Oddbean new post about | logout
 Yeah but it's not redeemable until the block is found, at which point it is too late to convince other miners to include a UTXO in the template they mine on. You need to prove to the pool or to some miners that you own enough eHash to purchase that UTXO.

I think I just figured it out. You lock some eHash to a pubkey and the pool block template includes a coinbase output paying to that pubkey. As work continues towards the next block and shares get diluted the purchaser of the UTXO can swap eHash tokens to larger denominations.💥 ezpz