Everything to us and we are fully Dedicated to always making things right And just now for the particular timing On this they released another post and Deposits and withdrawals will be Suspended from block height 16 300 to 16 700 that's a total of 20 hours in total For the time of it being paused Approximately now to give you an idea of When this will start on the Block Explorer we're at block 15000 807 at the Time of recording this video this means Essentially that we have about 24 hours Before this process begins to take place So if you have anything in exchanges

That you want to liquidate just in case Or you want to move anything into an Exchange or out of an exchange you want To get that done within the next 24 Hours so that you're not impacted if That was your plan to get that sold for Power or whatever it may be after that About 48 hours from now everything Should be back online and running right On block 16 700 and this is the point at Which essentially the miners will be Receiving about 55 percent of the block Rewards through a kind of janky method Or a bypass rail method by sending the 10 percent of the block reward to the Mining pools and then that being Distributed out part of the normal block Reward to users and that's going to be Getting stripped away from the master Nodes and there is of course in this Particular case the question of like how Our masternode operators going to Respond to this will there be more or Less masternodes that end up getting Stood up a place where you can check That of course once again is on the Actual block X Explorer here you can see 87 masternodes running you can click This little Master node block and it Will show you how many there are right Now so as of this time we're looking at 87 masternodes and my question will be Is after this is after this Implementation has taken place how many

Of these masternodes will still be Running go ahead and place your bets Down in the comment section below the Miners are impacted right now and all Miners have pretty much stopped binding For good reason because they're not Receiving a reward there's no incentive There's only like 68 terahash still Somehow going on miningpower.eu for some Unknown reason that appears to be coming Still from nice hash so those users need To get you know obviously on board here They're losing money over the next 24 Hours but it is what it is this is going To be interesting uh to say the least Now as far as price action since this Took place over the past 24 hours on Zagax we have seen you know a a most Recent change of going up five percent But in reality we've had a steady Decline from about I believe it was like 60 cents or something along those lines 70 cents or seven cents excuse me all The way down to five cents so there's Been you know a pretty Stark drop in the Price of block X and I think deservedly So this is why on this channel you know I talk about this a lot we did talk About mining block X if you guys follow It along with me at son of a tech dot Local dot com you know that I had Already liquidated my block X so I'm not Holding on to any of it at this time and That is the advantage of mining right I

Generate Revenue over holding the coins And this is part of the reason you can Always play the trade game if you like Along with your mining check out other Trade analysis channels for those in Particular it's just not the strategy That I use and so I'm in the clear here As far as this goes more than likely I Will point my Dash Miner back to the Network I will probably stand up another Private pool for my particular unit and Mine that directly because I do think at The end of the day with those additional Block rewards if the price kind of Studies out after this drop it will Still be more profitable than mining it On or mining Dash right so that's kind Of the reasoning behind it so there is Everything going on with the block X Coin if you guys have any questions or Comments let me know in the comment Section down below hit the like while You're down there hit the Subscribe if You're not subscribed and hit the Notification Bell so you're notified When I make these important update Videos about cryptocurrency mining in General check out my daily moves over at Son of a tech.locals.com and become a Supporter you can get a month free of Supporter status on locals included with A purchase of my crypto mining e-course At son of a tech.com I will see you next Tuesday

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