BOINC and Gridcoin futures

Wednesday, July 29, 2020

Well, you get to see the update anyway.

First, the disease research has found a possible new treatment against covid-19, so that part of it at least is a success, so far.

The mining for cryptocurrency though could be doing better.  

First, in my first two weeks participating 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 one 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 drumroll 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 to do the math. I might get too giddy. Kidding.

There is a small catch to my first 1.5 Gridcoins being generated.

This is a three-stage process. Stage one- I run a BOINC research project to generate “credit”.  Stage two- that credit is loaded to the mining client and it rewards BOINC credit with 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 less than a cent. But I do need to figure this issue out or get a new wallet in the next few years.