Koinos Rough GPU Mining Leaves Miners Salted

over 3 years ago (Edited)

Evening

I am sure all of you have heard by now, about the Koinos GPU mining hack. Apparently some one developed a way to GPU mine KION in just 5 days post launch, the coin which was supposed to be GPU mining resistant.

The official statement reads:

It has come to our attention that someone has most likely developed a GPU miner. We are now shifting our attention 100% to developing a GPU miner as fast as we can to release to the public. We knew this was a possibility, but did not expect it to happen this quick. We underestimated the amount of interest and enthusiasm that there has been for this ERC20. This is always a risk with open source PoW algorithms which is why we aren't planning to use PoW on mainnet. We're now all hands on deck developing a GPU miner as fast as we can.
_{- Andrachy - KOIN}

The hack reflects poor planning and lack of anticipation by the dev team. If the whole project depends upon GPU resistant miner, why the fuck they don't have a back-up plan. And now the Koinos devs will be working to hack their own algo and develop a GPU miner. Great!

With rough GPU mining code out, CPU miners are gonna be at huge disadvantage. And even if the team manage to release the official GPU soon enough, I doubt many salted CPU miners would be willing to shift the gear and go for GPU mining. I know dozen of guys who have already stooped the mining.

I am not saying that the project is dead, but this sure is a very bad start and it is gonna be a while before the confidence of miners and traders can be reestablished.

For now I am just happy that I didn't gave in on the Kions Mining FOMO, a few day back.