The PalNet.io movement started about one week ago, and I jumped on board by buying a PAL Mega Miner.
Now, should I have made such a quick decision? Only time will tell!
Mining Results So Far
Over the last week, I have minded 17 PAL.
| Date | Amount Mined |
|---|---|
| June 7 | 2 |
| June 10 | 4 |
| June 11 | 2 |
| June 12 | 2 |
| June 12 | 3 |
| June 13 | 4 |
Expected Payback of Initial Investment
I have mined 17 PAL in 7 days (2.4 PAL per day).
I spent 100 Steem to buy 1 PALMM (Pal Mega Miner).
Scenario #1 - Price of PAL Equals Price of Steem
Let's assume that 1 PAL equals 1 Steem (which it does not, but it could).
Based on the daily average mentioned above, it would take 41.7 days for me to receive for return on my investment. (100 / 2.4 = 41.666666). Not too bad if you ask me, because then everything after that profit.
Scenario #2 - Return based on current price of PAL
So at the time I bought PALMM, the price for Steem was about 40 cents. The price of PAL as I am writing this post is 6 cents.
Let's assume that the price of Steem will stay steady at $0.40 (which it won't). Prices are always fluctuating.
Investment for 1 PALMM = 100 Steem x $0.40 = $40
Current price of PAL = $0.06
Number of PAL mined to recoup initial investment = $40 / 0.06 = 667
Number of days require to recoup initial investment = 667 / 2.4 = 277.8 days (still under a year)
Scenario #3 - STEEM price soars and PAL plummets
This is my least favorite scenario and there are too many variables. Of course I want PALnet.io to succeed because if it does, it adds value to the Steem community, and we all benefit from that. If this happens, it won't be the end of the world I have other STEEM token (Steem, SBD, and SP).
What I Wish I Would Have Done
Hindsight is 20/20. If I could change history, I would have done things differently.
With 100 Steem, I could have bought a lot more PAL tokens off the market after the airdrop. People were selling like crazy and the prices were incredible. But that is not how things went down.
Am I disappointed? Not really. Could I have made a better decision? Most definitely. Would I still buy a PALMM? 50/50.
Thanks for stopping by! See you in the comments section.
Hi i am not tech guy can you please give me some advise on it.
How to buy it?? Sorry not aware about it please advise.
How to mine token??
Thank you for your help in advance.
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Of course, you need to investigate any financial decision before you make it. My post should not be considered financial advise as I am not a profession.
There are two PAL miner options: PAL Miner (PALM) or PAL Mega Miner (PALMM)
Both are available for sale at Steem-engine.com
Once purchased, a user needs to stake the PALM or PALMM they bought, and then after that the user mines PAL. If you do not stake the PAL Miner or PAL Mega Miner, you will not mine PAL.
Again I have not figured out how oft
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Ok that's mean i just have to stack in my account of PAL token. And i will get automatically rewards from them regrading a stacking of token.
I don't required any specific hardware or something ??
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If you stack PALM or PALMM in your Steem-engine account, you will automatically mine PAL tokens. No hardware is required.
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Thanks man. !!
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I think it was a very smart investment. Your break even should be within 100 days at current prices not also including the extra rewards you will get for curating with them! This would most likely drag your drop even date much sooner.
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I am optimistic that long-term this will be a wise investment. Only time will tell, but without some risk, there is little chance for rewards.
Since curation rewards and mining both come in with the same memo, it is hard to differentiate how many PAL is claimable from mining now.
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Yeah we need to have a good way to discern that. I thought that maybe by looking at a block explorer for more info but it doesn't differentiate.
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Thank you for the information. I also purchased and staked 1PALMM 2-3 days ago, but nothing has happened yet. I was a little relieved to see your mining results. I will wait patiently :)
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I was hoping my breakdown would provide some proof of results. I can figure out a rhyme or reason to how much I receive on a given day. Still trying to figure it out. If I do, I will be sure to share.
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Good breakdown. I need to check mine out. Been out of town. I feel like mine is not performing as well as yours.
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I have not figured out how mining payouts work yet. Seems random, but I am sure there is an algorithm. If you find the secret equation, let me know. Hope you have some PAL waiting for you to stake.
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Yeah. We will have to see how it works. I think they tried to replicate real mining.
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great info thank for sharing..
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Glad to share.
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