Poo Bear, the KOIN Mining King stops mining

in LeoFinance4 months ago


If you haven't been following KOIN, there is one particular team that has been dominating the hashing. Known only by address "292", the first 3 digits in their Ethereum wallet address until now.

Around a week ago the KOIN team sound the alarm that GPU mining has been found and they are working on a GPU miner themselves. During this time they brought up the very real possibility of a "reset". This was a warning sign to many users and caused a lot of dumping of KOIN. I did myself and luckily I did it early enough to be at the peak. But it is still early, no one knows where this will go.

A message on discord was just left by Poo Bear stating they have stopped mining and they will hold their 1M KOIN.

They hold an exact 1,000,000 coins as the top miner at 11.7% of the current supply. I suspect they have many other addresses as well.

In their message they state they have 1M coins and they are a team. They declare they are the 1%, this references the 100M Max Supply of the ERC20 token phase. In reality though, there may never be 100M KOIN from this phase, there could be less.

They also released some screenshots of their mining and costs. They paid almost nothing for their mining to acquire 14K USD of KOIN. Although the current price is considerably lower (just under half) than before the GPU scare.

These images were included in Pooh's statement with a final message "Now we wait for Koin team" and signature proof.



To be honest, this has a big impact on how I feel about things. While I am not entirely thrilled how the mining this gives me a very different impression of the situation.

Posted Using LeoFinance Beta


 4 months ago 

Good old @noganoo.

@bernie's alt lol.

Once my $20 of ETH were used up I've not added more. Not interested. Whole thing has a bad taste now.

Thanks for covering this, it's important info. I think this miner is conscious that he has to keep the project decentralized, or he simlpy ran out of credits and needs to pay to farm now.

The fact they stopped at exactly 1,000,000 to own "1%" makes me think it is the first. But he did say he had a large amount of credits.

I'm in line with what @themarkymark is saying as well. Seems like a conscious decision to stop at that 1M mark. Might just be as simple as that...

I've not looked into the mining, but I know a few people on Hive have. I remember when people used to mine St++m and there were suspicions some groups had managed to run it on GPUs or something that was making them lots. There will always be those looking to exploit any money-making system. Countering that with technology will be an arms race. There have been all those cases of servers being hacked to mine various coins as it can be more profitable than ransomware. It makes for good headlines anyway.

the bear sounds nice.
still with the price of Koin on uniswap mining with home pc is probably not a smart idea?

Not really no.

that's good news for the project. But I have stopped mining as well as the ETH transaction costs are higher than the buying price currently

Isn't this a waste of our precious times? /_hi