Glossary

A

ARPT (Accumulated Reward Per Token) The reward distribution model used for M1N3 staking. Tracks cumulative rewards per staked token, allowing stakers to claim proportional rewards at any time.

ASIC (Application-Specific Integrated Circuit) Specialized hardware designed exclusively for Bitcoin mining (SHA-256 hashing). Vastly more efficient than GPUs or CPUs for this purpose.

B

Block Subsidy The BTC reward given to the miner who finds a valid block. Currently 3.125 BTC (after the 2024 halving). Halves approximately every 4 years.

Block Template A data structure defining which Bitcoin transactions a miner will attempt to include in a block. Contains the transaction set, merkle root, and difficulty target.

C

Coinbase Maturation Bitcoin consensus rule requiring that newly mined BTC (coinbase rewards) cannot be spent for 100 blocks (~16.5 hours). m1n3's marketplace bypasses this wait by letting miners sell shares immediately.

D

Difficulty A measure of how hard it is to find a valid block hash. Adjusts every 2,016 blocks to maintain ~10 minute block times. See Difficulty & Adjustments.

Double-Hash Bitcoin's proof-of-work uses SHA-256 applied twice: SHA256(SHA256(block_header)). Sui's native SHA-256 function enables trustless on-chain verification.

F

Fill Rate The percentage of marketplace listings that result in a sale. Higher fill rates indicate a healthier, more liquid market.

FPPS (Full Pay-Per-Share) A pool payout method where miners are paid for both the block subsidy and transaction fees on a per-share basis. m1n3's 0% fee compares favorably to the typical 2% FPPS fee charged by major pools.

G

Gas The fee paid to execute transactions on the Sui blockchain. m1n3 operations (share submission, staking, trading) require small amounts of SUI for gas.

Gossip Node A m1n3 component that monitors Bitcoin Core for new blocks and submits block registration transactions to Sui.

H

Hashprice Revenue per petahash per day ($/PH/day). The key metric for valuing mining output. See Hashprice & PPS Valuation.

Hashrate The total computational power being used for mining, measured in hashes per second. 1 PH/s = 10^15 hashes/second.

L

Luck Factor Ratio of expected vs actual blocks found by a pool. > 1.0 means lucky (more blocks than expected), < 1.0 means unlucky.

Lightweight Share A share recorded as an event only (no NFT), saving ~84% in gas costs. Cannot be traded on the marketplace.

M

M1N3 Token The native token of the m1n3 protocol. Minted only through block registration by node runners. Used for staking on templates.

Merkle Root A hash that summarizes all transactions in a block. Part of the 80-byte block header.

MPC (Multi-Party Computation) Cryptographic technique allowing multiple parties to jointly compute a function (like signing a Bitcoin transaction) without any single party having full control.

N

Nonce A 4-byte field in the block header that miners increment to produce different hashes. Part of the proof-of-work process.

P

PPS (Pay-Per-Share) A pool payout model where each share has a deterministic value based on its difficulty and the current network state.

Pool Difficulty The minimum difficulty target set by the pool for accepting shares. Much lower than network difficulty, allowing frequent share submissions.

S

SHA-256 The cryptographic hash function used in Bitcoin's proof-of-work. Sui has native SHA-256 support, enabling trustless on-chain verification.

Share A proof-of-work submission that meets the pool's difficulty target. In m1n3, shares can be minted as NFTs and traded on the marketplace.

Sharpe Ratio A risk-adjusted return metric. Above 2.0 is considered excellent, above 1.0 is good. Used to evaluate the quality of marketplace trading returns.

Stratum The mining protocol used by miners to communicate with pool servers. m1n3's stratum server bridges this protocol to the Sui blockchain.

T

TAM (Total Addressable Market) The total daily Bitcoin mining revenue that m1n3 could capture as a trading marketplace.

Template See Block Template.

V

Vardiff (Variable Difficulty) Dynamic difficulty adjustment per miner. The stratum server adjusts each miner's share difficulty to target a consistent submission rate.