Launched in 2012, Bytecoin is one of the oldest cryptocurrencies in the crypto space. It is a private, decentralised cryptocurrency with an open-source code allowing everyone to participate in the network development. Bytecoin is the first private, untraceable cryptocurrency, and it is made by an anonymous group which is quite common in the crypto space.
The group built a network that provides untraceable payments, unlinkable transactions, and a scalable blockchain. The grid uses the CryptoNote protocol for its proof-of-work consensus mechanism and ring signature, an algorithm that offers complete anonymity to the transaction. To mine BCN, you will need ASIC (application-specific integrated circuits), a GPU (graphics processing unit), and mining software that we will discuss in this article.
Is BCN Mining Profitable?
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. Since the current market price of BCN is relatively low, it cannot be easy to earn profit in the mining process.
How to Mine BCN: Our Top 5 Recommendations
Choose a Wallet
You will need a crypto wallet to store your BCN coins. A wallet
is a secure digital vault and a tool to manage crypto. To select a good crypto wallet, you must evaluate its security standards, reputation, backup features, fees, and user interface. Some recommendations for popular crypto wallets are Bytecoin Wallet, FreeWallet, Bytecoin Ninja (Paper Wallet), and Atomic Wallet.
Select a Mining Software
If you use ASIC to mine, the software is often already installed in the hardware. If you want other software, check its compatibility, features, and usability. If you are considering using GPU for mining, a software called XMRIG is mainly used by BCN miners. You can download it from GitHub.
Get All The Required Mining Hardware
As mentioned earlier, BCN mining can be done with GPU and ASIC, but using ASICs is considered more efficient. You must note that ASICs are specialised hardware with a high hash rate and are expensive. To get the rewards, your hardware needs to solve the mathematical problems faster, so the hashing power of the ASIC should be more. Some of the best ASICs for mining are Bitmain – Antminer X3, Antiminer S19 Pro, Halong Mining – DragonMint X1, and AVALOminer 1245.
Configure the Hardware and Software
Setting up ASIC is a simple task. The hardware often comes with a user manual provided by the manufacturer. You must carefully read the manual before configuration. With ASIC, you only need to connect it to electricity and provide a good internet connection. In the software, configure your ASIC by putting in data like the IP address of the hardware, pool URL, username, and password.
Join A Mining Pool
It is recommended to join a mining pool to increase the chances of getting mining rewards. You can join mining pools where miners combine resources and distribute the rewards. Mining solo is not suggested because despite taking a lot of resources, chances of profit might be uncertain. Some popular BCN mining pool you can consider joining is bytecoin.uk, Miner gate, and bytecoin-pool.
Also read: Check BCN Prices Live
Popular video guides on BCN
How Does BCN Mining Work?
The BCN network is supported by Cryptonight technology to use the proof-of-work consensus mechanism and the ring signature algorithm. It allows the network to fulfil the three main components of Bytecoin: scalability, lack oftraceability, and unlinkability. Since the blockchain uses proof-of-work consensus, more computational powers will be needed to mine BCN. You will need hardware with a high hash rate to perform quick calculations. ASIC is the specialised hardware for mining with a high hash rate. The block time is 2 minutes but still needs high computational powers, and the reward with each block decreases as more miners join.
How Long Does It Take to Mine One BCN?
The time taken to mine one BCN depends on various factors like the hash rate of your hardware, difficulty level of mining, and competition in the network. The higher the hash rate, the faster you will get the rewards. The network mining block time is 2 minutes, and the blockchain is flexible enough to make mining more efficient.
How Difficult Is It to Mine BCN?
Since the BCN blockchain uses proof-of-work, the difficulty level is high for mining BCN. As the competition increases, the block rewards decrease, and hence the difficulty increases. The current difficulty rate of the BCN network is 2.0586G, while the block reward is at 12.08
What All Do You Need to Mine BCN?
1. Hardware:
BCN can be mined using both GPU and ASIC. ASIC is usually preferred over GPU because it gives a better chance to earn profit. The ASIC has a high hash rate, allowing miners to stay ahead in the problem-solving race in mining. Some popular ASICs are Bitmain – Antminer X3, Antiminer S19 Pro, Halong Mining – DragonMint X1, and AVALOminer 1245.
2. Software:
When using ASIC, the software is pre-installed with the hardware for mining. You can follow the instructions given in the manual to configure the hardware with the software. Some recommended mining software for mining BCN are xmrig, fireice-uk/xmr-stak-amd, fireice-uk/xmr-stak-nvidia.
Top Wallets to Store Your BCN:
Some of the top wallets to store your ByteCoin are:
- Bytecoin Wallet
- FreeWallet
- Bytecoin Ninja (Paper Wallet)
- Atomic Wallet.
- Meta Mask
Most frequently asked questions on BCN Mining
Q. Where Do I Buy Bytecoin?
Bytecoin is available for buying and selling on crypto exchanges. Gate.io and HitBtc are centralised cryptocurrency exchanges where BCN is open to trade under the pair with USDT, BTC, and ETH. You can make an account with the exchange and deposit some funds to buy BCN.
Q. Which Is Better, Mining BCN or Buying BCN?
Mining is a complex task, and there are a lot of parameters to handle for the mining process to be profitable. 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.
Q. When Was Bytecoin Found, and What Is Its Purpose?
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.
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