Remitano is a P2P crypto market where people buy and sell cryptocurrencies easily and securely and at very low fees compared to other major players in the market. Remitano currently has served in many countries including Australia, Malaysia, Nigeria, Vietnam, Cambodia, China, according to the website.
For those of us who use a peer-to-peer crypto exchange, Remitano will not be new to us. It is one of the most popular and reliable peer-to-peer crypto exchanges in the market that host thousands of users worldwide.
With the desire to enable investors to make transactions between different currencies efficiently and quickly, make inexpensive exchanges, escrow reliably, and perform sophisticated smart contracts, the Remitano network launches platform network coin RENEC. The new coin is exclusively available for users of the Remitano platform.
Interestingly, there will be no initial coin offering for public investors. Ownership of the RENEC will be via mining on the platform for all users freely. Both old and new members of the platform are qualified to mine the coin for free. No investment is required to start mining, as long as you have an account on the platform, and irrespective of your account level you are can start mining immediately. New users who joined the platform can start the mining process on the go.
How to start mining RENEC
To start the mining process you need to first create an account by signing up for the Remitano platform with your email address and a username. Remitano mining only works on the mobile app. Users will need to download the app on the Google play store immediately after a successful registration.
Each user needs to only have one Remitano account to mine the coin RENEC. Multiple accounts are not allowed as this could make you lose all the RENEC coins you have mined if found out.
However, the Mining process is not automated, users need to log in to the Remitano app once in 24 hours and click on the mining button to receive tokens.
How much RENEC coins can be earned per day?
On the Remitano platform users are graded based on the level of KYC they passed. This determines the number of transactions a user can make in a day. The first level KYC is a simple phone verification which is done immediately upon signing up. Once a user has done that level 1 verification mining can be started.
Nonetheless, two factors determine the amount of RENEC received by each user, which are;
Your solo mining power
Your referral mining power.
Your solo mining power
Solo mining refers to a single person mining alone. In this case, the maximum mining power as a solo miner is 0.02 RENEC/hour
Level 1 phone number verification users receive 0.01 RENEC/hour. This will give you 0.24 RENEC within 24 hours.
Level 2 document verification users receive 0.02 RENEC/hour. Which will give a total of 0.48 RENEC within 24 hours.
Your referral mining power
The referral will help you upgrade your mining power. For each person, you refer and successfully register an account on the Remitano platform through your Link, and complete level 2 verification with a document you earn some reward. The amount of RENEC tokens for referrals goes like this.
For the first 1 to 10 people you invite, you will receive 0.0032 RENEC per person.
From the 11th to the 20th person, you will receive 0.0016 for one person.l
From the 21st to the 30th person, you get 0.0008 for each person.
31st to 40 people reward you with 0.0004 RENEC.
41st to 50th gives you 0.0002 RENEC tokens for each person.
From 51st upward you get 0.0001 for each person.
Moreover, you will receive double mining power for each referral level.
For example, You completed the document verification and help 400 users to sign up for the exchange with your link, but only 100 of them completed the document verification. Therefore, the total RENEC value you get for mining transfer power within 24h will be 3.12.
([0.0032 * 10 + 0.0016 * 10 + 0.0008 * 10 + 0.0004 * 10 + 0.0002 * 10 + 0.0001 * 50] * 2 * 24).
How can you check your RENEC balance?
You can find out how much RENEC you have mined in two ways:
1. From the main menu, select "Mining RENEC." The "Your RENEC Balance" section can be found here.
2. Go to “Dashboard” then “Wallet.” Remitano Wallet is where all exchange-backed funds are stored, including Remitano Network Coin (RENEC).
RENEC token is free to mine and own on the Remitano platform, an opportunity you would not want to miss to own the new token.
As stated above, the RENEC token is exclusive to users on the Remitano platform, so, to mine the coin you need to join the platform if you are a new user using a referral link. Complete level 1 verification of your phone number to start the mining process. If you want to earn more mining power you need to complete level 2 verification with your documents such as national id card or bank verification number.
As an exclusive token, RENEC can not be traded outside the Remitano platform. Any of such activities will be products of fraudsters.
If you have been using a peer-to-peer crypto exchange this will be a double win for you. You can create a Remitano account and start mining RENEC tokens daily while using the platform for your crypto exchange.
Useful link
This is interesting. Can one trade RENEC with any other crypto in the exchange? Or is still a coin not tradable yet?