To be transparent this is my first dip into mining protocols as all previous earnings have been made through either buying, investing, activity based or airdrops.
For this project however I am going to make an exception and delve into the world of mining crypto.
Mainly due to the team behind the project:
You might recognize some faces from previous blockchains such as steem and bitshares.
Many of us have come across them in one form or another if you have been in this space for a few years.
We have all seen the capabilities that they have when their minds are put to it. The question now is whether they have the vision to fit the skills that they bring to developing blockchains.
The other reason that I have set up a miner for this token is that is is extremely simple from a user point of view. As a non technically minded user I tend to operate on a very basic level. I earn through my activity rather than from my technical skills.
The good point to this project is that they have made it very noob appropriate. It can be run on any appropriate desktop browser and doesn't need any specialist equipment.
What you will need is some Ethereum for mining and a metamask or alternative wallet for interacting with the miner.
The miner itself can be found on the github page here,
Once you have downloaded the miner to your desktop,
Follow this YouTube tutorial for step by step instructions to get it ready for the initial mine. It takes less than 5 minutes and you will be ready to go.
As with any project it is always best to be in early to to be ahead of the masses. If it does become successful you don't want to be hearing about it afterwards.
One of the best reasons to start mining is if you think that the team will create a successful product. This will allow you to have a larger stake in that product and hopefully do very well in the future.
The team have stated that there will be an airdrop in approximately three months time which will be based off a snapshot of mined tokens.
Koinos Airdrop
After the mining period, what next? Koinos is a new blockchain and KOIN currently exists as an ERC-20 on Ethereum. Prior to launching Koinos, we will announce a snapshot time. The ERC-20 contract we are using supports creating a snapshot of all KOIN balances. To redeem your KOIN on Koinos, you will need to sign a transaction on Koinos using the Ethereum private key associated with the address holding the KOIN. We will provide simple tooling to generate and submit this transaction, but bear the requirements in mind when deciding which address(es) to hold your KOIN prior to the snapshot date. We encourage you to sign up to the Koinos mailing list on koinos.io. We will be using this mailing list as the primary form of communication with KOIN holders prior to the snapshot, launch of Koinos, and airdrop.
Ref: Open Orchard Github
I deposited 0.2 ETH into the miner an have it ready to go as soon as the mining begins. It's a small investment but one which is well worth it in my opinion due to the high quality team behind the project.
If this first run goes well then I will up the pace once i can see more on how it operates.
The miner itself is explicitly simple to work with which gives me a lot of confidence from the start as most teams don't appreciate the beauty and importance of simplicity when looking at increased adoption of a technology.
If you do want to get started and run into difficulties then the team has a discord channel here that you can jump into.
With that it is almost time for the launch so best of luck to the team and hopefully a big future lays ahead.
Posted Using LeoFinance Beta
Is there any details around how much one can mine ? If we use a simple desktop or laptop, would it be profitable, considering ETH gas fees ?
Posted Using LeoFinance Beta
Not yet. I won't know much more until we start the mining. The main thing that I do know is that if it is profitable its always best to be first in.
I can update in a few days. It's always a risky investment to put money into a start up. If I didn't know the players I wouldn't be doing it myself but I do like the team behind it so it's worth a small risk.
It's a pity that you have to deal with Eth gas fees to set this up. sorry it is not on Hive or EOS. Good luck with your mining.
I do hate eth projects as a rule. But I do have some as an investment and want to give this a try for something new.
I don't see why anybody builds on the chain. Its so bad to operate on.
Yeah nice one! I have it locked and ready to go for this evening! Never mined anything before so this will be a first and liked that the miner is really simple!
It's good to try it out. I'm in the same boat as you but they have made it really easy to get started.
That bodes well for me as an investor to see they are building for regular people.
Something we need a lot more of in crypto.
I'm trying it out now, had a few problems but at least my desktop is keeping my legs nice and warm as I work on my PC lol!
Thanks for the mention but I left the team some time ago. Might want to make a change to the announcement. :)
No worries. Changed on the post.
Just going of old information obviously. Sorry to tag you. 😀
Looks like everybody is doing this except me 🤣 I may have to start looking into this.