In order to maintain network decentralization it is really recommended that you choose a different pool. Minergate is one of the most popular choices due to its large number of minable coins and its ease of set-up and use. Currently Minergate contributes roughly 1.3 MH/s to the Bytecoin hash power, which is roughly 3% of the total. With that being the case it doesn’t make sense to solo mine Bytecoin unless you have your own mining farm.
Still, they mined more on a “network basis,” accounting for 24.7% of the total network. The hashrate, representing the total computing power dedicated to a network, is a proxy for competition in the industry and mining difficulty. In July 2017, the team decided to change its image and provide more transparency to the community. The team still remains pseudo-anonymous by only providing names and headshots on their webpage – no bios or social media links.
Bytecoin.uk is a relative newcomer, but it has rapidly gained in popularity because it also has 0% fees and a 5 BCN minimum withdrawal. In regard to hash rate, Bytecoin.uk has roughly 15 MH/s and 12.3% of the total network hash power. It’s a very good alternative to Bytecoin-pool.org for those who want to maintain a more decentralized network. Founded in 2012, Bytecoin is a private, decentralised cryptocurrency with an open-source code. The network’s founders are anonymous, and the project’s main purpose is to provide complete private transactions. Using the CryptoNote algorithm, the network can make transactions untraceable with few fees.
Inherently, this eliminates the problem of address re-use and decreases the traceability of transactions. The pool operator of Bytecoin.uk has just launched a new website called Unipool.pro. There bytecoin pools are the same as on Bytecoin.uk but it offers users a newer bytecoin miner interface to operate with. While it isn’t likely that a trustworthy mining pool would do that, it’s best to avoid such centralization when possible. So, if there are smaller good pools you can join the best thing to do, for the network, is to join the smaller pool.
- Bytecoin readjusts the difficulty with every block to react to even the slightest hashrate changes.
- After you have configured the amd.txt, we now need to create are startup batch file to run the program.
- You can make an account with the exchange and deposit some funds to buy BCN.
- Also, the price of Bytecoin could be higher, making it more difficult to mine profitably.
How much BCN will I earn per day?
I’m referring to the total hashing power of the pool against the entire network. Make sure to type in your public key into the mining pool’s dashboard, to keep track of your statistics. Usually 8000 or 3000 are available on most home computer networks.
Also, the price of Bytecoin could be higher, making it more difficult to mine profitably. If you are not an experienced miner, you should not mine BCN; instead, try accumulating BCN since they are quite undervalued. The next factor is one that’s overlooked by many, but can be important for maintaining a decentralized network.
The only way to keep your transaction anonymous is by using a trusted third-party tumbler to mix transactions. Although there are plans to improve Bitcoin’s privacy functionality, they seem to still be a ways away. Mining is a complex task, and there are a lot of parameters to handle for the mining process to be profitable.
It does support sever other cryptonight coins however, making it useful for switching between more profitable coins when you need to. The minimum withdrawal is a bit higher at 50 BCN, but users seem to like the mining pool and it’s a good choice for maintaining network decentralization. So, if you’re in Europe you’ll want a mining pool with servers located in Europe.
Fees are the standard 1% for PPLNS and 1.5% for PPS with Minergate and it has a convenient web based interface. The minimum withdrawal is 100 BCN, which isn’t the best, but also isn’t too hard to achieve. However, if you make use of a Bytecoin Mining pool, your chances of earning BCN from newly minted blocks are greatly improved.
Popular video guides on BCN
Using a pool will allow you to receive consistent payouts, multiple times per day. Bitcoin halving, a fundamental feature of the cryptocurrency’s protocol, occurs approximately every four years or every 210,000 blocks mined. During each halving, the reward for mining a Bitcoin block is reduced by 50%, effectively slowing the creation of new Bitcoins and enhancing its scarcity.
(Bytecoin CPU and GPU miner for Minergate Pool)
This article would be incomplete without mentioning cloud mining, a technology that has gained some attention in the past few years. At the outset, cloud mining looked like an effective business solution and convenient mining option. A user could rent mining power for a fixed fee and mine without having to buy expensive mining equipment, and businesses had a predictable monetization model to rely on. However, it appears that most cloud mining operations have not been able to maintain profitability in the long term.
We don’t know of any reliable cloud mining solutions for the cryptonote protocol yet. In this image, we can quickly see how many coins and USD value we will make in certain time frames. You want to look at the Profit column, since this is the value after paying for your electricity usage. By just focusing on this number, you can run the calculator for a few different coins, and quickly see which coin is most profitable for your mining rig setup. Keep in mind you also want to weigh the daily payout with the market cap.
- We are thankful to all miners and contributors aiding Bytecoin’s development every day with their efforts.
- This privacy enabled cryptocurrency is often chosen by miners given its more attractive returns as compared to other proof of work coins.
- After you have configured the nvidia.txt, we now need to create are startup batch file to run the program.
- The mining difficulty changes with each Bytecoin block as the network hashrate increases and decreases.
In the software, configure your ASIC by putting in data like the IP address of the hardware, pool URL, username, and password. The miners are the main contributors in the network’s health as they are the most rational users on the chain. They weigh their costs and profit to find out which currency is the most profitable to mine at the current moment and with a particular setup. I don’t want to go into too much detail here because there are so many different payment schemes, but you’ll want to find out more about the benefits and disadvantages of each. If it’s too high you could be waiting weeks to receive any coins from your mining efforts.
There is also a handy mining profit calculator that is in your dashboard. This will allow you to calculate how much BCN you are likely to earn with a given amount of hashpower. You must know whether the ratio between the cost of mining and the reward is in your favour. You can mine BCN with GPU and ASIC, but to make the process more efficient, ASICs are preferred by most miners. Mining involves solving complex problems, and since it’s done through trial and error methods, you will need powerful hardware with a high hash rate. It means more the hash rate of your hardware, the more likely you will profit from mining BCN.