KOINOS Mining, First Impression on it...

in LeoFinancelast month

I was under the impression of skipping the idea of mining of KOINOS coin. As first of all there are few things which I really was considering and mostly about the outcome of these whole process. As a matter of fact I somehow forgot about it and after the mining went live October 13th, 17:00 UTC after few hours different posts started to go out. I am not into techy stuff but the post from @mindtrap really got me. His config was the thing which attracted me. I have slightly better config so I thought of giving it a try.


Check out @andrarchy post for more details about Koinos and the future plan of it.


Mining.png


Even though I wanted to get in yesterday as soon as I read about from different users post but my ETH on my wallet was playing games with me and I was quite tired to try it out. While the ss is, while I was working on other things on Brave broweser. The usual hashrate is between 1.5-2.


While as soon as I woke up today, I installed the Miner from here and went through the process accordingly. This should guide you through the process for you https://github.com/open-orchard/koinos-gui-miner . If I have to descibe it in easy terms than you will need the following

  • A decent PC (The faster the better in terms of config)
  • ETH (for transactions to go through)
  • Decent internet connection

I have been mining for few hours now and I have 8 Gigs RAM and with i5 processor. So far it is gave out 109 KOINOS, not sure if it is good or bad but let me see for the next few days and I will probably get a rough idea of what is actually going on. At first I selected proof of frequency to 4 to get the result as soon as possible. Upon completing the first 1, I calculated to find out the cost and it cost me around 0.0074 ETH ($2.82). While I have changed the proof frequency to 1 (maybe it was a bad idea) and seems like it is taking much longer time than I anticipated.


I like the concept behind it and the vision of it as well. This could be a game changer for us all or it could be nothing but since we are watching with technological advancement it is hard to leave an opportunity at hand. All the best to all miners!



Best regards
Rehan

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I started my miner 2.5 hours ago, have set 12x per day Proof freq, it hovers between 8-9 MH/s, and already got 269 Koins, in 3 TX.
To bad, each ETH Tx was high gass, around $4.5 .
So unless in April 1 Koin sells for 1300:269= $0.048, I will be in a pure loss.
And here yet not included electricity and initial payment costs

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You will be paying roughly $35 in Ethereum mining fees (even with $3 fees) with that configuration. Why don't you set yours to once a week?

The fact is, I will not be able to keep my pc awake 24/7 with all the issue of electricity and other things. But the fact is still there if any error happens lets say on the e 6th day, all my 6 days effort will be done for. I think that's how it works, once sth error happens I loose the hashes and need to restart again(correct me if I am wrong though).

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I wont say you're wrong but I wonder. Is it constantly saving these hashes as it goes or does it keep it in memory for the seven days? To me it is a question to investigate. I am going to look at the source code and see or we could ask @andrarchy.

The one thing which is making ETH so annoying is the trx fees. If it gets past this, ETH might even be unstoppable. I remember giving around $40 for a single trx few weeks back!

While I hope KOIN becomes as valuable as it is claiming to be so that nobody really faces a loss. Besides, I wanted to try out MINING in my PC and got to experience it. Let's see how it really turns out once we get hold on our KOIN's.

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