Kylacoin (KCN) delisting

In our constant quest to be as transparent as possible, and putting our miners interest first; unfortunately, we will be removing and delisting Kylacoin (KCN) from our pool. We will be removing KCN sometime on or around August 9, 2024 (Friday). If you wish to continue mining KCN, please see the bottom of this post for our recommended pool.

Why are we delisting?

• We believe long-term this is a bad investment for our miners
• Difficult core developer
• Constant sell pressure due to auto exchange pool owning majority of hashrate
• We’ve been banned from Discord and all Kylacoin social media

Long-Term Bad Investment

For all the reasons above (in detail below), the biggest reason we’re removing KCN is because we believe that this is a bad investment for our miners.

At the end of the day, we put coins on our pool that we believe in, and we have many miners who trust our judgement.

Miners do not always have insight into what is going on behind the scenes, and after we were accused of supporting centralized mining and then banned without the ability to defend ourselves, we believe it’s only right to be transparent with all our miners about what is going on.

A little background

Those of you who have been mining KCN with us for a while now know that we’ve been around with KCN for a long time. We were initially drawn to this project due to the low market cap, and the involvement of a well known community member (Cyber) who we have worked with on Nexa.

KCN started out great, but as time went on, we realized that the core (and sole) developer (jayb), while a very brilliant person, has very bad people skills. So much so that after a short period of time, Cyber ended up leaving the project.

May 12, 2023 (very top middle of screenshot)

We tried working with jayb explaining to him that in order for a coin to be successful, it needs to have a community around it, and with the way he talks to people he is only going to push people away, like he did with Cyber.

As you can see in the screenshot above, he understands that he does not have very good people skills, but unfortunately more than a year after this, we were back at it again, but this time targeted at us.

We do want to be clear about one thing here, jayb was not always difficult to work with. We’ve had a good couple years working together, with great results and collaboration. As we’ve said already, he is a very smart person, but sometimes the smartest person in the room isn’t the right person to manage the community. Unfortunately as time went on, and after the large farm was discovered on KCN, things started to go south.

Difficult Core Developer

After the hard fork, we started receiving messages from jayb in a group chat about how he was going to shutdown his pool, didn’t want to do this anymore, etc .. which he deleted as you can see below where it looks like we’re talking to ourselves.

To understand what happened, it’s best to see how things started to come to an end and you can fill in the blanks for his deleted messages.

Keep in mind this was weeks AFTER the hard fork, demanding for us to give him contact information for the large ASIC farm.

Centralization & Hashrate Dominance

In 2023 (a year+ ago), we brought up raising our fee to try and help spread the hashrate across the network, and not be isolated on one pool. Even though he said it doesn’t matter to him, we still did it, and were successful in distributing more hashrate away from our pool to other smaller ones, to support decentralization.

A year later, we’re accused of practicing and promoting centralized mining. Clearly this is not the case.

Was there a large ASIC farm mining to our pool for KCN, and Radiant? Yes there was.

Did we know they were developing an ASIC for KCN and Radiant? No, we did not. We initially thought this was an FGPA farm, as we didn’t even have contact with them yet.

Did it take us months to finally gain contact with them? Yes, it did.

By this time we made contact with the large farm, KCN had already hard forked.

On a side note, we did ask this farm if they would be willing to speak to the Radiant developers, as Radiant did not hard fork, we knew the Radiant developers would be able to have productive conversations, and connecting them would benefit everyone involved. They said yes, and we made introductions. This farm now donates 10% of all earnings to the community Radiant fund.

With all this said, we think jayb is very intelligent and smart person, but due to his lack of people skills and abusive attitude (at times), we can no longer endorse or support KCN.

Constant Sell Pressure

As with any smaller coin, the possible investor pool is very small. For a coin price to go up, someone has to be buying it. The only other pool with large hashrate similar to ours is zpool. If you have used zpool before you know that this pool does auto conversion to another cryptocurrency. This results in a constant sell pressure as miners are basically immediately selling KCN after mining it, automated by the pool.

Community Member Reports

We’ve also had reports from our own discord community members of situations like below. Granted there’s always going to be FUD going around, you should be willing to have open conversations if you expect for your coin to succeed.

Bittersweet Farewell

We appreciate all of you that have mined KCN with us, and it’s unfortunate that the situation has come to this, but be believe we are making the best decision in the interest of our miners and our inability to support KCN moving forward.

We wish the best of luck to jayb and Kylacoin, but at this time it’s best for us to part ways to make room for new coins that we believe our miners will be interested in.

What if I still want to mine Kylacoin (KCN)?

If you still want to mine KCN after we remove it, we recommend using https://coinminerz.com/. We have worked with these guys in the past, and they are dependable and easy to work with.