[keyvank]

Almost correct! Though the system consists of 2 tokens. BETH which is 1:1 ERC-20 receipt of burnt ETH, and WORM which has a limited cap & limited emission of 50 WORM per 30 minutes which can be mined by consuming BETH :)

[sfmz]

So the receipt-token is converted to the WORM so it becomes untraceable, kind of like tornado cash. Do you mean mined or just converted? Mined kind of implies a lottery-like system to me.