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Grin Mining

Proof of Work Mining

While Sikka is primarily focused on Proof of Stake validators, in order to get a comprehensive overview of the blockchain ecosystem, Sikka also runs a very small hobbyist Proof of Work mining operation.

 

We believe that using mining software and going through the experience of being a PoW miner, will help give us valuable context in designing and building open source tooling around Proof of Stake and validation.

Sikka currently operates a GPU mining rig of 6 GPUs, put together in a homemade rig (and for some extra flair, we turned the rig into a DIY coffee table!).

 

 

Epicenter Podcast episode Sunny did with two of the non-anonymous Grin core developers.

We are currently using our rig to mine Grin, a new cryptocurrency released in 2019 based on the Mimblewimble protocol.  It is heavily focused on privacy while keeping many of the cryptographic assumptions of Bitcoin.  We are particularly excited about Grin due to it's cypherpunk spirit and grassroots community.

 

It has an interesting narrative, drawing heavily from the path taken by Bitcoin.  It was created by an loose group of pseudonymous developers based on a protocol originally proposed by an pseudonymous individual.  Unlike most cryptocurrencies today, it had a fair start with no premine at all.

However, what excites us most about Grin is its monetary policy.  Unlike Bitcoin, Litecoin, Monero, ZCash or most cryptocurrencies aiming to be "money", instead of a hyperdeflationary monetary supply, Grin instead uses a constant issuance mechanism, in which 60 Grin is minted every 1 minute.  #TimeIsMoney

We believe that this constant issuance monetary mechanism is more sustainable than hyperdeflationary mechanisms from a security perspective for long term incentives of Proof of Work and from a social scalability perspective around distribution of wealth and economic sustainability.