Research Report | Detailed Analysis of the Memhash

I. Project Introduction

Memhash is a Proof of Work (PoW) mining simulation game based on Telegram. Users initiate mining through a bot and activate device computing power to participate in block competitions via Telegram Stars. The core gameplay revolves around "passive mining" - user devices automatically perform hash calculations without manual operation, and also support Turbo Mode for paid acceleration of mining efficiency. The project incorporates a built-in mining pool mechanism, distributing 30% of block rewards proportionally to users who have not successfully mined a block, lowering the threshold of single device computing power and adapting to mobile users, forming a low-threshold model of "click to mine". Relying on the Telegram ecosystem, users need not download standalone apps or configure wallets, they can participate directly through bot interactions.

According to official data, Memhash currently has over 1.8 million monthly active users, the community members have exceeded 1 million, the number of token-holding addresses reached 520,000, and daily active users are consistently above 280,000. Through energy consumption mechanisms (automatically recovering after mining consumes energy) and offline mining functions (server hosting continues to generate income), participation balance is maintained. Future plans include expansion to custom blockchain Hashcash and experimental on-chain mining, promoting the transition from lightweight simulation to a complete PoW ecosystem.

II. Project Highlights

Low-threshold Web3 mining entry integrated seamlessly with Telegram

Memhash is deeply bound with the Telegram ecosystem. Users do not need to download standalone apps or configure crypto wallets, they only need to click "start mining" through the bot to participate. The mining process is completely passive - devices automatically perform hash calculations, combined with Telegram Stars payment activation and lightweight design for one-click access, making it a "frictionless" entry point for non-crypto users to first encounter Web3 mining, driving monthly active users to rapidly exceed 1.8 million.

Dynamic economic model and gamified income mechanism

With "passive mining + Turbo acceleration" as the core, a flexible income system is constructed:

Decaying Reward Mechanism: Initial block reward is 500 tokens, decreasing by 10% every 100,000 blocks, suppressing inflation while prolonging the mining lifecycle.

Shared Reward Pool: 30% block rewards are distributed to users who have not mined a block, reducing the risk of "computing power monopoly" and ensuring the income of small and medium participants.

Turbo Mode: Pay to speed up mining efficiency, stacking with offline mining and automatic recovery of mining resources, forming a "low investment - high return - reinvestment" cycle, with an average of 280,000 users remaining active daily.

Community-driven and collaborative communication network

64% of the total token supply is distributed to the community (54% instantly released + 10% on-chain mining), stimulating users to spontaneously spread through the shared reward pool and mining collaboration mechanism. 1.8 million monthly active users and over 1 million community members form a highly sticky network. Relying on the social fission efficiency of Telegram, future plans include further strengthening community governance through experimental functions of custom blockchain (Hashcash), building a sustainable model that integrates "tools - income - ecosystem".

III. Market Value Expectation

As a mining simulation game in the Telegram ecosystem, the essence of MEMHASH is still click-to-earn, so we consider benchmarking the same ecosystem's star collecting class $MAJOR, the Musk IP-driven click-to-earn game X Empire ($X), and the user-volume largest HamsterKombat ($HMSTR) in the click-to-earn games, its market value expectation can refer to the following benchmarked protocol valuation range:

IV. Economic Model

Total MEMHASH Supply: 1 billion; Initial circulation proportion: 60% (600 million, released at the TGE stage)

Token Distribution:

• Community - 64%
  54% (540 million): Directly distributed at launch, for community growth, initial trading, and ecosystem participation.
  10% (100 million): Released over 6 months via on-chain mining through TON smart contracts, maintaining long-term community activity.
• Team - 10% (100 million)
  100% of tokens are locked for 12 months, then 25% unlocked in the first year, the remaining 75% is unlocked linearly over 3 years.
• Marketing - 10% (100 million)
  Used for market promotion, KOL collaborations, and brand events.
• Liquidity - 8% (80 million)
  Distributed to market makers to ensure exchange liquidity and reduce slippage.
• Listing Events - 8% (80 million)

Token Utility is as follows:

1. Enhanced Mining Functionality: Consume tokens to unlock 20 times computing power acceleration, improving single device mining efficiency, and shortening block production time.
2. Energy Recovery and Computing Power Upgrade: Purchase energy replenishment tools (breaking natural recovery limits), or pay tokens to upgrade computing power level (such as from basic computing power to Tier 2), extending effective mining duration.
3. On-chain Governance (Future Plan): Token holders can participate in voting decisions in the future, adjusting key Hashcash chain parameters (such as block reward decay rate, mining pool difficulty threshold).

V. Team & Financing

Team Information: As of now, the official has not disclosed specific team information.

Financing Information: As of now, no specific financing rounds, amounts, and investors have been disclosed. However, some media content suggests early support from the TON Foundation or affiliated capital.

VI. Potential Risk Tips

1. The design of distributing 30% of block rewards to users who have not mined a block aims to lower the computing power threshold, but if high computing power users (through Turbo Mode or multiple devices) feel their income is "diluted", it may cause community dissatisfaction, and even exit the mining ecosystem.
2. Lifespan limitation of the "click-to-earn" model: The core gameplay of Memhash is similar to "click-to-earn" games like $MAJOR, $X Empire, $HMSTR, etc. This kind of model easily attracts initial users, but if there is a lack of innovation (such as insufficient game depth or single income), user stickiness may decrease over time.

VII. Official Links

Website: https://memhash.org/
Twitter: https://x.com/memhash_app
Telegram: https://t.me/memhash_bot/start