Grin launches

Back in early 2017, I got excited about an anonymously posted whitepaper proposing a blockchain that would increase both privacy and scalability: MimbleWimble. This was around the time that Ignotus Peverell published the technical introduction to MW (the consensus mechanism) and Grin (the cryptocurrency).

Grin was attractive for obvious reasons. Amidst the early innings of the 2017 mania, most “next Bitcoin” projects didn’t smell quite right; huge premines rewarding untested teams using unproven technology. On the other hand, Grin looked the part: anonymous author, fair launch, no dev-fee, genuinely novel approach.

At the time, I was GPU mining from my apartment and was eager to start mining Grin. Now I can.

But two years later, I don’t want to mine Grin. While I’d like to see the project succeed, speculatively mining Grin has gotten so crowded that it’s hard to imagine the economics making sense. Eric Meltzer from Primitive estimated that over $100M has been invested into Grin mining operations. Based on the hash rates observed over the last couple days, others estimate that roughly 100K GPUs are mining Grin now.

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