As of April 19th of 2023, COIN has released a new feature called Pickaxes. You might be questioning, why would they introduce a pickaxe in the app when there is already one in the app aka Geomines button? Well.. what I'm going to be talking about is going to blow your socks off!
Okay, here goes. By now, you may or may have not received a popup in the CoinApp saying you found a Pickaxe. If you did, you may have noticed it mentioned Pickaxe NFT in that popup and that you have the option to mint it or leave it alone. If you do happen to leave it alone you do have up to 30 days to mint it before it goes back into the pool of available pickaxes.
Now let's go into details about these pickaxes. First off, yes they are an NFT asset but there is one special feature these NFT assets have and no it's not just artwork. These NFT pickaxes actually have a use case attached to them. This makes these NFT's special as we now have a utility these NFT's support which is performance boosts in the CoinApp. These boosts are semi-permanent whicheans once activated you will start to see the benefits right away and the benefits will not deplete until you have exceeds the Geomines mined with the activated pickaxe.
As for the benefits of the pickaxes, each pickaxe you can receive will have its own unique attributes attached to them. Depending on these attributes will depend what will get boosted in the CoinApp. These attributes will range based on the scarcity level (the rarity of the pickaxe) which will also include random boosts for each scarcity rarity.
Common 1-3% benefits
Uncommon 3-5% benefits
Rare 5-7% benefits
Epic 7-9% benefits
Legendary 9-10% benefits
Once you have minted the pickaxe, each one will have something called Geomines Charge. Remember early when I sad these are semi-permanent? This is what I was talking about. This charge will range based on scarcity level.
Geomine Charge
100k for Common
250k for Uncommon
500k for Rare
750k for Epic
1MM for Legendary
Once that charge runs out you can recharge it with an in-app purchase (which also varies based on scarcity).
As a note, when you do mint these pickaxes, I would highly suggest to check out the supported wallets. Not all wallets are supported, for example none of the exchange wallets will be supported.
Please read this article from COIN support to understand which wallets are supported.
Now let's go over some of the benefits you could see if you happen to receive a pickaxe in the CoinApp. Below is an example of some stats you could see on a Common pickaxe.
You may notice some of the stats are familiar to you. You know, Home Base and Geomining! This is on purpose as this helps you understand what the boost will do. For example in the below image there is a +2.5% Tile Clearing boost. This means tiles will clear faster then it would without the pickaxe. Depending on your subscription, the clearing can even be faster. Combine this will Home Base and you can now earn more COIN as tiles will be clearing faster with the pickaxe activated on your CoinApp account.
If you do happen to receive any pickaxes, you can locate them under your account in the CoinApp. This is the top-left button. Within your account you will see "Items" and to the right of that you will see a link called "See All". Tap on the link and you will see all your items. Within the item menu if you did receive a pickaxe, you will see an image of a pickaxe. If you do, tap on it for details on the pickaxe received.
I hope you find this article helpful. Go forth and have an awesome day! Happy mining!