Wednesday, July 29, 2020
Well, you get to see the update anyway.
First, disease research has found a possible new treatment for COVID-19, so that part of it, at least, is a success so far.
Mining for cryptocurrency, though, could be doing better.
In my first two weeks as a Gridcoin miner, I generated 1.5 Gridcoins. Yes, that and $2.50 will buy you a cup of coffee.
What is the value of Gridcoin, you might ask? That is a good question. As far as I can tell, it is worth a bit more than nothing, but still pretty close to nothing. And in fact, it is probably closer to nothing than something, if you get my drift.
I hear the Gridcoin futures are looking pretty good for three years out. And seven years out? Don’t even ask, it would be ridiculous to speculate that far in the future. But I will tell you anyway.
The current value of just one Gridcoin is a bit more than half of a US penny. So, that makes my 1.5 Gridcoin- well, just about worthless. In just three years, though, the value of a single Gridcoin will be . . . (insert your favorite drum roll sound effect) One whole penny. Still pretty much worthless, you say? Oh, that was me talking. Yep, it is still pretty worthless even three years out.
Here is where it might get interesting if I am still here to see it. In only seven years, that same Gridcoin could be worth $1.00. Now we are talking. Or, I am. In fact, for some reason, there is a jump from 3 cents to $1.00 from year six to year seven.
And if I generated 1.5 Gridcoins in my first two weeks… I don’t want to stop doing the math. I might get too giddy. Kidding.
There is a small catch to the 1.5 Gridcoins I generate.
This is a three-stage process. Stage one- I run a BOINC research project to generate “credit”. Stage two: the credit is loaded to the mining client and rewards it with BOINC credit in Gridcoin. Stage three- That amount of Gridcoin has to be moved to a cryptocurrency wallet, a stand-alone program that holds your Gridcoin for later.
I am now in stage three of that process, and I have a problem. Of course, I do.
Now that I have committed to that Gridcoin wallet, the program no longer runs. Hah- Hah!!! That is how they get you. No, it is probably only my issue. And right now, it is a minor thing. At current values, I am only out by a few cents. But I do need to figure this issue out or get a new wallet in the next few years.
Memory is the Key 