Koinos - Remember to move your funding ETH balance back to your primary wallet

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After all the drama that happened with Koinos, I decided that it is not profitable anymore to mine Koinos and I stopped my mining activity. I did write a post a day back about my decision. Though these confusions were not the primary reasons, there are a few reasons as to why I took that decision.

The first thing is that the ETH fees were high and I thought I was wasting so much money in just paying for the transaction fees. The second thing that made me take this decision was the fact that I was creating too much stress on my laptop and I didn't want to harm my laptop anymore by doing any mining activity. After all, this is the laptop that I use for all my coding activities.

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The main reason why I wanted to give it a try was because of a FOMO that this could end up becoming a great hit. But from what I see there are so many gray areas in the project which I'm not very clear about. My knowledge of mining is very limited and that's why wanted to gain some experience by giving it a try. It was indeed a great experience and I was able to successfully mine 400 Koins. I'm going to hold them for some time to see if there is any advantage in holding it.

If at all this becomes a great hit and the value reaches 1$ per token, I would be happy to sell them for 400$ in total. Not just me but I think many people stopped their mining activities especially when there was news about GPU mining happening. People decided to buy them later from the market for a cheap price instead of mining it now.

Remember to withdraw your funding balance

In order to do the mining, we would have all created a funding account and would have deposited some ETH in that funding account. Yesterday when I decided that I'm not going to be mining anymore, I moved my ETH back to my master account. I know that the funding account is also our own account as we have control over the passphrase and private key. But I still wanted to move the funds to my main wallet because I used the funding account in their mining app and I'm not fully sure about the control over the funding account keys.

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The withdrawal option was pretty easy. Though there is no provision for it in the GUI miner, I went to my metamask and added the funding account as an additional ETH account thereby entering the private key. Then from there, I moved the funds back to my primary ETH account. I would recommend doing the same to people who have already stopped their mining activity.


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It's definitely worth reminding people to do!

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Yeah. 🙂

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A good call to withdraw the assets. Thank you!

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Yeah. Glad that it helped. 🙂