Koinos mining has begun and the miner is working like a charm.

in LeoFinance2 months ago (edited)

Ever since @andrarchy announced their new project KOINOS I was really curious to see what this was all about. Everything you need to know is in this post.

This is the second time I am actually mining simply using my PC. Which reminds me that it is probably time for me to buy a new one. Not because of the mining thing, but because having 10 tabs open at the same time plus Disord...Telegram...while using a rusty first gen i3 processor is a pain in the @#$...let alone mining...

A few details...


...because most of you won't even hit that link.

  • Max supply of KOINOS tokens is 100 million.
  • Mining period is set to 6 months.
  • Mining rate is only determined by how good one's machine is...not by your internet connection.
  • Mining started at ~ 19:30 local time. My time zone is UTC +3 so ...do the conversion.

20201013 22_33_12Koinos KOIN Mining, First Proof Submitted, First KOIN Received.png

Before you start mining you have to set the whole thing up. Passwords...secret phrases...submit probably your Metamask Eth address to receive the tokens...transfer some Eth to the miner to pay for the future transfers and finally hit the power button.

The default option is 4 proofs per day. According to the team the first transaction will be a bit expensive so make sure you have enough Eth in there or else your transaction will fail.

And they were right...My first proof was 107 tokens and in order to reach their destination in Metamask the fee was 0.016 Eth..or ~$5...

Now I strongly advise you to not change that number into a bigger one like 24 or 48 just so you can receive tokens more frequently...

Remember...every transaction = gas fees.

As a matter of fact I'll change that to 2 per day.

The screenshot above displays the tokens I possess after the 2nd proof. I think my rusty PC is doing good so far...till I need a fire extinguisher...

By the way...the second transaction cost me 0.005 eth...so 3+ times less

So that's it fellas. Give it a shot and let me know what you think of it.

Remember...the team behind this project has a solid background, so it will probably worth a try.

Have a good one.

Cheers.

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Will it make a difference if you set it to a once per week?
To save on fees

Guess 1-2 per day would be better...to see that it's mining properly. Imagine spending a week only to realize something went wrong a few days back

What if you just let it sit there on the chain, and, say, collect it all in 3 months? Can that be done? Too bad they chose Ethereum ... I'd be all over it like a pig in sh mud otherwise. Still could get interested though. Could you mine it and just leave it there for an indefinite period of time?

Edit: there's no other way to know if your miner is operating correctly?

What if you just let it sit there on the chain, and, say, collect it all in 3 months?

The only available options are x times per day...x times per week.

So I guess nope...

Shame they used Ethereum, ya...so many beautiful things keep happening, yet people don't seem to understand that fees are too high...We need to step up our game...All it takes is something like that being built here on Hive...then it will be like a domino effect.

Could you mine it and just leave it there for an indefinite period of time?

Def no

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All it takes is something like that being built here on Hive...then it will be like a domino effect.

Surprising they chose ETH and didn't do it here. Oh well.

I'm set up and mining. Setup gave me a funding address but with no amount. Didn't send anything anyway since I've got not ETH. But it says it's mining. On all cores, and it looks pretty share friendly with CPU and memory. Put it on 1 x per week since it'll be a couple of days before I get something into my Metamask wallet.

Ah, let's see, the funding bit would be if I had created a new wallet, right?

You need that first proof so that your address is "verified". Can this be done in a week? Probably. I'll ask around because even if you set it at 24 or 48 per day so that this first transaction comes early, it will still fail since you haven't funded your koinos eth address

As a matter of fact I'll change that to 2 per day.

Sounds like a good plan, might do the same.

who wants to pay fees after all eh?

Will you be receiving KOIN if you mine but I've not deposited any ETH yet. I'll deposit some if I start receiving Koin though. Thanks for the response.

image.png

Started mining yesterday and lowered my proof frequency considerably. Their mining model is interesting in that it lowers the barrier to entry for consumer hardware.

On the flipside..

After reading the whitepaper with technical savvy, I am having a hard time with the feasibility of some concepts presented specifically the modular upgradeability.

For example, the notion that the consensus algorithm could be changed without requiring users to update their software seems that it would inevitably result in a conflict.

Understand that much may be subject to change and will be mining at least until my funding runs out anyway but hopefully things make sense when mainnet launches. Right now it is a bit cloudy imho.

I also started mining and now have over a thousand coins! Feels pretty good! Gotta give rest to my CPU, though.

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Good luck, and congrats on your mining experience. :)

I keep the sharing frequency to one-per-day. Gas fees are unpredictable.

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I downloaded the miner but was waiting for a specific result. Seems like it is working fine then. Let me jump in then.

do u need what 0.04 eth to start? i only sent 0.001 never got any yet lol at least we narrowed down a bandwitdh

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You need that first proof so that your address is "verified". Can this be done in a week? Probably. I'll ask around because even if you set it at 24 or 48 per day so that this first transaction comes early, it will still fail since you haven't funded your koinos eth address

You need to send more eth. Transaction fees are higher than that

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