On Feb. 26, between 4:00 - 9:00 GMT, the standard order price of Cryptonight R on Nicehash went all the way down, from around 0.0080 BTC/MH/Day to 0.0054 BTC/MH/Day. The buyers seemed to cooperate with each other and decreased the price in lockstep. Every 10 minutes, each buyer would decrease the price by 0.0001 and this process lasted for several hours. Almost all of the hash rates were directed to our one-month-old Kevacoin project.

Our project has been suffering from NiceHash almost since the beginning. However, the standard market price of CN/R actually went up because of the competition of the hash rate. This made the life of regular GPU miners a little bit more bearable. But what happened last night seems to be completely out of ordinary. The buyers seemed to turn competition into cooperation and mined KVA at a very low price. A community member calculated that it was 10X more expensive to mine KVA using RX 580. The NiceHash created a huge barrier of entry for the GPU miners and we believe it will seriously hinder our project. We have decided to change the hash algorithm at the request of the community.

What we don’t understand is NiceHash’s business model and how it would survive at such a low cost. Why anyone would mine for NiceHash when the payout is so low is beyond us. And as we have seen, it is also possible to manipulate the market price to make it artificially low. The buyers just need to cooperate and take turns to use the hash rate.

Any comments/suggestions on Nicehash are welcomed!

[Kevacoin | Key-Value Data Store on Blockchain]

Kevacoin | Key-Value Data Store on Blockchain

Download our iOS and Android Mobile App and Post Something Today!

If you need some KVA to try the mobile app, feel free to send a direct Twitter message with your address to @kevacoin, and 10 KVA will be sent to you automatically.

What’s Kevacoin?

Kevacoin is a cryptocurrency for the blockchain that supports easy and flexible Key-Value data store. Use it like Redis or other popular data store, except that the data is stored on the public blockchain that is not owned by any entities.

The data store is easy to add, update and access. No programming skills are required and it does not need smart contracts and their associated complications and risks.

Use it for publications, microblogging, public identities, notaries, etc.

Fair Launch

We are committed to a fair launch, with no pre-mining, no founders' reward and no ICO.

Open

We developed Kevacoin as an open-source project. It is not funded by any companies or foundations. We invite anyone who is interested in the project to join us.

Specifications

- Derived from Bitcoin/Litecoin, with convenient key-value data storage and retrieval.
- PoW Algorithm: RandomKeva (a variant of RandomX)
- Port: 9338
- Block Time: 2 minute
- Block Time Retarget algorithm: Digishield (same as Dogecoin)
- Block Reward: 500 Keva
- Block Reward halving schedule: same as bitcoin
- Total Coin Supply: 1,050,000,000 Keva


More Information

- Website: https://kevacoin.org
- Github: https://github.com/kevacoin-project
- FAQ: https://kevacoin.org/faq.html
- Twitter: https://twitter.com/kevacoin
- Discord: https://discord.gg/5zPHhbG
- Block Explorer:
   https://explorer.kevacoin.org
   https://insight.kevacoin.org


Donation

We have a community fund to support the development and promotion of Kevacoin. The fund can be used for:

1. Bounty campaign.
2. Give-away to developers to try out the platform.
3. Future exchange listing.
4. etc.

The fund belongs to the community, and its management is transparent. We currently only take Kevacoin and please send your donation to this address:
VE6Q8bpn8gRKRoWXFPXMPFZt6juXYyNbe1

Once you give a donation to the above address, please send a note to this channel to let us know (you can stay anonymous if you wish so :grinning: ). Every time we take KVA from the fund, we will also notice the community through this channel.

You can see the transaction of the fund here:
https://explorer.kevacoin.org/address/VE6Q8bpn8gRKRoWXFPXMPFZt6juXYyNbe1