Koinos mining has begun and the miner is working like a charm.

6 days ago
(edited)
2 Min Read
387 Words

Ever since @andrarchy announced their new project KOINOS I was really curious to see what this was all about. Everything you need to know is in this post.

This is the second time I am actually mining simply using my PC. Which reminds me that it is probably time for me to buy a new one. Not because of the mining thing, but because having 10 tabs open at the same time plus Disord...Telegram...while using a rusty first gen i3 processor is a pain in the @#$...let alone mining...

A few details...


...because most of you won't even hit that link.

  • Max supply of KOINOS tokens is 100 million.
  • Mining period is set to 6 months.
  • Mining rate is only determined by how good one's machine is...not by your internet connection.
  • Mining started at ~ 19:30 local time. My time zone is UTC +3 so ...do the conversion.

20201013 22_33_12Koinos KOIN Mining, First Proof Submitted, First KOIN Received.png

Before you start mining you have to set the whole thing up. Passwords...secret phrases...submit probably your Metamask Eth address to receive the tokens...transfer some Eth to the miner to pay for the future transfers and finally hit the power button.

The default option is 4 proofs per day. According to the team the first transaction will be a bit expensive so make sure you have enough Eth in there or else your transaction will fail.

And they were right...My first proof was 107 tokens and in order to reach their destination in Metamask the fee was 0.016 Eth..or ~$5...

Now I strongly advise you to not change that number into a bigger one like 24 or 48 just so you can receive tokens more frequently...

Remember...every transaction = gas fees.

As a matter of fact I'll change that to 2 per day.

The screenshot above displays the tokens I possess after the 2nd proof. I think my rusty PC is doing good so far...till I need a fire extinguisher...

By the way...the second transaction cost me 0.005 eth...so 3+ times less

So that's it fellas. Give it a shot and let me know what you think of it.

Remember...the team behind this project has a solid background, so it will probably worth a try.

Have a good one.

Cheers.

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