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