Koinos mining is the talk of the town today

in LeoFinance15 days ago

Today I woke and noticed that many people have posted their experience about Koinos mining. Yesterday @zaku bro mentioned it in the city but I did have second thoughts to use it. Today after reading so many articles and seeing that many people are into mining, I also wanted to give it a try. Especially when I read about positive mining experience from people, I really wanted to give it a try.

For people who would like to know more details about this project, here is the link.

https://github.com/open-orchard/koinos-gui-miner/releases

I first went to the GitHub page and downloaded the windows version of the miner application. I have to admit that this is my first mining experience. I haven't done any CPU mining before. I did try a few before using a few mining software but it did not go well. I even tried mining BOID but the setup did not work well.

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I then followed all the instructions mentioned in their github page. As a next step in the process, I had to then set up a wallet first to fund the mining process. I was skeptical about this step because it would cost me not only electricity and other resources but also some more money to pay ETH gas fees and transfer fees. This is really sad. Like everyone else, I also felt why on earth would someone choose ETH for this when we have so many free alternatives.

I read it from @mindtrap's post that the first transaction alone cost so much and after that it was nominal. So, I thought I would deposit around 0.04 ETH which costs around 16 USD at the current price. I'm keeping my fingers crossed to see how much time it would take to send me the first set of coins.

I was surprised to see that I got around 5 MH/s as my hash rate. Not too bad for a gaming PC. Just one concern is that this mining activity is definitely going to create some wear and tear for my laptop as it is already headed up like a frying pan and my CPU is already at 100%. One good thing I noticed about this is that even though I had so many tabs open in the Brave browser, it automatically switched to GPU when it saw that the CPU was fully occupied. That was something impressive.

If you planning to get started after reading this article, I have a tip for you. Before starting your mining and while making your settings right, please ensure you use the below ETH endpoint.

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After almost one hour of execution, my application errored out. Details are available in the GitHub issue link below.

https://github.com/open-orchard/koinos-gui-miner/issues/106

The second tip that I wanted to share is that, set your proof frequency from 1 to 24 to start with. I saw a few people setting it 240 times per day. For blockchains with a free transaction that should be okay but we are using ETH, if we set the value, we would end up spending so much on ETH gas fees which may not be reliable.

It is only a few hours since I started the mining process, I haven't received my first set of coins yet. I will try to write another article in the coming days to update my progress. I'm not even sure if I will be continuing with this for the next 6 months or not. But yeah let's see. I'm at least glad that I was able to participate in this mining. Hope it turns out well.


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Posted Using LeoFinance Beta

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Thank you for your article and the tip. What is the difference between the mining address you provided and the one that was initially given after installing the miner? I tried to mine during the night but the miner stalled and there are still no coins in my wallet :-(
I now try your adress and set the proof frequency to 24 as you recommended - hope this is helping. Anyway, I just mine with 2.5 MH/s so only with half the power you have...

Posted Using LeoFinance Beta

What is the difference between the mining address you provided and the one that was initially given after installing the miner?

When we install the application, it automatically starts using an ETH node. But many people have reported that the default node is buggy. That is why it is recommended to use the below node.

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If you are setting the proof frequency as 24, you have to make sure you have enough ETH for the gas fees to receive the coins.

I have set the proof frequency as 2 and observing it. I guess it would take several hours to get me some reward. Also, I'm not sure what would happen if the connection is interrupted or stopped and started again. Also, by the way, my hash rate started with 5.5 MH/s, and then now it has reduced to 3 - 4 MH/s.

Posted Using LeoFinance Beta

Thank you this helped a lot. The new Adress is much more stable and everything is running smoothly for hours - unfortunately, the result is the same 0.0 KOIN :-(
But thank you anyway.

Posted Using LeoFinance Beta

Nowhere I could find even ONE word on mining PC requirements. Did you?
Is it worth to have more powerful CPU? How much?
If this mining is ASIC & and memory (VGA) ignorant - does it make sense to launch more than 1 pc? What if I get 10 PC, 20 PC's?
Will there be any limitations against this?
Perhaps they will have a way to refuse (during coin airdrop) such multi-PC owners.

So many unclear moments....

Posted Using LeoFinance Beta

I'm not an expert in Mining but I can try and answer some of these questions. To be honest, I also had similar questions in my mind as well.

Is it worth to have a more powerful CPU? How much?

Yes they say it is worth to have a powerful CPU. In their announcement post they mentioned that they have prevented this mining from happening on GPU, so a powerful CPU can help by providing better Hash rate.

If this mining is ASCI & and memory (VGA) ignorant - does it make sense to launch more than 1 pc? What if I get 10 PC, 20 PC's?
Will there be any limitations against this?

Had the same question in my mind. As long as we create a funding address and deposit mining funds to it, I don't think there is any restriction on the number of PC's a person can have to collect the coins. We can then give one unique ETH address as the receiving address to all the 20PC's.

Maybe during the airdrop, they might have a mechanism to filter out multiple claims but as mining is a Proof of Work thing, I guess any PC can show the mining proof and collect the coins.

Posted Using LeoFinance Beta

Mining at the moment doesn't seem to work due to errors. Anybody got it to work?

Great post

I just got my first Koinos credited a few minutes ago. I guess it works if you have two things:

  1. Anything close to 0.1 ETH in your funding account
  2. Proof set to a value between 1-24. But in my case I got it working only after setting it to 24.

My Hash Rate is also decent. So, it is working. If you need any assistance, you can reach out to their discord.

https://discord.gg/Cf9kFwE

thanks for the reply

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Just use NiceHash, no fees, converts to btc automatically instead of mining some sh*t coin, I've mined a fair few years now and can safely say NiceHash is the best for regular non-asic machines, get yourself over there and check it out!

Looks interesting. Thanks for sharing this information. I'm going to check this right away.

As you can now probably tell NiceHash is the best for small mining operations, that auto-covert to btc is very nice if you ask me... I'm actually thinking of getting some Ryzen 5000 series and the new amd 6900 gpu to do a little mining / work / gaming

I did give it a try. I wasn't even able to make 20 cents per day. If I see the returns based on the electricity that I spend it goes negative. Maybe not a great idea to mine from my personal laptop. But yeah the app is convenient and user friendly. 👍

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I don't understand. Why would you pay ETH gas fees to mine a coin? Doesn't it have its own blockchain? What does mining mean then?

Koinos is an ERC20 token. For the mining you do, you have to submit the proof through ETH Blockchain to get your Koinos credited to you.