New Milestone Achieved!
28 October 2018 is our FiiiCoin mining exact launch date. Hurray! We have deployed a patch to all our FiiiPOS terminal to enable mining FiiiCoin. Finally the FiiiCoin feature has completed one of the milestone in our road-map.
Misconception of Mining
Since our FiiiPOS has enabled for mining, I have received a lot of complaints, and yes, I have heard your voices, I acknowledged it. We are working hard on solving all the issues.
Firstly, our FiiiCoin mining pool is facing heavy network congestion. I can see thousands of active FiiiPOS has begun mining. The server unable to cope the sudden surge of concurrent connections, hence causing the mining force quit or occurrence of network error. We are in the middle of fine tuning the mining pool source code as as well increasing number of servers to solve this issue.
Secondly, base on the feedback that I have received, I find that the public has a misconception or wrong perception about "mining" in the blockchain world. The "mining" is an activity that contribute value to the blockchain ecosystem in return getting some incentive. For instance, Bitcoin, the person who contributed proof of work by competing being the first in finding the correct hash. Same concept applies to FiiiCoin.
The FiiiCoin mining reward is distributed base on the quantity of work that you had performed. Therefore, the key condition is the number of hashes that you had submitted to the mining pool. The following are the criteria that directly affect your FiiiCoin mining reward:
1. Hashes reading speed from SD card
2. Hashes submission to the mining pool base on network speed
3. Number of hashes initialized and plotted in SD card
4. The competition from other FiiiPOS
User Experience
FiiiCoin consensus is proof of capacity, hence, the mining cannot be kicked start immediately without plot files. You may read my previous article Delegate Proof of Capacity for more detail. Therefore, we enforce user to initialize 100MB size of plot files first prior to mining. It usually takes 40 minutes to 1 hour time to prepare the plot files depending on the SD card data writing speed. FiiiPOS can support up to 32GB SD card only.
Once the FiiiPOS has completed the 100MB plot files initialization, it will begin the mining at the same time plotting more files up to 29GB (32GB SD card usable space). Therefore, at the beginning of mining, you should expect very little FiiiCoin will be mined because of limited hashes contributed to the mining pool. You will need to wait 1 month time to get 29GB of SD card fully filled up with hashes. The reason is the 2 core CPU in FiiiPOS, one core will be used for mining, another core is to compute SHA3-256 hashes for file plotting.
Calculation & Assumption
FiiiCoin coinbase reward is 250 per block. Each block average generation time is 1 minute. Please take note that mining pool takes 10% pool fee to maintain the server cost and distribute to FiiiPOS referral campaign. Therefore, the reward left only 225 FiiiCoin to be shared and distributed to all the miners.
Assume there are 10,000 FiiiPOS mining at the same time and all are equal having 29GB of hashes:
225 / 10,000 = 0.0225 FiiiCoin per minute
which can generate up to 1.35 FiiiCoin per hour
which can generate up to 32.4 FiiiCoin per day
which can generate up to 972 FiiiCoin per month
The above condition is possible based on good network condition, mining pool no downtime, 24/7 FiiiPOS mining non-stop, and no new FiiiPOS join into the pool.
The early bird who participate in mining definitely earn more FiiiCoin compare to the later. When the quantity of FiiiPOS make available worldwide and all are participating in mining, the more mining reward to be shared and the gain will be reduced. You may use the same formula above to assume for 100,000 FiiiPOS.
Disclaimer
Please be informed that FiiiLab Technology Ltd does not guarantee the FiiiCoin mining reward. The FiiiCoin mining is done under user own willingness and due diligence. User is expected to fully understand the concept of FiiiCoin delegate proof of capacity consensus algorithm.
A Sad Situation
FiiiPOS is designed for cryptocurrency payment. The mining feature is to lower the risks for merchant to try accepting cryptocurrency payment. It is not easy to push the cryptocurrency adoption due to it is still skeptical to most of the people especially non-tech savvy. The mining feature can be a good start, a new concept, a revolutionary payment solution. The FiiiCoin original purpose is to ease the burden of merchant to pay the transaction fee, hardware cost and the value fluctuation at the same time help maintaining our blockchain network without additional hardware cost.
However, most of the individuals who purchase our FiiiPOS is to mine FiiiCoin. It has defeated our original purpose to create FiiiPOS. It is sad to see many FiiiPOS units have been kept in a warehouse just for mining. I hope every FiiiPOS owner please use it to circulate cryptocurrency. Only circulation can bring value to the ecosystem, not mining. I wish FiiiCoin will not be abused to become another speculative investment coin.
What's Next?
Our next target now is to solve merchant daily cash out problem, hence will begin our next milestone development - the FiiiOTC service to be included into the FiiiPOS and FiiiPay. We want to let our users and merchants to be able to convert cryptocurrency into fiat in just one button click.
FiiiLab strive to serve blockchain community with the best cryptocurrency payment one-stop solution in the world! Stay tune! And, thanks for your support!
28 October 2018 is our FiiiCoin mining exact launch date. Hurray! We have deployed a patch to all our FiiiPOS terminal to enable mining FiiiCoin. Finally the FiiiCoin feature has completed one of the milestone in our road-map.
Misconception of Mining
Since our FiiiPOS has enabled for mining, I have received a lot of complaints, and yes, I have heard your voices, I acknowledged it. We are working hard on solving all the issues.
Firstly, our FiiiCoin mining pool is facing heavy network congestion. I can see thousands of active FiiiPOS has begun mining. The server unable to cope the sudden surge of concurrent connections, hence causing the mining force quit or occurrence of network error. We are in the middle of fine tuning the mining pool source code as as well increasing number of servers to solve this issue.
Secondly, base on the feedback that I have received, I find that the public has a misconception or wrong perception about "mining" in the blockchain world. The "mining" is an activity that contribute value to the blockchain ecosystem in return getting some incentive. For instance, Bitcoin, the person who contributed proof of work by competing being the first in finding the correct hash. Same concept applies to FiiiCoin.
The FiiiCoin mining reward is distributed base on the quantity of work that you had performed. Therefore, the key condition is the number of hashes that you had submitted to the mining pool. The following are the criteria that directly affect your FiiiCoin mining reward:
1. Hashes reading speed from SD card
2. Hashes submission to the mining pool base on network speed
3. Number of hashes initialized and plotted in SD card
4. The competition from other FiiiPOS
User Experience
FiiiCoin consensus is proof of capacity, hence, the mining cannot be kicked start immediately without plot files. You may read my previous article Delegate Proof of Capacity for more detail. Therefore, we enforce user to initialize 100MB size of plot files first prior to mining. It usually takes 40 minutes to 1 hour time to prepare the plot files depending on the SD card data writing speed. FiiiPOS can support up to 32GB SD card only.
Once the FiiiPOS has completed the 100MB plot files initialization, it will begin the mining at the same time plotting more files up to 29GB (32GB SD card usable space). Therefore, at the beginning of mining, you should expect very little FiiiCoin will be mined because of limited hashes contributed to the mining pool. You will need to wait 1 month time to get 29GB of SD card fully filled up with hashes. The reason is the 2 core CPU in FiiiPOS, one core will be used for mining, another core is to compute SHA3-256 hashes for file plotting.
Calculation & Assumption
FiiiCoin coinbase reward is 250 per block. Each block average generation time is 1 minute. Please take note that mining pool takes 10% pool fee to maintain the server cost and distribute to FiiiPOS referral campaign. Therefore, the reward left only 225 FiiiCoin to be shared and distributed to all the miners.
Assume there are 10,000 FiiiPOS mining at the same time and all are equal having 29GB of hashes:
225 / 10,000 = 0.0225 FiiiCoin per minute
which can generate up to 1.35 FiiiCoin per hour
which can generate up to 32.4 FiiiCoin per day
which can generate up to 972 FiiiCoin per month
The above condition is possible based on good network condition, mining pool no downtime, 24/7 FiiiPOS mining non-stop, and no new FiiiPOS join into the pool.
The early bird who participate in mining definitely earn more FiiiCoin compare to the later. When the quantity of FiiiPOS make available worldwide and all are participating in mining, the more mining reward to be shared and the gain will be reduced. You may use the same formula above to assume for 100,000 FiiiPOS.
Disclaimer
Please be informed that FiiiLab Technology Ltd does not guarantee the FiiiCoin mining reward. The FiiiCoin mining is done under user own willingness and due diligence. User is expected to fully understand the concept of FiiiCoin delegate proof of capacity consensus algorithm.
A Sad Situation
FiiiPOS is designed for cryptocurrency payment. The mining feature is to lower the risks for merchant to try accepting cryptocurrency payment. It is not easy to push the cryptocurrency adoption due to it is still skeptical to most of the people especially non-tech savvy. The mining feature can be a good start, a new concept, a revolutionary payment solution. The FiiiCoin original purpose is to ease the burden of merchant to pay the transaction fee, hardware cost and the value fluctuation at the same time help maintaining our blockchain network without additional hardware cost.
However, most of the individuals who purchase our FiiiPOS is to mine FiiiCoin. It has defeated our original purpose to create FiiiPOS. It is sad to see many FiiiPOS units have been kept in a warehouse just for mining. I hope every FiiiPOS owner please use it to circulate cryptocurrency. Only circulation can bring value to the ecosystem, not mining. I wish FiiiCoin will not be abused to become another speculative investment coin.
What's Next?
Our next target now is to solve merchant daily cash out problem, hence will begin our next milestone development - the FiiiOTC service to be included into the FiiiPOS and FiiiPay. We want to let our users and merchants to be able to convert cryptocurrency into fiat in just one button click.
FiiiLab strive to serve blockchain community with the best cryptocurrency payment one-stop solution in the world! Stay tune! And, thanks for your support!
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