KOINOS - Mining again after two days break

in LeoFinance2 months ago

A few days back Koinos mining started and many people started entering the pool. I was a bit late to the party for a few hours. Some early birds got nice Koins from their mining. I started it a day after it was launched. I have so many second thoughts about mining. The main reason was that I didn't want to spoil my laptop's performance with the help of mining activities. I use the same laptop for my coding activities as well. If I spoil my working laptop, I might feel like I have broken my hand.

Otherwise, I have full faith in this team as they have proved their skills on Steem Blockchain. Like @geekgirl mentioned, it was also one of my concerns that they did not use Hive or do any further developments for Hive and straight away wanted to work on their own blockchain. But yeah it is all their personal choice and we are all glad that they stood with the community and they quit their job after all the Drama that happened.

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The setting is very important to get a decent profit from mining. We can very well use a short proof submission to reduce the difficulty but it would end up with so many proof submissions draining our ETH balance. I currently have the following as my settings:

Total ETH Added to funding Account: 0.1 ETH
Proof Submission Frequency: 8 per day
Hash Rate: 4-5 MH/s

The above is the current setting. For the past two days, I couldn't mine continuously as I was working on something else and my laptop was already very busy. Today I will have some free time for my laptop as I would be working on my work laptop, so I'm going to be mining the whole day today to check my luck. Like other's, I don't have a dedicated server or CPU specs that I can use for this mining operation. Even if I have to purchase one, I don't want to spend extra on that. So, I'm comfortable with mining on my laptop itself.

Is it Advantageous?

Many people asked me about this. I don't want to influence anyone with my thoughts here but I don't know how to comment on this yet because the project is not fully live. But from the mining perspective it is a mixed feeling. First of all, all I wanted to do was to have my first mining experience. I did not have any mining experience earlier. It is good from the experience perspective. In order to know how this works, I did refer to a few articles and trouble a few people to understand how this works.

Some people shared the thought that they can directly purchase Koins from the market instead of mining it as both costs the same. A few people even tried doing that from Uniswap. I guess, it is also a good time for me to enter into the Uniswap ecosystem. I haven't tried it out yet.

About the expense so far, I can show a little about how much it is costing based on my experience in the past few days.

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Source

The above image is from my funding wallet account. That displays how much I have transferred to the mining and how much I have mined so far and what are the transaction fees so far. Looks like I have spent a total of 0.047353810405 ETH as transaction fees and gained a total of 372.441 Koins through mining.

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The above screenshot is from my ETH wallet address showing the credits.

ETH Fees

One big concern everyone raised was about the transaction fees that we pay in Ether. People said that increasing the proof frequency reduced the ETH fees we pay. But I have had an experience where I increased the proof frequency and received no coins for over 8 hours. It took so much time to get my first proof. I then changed the frequency to 24 per day and then got my first credit.

Many people raised this concern saying that some other blockchain could have been used instead of ETH to get a free transaction. But the developers wanted to get big exposure for this project and they believed that it was there in ETH. But if we take a look at their discord server, I guess over 80 percent of the members there are from Hive.

Additionally, people also calculate their ROI based on their ETH fees alone. But that shouldn't be the case. For a country like I live in, the electricity cost is also comparatively high. So the wear and tear of my mining system and the electricity cost should also be considered as factors to determine the ROI. Let's assume the price of one token hit at least 1$, I guess I would be very happy to have made all these efforts in mining this token. But it is all dependent on how unique this project is and how better it is compared to all other projects out there.

Final thoughts

Some people say that we are already early birds and we are good to collect some good prey. But some people share their skeptical thoughts as well. But according to me, I wanted to have my first mining experience and so I started mining this. If I find purchasing from the market is far beneficial than mining, I might end up doing that. I'm thinking of mining at least 1000 Koins or until my current ETH funding balance is exhausted fully. But yeah it depends and I might as well stop the mining if the outcome is not very great.


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