'“A Coin For Miners, By Miners”' mining startup
BKDilse Founder of The GNTL Project and Most Recently GNTL CoinGNTL mining pools have been running for nearly four years, with an active Discord community since April 2018.
It’s been very community-focused, where miners can learn from each other, share tips, tools and tech. We tend to attract a lot of different people with interesting backgrounds and skillsets, so there’s an already-existing pool of talent to draw from.I see you have pools mining for 11 projects. How many miners and nodes do you have servicing those?We haven’t tracked the number of miners, so the best estimate I can give you is a wild guess. But based on the current average hashrate, the number of miners on one of the largest pools, and our peak hashrate it could be somewhere around 300–400 miners.
Building up our community on different platforms has been important since a large cohort of privacy coin users avoid some of the larger social media platforms like Facebook and Instagram. All of our code is open source, with detailed information on our Wiki that helps people to mine not just GNTL, but every part of using and mining cryptocurrencies along with general information on best practices, technical advice and approaches to privacy and security.
A favourite is the meme competition: users create their own GNTL-related memes and submit them for a head-to-head knockout style tournament. Each day there is a “meme battle” where two user-submitted memes are voted on by the community to choose a winner. Having an active community that has a lot of resources for miners and a welcoming attitude is a great way to bring in new people when we get spikes in attention, profitability or nethash!BKD: GNTL is a privacy coin using the RandomARQ PoW algorithm, which is a fork of RandomX used in Monero.
While GNTL draws on many of the strengths of Monero, the RandomARQ PoW algorithm is more lightweight and mobile-friendly: it requires half the CPU memory which allows much faster verification of the blockchain and has transaction options that balance different requirements for security vs. transaction speed depending on user demand.
That’s a great start for a coin that is less than one year old and I think we’re going to see a lot more activity through 2022. We’re currently working on a variety of other wallet options to broaden access to GNTL and make it more user-friendly. We will also be focused on partnerships with new exchanges, making GNTL more available to more people, the potential to add new trading pairs and opening up access to GNTL for new users.BKD: Crypto markets are highly volatile, so there are always surprises there! It’s not always possible to predict the market, and the overall market conditions can have a strong impact on the popularity of different coins, and especially on where miners choose to spread their hash.
It’s easier to figure out what could go wrong when you’re making minor course corrections along the way. Make sure to know and understand your own limits or blind spots. A big part of building up an effective team is making sure you have a range of experience and skills necessary for different roles and positions in the team.
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