Koinos Rough GPU Mining Leaves Miners Salted
Evening
I am sure all of you have heard by now, about the Koinos GPU mining hack. Apparently some one developed a way to GPU mine KION in just 5 days post launch, the coin which was supposed to be GPU mining resistant.
The official statement reads:
- Andrachy - KOINIt has come to our attention that someone has most likely developed a GPU miner. We are now shifting our attention 100% to developing a GPU miner as fast as we can to release to the public. We knew this was a possibility, but did not expect it to happen this quick. We underestimated the amount of interest and enthusiasm that there has been for this ERC20. This is always a risk with open source PoW algorithms which is why we aren't planning to use PoW on mainnet. We're now all hands on deck developing a GPU miner as fast as we can.
The hack reflects poor planning and lack of anticipation by the dev team. If the whole project depends upon GPU resistant miner, why the fuck they don't have a back-up plan. And now the Koinos devs will be working to hack their own algo and develop a GPU miner. Great!
With rough GPU mining code out, CPU miners are gonna be at huge disadvantage. And even if the team manage to release the official GPU soon enough, I doubt many salted CPU miners would be willing to shift the gear and go for GPU mining. I know dozen of guys who have already stooped the mining.
I am not saying that the project is dead, but this sure is a very bad start and it is gonna be a while before the confidence of miners and traders can be reestablished.
For now I am just happy that I didn't gave in on the Kions Mining FOMO, a few day back.
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