Although bitcoin mining on personal computers is no longer feasible, if you are ready to make efforts, you can still mine other cryptocurrencies at home.
In this article, we will introduce five popular choices and some operation guides to help you get started.
When Satoshi Nakamoto, the creator of bitcoin, first introduced digital currency, he introduced in detail how the P2P digital payment network would work to achieve fast, secure and untrusted transactions. In the original white paper, he explained the protocol for the circulation of the new bitcoin in the bitcoin network. “The first transaction in the block is a special transaction that starts a new coin owned by the block creator.”
This increases the incentive of the node support network and provides a way to distribute coins into the circulation system, because there is no central authority to issue coins. The number of new coins introduced into the system is similar to gold miners consuming resources and increasing gold in circulation. In our example, CPU time and power are consumed. This process is called mining.
Initially, people could use laptops and desktops to mine bitcoin (BTC). However, with the popularity of bitcoin, people realize that they have the opportunity to participate in the bitcoin network to make profits by verifying transactions. A large-scale bitcoin mining operation was born.
In addition, with the increase of mining difficulty and the emergence of application specific integrated circuits (ASICs) software specially developed for bitcoin mining, it is almost impossible for a single miner participating in bitcoin network to make a profit by using the processing power of home computer and a small number of graphics cards. However, by 2020, some other cryptocurrencies still have this option.
Zcash (Zec) is a leading privacy centric digital currency launched in 2016. For family miners, the most important feature embedded in zcash architecture is that it uses equihash algorithm in consistency mechanism. Equihash is an algorithm designed to resist ASIC. Therefore, family miners with their GPU can participate in the network as miners.
Before mining zcash, you must obtain the required hardware. This includes a computer and a graphics card, which you will use to improve your processing power. You may also need to consider buying a fan to cool mining equipment, especially if you live in a hot area.
You also need to download software to help you control your hardware. Download zcash blockchain and set up your wallet. This will require some waiting because the blockchain needs to be fully downloaded and synchronized on your node. In addition, you also need to download the driver of the graphics card.
Finally, you will need electricity or other energy to support your mining settings. Consider joining a mine pool because it maximizes your income.
Ethereum’s eth is the second largest cryptocurrency by market value. In addition, with the help of GPUs with powerful graphics card, it is still possible to mine this cryptocurrency in encryption.
Ethereum’s pow mechanism adopts the anti ASIC ethash algorithm to support family mining. However, due to the popularity of Ethereum, miners at home must maximize their income by obtaining the most powerful graphics card in the market and joining a mining pool.
Mining eth is a relatively simple process. The first step is to download the blockchain from the official website to set up your wallet. Then, put your wallet in my wallet and change some settings on your node.
With the support of the encryption community, grin was launched in January 2019. The project demonstrates a strong focus on privacy and scalability. The grin blockchain uses the mimblewimble algorithm to support transaction privacy.
However, for family miners, the most relevant is the ASIC anti POW algorithm of blockchain. In addition, project developers take another step towards hard coding every six months to minimize the impact of any ASICs that may be developed specifically for their network.
Grin supports both CPU and GPU mining. However, if you decide to go GPU, buy NVIDIA cards because they are considered more effective. In addition, you must have at least 5.5 GB of space to start digging coins. In addition, it can download software for you to help you monitor the temperature of heat, because overheating will damage the graphics card. A good choice is MSI drive.
Start with “grinning”, download the blockchain from the official website to set up a node. Once you successfully synchronize the blockchain, you must link the node to your wallet. Creating a wallet is just a simple matter of running files in a directory. Once the wallet is enabled, you must configure your graphics card to use with the wallet. Finally, remember to set the software to cuckaroo pow, which is the version of the grin network that supports GPU mining.
Another implementation of mimblewimble, beam, is very suitable for home mining. It adopts a hash algorithm that supports GPU mining.
First, please download the official desktop wallet, depending on the operating system on your computer. Your antivirus software may mark the mining software as a pest. Exclude it from the specified, otherwise you will have trouble in the mining process.
Once the blockchain is downloaded and synchronized, you can start mining. You must first configure your settings. Turn on the run local node function and set the number of mining threads to be greater than zero.
It is worth noting that beam’s infrastructure involves the use of expired addresses to maximize privacy. However, you need a permanent address to successfully recover your mining income, otherwise your tokens will be lost. To create a permanent address, navigate to the receive tab on the software main dashboard. You can create a new address and set it to never expire. You can use it to set up mining.
Vertcoin is another popular choice for small miners. This digital currency was launched in 2014 to be faithful to the spirit of decentralization and financial sovereignty envisaged by Nakamoto when he created bitcoin. The developers of the project created a blockchain in response to the growing influence of ASICs bitcoin blockchain and mining ecosystem.
Vertcoin (VTC) uses a proof of work algorithm. The algorithm using vertcoin’s pow consistency mechanism is lyra2re, which is designed to be anti ASIC while supporting GPU and CPU mining.
VTC is very popular because it has a very simple mining process. Project developers have created an architecture that supports simple mining, which can be completed with one click. To start mining, download the software here and join a mining pool to maximize mining revenue.
As large-scale operations dominate the mining industry, home-based miners face challenges. However, by selecting the most profitable coins and running the latest (and most efficient) mining hardware, encrypted mining is still likely to be profitable in 2020.
Responsible editor; ct