Gridcoin weekly project update - 25/Dec/17

parejan (62)in #gridcoin • 7 years ago (edited)

Here is another Gridcoin project stats update. Every week I look at the project chart developments and highlight an interesting aspect, and this time it is the impact of the current low RAC output of Sourcefinder.

Gridcoin is an open source cryptocurrency (Ticker: GRC) which securely rewards volunteer computing performed upon the BOINC platform in a decentralized manner on top of proof of stake (Source: 1)

Sourcefinder is a distributed computing project that aims to provide a means to test the effectiveness of various astronomical sourcefinding applications and is designed to process data that contain radio sources to identify the location of these sources. Sourcefinder has 331 active members of which 36 team Gridcoin members. The Sourcefinder project is run as part of the wider theSkyNet project (Source: 3, 4).

Three weeks ago, Sourcefinder became the 26th whitelisted Gridcoin project. After whitelisting, projects normally see their RAC output increase quickly while the earnings per 1k system RAC drop at the same time. In case of Sourcefinder this didn’t happen so far and the current team RAC output is only 90666, which is far below any other CPU-only project. This is due to the lack of sufficient work-units to keep all connected computers fully loaded on this project. Because of the low RAC output, I was thinking how many GRC you can earn by returning just 1 WU per day and how long it will take to complete this WU on average.

I used the following data-set to calculate the GRC earning per WU:

Number of systems: 1083
Number of WU: 290,491
Total points: 10,792,801.63
Total time: 1,063,151,044 (seconds)
Team Gridcoin RAC status: 90,666 (on 25-Dec)
GRC per 1k system RAC: 10.9765 (on 25-Dec)

With the data-set you can calculate:

Average points per WU = (10,792,801.63 / 290,491) = 37.06 points
Average time per WU = (1,063,151,044 / 290,491) = 3654 seconds
GRC per WU =
= GRC per 1k RAC x Average points per WU/1000
= 10.9765 x 37.06/1000
= 0.4 GRC

So if the current Sourcefinder RAC output doesn't increase, you could earn 0.4 GRC daily by just returning one WU per day.

With the low volume of WUs, I find this project really interesting and I have my system connected to receive and execute WUs as they become available.

Finally, Merry Christmas and enjoy the holidays season!

And here is the table with GRC and USD earnings per 1k system RAC plus the charts for all whitelisted projects. The definitions per indicator can be found at the end of the article.