Koinos Koin Miner

in #leofinance3 years ago

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Downloaded the Koinos Miner just now.

https://github.com/open-orchard/koinos-gui-miner/releases

You know, I'm still a bit salty that those guys just jumped ship to do their own thing. We don't need any more fragmentation at this point IMO. Regardless, these Steemit devs have a lot of experience and I have to assume (because I've been told) that much of the work that they do will indeed be compatible with Hive and other projects.

When it really comes down to it open-source work needs to be monetized by stake. I would have thought STEEMIT DEVS would have had enough Hive to justify sticking around, but I guess not. It's funny, because a lot of the devs around here are poor as shit. This is the place where poor devs come and try to make a name for themselves without having to work for some bloodsucking corporate leech. The appeal is palpable, and anyone with an internet connection can participate worldwide.


Pausing to get this miner working...

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Alright well that wasn't too bad.

You basically have to set up a MetaMask wallet (BIPS security 12 word phrase tree). You then send ETH to this account so that the APP can post your transactions to ETH and you don't compromise the account that the KOIN is moving into. I've already mined 48 coins.

I assume this must be an error because I set the program to target a proof of once per week because ETH transactions are expensive. Already the app has posted 2 transactions costing me 0.01 ETH each, so that's annoying. I'll have to shut it down (or just run out of money) if it doesn't get fixed. Only have enough ETH for 7 more transactions anyway.

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Token richlist

https://etherscan.io/token/0x66d28cb58487a7609877550E1a34691810A6b9FC#balances

We can see that I've already mined 0.2% of all coins just with those 2 transactions, not too shabby I guess... We'll see how it goes. There are two wallets at the top with 20% mined. Yikes. So much more decentralization lol. That's how these things go. Decentralization takes time and initial distributions are always going to be bad.

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This thing is SUCKING DOWN my CPU power to the max. It's times like this I wish I had my AMD mining rig with 8 CPUs I've been wanting (to mine Monero). The Koinos miner doesn't use GPU... not sure of the hashing algorithm, but Monero is also CPU based and uses and algo called Cryptonight.

...

The miner has been running a while now and hasn't sent out anymore ETH transactions... so hopefully I'm mining coins right now and I don't even know it yet. I'm talking to a couple other guys doing this as well and there are a lot of bugs. We'll see how it goes.

Conclusion

Who names their coin Koin? People who have no imagination (aka programmers), but also people who have a lot of experience and technical knowledge. Regardless of all that, just like with the Uniswap airdrop, these are potential once-in-a-lifetime opportunities presented to those of us who are already deep into the cryptosphere.

The Koinos team has expressed their desire to support gaming interfaces and decentralized architecture. As a gamer and a developer this platform could have immense value to me going forward. Or not. We won't know until they've launched the network for real. I look forward to checking the documentation and seeing if there is any code I can use for my own projects.

View readme for more info:

https://github.com/open-orchard/koinos-gui-miner/blob/master/README.md

Crash course:

  • Download the miner.
  • Set up wallet to fund for ETH transactions.
    • Make sure to fund this account before turning on the miner (or it bugs out).
  • Point app to your MetaMask wallet to receive funds.
  • Pick a Proof Frequency that isn't too expensive.
  • Turn on the Miner.
  • Done.
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Dumb amateur question:
What PC configuration would you need to be able to mine it, or should I say is it even possible to mine it with a regular PC/laptop having an I7 processor and 8 GB RAM?

Ram shouldn't matter here, it's all CPU.

works on i5 8 generation. also works on laptop with i7 second generation. got some Koin on both. how efficient is it, have no idea as i never done this before. I will abandone the old laptop mining as it screams to much and the temperatures are high. PC works fine, never over 50C, you could even use it for browsing and watching youtube, but you feel that there is a thing that is using 100% of your CPU.

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works on i5 8 generation. also works on laptop with i7 second generation. got some Koin on both. how efficient is it, have no idea as i never done this before. I will abandone the old laptop mining as it screams to much and the temperatures are high. PC works fine, never over 50C, you could even use it for browsing and watching youtube, but you feel that there is a thing that is using 100% of your CPU.

Posted Using LeoFinance Beta

That kind of sucks. I was thinking to mine some myself as well and still be able to use my laptop.

maybe if it is a newer one it will. because my 2 year old pc works kinda fine. the 10 year old laptop not really.

I'm mining it on my laptop and don't see any issue so far ...the only thing is that it gives me only about 1.5MH/s. But whatever I can get, I'd love to grab it :)

For the moment I get a message of error every 20 minutes, stopping the mining suddenly...weird because I transfer some ETH as well... did it happen to you?

I'm not having problems but many others are.
The problems I was having were solved with a computer restart.
What OS are you using?
I'm on Windows.

Linux

There will almost certainly be updates soon.
V 1.0 very buggy.

Who knows what they are going to do with it and what kind of marketing will be done to attract developers.

This is the key in the entire crypto-sphere.

Who can attract the ones that are going to develop the apps that attract users.

Thus far it is Ethereum and really nobody else.

Posted Using LeoFinance Beta

And I really like their emphasis on decentralization and their plan (the mining) to go about that. On paper this looks good.

But if the ETH gas fees take up the bulk of the mining, then I guess there'll be a lot of centralization somewhere within that Etherescam world.

Would look a whole lot better if they had done it somewhere just about anywhere else. 🙄

Closed the miner about 5 minutes ago and I've still got one instance running using 50% of total CPU. 😕

Gonna let it sit. I'm not really a beta tester kind of guy. Prefer the stable versions. Interested in seeing when the miner finally closes though ...

Is It possible to mine with a phone?

No it's very CPU intensive.

Ah, so this is what those Steemit blokes are doing with themselves now.

Also interesting to see they completely bailed on Hive. I thought they would have almost been treated like heroes here after refusing to work for Sun.

Do you have a dedicated machine purely for mining?

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Is It possible to mine with a phone?

yeah I am running it as well, although I have a question which hasn't been answered yet. Can someone help me out?

Is it possible to mine from different PCs and have the same ethereum recipient address? Also, are hashes saved before they are being traded for KOIN; I wonder what happens when I close the miner and restart it, is the work lost so to speak? Thanks!

mining is a lottery so the software would be faulty if it computed the same ticket more than once.

when the miner finds a reward (randomly via lottery) it attempts to claim that ticket on ETH immediately. Not sure how it gets saved should that fail.

technically you could run infinite miners with the same recipient address. you could also use the same funding address, or even have one account (seed) doing everything.

Thanks for your reply, but I'm still a bit confused.. They say that

The Koinos Token Mining smart contract can be thought of as a marketplace. In this marketplace, the vendor has KOIN and would like to trade said KOIN for hashes. Using the Koinos Miner, you can create hashes using electricity and the computational power of your CPU. Everytime you visit the market place, you are charged an entry fee (Ethereum Transaction Fee) to do business there.

https://github.com/open-orchard/koinos-gui-miner#understanding-proof-frequency

So I thought that basically if I set the proof frequency to e.g. 24, that the miner wants to trade every hour on the market place my hashes for KOIN. That sounds a bit differently from what you said, i.e., that when the miner finds a reward that it immediately wants to claim it.

The way they state it implies to me that if I run the miner for e.g. only 50 mins and close it afterwards that the miner wouldn't be able to trade my hashes for KOIN as it is being told (proof frequency) to check only every 60min. The work, so to speak would be lost.

Interesting to see top holders transaction list - every 5-10 or 15 minutes a new TX with 3000-3500 koins in it.

That is the way to do it !

https://etherscan.io/token/0x66d28cb58487a7609877550E1a34691810A6b9FC?a=0x292d36a9f456996618e5d96200ff804ecb915370

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