Koinos Mining - a new way of mining!

in #koinos3 years ago

Koinos.png

Hi, all of you,

I know that quite a lot of you started mining a new cryptocurrency called Koinos and I also could not resist the urge to throw in some mining capability by myself.

What is Koinos ?

A new project trying to have a go at cryptocurrency out of a different angle. Oh and you also might know some of the team members already, @andrarchy and @vandenberg and others have been part of the original Steemit Inc before the acquisition from Justin Sun.
I don't want to go into technical details, you can find the whitepaper here if you are interested to have a go at it.
In the end, they are trying to come up with a different distribution method than other currencies, but in the end it is also basing on the CPU power of your machine.

Mining

Currently, they have two mining possibilities to be used, one being a GUI miner and the other a CLI version. Since the machine I will install this on is running under Win10 I downloaded the GUI version and after setting up ETH addresses and funding one of the addresses with a little ETH ( for the transfer prices, what a nice world we have here on HIVE ) I was ready to go.

My Ryzen 9 3950x is running at around 19,5 MH/s, I have not installed it on other machines yet but I will try to do so to get a better overview of MH per different machine.

Results

None so far, but since I chose quite a low frequency ( you can choose the frequency that you would like to be mining some koins, this will influence the difficulty then ) this is not really unforeseen.
I will write some updates once I have gotten paid ;)

Is it worth it?

I do not really have a clue, like in most crypto projects it is a risk that you need to calculate. In the end I am only using a CPU I already had before and the electricity to have it running plus a few pieces of ETH to pay the transactions. That is quite a low investment.
On the plus side are for me the people that are running this project, they have proven in the past to be able to start and run a successful blockchain project, now I am really curious to see what plans they got to evolve this.
Go for it guys!

Yours

Jan

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Und PoW Mining für einen ERC20 shittoken? och, nee, wirklich nicht. Das finde ich weder innovativ noch nützlich noch notwendig, pure Energieverschwendung. Die ETH Blockchain drunter ist doch eh PoW. Und wieso überhaupt ETH-based? Wieso nicht gleich das Mainnet launchen und DANN minen lassen? :)
Hab das Whitepaper überflogen. Es überzeugt mich überhaupt nicht. Es bleiben mehr Fragen offen als Antworten gegeben werden. Die wichtigste offene Frage ist: warum sollte man sich das antun und Energie UND ETH verschwenden? :D

jetzt hab ich die ganze lange Heimfahrt von der Arbeit drüber nachgedacht, warum ich das doof finde. Vermutlich, weil ich es cooler fände, für das mining "proof of useful work" einzusetzen, z.B. Proteinfaltungsberechnungen von folding@home oder andere Sachen, die wirklich Sinn machen. Dafür dann Tokens zuteilen, wäre nice.

Ein großer Teil meiner CPUs und GPUs rechnen schon seit Ewigkeiten an Gridcoin Aufgaben, ist alles schon da ;)
rentieren tut sich das allerdings genausowenig ;)

Go for it guys!

I won't, but good luck! :)

According to @edicted it is highly profitable right now, but with a fast decreasing profitability, as more people join. I will skip this. Still burned after the WLEO fiasco.