Are you mining KOIN? (UPDATED - WARNING!)

UPDATE: The Koin team believes GPU miners are being used and causing a massive imbalance. They are currently working on releasing their own GPU miner to try to even the playing field. I would not recommend CPU mining at this point as you won't get much of anything and likely pay more in fees.

KOIN announced CPU mining on October 13th and a lot of Hive users seem to be jumping on board. I had no plans on doing it myself but it is so easy I threw it on my NAS and was getting pretty good performance (20MH/s) so I started to scale up.

There have been a lot of discussions going on in their discord with people saying it is very approachable because of CPU and others saying it's being dominated by large miners.

An unofficial KOIN/ETH pairing showed up on UNISwap and is being used as the basis for the token price (currently around $0.03).

Right now there isn't a product, there isn't even a blockchain, there is only mining that is implemented on Ethereum. If you got in on day one, you probably did really well but now it is becoming harder for commodity hardware to be efficient enough to actual make a profit (based on the UNISwap price). No one knows where the price will go, especially now when there really isn't even a project, just a promise.

So, are you mining KOIN? Doing well?

Do you think the project will go somewhere? The KOIN team is made up largely of ex-Steemit Inc developers and employees. So many of you already know who they are for better or worse.

I'm really not sure how I feel about it, I'm pretty skeptical right now but I will mine coins while it makes sense to do so. I might sell some to pay for expenses and keep the rest, or just wait it out and see how it goes.

I missed the mining phase of Steem, I got here just after hard fork 19 and feel like I missed a big opportunity to be involved in the early days.

I am interested in KOIN purely from a financial perspective, but I am also curious how the project goes. Can the Steemit Inc team do better without Ned Scott involved?

It is very difficult to get users to a crypto project outside of just making a quick buck. Doesn't matter how good your ideas are, there is no guarantee anyone is going to do anything but try to make a quick buck off it.

I'm ramping up my investment in hardware to mine KOIN as long as it is profitable to do so. I'm already in for quite a bit, but debating if I want to put more in or just see how what I have so far does. I do know every second you wait the worse it gets and I don't think a lot of people really factored this into their calculations.

If you mined on day one, you could easily make 5-10x more than if you mine now.

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