First KOIN Mining Drama Survived | Community back to Normal

in LeoFinancelast month (edited)

Since last Monday I turned off my local heaters: Two laptops in the game of getting KOIN by the Proof-of-Work (PoW) based mining the KOINOS team launched last week... Thursday? Or was it Wednesday? Seems like a long long time ago already.

Last so many days, did spend a lot of time on topic of KOINOS. Not so much in the mining side of things; Once setup (here) it runs by itself. Most of my time was spend in the KOINOS Discord (here). Some of that time I used to get to the latest and greatest, but most of it just to have fun including mocking others and when needed, myself :)


source: Internet and my Imagination

THE BIG GUNS

Monday someone showed up at Discord (I won't state names, you can check the history at Discord yourselves when interested) suggesting he was setting up 5 pools of miners with 14GH/s each, 70GH/s total! D*mn! After some further conversations between a bunch of us, we figured it was a total of 14GH/s.

Even though this is 5 times less than what we thought before, this led me to shut down my two miners almost immediately. My combined hash rate was about 4MH/s; Approximately 3 thousand 500 hundred times less. I couldn't compete anymore, that was clear to me.

While KOIN was hoovering around the 3$ct mark at Uniswap for a few days, as if it was elastically glued to that mark, Tuesday early morning (GMT/UMT+2) just before I wanted to start my daily curation round at HIVE, I realised some drama was unfolding itself while I was at sleep.

Dumps of lots of KOIN's bringing the price down below 1$ct. Didn't had any Ether anymore to buy more :( That said, I wanted to know what happened before further investing. Discord-time started again. Read through all the messages posted while I was exploring dreamland. Turned out some users (and even KOINOS team) thought someone created a GPU miner; Instead of using the CPU of a computer, using the graphical card or video card. Generally speaking, a GPU can mine gazillion times faster over a CPU; At least with mining algorithms used by the KOIN miners.

AND NOW WHAT?

A solutions needed to be found, since having one or more users going with GPU's while the rest is mining with CPU's will drive most of the KOIN to a few users. Something very much unwanted by everybody, including the KOINOS team. Statements made by the team before investigations started: "We will look into developing a GPU miner", "Restart is something to consider" didn't do well with the (small) community.

DRAMA!

Some of the big miners dumped their minted tokens; Value and Liquidity plummeted; Server orders cancelled (Privex released a statement some costs will be deducted on all the calculations of KOIN based server orders); Trustlevels dropped; Heavy debates and speculations about the team, there honesty, their knowledge, their actions etc etc


published at "howcanisaythis" (source)

Tuesday (yesterday, seems so long ago already) the DRAMA continued. More dumping, Low KOIN value, Low liquidity; Miners and investors continuously asking for clarity; Will 'restart' happen?; Team silence; Miners talking about dusting off their ASICS hardware and so on and so fort.

And then, by the end of (my) Tuesday (guess in the middle of the day in the USA) the KOINOS team came back to the community with the statement: "We don't think a GPU miner is active; We believe someone setup a large CPU mining farm; We're not continuing with our plans to develop a GPU miner to be able to compete". Believable to me; I think at least three users with large CPU mining farms are active; Maybe more; Or maybe more incoming; Who knows?

CALMNESS

This statement, more or less, calmed miners and investors. KOIN went up with around 300% (almost back to 3$ct for a little bit of time); Liquidity rose with at least a factor of 2; As if nothing happened. Discord channels still very busy, mostly making fun of everything and everyone. Off-Topic discussion in On-Topic channels, On-Topic discussions in Off-Topic channels; Pretty much chaos, but fun, and time consuming, but fun :)

QUIETNESS

Today (Wednesday) an almost absolute quietness is surrounding my soul and senses; So peaceful; Hardly any activity in the KOINOS Discord; The first time since I stopped mining, I could enjoy not hearing the fans screaming!

Soooo boring! Waiting for the next drama LOL :)


created by Melissa McCracken "Visualisation of 'Imagine' by John Lennon" (source)

MINING CONTINUOUS

Well, I turned into an investor with a focus on the KOIN/ETH pair at KOINOS. Still without funds, but making plans to get to some more ETH.

Am considering to dive into Swing trading, but never really done that; Am not much of a trader to be honest. That said, why not trying something new again? Last week seems to be a week of firsts for me anyway. Less than a week ago, first steps into PoW mining. A day or two later, first time making a swap at Uniswap (here). Yesterday, first time providing liquidity to the KOIN/ETH swap pair.

Swing trading on KOIN next? Definitely something to consider :)

USEFUL LINKS

Website
Team
Discord
KOIN/ETH Market
MINERS: download packages Windows/Mac/Linux
MINER Installation / Configuration Guide

NJOY the MINE and POOL

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I must say I'm happy I didn't get into it. I was close to mining KOIN but got an error downloading it. I took it as a sign not to get involved.

There's plenty of drama in crypto as well as in life in general. The only thing we need to do is to focus on it ( or not ).

Posted Using LeoFinance Beta

Mining in the first 24hrs was paying off, but the subsequent days not... at least in financial terms. But, it learned me a bit about PoW mining. Was super fun. And now am pretty active in the KOINOS discord and learning even more. I even learned to provide liquidity at Uniswap and seeing some returns from my learnings. Super fun this ride of the last two weeks! And the most return I got from all of this, is my renewed interest in crypto's, finding investment opportunities and some mid-term trading. Maybe it all will pay off in some additional monetary rewards. But even when not, I'm ok with that as well.

Note: not my planned BTC investment though, that needs to go well financially seen :) Just need to figure out how to get my FIAT to some exchange. Not sure which exchange to use for this.

What would crypto be like without the drama? Haha! I stopped mining for a few days as, like you, my CPU was getting shredded (hopefully get a new one on Monday or next week), definitely making some painful noises and that smell of hot dust... lovely! New fragrance, I should bottle that - eau de KOINOS :D

Posted Using LeoFinance Beta

Hahaha, dust fragrance :) May do very well for all those whole love computers, but dont have any idea how to max their CPUs :) Even with a new computer, with eg 20MH/s hashrate, I wonder if mining is profitable on the short term. Buying at Uniswap at the dips maybe more cheap. Everybody seems to forget about energy consumption. I think in best case I was spending 1 Euro/day on energy and worst case almost 2 Euro/day. ETH fees are also d*mn expensive this week, up to 8$ per transaction. Last week and weekend it was more like 70$ct to 1,5$.

Haha, I think we have found our target market there then for the Dust Fragrance 😆

Well, I know @gribbles is running the miner, getting about 10MH/s and receiving 200 ish KOIN per day but like you say, the gas fees and the low price of KOIN might make it better and less energy consuming to buy it on Uniswap (if you know how to)!

Just for completeness, I'm on 1/day PF. I was considering stopping as I could see the value dropping, but then this happened:

Screenshot 20201022 at 14.49.24.png

So the value is creeping up, and I've just been lucky that my miner found some blocks in pretty quick succession. The gas fee went daft for a moment (to the extent that a tx failes even with a funding balance of .037 ETH), but has settled to around 0.004ish.

Dunno - as this was my first real foray into mining I didn't invest more than I could bear to lose. So I'm tempted just to let it all run until the funding wallet is dry (I've set my 2 1.4MH/s laptops to a PF of 1/week, just for giggles)

But if the mining on the 10MH/s box keeps heading in the direction it's taken in the last day, I may consider a cheeky little top up.

I've also had the discord on in the background for the last few days - mainly to try to pick up tips & info to get my head round the mining and stuff. So it's been fascinating to watch the dramas unfold (and I have also learnt stuff as well!)

Ok fine, I'll fire up the Dust Fragrance generator and burn off any ETH I have left in the miner running at 1 per day and see what happens. I did have a KOIN fund of 0.2 ETH which was just left sitting around so will see what happens. Koin will need to hit $0.50 for me to get the money back to buy a new processor though 😂

Haha! You'll thank me in a few months when the KOIN is transferred to the new blockchain and just selling 1 will buy you a new proc 🤣

I will say that the thing that has probably jumped out at me the most id the sheer randomness of the mining. I've been lucky in the last 24 hours.

You may be unlucky and simply and create more Parfum du Dust....

Haha, that would be the dream mate! I did give it a quick blast earlier for a few hours but nothing doing except a nice warm room with that patented fragrance - wonder if Hugo Boss will bottle it?

The 0,2ETH may become too small an amount for proof submission, the GUI miner reserves a whole lot more ETH than needed for the TX. If you like to get to low ETH tx costs, you may try this weekend. Last weekend it went down to 70$ct costs whilst in the first days of the week it was more close to 8$. I suppose, less transactions in the weekend. Earlier this week, I suppose more ETH tx due to rise of BTC.

Ah - that's a useful observation.

That's another thing I like about this - still learning! :)

 last month (edited)

wrt ETH fees, check eg coingecko or etherscan, at both on top you see GWEI costs, the level of GWEI tells something about the ETH costs being at low or high end. Not sure if GWEI and ETH costs are linear related, but what I've seen is with low GWEI, ETH tx costs are also low :) Maybe some better service available somewhere on the internet that show current GWEI + ETH transaction costs...

wait

here is one: https://bitinfocharts.com/comparison/ethereum-transactionfees.html

Posted Using LeoFinance Beta

Yea the proofs and its randomness. 2 and 3rd day of mining, I got nothing, then suddenly a few hits close to each other while proof at 1/day. Day 5 or something was again nothing. So hits come in waves :) I was reading from others the amount of KOIN per proof is increasing last few days. ETH: you'll not be able to drain your ETH balance completely with proofs, for each proof transaction, the GUI miner reserves a whole lot more ETH than the actual costs. At some point in time had a ETH TX error due to insufficient funds, when I had something like 0,2 or even 0,3 ETH.

1/week proof: interesting to see the outcome of that.

I'll let you know what they do.

I'm not expecting anything shocking - they are low MH/s machines, after all...

Uniswap is not difficult; You have an Ethereum address? eg MEW? Or MetaMask?
Get yourself Metamask
Connect Uniswap to Metamask
Goto KOIN/ETH pair at Uniswap
Buy KOIN

Links in this link at the bottom of the post.

Yeah I have all those things and a Ledger too! Thanks for the link, I'll book mark it so can try it out over the weekend!

Ok, so I tried this and can't seem to find the KOIN/ETH pair when I search for KOIN on Uniswap:

image.png

Yea, KOIN is not in the top list.
Go to this page: https://info.uniswap.org/tokens
Then search on KOIN in the search box at top right corner.
Or click this one: https://info.uniswap.org/pair/0x3e9b04c0a11fc801335b0c436a3ae3dea0dc2188

For status of the pool and buy/sell orders and even the initiation of a buy/sell order, I use Astrotool. I like that UI much better. A buy/sell order is procesed through Uniswap btw, ie Astrotools is just a frontend to Uniswap. https://app.astrotools.io/pair-explorer/0x3e9b04c0a11fc801335b0c436a3ae3dea0dc2188