Analyzing FarmFarmer Mining Rewards
FarmFarmer is the first of many Hive-Engine games that are planned to be cloned. Almost immediately Mythical was released which is an exact copy of FarmFamer but with less cards (aka Miners).
I purchased 331.566 Hive worth of cards early on to see how it plays out. Quick napkin math told me it was already too late even in the first few days. My 331.566 Hive bought me 44.08 Mining power (roughly $44 USD worth of miners).
I didn't get any of the discounted miners as they were sold out almost immediately.
For a few weeks I didn't see any FARM tokens from my miners. This isn't too surprising as I had around .08% chance to win every hour according to the FarmFarmer wallet.
Over time, I eventually received some FARM tokens, in the two months I received 4.5 FARM. This means I won the hourly auction 9 times as you receive 0.5 FARM every win.
It has been 60 days since I originally purchased my miner cards, so it's fairly easy to calculate my break-even period and "ROI".
Let's take the tokens I have received and annualize it. If I received 4.5 FARM in 2 months, I should receive 4.5 * 6 in a year, or roughly 27. This is being generous as the amount of mining power is constantly going down and has already gone done quite a bit since I originally got the cards.
FARM is no longer worth anywhere near $1 on the market as stated in the original post, about $0.356 cents at the time of this post. Although there is barely enough depth to sell 27 tokens right now, they are being bought for around 2.6 Hive a piece. In fact, selling just 38 FARM will bring the price down to 1.1 Hive, less than half the price. That gives me roughly 70.2 Hive/year if it doesn't slow down (it will) and no one else tries to sell any (they will).
My original purchase was for 331.5660 Hive worth of Horse Ranchers. At 70.2 Hive/year that gives me a break even of around 4.72 years if mining doesn't get harder and the FARM token doesn't get cheaper. Both of these will happen though as history has been showing so it is likely going to take 6-8+ years to break-even for the miners unless something drastically changes.
I have brought this up to the team, and I was told that the "FARMGOV" tokens changes the game and allows you to alter the mining formula. In reality it is so insignificant that it's a benign element to the equation. You have to stake the FARM you mine to have a chance to win FARMGOV. If you happen to mine it (I have once since day 1) you receive two FARMGOV which will alter mining of any token by 0.001. At least for the Horse Rancher, I spent two FARMGOV to change the mining performance of the Horse Rancher from 2.20 to 2.202.
My current mining chance has gone down from the original 0.08% to 0.072%. The last time I won any FARM was 2 weeks ago.
To date FarmFarmer has collected 55896.580 Hive and the clone game Mythical has received around 9,606 Hive. The second time around didn't catch on very well. It was clear in the first post many more clones were going to be released.
Nine days after the release of FarmFarmer a complete clone of the game called Mythical was launched and it was clear the only one farming was not the players.
Why you should vote me as witness
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@themarkymark, One Positive Sign is Gaming Ecosystems are getting adopted on Hive Blockchain very rapidly. Stay blessed.
Hello friend, I have perhaps a solution to your problem and I would like you to study it. My proposal is that you join a pool, in which just by delegating your miners you will join a group with more than 7% probability of receiving farm and thus you can give a better use to your miners, in our group we believe that this is a game to be united, those of us who have little mining power individually. You can study it and join our group and ask what you want before you delegate.
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That was very clear and detail dive into farmfarmer . This will help the newbies.
Are you satisfied with your investment?.
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No. I usually try things so I can analyze them and see if they are legit.
It seemed a scam to me, now keeps seeming me the same.
No need for that on hive. Just check the author-owner.
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Wow so interesting
Nice Report! I always found it a disgrace that they called a 'scheme' like this a game. In the end, it's all just buying a jpeg that mines tokens you can lock to mine other tokens that you can use to upgrade the jpeg so it mines tokens at a higher pace.
Fool me once- shame on you, fool me.........
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I think the original idea of Farmfarmer was interesting although not great. It is a little bit like dCity but with less complexity and instead so-called smart contracts that execute on the second layer automatically. The original plan was to gather funds for Hive-Engine, which seems fair enough. So I invested like 130 USD into the Cattle Ranchers. They produce fairly well and I have gotten like 70+ FARM tokens so far. But that is still just a drop in the ocean because the Mythical clone (and the perspective for MANY more clones) killed the game immediately. The token prices dropped from ridiculously high to basically nothing overnight and this hasn't changed at all ever since. These tokens are not redeemable for Splinterlands, which would give them at least some value. And worst thing is, that we haven't heard back from Aggy about it at all and we will probably never hear from him again because the whole operation is probably his darkest moment on the blockchain. Just sad...
Really good summary. If he was up front with the real purpose and didn’t try to milk multiple copies (first was only nine days later!) it may have gone differently. Right out of the gate it was clearly a money grab.
Uh wait what? lol you buy cards and it mines hive how's that possible? Seems like a quick bump and cash out system for the owner from first sight but I don't even know how to access it as it's not within this post?
It mines FARM an nft, aggroed very specifically picked an nft as his lawyer said it would skirt the legalities, at least that's how it reads from his original posts.
In the introduction post of Farm Farmer aggroed stated that the funds will be used for Splinterlands and game development on the Hive blockchain, so I think it is fair and also the concept of Farm Farmer Farm is fun and a demonstration of the new smart contract capabilities of the Hive-Engine. The problem was the clone that was released several days later, that was too much in my opinion.
Maybe he's too busy working to decentralise Hive-Engine to get back to us with an explanation?
Or working on his new game called 'flying-pig farmer'.
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Aha, I must have made a mistake. I thought someone had copied FarmFarmer and built Mythical to use this idea and make a few dollars.
But that one and the same initiator is behind these two identical projects is very curious. I am glad that I never wasted a second thinking about buying such miners. I can also make fun of myself wonderfully. (Or my girlfriend does it, she learned it from me in the meantime).
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Well well, refering to farm farmer I got very little wins since, because I was just a little investor , but looking at the powergrow on the cards themselves it seems to stand more thoughts behind but cheating the investors .
Receiving mythical minig rewards seems to be faster but it has another layer of mining .
In my feeling I assume this thing beeing concepted for a longer period of running.
Momentary it is a starting period I think, and the power the market can release on such kind of products is yet to be explored an shaped also by us .
Yes, when I invested into the two .farm clones I did this because I thought this was something new feeling quite logical refering to the NFT thingies devellopement .
And yes I felt having the opportunity of backing up "proof of mashine work" mining by collecting coins , fiats derrivatives and fiats as very interesting .
Indeed for our research on this topic by @xstern93 GoldTokenCards issued by @tokenindustry, where we follow the thought of backing up coins by proof of man labour , using a real world arts product and the #CHAINZ .
The whole game feels kinda like a idle game where you get a thing to get a thing which lets you get more things and makes the first thing faster. etc.. I'm glad I didn't buy in cause like many idle games those who get in first stay first and the rest lag behind and in this case lose money or take forever to get a ROI.
i thought when i heard about the game that it was a waste of time. When i heard about mythical i just laugh
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I'm not mad, that money was support for one of the few doing things atm, iyam.
Maybe you could do the math for the @freebornsociety account?
It's guaranteed that the mining percentage will decrease, requiring more purchases to maintain the 1%, as the main store sells more.
The secondary market is where the bargains are.
I think we are at 2hive for one mining power, a much better entry point than retail.
Hard to calculate since there isn't enough liquidity to buy that much FARM without sinking the price to 0.001. For how much you spent though, you have way more mining power than I do, I assume you got some on the initial discount.
I did notice the market is selling pretty cheap as there is really no value in them.
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Yes, I have some single digit nft's.
I think the misdirection was in the cards, the only thing on them that counts is the mining number, the rest is marketing.
Their value will not come for some time, this will be a long game.
I knew that going in, this was mostly a gift to help aggie get the nodes built to decentralize hive-engine.
I don't think he got enough to get that done.
As long as he continues to build things I use, I'm good.
I'll maintain my 1% and see what comes of it.
I invested a small amount and have won a few times. I'll take any extra passive income even if it takes a few years to pay off, presuming the game keeps going that long. I just don't get into every new game that pops up as some eat into my time. I have given up on some that were not worth it to me.
My single bronze miner has yet to win me any FARM. It probably never will.
Even if FARMER was a fundraiser for HE or Splinterlands I can't help but feel this has done a disservice to the HIVE blockchain gaming community. Thanks for sacrificing 331 hive in the name of experimentation and sharing the results with us. I think you took one for the team here..
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