How to mine Bytecoin
What is Bytecoin?
Bytecoin is a decentralised and personalized cryptocurrency that employs the CryptoNote ring signatures to allow anonymous transactions on its network. The network is primarily a p2p payment system and is among the earliest developed cryptocurrencies.
The Bytecoin Network was developed keeping in mind the security and privacy of the users and therefore provides instant private transactions—completely untraceable—all around the globe.
Bytecoin is open-source software which essentially works on the Proof-of-Work algorithm. The CryptoNote algorithm contributes to the anonymity of all transactions in the system.
Some salient features of the coin include:
- Unlimited, instant global payments (with a confirmation time of approximately 2 minutes.)
- Security (with its untraceable cryptographic algorithms)
- Secure personal data (with the anonymity feature)
At the time of writing, there are more than 183 million Bytecoin coins in circulation—almost 98% of its maximum supply. Bytecoin is traded on multiple trade platforms and can be bought on the same platform as well.
The most popular exchanges for Bytecoin trading are HitBTC and Binance. It is also traded on Poloneix, Cfinex, TradeOgre, Stocks.Exchange, OKEx, CREX24, and Coindeal.
Token Value Information
At the time of writing, the token statistics of Bytecoin are:
Maximum Supply: 184,470,000,000 BCN
Circulating Supply: 183,890,481,254 BCN
Market Cap: $347,586,128 USD
ICO price: $0.000065 USD
All-time high price: $0.145166 USD
Current price: $0.001890 USD
Cryto Mining refers to the process of verifying and adding to a blockchain ledger the crypto currency transactions. Every single time a transaction is made, a miner ensures the authenticity of the information relating to that transaction and updates the blockchain with that transaction.
- Setting up a Wallet: In order to mine Bytecoin, a user needs to set up a wallet on the Bytecoin platform. This is followed by getting up-to-date with the required hardware and software mining equipment.
- Hardware: Bytecoin can be mined via both the CPU and the GPU and in pool as well as solo.
- Software: Generally, for the CPU, the XMRig provides the best performance while for the GPU, XMR-Stak-AMD and XMR-Stak-Nvidia are recommended. Once you have the software, the next step is to set-up configuration files.
The configuration files vary with the software but the setup is mostly the same. The process of configuration requires you to type in a port that you want to use the monitoring on.
The wallet address becomes the username in the configuration. For XMRig users, the mining begins with this but for users of XMR-Stak, the GPU thread number needs to be changed to match the CPU thread number.
- Other things on the Checklist: usually, there are 3 things essential to the mining process—a CPU/GPU, Power Supply, and Motherboard.
The process of Solo Mining Bytecoin is quite simple.
- download the Bytecoin simplewallet and daemon and allow the Bytecoin daemon to sync with the network.
- Once the syncing has been achieved, open the simplewallet and create a wallet file.
- Run the command start_mining your wallet address in the daemon.
That’s it. Solo Mining Bytecoin has now begun. Even though solo mining appears to be convenient, the payout can take up to months depending on the power of your rig. Solo mining is, more often than not, not as profitable as pool mining and is not even suggested since it only takes the CPU and can take a long time to mine one block.
Using a mining pool allows miners to receive constant pay-outs various times in a day. Mining pools charge a very small fee and prove to be more fruitful. In order to pool mine, a miner needs to join a mining pool.
A mining pool is the pooling of resources by miners sharing their processing power over a network with the aim of splitting the reward according to their respective contributions.
Mining Pools for Bytecoin
Some of the most popular Bytecoin mining pools are:
- Bytecoin Tuga
Every pool has multiple mining ports, offer different amounts of fee (some are free), and can be run with multiple mining apps. For example, the pool bytecoin.uk is a free pool that can be run on the XMR-Stak, YAM Miner, Claymore etc.
Pool Mining on CPU
XMRig is a great CPU mining software.
- Download XMRig and open your configuration file.
- Set the amount of CPU you can use and other things as instructed.
- Use the wallet address in the username.
- Put the mining pool of your choice in the URL along with the port number.
- Start XMRig.
Your mining has begun.
Pool Mining on GPU
GPU pool mining can get a little dull depending on the graphics card that the miner is using but essentially for GPU you need to download either AMD or Nvidia. Both miners can be used with XMRig or XMR-Stak. The first step is to configure the pool.
- Start the miner and obtain your configuration details.
- Copy these details and go to the config file.
- Replace the gpu config null with the copied details.
- In the config file, enter your URL along with the port and wallet address leaving the password slot empty.
That is all there is to mine Bytecoin. Once you have a Bytecoin wallet, the required hardware and software equipment, and the mining platform of your choice, you are all set to mine Bytecoin.
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.