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⛏️ MetaHash Miner Guide (Subnet 73)

🤔 Should You Mine?

Before you spin up a miner in Subnet 73 (SN73), ask yourself:

💰 Do I want to sell OTC α-tokens from other subnets?
Mining SN73 only makes sense if you hold surplus α-tokens from other subnets that you wish to liquidate at a discount instead of impacting their on-chain liquidity pools.

✅ If YES → Proceed with this guide!
❌ If NO → Mining SN73 won't add value for you.

⚙️ How Subnet 73 Mining Works

Each epoch (~1 hour // 361 blocks x 12s) an on-chain auction distributes 148 SN73 α-tokens to miners, proportional to the total τ-value of α-tokens they supply from other subnets.

🔑 Key Points

  • 🪙 You bid with α-tokens from any subnet except 73
  • 📊 Your share of the 148 prize tokens is proportional to your τ-value at auction close
  • 🏁 The effective discount you get depends entirely on competition; more bidders → smaller discount
💰 payout = (your τ-value / total τ-value) × 148 SN73 α

🚀 Quick Start

  1. 🎯 Decide which subnet's α you want to sell
  2. 📥 Install the MetaHash tooling and dependencies
  3. 📝 Register your miner (one-time per coldkey)
  4. 💰 Fund the same coldkey with the α you intend to bid
  5. 🎲 Bid manually or automate with the provided scripts

📦 Prerequisites

  1. Subtensor lite node with --pruning=2000 configured (this is needed for leaderboard or use Archive node (--network archive))
  2. Python 3.10+ installed
  3. pip/venv for isolated environment
# 📂 Clone & install
git clone https://github.com/fx-integral/metahash.git && cd metahash
python3 -m venv .venv && source .venv/bin/activate
pip install uv && uv pip install -e .

#Install btcli followng https://docs.learnbittensor.org/getting-started/install-btcli
uv pip install bittensor-cli # Use latest or desired version

# 🔐 One-time miner registration
btcli subnets register \
    --netuid 73 \
    --wallet.name YOUR_WALLET \
    --wallet.hotkey YOUR_HOTKEY

🔧 Mining Tools

🛠️ Tool 📋 Purpose 💻 Example
📊 Leaderboard Monitor current and historical winners python scripts/miner/leaderboard.py --meta-netuid 73 --wallet.name YOUR_WALLET --wallet.hotkey YOUR_HOTKEY --network archive
🤖 Auto-Bidder Automatically watch auctions and place incremental bids while respecting a minimum discount python scripts/miner/auction_watch.py --netuid SOURCE_SUBNET_ID --source-hotkey SOURCE_HOTKEY_ADDRESS --wallet.name YOUR_WALLET --wallet.hotkey YOUR_HOTKEY --max-alpha 100 --step-alpha 5 --max-discount 8

📥 Command-line Syntax

  • Leaderboard:
python scripts/miner/leaderboard.py --meta-netuid 73 --wallet.name YOUR_WALLET --wallet.hotkey YOUR_HOTKEY --network archive
  • Automatic Bidder
python scripts/miner/auction_watch.py --netuid SOURCE_SUBNET_ID --source-hotkey SOURCE_HOTKEY_ADDRESS --wallet.name YOUR_WALLET --wallet.hotkey YOUR_HOTKEY --max-alpha 100 --step-alpha 5 --max-discount 8
NOTE: "WALLET_PASSWORD" is an environment variable that can be used to automate wallet operations.

🤖 Auto-Bidder Workflow

  • ▶️ Starts bidding when a new auction opens
  • 📈 Increases bids in step-alpha increments until reaching max-alpha or max-discount
  • 🛑 Stops automatically when the discount becomes unattractive

🎯 Auction Mechanics

  • ⏰ Frequency: Every 361 blocks (~1 hour)
  • 🏆 Prize Pool: 148 SN73 α-tokens
  • ✅ Eligibility: Any miner registered on SN73
  • ⚖️ Weighting: Payouts proportional to each miner's τ-contribution

📊 Example

📈 Metric 💰 Value
Total τ-value 100 α
Your bid 20 α
Your share 20% × 148 = 29.6 SN73 α

📜 Rules & Restrictions

✅ Allowed ❌ Forbidden
🪙 α-tokens from any subnet except 73 🚫 Sending SN73 α back into the auction
🔄 Multiple concurrent auctions 🚫 More than one registration per coldkey
🤖 Automation and custom scripts —

🎯 Goal: Maximise the τ-value you send while paying the lowest discount.

🏆 Winning Strategies

⚡ Be Fast

  • 🚀 Bid early to lock higher discounts
  • 🤖 Automate to stay ahead of manual competitors

🧠 Be Smart

  • 🎯 Define a minimum acceptable discount and step-alpha to avoid over-bidding
  • 👀 Monitor the leaderboard before each auction to gauge competition
  • 💡 Only bid surplus α to avoid harming your main subnet

🛡️ Be Safe

  • 🛑 Abort when an auction becomes over-subscribed—late bids can dilute everyone's discount
  • 📊 Track your ROI across multiple epochs; refine parameters gradually
  • 🐣 Start small; scale after several successful runs

📊 Typical Auction Scenarios

🎯 Scenario 🔍 Indicators 📈 Outcome
🟢 Low Competition 👥 Few miners, thin τ-value 💰 Deep discount, high returns
🟡 Moderate Competition 👥👥 Several miners, rising τ-value 📊 Reduced but still positive discount
🔴 Over-Subscribed 👥👥👥 Many miners join late 💸 Discount collapses; you may earn nothing

✅ Getting Started Checklist

  • 🪙 Acquire α-tokens on other subnets
  • 👛 Prepare a wallet (wallet.name) and hotkey (wallet.hotkey)
  • 📝 Register on SN73 once
  • 👀 Observe several auctions via the leaderboard
  • ⚙️ Configure and dry-run the auto-bidder
  • 📈 Scale up bids as confidence grows

📋 Requirements

  • 🐍 Python ≥ 3.10
  • 👛 btcli wallet set up
  • 🪙 α-tokens from subnets other than 73
  • 🧠 Basic understanding of Dutch/weighted auctions

🔗 Resources