Meaning of premine | Babel Free

Definitions

To mine (units of a cryptocurrency) in advance of that currency being made available to the public.

transitive

Examples

“"Premining" is where the currency creator mines a certain amount of coins for themselves before they release the currency for other miners.”

“Ethereum and other projects that premine their coins are criticized because control of the cryptocurrency’s supply is potentially more centralized among “insiders” who participated in the presale and could manipulate the price or influence governance decisions. […] The sale documents said that once the Ethereum blockchain launched and the premined ether was issued, miners would generate new ether initially at an annual rate of 26% of the amount of ether issued in the crowdsale – the issuance rate isn’t fixed and is capped at 18 million ETH minted per year.”

CEFR level