If you have updated your COIN app recently, you may notice a few changes!
In version 2.0.0 of iOS and 1.5 on Android, users are now able to Geoclaim up to a 25x25 mile tile by chipping in 100 XYO.
When you Geoclaim a tile, you are becoming an owner of the tile for the remainder of the campaign(Currently UTC Monday to UTC Sunday). Anyone that Geomines using the COIN app in your area will give you a chance, based on your Ownership percentage, to collect 10% of rewards. You will see this 10% collection below the purple flag on the home screen. Please keep in mind that you are not collecting an additional 10% from your OWN mining, just other users.
How to Geoclaim your Area
Tap on the Purple Flag to get started. You will be brought to the Geoclaim Screen with your own predefined area, with size and cost determined for each campaign.
To Geoclaim this tile, tap the +100 XYO(please note this number can change weekly) button in the bottom right corner. This will take 100 XYO from your total in the app and give you a percentage of the area. Note that the XYO you spend to Geoclaim will not be refunded to your total.
After you spend your 100 XYO, you will now be an official owner of this area! See your rank of where you stand in the purple Rank section. You will also notice a percentage of this tile you own. This shows how likely you are to collect the 10% of what is mined in your freshly claimed tile. You can increase this percentage by adding additional XYO.
When another user is Geomining in your area, you can collect 10% of their geomining rewards.
If there are multiple Owners of one single Geoclaimed Area, each 10% of rewards will be distributed to one of the Owners based off of percent owned.
An Owner with 100% ownership of a Geoclaimed Area will receive the 10% of rewards every time.
An Owner with 50% ownership of a Geoclaimed Area will receive the 10% of rewards half of the time.
An Owner with 25% ownership will receive the 10% of a miners reward a quarter of the time.
The percentage of what you own in a Geoclaimed Area is dependant on how much XYO you have added to the Area in relation to the total amount added to the area. You can see how much XYO has been earned by all of the Owners of an area to the right of the number of current Owners.
New release: COIN Plus/Pro subscribers will NOT give away 10% of their mining rewards to the Geoclaim Owner of a Geoclaimed area. This 10% will be paid out by the system. As well as any COIN Pro subscriber will earn double the original 10% from their Geoclaimed area, this is also paid out by the system.
The total of rewards you earned from Geoclaiming an Area will be Geodropped to you at the end of the campaign period.
You do not have to be in the same area you Geoclaimed in order to receive its rewards.
How long does a Geoclaimed Area remain Mine?
Geoclaims run in Campaigns. Any campaign, in this case, will last from UTC Monday-Sunday of every week. Once Monday arrives, any user can be the first to reclaim the Area. Keep in mind there is no limit to how many users can own a single Area, as well as there is no limit to how many areas a user may own.
A User is only able to Geoclaim the area they are currently standing in.
New feature: You can now view your history of Geoclaiming, Geodropping, and Geomining here: my.coinapp.co
Have fun and tell us where you have Geoclaimed on Facebook and Instagram!