Think I'll Just Buy KOIN Instead...
Can't Compete With The "Big Guns"
I've been continuously tinkering and testing with the KOIN miner since it launched last week and after speaking with a few other folks about it like @gribbles and @geekgirl, I will probably be leaving the sleek GUI miner of KOINOS alone for a while and just look at buying it, seeing as I'm leaving my PC on all day with a slightly higher proof frequency and all I'm doing is just rinsing my CPU haha!
I got lucky with a couple of big finds though with a 1,500 and 400 KOIN discovery on the first day before the proper hardcore mining folks came in with more powerful computers that are able to sort out more hashes than an Amsterdam coffee shop!
Even upping the frequency to 6 per day only brought about 100 KOIN in 3 different sessions over the last 2 days. I may just go for a ridiculously high Proof Frequency to burn the remaining ETH I have in there and eek out any remaining KOIN possible from the Gladiator!
So I'll need to get my head around this Uniswap thing by the looks of it - if you have any tutorials or someone has done it before, let me know - probably should look in to it!
Once that ETH is eaten up, I'll be using that CPU again to churn out some beats for sure, already branching out and started a Techno track (which is a totally different genre for me) - I think I might call it "The Miner" haha. Will keep you posted.
Have you noticed a change with mining KOIN? What's your approach to it? Let me know in the comments!
Take care
Nicky
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Isn't it more profitable to turn down your rate to 1 per day?
The later is the info page from which you can access the swap for eth and add to the pool, the former is the add to the pool.
https://app.uniswap.org/#/add/0x66d28cb58487a7609877550e1a34691810a6b9fc/ETH
https://info.uniswap.org/pair/0x3e9b04c0a11fc801335b0c436a3ae3dea0dc2188
I did a little swap today realising the same.
Great post title by the way, kind of says it all!
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Yeah I got a couple of "big hits" with the miner in the first couple of days, then the big guns came along and let rip! You seen the top holders (that isn't uni swap)?
Thanks for the links, will look into it!
Lol 😂 oh what happened to oh mining is fun you should try it don’t be a party Pooper it didn’t take you long before you started singing A different lol $100 on each side of the uniswap pair and collect the fees is more my game
Lol! Well it was fun, you definitely should have tried it and you're still a party pooper 😂 but I am not competing against oil rig miners for a couple of KOIN when I could be mining beats and basslines instead!
Lol. It does seem a little easier to just buy the shit :0D
Yeah man, it was fun to try out and get in early doors for the thrill of mining KOIN but now it's just munching my CPU which I need for the music station haha!
Lol, yeah. I was almost tempted to start then realised I couldn't be arsed with my laptop chugging away to the max for ages on end!
Haha! I'm definitely going to have to buy a new processor (it was on the way out anyway) but probably shortened it's life a bit running at max capacity for the last week! Still, saved on central heating costs, every cloud!
The glorious heat from a burning motherboard... Splendid!!
And the smell of hot dust! Lovely!
It's certainly a strange beast, this KOIN. It's the first time I've mined something like this, so still firmly on the learning curve, but it's fun discovering.
From what I can gather, you would be better going the other way - much lower PF. But there is still a significant random element.
My main pc (~10Mh/s) has just mined 190 KOIN, set to PF of 1/day. Nowhere near what it got in the first 48 hours - but if it drops that every day until the ETH runs out in it's finding wallet, I'd be happy. It'll all depend on how fast it deprecates.
My two laptops are borderline (both max out at around 1.5Mh/s).
I've been looking at Uniswap for the first time as well. I remember it coming up in relation to $NOTES and it's cropped up in the $EMT discord also.
Think I've got my head round it - and it feels sensible to dump the KOIN mined into the pool - you'll get some return on it.
However, a lot depends on what folk are in this for. There's a definite thread in the KOIN discord of folk looking to turn a quick profit. When you tipped me off about it, I did a bit if reading and to me it felt that this was a medium term game at best, which could pay off nicely if the chain and engine deliver over time. To me this was never about making a bit of profit over mining/transaction costs in the short term. It was about building up a balance to sit on until the next phase. There's risk, of course, but there is in any investment - but the pedigree of the guys behind this can't be denied.
So I think that's my plan. Run the ETH that is already in my funding wallets down. If my main computer is still mining 3 figure coin a day, I may top it up - but the laptops probably won't be worth it.
So I'm thinking of using the ETH that may have gone their way to pair up with some KOIN and add some liquidity into the Uniswap pool, and make a bit of profit there until the 6 month mining phase is up and we see what comes next...
Caveat: I am a total noob here. Some or all of the above may have caused older and wider cryptominers to have spat their coffee all over their computer screen (If so, sorry - paper towel to soak up the excess, and a damp, not wet, cloth usually does the trick). But happy to take any pointers... 😁 😉
Yeah first time miner here as well Mr G! I have been running at 1 PF/day and think it brought about 80-90 KOIN the other day but it is a lottery. I'm running at about 4.5MH/sec so pretty much half of your main beast.
I'll catch up with you in the DMs a bit more about the uniswap stuff but I'm in the same situation as you, was just seeing how much was viable to get with the intention of seeing how it goes once the main chain launches and have something for it.
Renting servers was crazy profitable the past days (that is assuming one dumps at the current price of Koinos as many large miners did), so it's not surprise that it's getting more competitive. At this point 25$ a day can buy a server with 74 mh/s which still mines about 1400 Koin per day with average luck, but not long ago it was closer to 10000 and in the early hours even more. These servers are paid by the hour, so it was a pretty safe bet assuming the price of Koinos doesn't go below 0.01$ and one doesn't have terrible luck. Note that these servers paid per hour are about twice as expensive than if you rent your own dedicated server for 1 month+, so I except that competition will keep increasing even after those are not profitable anymore.
The thing is, mining on consumer hardware is still profitable if you set a really low frequency (like once a week). I first thought that this would mean getting less rewards since by the time you find something on a low frequency the competition will probably be even higher, but actually it only saves you fees, it doesn't impact the Koinos reward since it's just pure luck and if you are lucky to mine a week's worth of Koinos today that would be much better than mining it once a day over the next week. The only thing is that it can get frustrating since you don't see coins coming in as often (but when they do, a lot of them!)
Thanks for the info man! Had no idea about renting servers, sounds pretty technical but if you know how and can make the most of it then good on you!
So having the proof frequency set to 1 per week, that means you need to leave your own pc on for a week solid, 24/7 or can you give your pc a rest, switch it off and come back to it over the course of a week? 🤔
You can switch it on and off at any time, every minute you run it you basically get a lottery ticket with odds of 1/10080 of winning which works out to once a week on average ;) The hash-rate in that minute determines how big the prize is.
Ah, thanks for explaining in layman's terms! Well, as they say in the UK, you gotta be in it to win it! I may just do a few short spells here and there and hope to get lucky like Pharrell!
The Uniswap pool thing could work out well if you have ethers to spare. It does seem to be the case that burning one's CPU is becoming less and less profitable. The very first hours were the most profitable time. A long game this isn't. As the big guns dump, there are always transactions fees on the table for liquidity providers to take. And with the growth of the liquidity, it does seem that the risk of price fluctuations is also decreasing. 3 cents looks like a strong support but with a diminishing upside.
I wonder what will happen when the mining period draws to a close. No new KOIN will be created to sell on the market. Will LPs draw their ETH? Or will more people buy into KOIN in anticipation of appreciation once it hits the large exchanges?
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Yeah I'm definitely happy I got going in the first 48 hours of it and it was good fun but unless you're able to rent a server or have a massive rig, then it will be increasingly difficult to mine KOIN - for the sake of ramping your CPU processor to the max all day, it's probably going to be more expensive to buy a new CPU haha!
All very good questions. I think the rate of mining/available KOIN to mine each day is diminishing so it will be even more competitive towards the end.
For me, I just wanted to try mining out and get some tokens in a new project from the beginning and see what happens so was an "expense/investment" I was willing to do being a complete mining noob! I do still have some ETH in the miner but wonder if it's possible to take it out or use it in other ways...?
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