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. Miners like Bytecoin-pool.org for its 0% fees and the ability to mine anonymously without registering.
Exchanges
I found that for the GPU, you can tweak the settings to get a little more performance, but generally the program usually generates the best possible configuration settings automatically. The comments in the amd.txt do a great job of explaining each setting, and how you could try to get more performance out of your machine. After you have configured the nvidia.txt, we now need to create are startup batch file to run the program.
Bytecoin-pool.org is the real top dog when it comes to Bytecoin mining, with 110 MH/s or nearly 80% of the network hash power. In order to maintain network decentralization it is really recommended that you choose a different pool. 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.
How much BCN will I earn per day?
If the bytecoind.log file is not found in the same directory, use the following commands to locate the bytecoind.log file. Would you like to learn how to create a Bytecoin mining pool? In this tutorial, we are going to show you how to install a Bytecoin mining pool using a computer running Ubuntu Linux. 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. A low market cap coin may be really profitable one day, and then could have half the payout tomorrow.
Block Explorers
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. The next factor is one that’s overlooked by many, but can be important for maintaining a decentralized network. I’m referring to the total hashing power of the pool against the entire network. If everyone continues joining the largest pool, it will eventually grow to control more than 51% of the network hashing power, leaving the network vulnerable to double spending. Quite possibly the next most important feature to look at is pool fees.
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. The differences between the tools come not in the general workflow, but rather in nuances of use. XMR-Stak supports more interpretations of the CryptoNote algorithm, has more customization options, and feature a quite functional web-interface for observing mining status. After finishing the Bytecoin node installation and the wallet service configuration, we can start the Bytecoin mining pool installation.
Or, if you want to keep things as simple as possible with a web-based interface you could use Minergate. A mining pool is a way to combine the hash power of many different users in order to mine more efficiently. If you solo mine you might not find a block for months, but with a Bytecoin mining pool you can get a small amount of coins every day. Make sure to type in your public key into the mining pool’s dashboard, to keep track of your statistics. Then, later in the config file you need to enter your pool url and port, and wallet address (make sure that password field is empty).
So before we start this tutorial, I have two tips for making the most out of your mining experience. Secondly, most mining software will get flagged as a virus from virus scanners. Because of this, if your mining on your normal everyday use or gaming computer that has an antivirus installed, you will want to exclude the mining software from the antivirus.
Multi wallets
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.
It always results in a different one-time key even if the sender and the receiver both remain the same for all transactions (that is why the key is called “one-time”). Moreover, even if they are both the same person, all the one-time keys will also be absolutely unique. Ring signature is a more sophisticated scheme, which in fact may demand several different public keys for verification. In the case of ring signature, we have a group of individuals, each with their own secret and public key. The statement proved by ring signatures is that the signer of a given message is a member of the group.
- I am a developer who programs websites, games, software and is knowledgeable about cyber security.
- After finishing the Bytecoin node installation and the wallet service configuration, we can start the Bytecoin mining pool installation.
- Now that we have a pool, lets configure the mining software!
- Most mining pools have 1% fees, but Bytecoin is a better coin in this respect as there are several pools that offer fee-free mining.
Using a pool will allow you to receive consistent payouts, multiple times per day. The decision regarding forking to become ASIC-resistant will be reviewed by the Bytecoin team at the end of 2018, and given the current domination of network hash power by one mining pool it could change. Until then you’ll be best served by joining a mining pool for Bytecoin. As you can see above, one of the attractive features of most Bytecoin mining pools is the lack of fees. I would certainly recommend choosing a 0% fee pool, but I would also say try to avoid Bytecoin-pool.org, simply because of the huge percentage of the hash power currently controlled by that pool.
Mining pool is a mining service, which allows multiple users to combine their mining powers to generate one block and split the reward. Bytecoin.fairhash.org is a smaller pool, probably because it has a 1% fee. It does support sever other cryptonight coins however, making it useful for switching between more profitable coins when you need to.
The comments in the nvidia.txt do a great job of explaining each setting, and how you could try to get more performance out of your machine. You will then be presented with a series of steps that will guide you through the first time initialization of the software. Once you have completed this, you will not need to do this again.
- In this image, we can quickly see how many coins and USD value we will make in certain time frames.
- You’ll see acronyms such as PPS, PPLNS, PPS+, PPSL and many others.
- With a hash rate of about 9 MH/s it controls roughly 4% of the total hash power of the network, making it the third largest Bytecoin mining pool.
- If you ever want to change servers, you would edit the pool_address.
Now that we have a pool, lets configure the mining software! A couple of pools are bytecoin.uk, and bytecoin.party, with both 0% fees. Normally, when you post your public address, anyone can check all your incoming transactions even if they are hidden behind a ring signature. To avoid linking you can create hundreds of keys and send them to your payers privately, but that deprives you of the convenience of having a single public address. This concept can be used to make digital transactions sent to the network untraceable by using the public keys of other members in the ring signature one will apply to the transaction.
PrivateProxy
The main distinction with the ordinary digital signature schemes is that the signer needs a single secret key, but a verifier cannot establish the exact identity of the signer. Therefore, if you encounter a ring signature with the bytecoin pool public keys of Alice, Bob and Carol, you can only claim that one of these individuals was the signer but you will not be able to pinpoint him or her. The ordinary digital signature (e.g. (EC)DSA, Schnorr, etc…) verification process involves the public key of the signer. It is a necessary condition, because the signature actually proves that the author possesses the corresponding secret key.
Top 5 Bytecoin Mining Pools
The most important characteristic is always a trustworthy pool that’s known to pay out reliably. You certainly don’t want to be mining at a pool that’s stealing your hash power or not paying you for all the blocks being found. With that being the case it doesn’t make sense to solo mine Bytecoin unless you have your own mining farm. Even if you have a single ASIC rig you still want to combine your hashing power with others, and the way to do that is through a Bytecoin mining pool. Keep in mind that you need to change the IP address of the mining pool and the Bytecoin wallet address of the miner computer. Use the following command to start the Bytecoin mining pool.
