Koinos Mining: After 6 days

First thing all crypto people tell you is do your own research (or maybe not your keys not your crypto, not sure).

And as i never mined anything, and did not do my research i ended up not using the most of the opportunity.

I was there at the day of the lunch. Most emphasized thing was the ETH gas fees and how the Proof frequency works. And that you can mine with your home computer, they even manage to test it with Raspberry Pi. You can do it, that does not mean that you should.

The Koinos miner app is done really well (had some problems with day one, worked but had tendencies to stop and you needed to restart it, fixed after less than 24h) and it is easy to set up. Lunch time i wanted to do a test so i set it up at 1 proof per 2 hours, and after less then 2 hours i had 194 Koins.

Now it comes the part of not doing my research. As all i knew that i should be thinking off are ETH gas fees, because Proof frequency is setting up how hard will it be to find the proof (hence how much koin will you get), and it is set up by the power of your PC. (CPU). You are not competing with other miners who will get the proof first. So thinking only about gas prices, i changed it to 1 proof in 12 hours.

Now comes thing that is completely logical now that i know it, but i did not even think about that few days back.

You are not competing for the proof with others, but you are sharing with them the amount of Koins that will be distributed that day (kinda, if someone wants to explain it fully, feel free, and thanks). So if some amount of people are running mine farms, renting servers... and getting 30-40.000 koins, you will get less Koins for the same proof frequency. So the reward for 2 times a day went from approx 400 a day first day, to 50 Koins a day, today.

And i did not do the math because i am lazy, but some people say that at the moment with the price of Koin on Uniswap and the price of ETH for fees, you need at least 50-60 Koins per proof to make it worth it mining vs buying.

So the smart thing, if i did my research, would be leaving it on 2 proof per day, mine for first 2 days, and have double the coins that i have now. It is a 6 months mining period, so a lot could change, depends on how many new people will come, how many will use fast servers and farms for mining... but it looks like my mining days are over, at least for now.

And don't get me wrong, it is an interesting experience. I learned some new things about mining and crypto, it is fun to read the discord conversations, and most probably it will be fun to see where will the project go, and how will it develop.

For a lot of you, my lack of knowledge about all of this will be funny, some of you will think how did you miss that most obvious thing, but it is a learning process. Now maybe i should learn how Uniswap works, and try to buy some?

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