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EnigmaEconomyEnigmaEconomyby0x355a65a72Cceb66029cACC7C027202bf5b4Fe278enigmacommunitywallet.eth

GALA: How should we bridge the gap until ethereum mining?

Voting ended about 4 years agoSucceeded

Our ultimate goal is Ethereum mining. We have the hardware orders secured, and we have the connections to get them ready to ship. The cost of the hardware is at all time high premiums - this makes our budget less effective in reaching our projections. With the current cost and our budget, we will be looking at 1/4th the projections at the beginning. The hosting setup will also take some time ~1 month.

Many in the community have suggested mining other more profitable coins with lower overhead costs first and building a bigger budget, while getting things ready for Ethereum mining.

The coin that is being proposed is "GALA". GALA nodes cost about $45-55k to purchase at this time and will only increase in price. We can purchase 10 GALA nodes, and the overhead cost of running these will be less than 1/10th of the Ethereum rigs and the facility. With an estimated 350-500 GALA per node per day, and assuming GALA remains at $0.65, we would break even within 3-5 months.

Pros:

  1. GALA may appreciate significantly, increasing the value of the Nodes themselves (which are capped at 50k) and the GALA that is being mined.
  2. No downtime. We can begin doing this within a week.
  3. More rewards, and a larger budget
  4. Within a few months, we can have compounding GALA and Ethereum mines.

Cons:

  1. Higher risk
  2. Delays Ethereum mining slightly
  3. Deviates from original goal

Off-Chain Vote

Yes, let's start with GALA
1.51K 81.6%
No, stick to plan
150 8.1%
I don't care
35 1.9%
I need more information
157 8.5%
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Timeline

Nov 25, 2021Proposal created
Nov 25, 2021Proposal vote started
Nov 27, 2021Proposal vote ended
Oct 26, 2023Proposal updated