{"id":980,"date":"2022-04-19T17:30:13","date_gmt":"2022-04-19T16:30:13","guid":{"rendered":"https:\/\/www.digital-coins.net\/?p=980"},"modified":"2022-04-19T17:30:13","modified_gmt":"2022-04-19T16:30:13","slug":"up-to-8-daily-lets-give-it-a-try-enter-the-ruby-mine","status":"publish","type":"post","link":"https:\/\/www.digital-coins.net\/index.php\/2022\/04\/19\/up-to-8-daily-lets-give-it-a-try-enter-the-ruby-mine\/","title":{"rendered":"Up to 8% daily? Lets give it a try – Enter the Ruby Mine"},"content":{"rendered":"\n
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Lately I was investigating in these so called high yield farming or auto-compounding protocols. Usually I avoid high risks investments, as it is against my personal risk appetite, but I will make an exception to learn something new and discover new fields within the DeFi world. So more to come in the next days as I explore further protocols and also invest into these.<\/p>\n\n\n\n

So disclaimer first: Nothing here is financial advise, only my own personal experience and opinion. DYOR.<\/p>\n\n\n\n

So what is Ruby Mine?<\/h2>\n\n\n\n

In short, it is a high risk, but also high reward protocol running on the Avalanche chain. The Whitepaper covers a tiny story about adventurers who discovered a thousands mile long mine and you can hire miners to mine ruby’s for you. The promise is up to 8% daily return in AVAX. Let’s test that.<\/p>\n\n\n\n

How is this sustainable?<\/h2>\n\n\n\n

The liquidity is provided by i) the transaction fee’s: With every buy or sell transaction you pay a fee of 8%. Although the white paper states 6% go into development and 2% into marketing. Also ii) the recommendation is to compound 6 days and withdraw only on day 7. Otherwise there is a decrease of rewards implemented int he protocol. And iii) liquidity is available as long as new users are entering the ruby mines, resp. the contract. There is also a referral system implemented… Did I hear someone saying ponzi-nomics? So if you think to give it a try, better be quick is my impression. The project runs only since April 2022, so still early days I guess…<\/p>\n\n\n\n

So lets give this a try:<\/p>\n\n\n\n

Prerequisite:<\/h2>\n\n\n\n

You need Meta Mask connected to the Avalance C-Chain with some AVAX sitting in it. Given this is a high risk investment, just to mention it again, I put only a tiny amount into it. To stay within my risk appetite. <\/p>\n\n\n\n

Steps to mine<\/h2>\n\n\n\n
  1. Then head over to www.rubymine.money<\/a> and connect your Meta Mask (referral link)<\/li>
  2. Enter the amount of AVAX you are willing to invest (I invested only 0.25 AVAX, again, high risk)<\/li>
  3. Read and accept the disclaimer<\/li>
  4. Click on “Hire Miners”<\/li>
  5. Profit (soon)<\/li><\/ol>\n\n\n\n

    Compounding and taking profits<\/h2>\n\n\n\n

    Once you went for a nap, the next day, you go back to your “mines” and click – as recommended by the whitepaper – on “Re-Hire”. Remember the 6-1 cycle: Re-hire miners 6 times per week and take profits 1 time per week. Taking profits too often will exhaust your mine and therefore decrease your earnings in the short and in the long run. So rehire Day 1 – 6 and on the 7th day you can hit “Collect” to take your deserved profits.<\/p>\n\n\n\n

    So lets see how and especially how long these mines provide profit. Will provide an update on this shortly.<\/p>\n\n\n\n

    If you are interested to join the mining experience too, please feel free to use my referral link. No harm on your side, a bit support on my side. Thank you.<\/p>\n\n\n\n

    https:\/\/www.rubymine.money?ref=0xb3c253d80578f569cfd4fe2e916edbf01b384577<\/a><\/p>\n\n\n\n

    Whitepaper<\/a><\/p>\n\n\n\n

    Ruby Mine Dashboard:<\/p>\n\n\n\n

    \"\"<\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"

    Lately I was investigating in these so called high yield farming or auto-compounding protocols. Usually I avoid high risks investments, as it is against my personal risk appetite, but I will make an exception to learn something new and discover new fields within the DeFi world. So more to come in the next days as … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,13],"tags":[229,83,234,231,230,232,228,233],"class_list":["entry","post","publish","author-administrator","post-980","format-standard","has-post-thumbnail","category-review","category-tutorial","post_tag-avalanche","post_tag-earn","post_tag-farming","post_tag-high-reward","post_tag-high-risk","post_tag-ponzi","post_tag-ruby-mines","post_tag-yield"],"_links":{"self":[{"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/posts\/980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/comments?post=980"}],"version-history":[{"count":1,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/posts\/980\/revisions"}],"predecessor-version":[{"id":983,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/posts\/980\/revisions\/983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/media\/981"}],"wp:attachment":[{"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/media?parent=980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/categories?post=980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.digital-coins.net\/index.php\/wp-json\/wp\/v2\/tags?post=980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}