Koinos - Quitting The Miner And Selling All KOIN
Exactly three weeks after this affair begun I am quitting the job of mining KOINs.
It's a disappointment. It's not mining and it's not as it was publicized.
With GPU mess and farm mining coupled with the so-called frequency setting, or better said the dice roll, and ETH fees, it's a fool's job for us regular guys.
I only wish I would have ditched the thing at least a week ago when KOIN was worth twice as much as it is today.
Here is the resume of my brief mining career.
| What | How much / many? | Remark |
|---|---|---|
| Submitted PoWs | 21 | no submissions at all in the last week |
| Biggest KOIN PoW | 1,754.054 | a single struck of luck? |
| Smallest KOIN PoW | 0.718 and 1.118 | the fees were $2.66 and $1.04 - a crying joke it was! |
| Transaction fees in total | 0.11263764 ETH or $43.64 | included are the fees for funding and selling |
| KOINs mined | 5,688.276 | around $77 |
| Sale on Uniswap today | 0.20197826 ETH | I had to learn how to connect Metamask with Ledger and how to swap the KOINs |
| Net profit | 0.08934062 ETH | app. $34.20 |
Wast it worth it? Two weeks of overburdening the CPU and leaching electricity for $34?
You are the judge. My opinion is clear.
I quit!
Here's the story of selling the stuff in pictures ...
Swap on Uniswap after I managed to connect Metamask with my Ledger Nano. Yet, the receiving address is controlled by Ledger device.
The transaction itself. I put a minimum gas fee in it to control the damage.
Got 0.201978263116296673 ETH or $76.97.
Better than nothing
What about the so-called miner? Let's start it up to see whether the loss of KOIN will be reflected?
It is!
Good riddance, I would say!
I know that some of you are buying cheap KOINs on Uniswap in hope that they will be worth more when this mining business is over. I wish you all good luck yet I don't believe there will be a happy ending.
I will put the numbers in the Summit 3300 article later ...
More about Koinos platform & KOIN mining
13.10.2020 - Koinos KOIN Mining, First Proof Submitted, First KOIN Received 11.10.2020 - Koinos platform Announcement & KOIN Miner Setup - Mining Start On October 13th 2020
*Better and better
Posted Using LeoFinance Beta
