Watch new tokens get mined with Proof of Work!
etherscan.io/address/0xb6ed7644c69416d67b522e...Posted Feb 7, 2018, 4:18 PM UTC
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etherscan.io
How can anyone mine them ??? Are they holding any value ??
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Great question! Anyone can mine them because anyone can submit a proof of work solution to the smart contract function called mint(). The mining software provided does this automatically but you could do it manually or using different custom software.
Tokens hold whatever value the market gives them -sometimes none. This is more about a new technology being launched. Have you read up on how Bitcoin is mined? This rc20 token is mined exactly the same way
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Yes I am currently mining Ethereum so I was interested on getting on this train before it leaves !!!
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Mining tokens is a brand new 'thing' - I have only developed a CPU miner so far, it is linked in the sidebar. You can read all about how it works and inspect the code. You can also build it from source if you like it's written in nodejs.
The basic premise is that you need to find a special number (like a prime) and submit that to the smart contract. The mining software tries to find this solution and when it does, it submits it to the contract. If you are the first to do so each round, you get 50 new tokens. You do have to pay gas fees since this is built on top of ethereum and those amount to about 7 cents (0.0009 eth) each solution submit. If you are lucky you will find a solution roughly every hour ? The difficulty will increase every week or so.
There are no other ether fees or costs. No other ether mechanisms. The token reward and difficulty auto adjust similar to how Ethereum and Bitcoin adjust. Therefore once more people are mining such a token then it is much harder to acquire.
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Ok I'll get my rig !
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link for windows zip file is broken https://github.com/0xbitcoin/0xbitcoin-miner/raw/master/dist/0xbtcminer-win.zip
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As long as I'm using TeamViewer to access one of my rigs the cpu hashrate is constant at about 6000. When I'm closing TeamViewer hashrate falls to about 600. Is there any reason for this and how can I bypass that?
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I'm a bot, bleep, bloop. Someone has linked to this thread from another place on reddit:
- [/r/ethtrader] Mineable erc20 token I believe the first of its kind
^(If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads.) ^(Info ^/ ^Contact)
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Beautiful. I've been waiting for this since the dao!
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I agree! These are very exciting times. I'm laughncow's son
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Hahaha awesome. He's a cool guy.
You should delete this so as to not dox yourself though.
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hey - I did a test run, I only get a hashrate of 1-2K and my CPU is barely being used (only 20-30%). I set thread count to 4. What am I doing wrong?
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Hmm try a higher thread count. Sometimes with a quad core processor you really have 8 threads due to Intel hyperthreading. I also don't believe the mining software is 'perfect' it's a work in progress. It certainly does a good enough job for now but technically gpu mining and pool mining can also be adapted to mining this token. Thats because all that's really being done is a search for a sha3 nonce. Somebody just needs to write the software !
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Got it, thanks! If you or someone updates the mining software, how will the miners know to download the new miner?
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I suppose someone would probably make a post over in r/0xbitcoin or this subreddit !
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Check for new commits to the github
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FWIW here some results from two of my systems:
i7 8700k (6-core) hash rate between 700-1200
i7 5820k (6-core) hash rate between 7800-8500
Both using Windows 10, both have config cpu_threads 12 (6-core, 12-thread) and the much older 5820k absolutely spanks the brand new 8700k. Both of them have very low CPU utilization between 1% and 6%.
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My Ryzen 1700x (using 16 threads) does ~13k hash/sec and only utilizes 50% of a single core, i think this has to do with node.js, i was able to run four different instances of the miner each at 13k hash each (still 16 threads) and im seeing the more expected utilization of about 50% use across all eight of my physical cores.
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Badass! What is your config cpu_threads set to for each instance?
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How long does it take to receive the tokens after a successful transaction?
I am seeing a successful tx, but no tokens!
Thanks!
Edit: nevermind, it was just etherscan being etherscan!
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Was this really created at/by MIT?
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That is the license type lol
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I think there's a bug- followed instructions as listed, when I tried "account new" and typed in a password (the password displays in the terminal as plaintext, btw...), I get this:
(node:60486) UnhandledPromiseRejectionWarning: Error: ENOENT: no such file or directory, mkdir '/Users/myusernameLibrary/Preferences/.0xbitcoin/0xbtcminerstore'
Note the lack of '/' between myusername and Library. seems like basic typo?
I'm on OSX, btw.
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Aw yes I think there is a bug with OSX. I don't have a MacBook unfortunately. It's a permission issue, Macs have strict permission for creating files. If you create the folder manually it will work.
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Thanks for the feedback I must have forgotten the /
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https://github.com/0xbitcoin/0xbitcoin-miner/commit/51bb220f442c513c8ee477abc868670e7d982e4d
I think this commit fixes it so you can try again!
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am I doing something wrong? I've been mining, and found probably ~10 solutions, only ~3 went through (either gas was too low so they didn't get mined w/i 50 blocks, or maybe someone else got a solution faster; dunno). but I put ~$10 in the account to start, and I'm already down to $3.
so, correct me if I'm wrong, but it seems like even if I had a free-energy, infinitely-fast CPU, the only way to mine this token currently is at a pretty steep loss (because the gas fee required to confirm any solution greatly dwarfs the [currently-zero] value of the token).
in theory, this would solve itself should society decide the token has value; I just want to doublecheck that I'm understanding this correctly? Also, let's say this is wildly successful- at $1+ per mined token, miners will, on top of paying for rigs/etc, have to constantly fuel the miner address with ETH (to a degree far above "an initial seed of a couple bucks")?
I don't mean to be so negative- this is obviously really impressive work. But these details, if true, should be communicated by "the community" (aka "this forum post").
Edit: One other thing- where can I most easily see how many tokens I have? Here's my address: https://etherscan.io/address/0xdeb1b65816e26fc75bc7cd0e269efd8c3ce790d3
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yeah, the difficulty in mining is definitely apparent right now thanks to gas fees.
if a pool were setup, the fees could be reduced and a payout system introduced, could offset a lot of this.
To the people spending 20+ gas i hope you know id sell you the coins ive mined for less. ;)
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So the difficulty is really low right now so it's a little weird. Basically because it's so easy to find a solution, everyone finds one in the same round and then all races to submit the solution for that round- only one can make it through so the others will lose a little gas due to the 'revert'. As time goes on the difficulty will increase dramatically - we already saw it double. When that happens , this whole issue will go away. Miners will not find solutions nearly as often so there won't be as many 'collisions'. Every round, only one miner (or many a couple others if lucky) will find a solution each round so there will be very few collisions/reverts
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I've already stopped mining this coin because of the gas fees required for a transaction to go through. Also the only way I could get my coins to show up was by using MetaMask and manually adding the token to my address. It eventually showed up on etherscan.
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That's because its only a week old and you usually need to register the coin with the wallet or the wallet creator needs to add it. The gas issue will be fixed as the difficulty increases, right now its really easy to find a solution so your battling each other to send in the solution fast enough.
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Yeah, I get it, it's just too costly to mine. You may as well just buy some tokens.
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this is hilarious, bravo!
Yeah ! It's pretty silly right ? Interesting though at the same time because it's basically just like Bitcoin (the distribution model and scarcity) except it gains the throughput of ethereum - which may rapidly scale as improvements are made via casper/sharding. It's also compatible with all erc20 services. So it's basically Bitcoin Cash but faster and more useful. Take that Roger Ver! (If you can't tell, I'm an ethereum maximalist)
Nice! the gas price is a little awkward, when i set up the miner, it's weird/confusing because it generates a new account, and has a gas price of 1 gwei, but doesn't have any ether, so i need to fund it? Can i import a private key?
Thanks for the feedback! You cannot import a private key because that is a bit of a security concern. Its kind of a faux pas to copy and paste your private key into other apps. I know Metamask does it. Anyways the intention is that you would simply send a tiny amount of ether ($5 worth?) to the generated account in order to pay for gas.
In the future I plan on building a mining pool which will pay for all the gas fees but take a cut of the token rewards. Anyone else can do that if they wish ! Since the solution includes the address of the account that shall receive the reward, this would be relatively trivial to do. Basically, in order to receive 'pool shares' you would have to submit solutions to the pool which use the pool's eth address as part of the solution (instead of your own accounts address.) Then periodically the pool would send fractions of the token rewards to you.
cool that all makes sense! the pool sounds good, i did the transfer and am hoping to get some blocks! :)
it is a little concerning the miner by default uses 1 gwei - do you think that's an issue? considering it's a race..
Can one use a already existing wallet? For example: I created a new account on rig_1 and want to mine on this wallet on rig_2.
It's strange because the tokens don't show up under "token transfers," it's as if they were born out of thin air into the wallets.
Can you explain this?
Hmn I believe it's because the tokens we're never 'transferred' using the transfer function by anyone. You described it in a good way. When you call the mint() function you are creating tokens out of thin air. Luckily the rewards decrease on a logarithmic schedule so no more than 21m can be minted
Also that's how tokens work. A token contract is just a ledger that states who owns what. I mean.. that's how Bitcoin works too. So the fact that you own the token is represented in that ledger, and nowhere else. So do you really 'hold' it? It's not really like that.
I'm mining for 24h now and 'account balance' shows 300 0xBTC. I still can't see them on etherscan, tho. I've already checked other wallets and most get the 0xBTX credited on etherscan after some hours. Am I really getting 0xBTC or am I mining into nirvana?
With all due respect, this is like bitcoin in the ways that mostly don't matter. Bitcoin is valuable both because of those properties and the security that comes PoW. These are simply speculative with those same characteristics. It's like deflationary cryptokitties.
It has security inherently from the Ethereum network. I can assure you, it is secure. It also costs much less to transfer 0xbitcoin than it does to transfer Bitcoin. If you don't like it then don't mine it. It's simply a tool for you should you care to use it. It's also a fun way to show how powerful Ethereum is.
Yes I'm aware of the practical differences. What I'm saying is there's no benefit to this outside of the codified supply distribution, but that itself is vulnerable to a base layer attack on the Etheruem network itself. The token inherits it's security from Ethereum, but there's no reason to hold it over Ethereum itself.
My criticism is of your statement 'it's basically just like bitcoin', because it's lacking the very thing that makes bitcoin bitcoin. It's more akin to something like Bitcoin Gold, except the security PoW and distribution PoW are decoupled.
It's a great tool, and it'll shows how much ground BTC has lost relative to Eth.
It'll be interesting to see if it goes anywhere. There's not a way to point a GPU at it yet is there?
It is literally better than bitcoin in every way, but isnt in the hands of centralized chinese miners.
It is faster, cheaper, and not the brainchild of govt spooks.
No, Eth is better than BTC in everyway. Those are the characteristics of Ethereum. This token has nothing that Ethereum doesn't have other than a locked up code production schedule that is vulnerable to base layer attacks. It has no proof of work of itself to secure it. It has no value proposition that Ethereum doesn't.
You're talking about a transitory state of BTC, not the fundamental protocol. If you don't like such a transitory state, fork and remove the incentives that created it.