Another Try At Koinos Mining

in LeoFinance3 months ago

After reading this post by @themarkymark I decided to give Koinos mining another shot. When I first tried it a couple weeks ago my first thought was it looked promising. I was able to mine about 100 Koin in an hour. After that initial run I ran into a lot of issues and eventually just gave up after mining a few more Koin. Being able to track what was happening was one of my frustrations the first time around so I set up Etherscan to notify my email and here are the results.

First of all you can see my PC does not exactly set any mining records while toiling away. :)

I started the miner about 4:30 and ended it at 8:30. Over that time I received 5 e-mails notifying me of Koin mined. The first one arrived at 6:23 about 2 hours after I started. Below is a screenshot of the times of the other emails and the amount of Koin mined.

So over the 4 hours of mining I received about 23 Koin total. That cost me about $6 of Ether. Probably not the best return but at least I could see what was going on. Going forward I will lower the proof frequency and try another mining session and see how that goes.

Please feel free to leave any comments or questions. Thanks for reading! :)

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@oldmans, Good luck for Next Session. In my opinion Mining is not a smooth process and it's not everyone's plate of food. Stay blessed.

Thank you! Yeah, I will probably just end up finishing up the Ether I have in there and call it quits. My machine is not really a miner and you are right, at least for me there always seems to be bumps in the road while mining. :)

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Welcome and have a great time ahead. 🙂

@oldmans, do you need to deposit Eth before you can start receiving Koin? I mean I did give a try mining but I didn't receive any Koin on the interface of Koinos miner. So I didn't deposit any Eth.

I am definitely no expert but here is what I learned. :)

Yes, you do have to send Eth to the miner to receive Koin and provide an Eth address where to send the Koin after it is mined. I used MetaMask and Etherscan to accomplish this. Like I said I am no expert so I had to fumble around to get everything setup.

I think I am done mining Koin for now. I ran another session and after 8 hours no notifications, no Koin earned. Think I will just take the remaining Eth in the miner and buy some Hive. :)

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Thanks for the feedback! I was actually hesitant to deposit some ETC if I can't see Koin being mined. I hate to admit but the project has received quite a lot of negative feedback lately.

Yeah, I'm the same way. At least I learned about MetaMask, Etherscan, and gas fees and got about 150 Koin so it wasn't a total loss. :)

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That's a good gamble. True to that! :D

23 Koin is worth around $0.34. So, in five hours you lost $6. Every Proof of Work was your loss. Is it worth the CPU and the electricity?

I have frequency set at 1 per day and didn't mine a thing last week. It is definitely a waste of resources for ordinary guys like you and me.

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My second try was not good at all. Set freq. at 4 and after 8 hours nothing so I have packed it in and chalked it up to a learning experience. I agree, it is not for the ordinary user.

On the plus side it was cold here and my overheated cpu kept the room warm. ;)

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The heat was on :)

Right at this moment, I am trying to get rid of KOIN on Uniswap. Learning how to do it. I complicated the life to myself because my receiving address is on Ledger Nano. I hope I'll be able to sell it.