Sending Miners to Auction. In order to bid on the Miner, users must use GENI from the circulating supply to place their bids. Auctions always begin economical for all users, and this may incentivize buying so that someone’s “entry” into Genius is a discounted entry.
When someone is out-bid, 99.99% of their bid is returned to them. The remainder of the bid remains in the Burned Supply for eternity.