Conflux is a public blockchain platform that aims to provide a scalable, secure, and interoperable solution for decentralized applications, e-commerce, and Web 3.0 infrastructure. Conflux uses a novel Tree-Graph consensus mechanism that combines Proof-of-Work and Proof-of-Stake algorithms to achieve high throughput, low latency, and low fees.
Conflux also supports cross-chain asset transfers with other significant blockchains such as Ethereum, Binance Smart Chain, Huobi Eco Chain, and OKEx Chain. Conflux’s native token, CFX, is used to pay for transactions, stake for rewards, and participate in network governance. Conflux was founded in 2018 by a team of computer scientists, researchers, and business professionals with a vision to create a blockchain without barriers.
So is mining CFX tokens profitable? What hardware and software are required to mine a single token of CFX? All these have been answered in this article on how to mine CFX.
Is CFX Mining Profitable?
To assess the profitability of CFX mining, it’s crucial to consider the cost of mining equipment and electricity expenses. Mining rigs with high computational power and energy efficiency are generally preferred to maximize profitability. Additionally, electricity costs are high, as mining can be power-intensive. Lower electricity costs can enhance profitability, while higher prices may eat into potential earnings.
Furthermore, keeping track of the CFX market value is essential. Fluctuations in the price of CFX affect mining profitability, as the mined coins need to be sold or held as an investment. If the market value of CFX rises, mining can be more profitable, but profitability may be reduced if it declines.
How to Mine CFX: Our Top 5 Recommendations
Choose A Wallet
Choosing a wallet is the first step to mine CFX A wallet stores public and private keys and information about the digital signatures for transactions. It doesn’t store physical coins, but rather the keys to these digital assets. You can choose any wallet from these curated ones:
- CoboWallet
- TokePocket
- Merch
- MXC
- Metamask
Select a Mining Software
Make sure to use either Microsoft Windows or Linux to mine CFX. Here are some of the famous mining software for CFX:
- BMiner
- NBMiner
- T-Rex
Get All The Required Mining Hardware
“OCTOPUS” is the name of the mining algorithm that is used to mine CFX. CFX is ASIC-resistant, so GPUs are the way to go. Nvidia GPUs can only mine CFX, and Conflux mining software does not support AMD. Currently, 4 GB are required, and the graphical demand increases by 1 GB each year.
Configure the Hardware and Software
For configuring mining software, uncompress the files and edit the .bat file or the .cmd file named “start_conflux.”
- For BMiner, replace the command with
(bminer -uri conflux://username.worker_name@cfx.f2pool.com:6800)
- In the case of NBMiner,
(nbminer -a octopus -o stratum+tcp://cfx.f2pool.com:6800 -u username.worker_name)
- In the case of T-Rex,
(t-rex.exe -a octopus -o stratum+tcp://de.conflux.herominers.com:1170 -u YOUR_CONFLUX_WALLET_ADDRESS.YOUR_WORKER_NAME -p x pause)
Join a Mining Pool
Conflux currently has eight mining pools, but the top three pools that mine CFX are:
- f2Pool.com (1.78TH/s)
- Herominers.com (1.38TH/s)
- Woolypooly.com (1.05TH/s)
You must replace the connection address in the .bat file, which you will get from your desired mining pool. Do the same with your wallet address in the same start_conflux file. After that, hit save and run the .bat file
Also read: How to buy beldex
Popular video guides on CFX
Also read: Check CFX Prices Live
How Does CFX Mining Work?
CFX mining follows the same principles as mining other cryptocurrencies. A mining pool is made, which is nothing but multiple computers joining their computing capabilities to increase the probability of finding blocks. You need to set up your wallet and mining pool addresses in order to mine CFX. CFX mining uses Nvidia GPUs, as AMD GPUs are not supported by CFX mining software.
CFX works on a layer 1 blockchain called the “Conflux network.” It uses a tree-graph data structure and a hybrid model of PoW and PoS (Proof of Work and Proof of Stake). Miners can choose to stake the CFX coins, which gives them the right to vote in governance decisions regarding the Conflux network.
How Long Does It Take to Mine One CFX?
With a single piece of RTX 3090, it would take 280 hours to mine 1 CFX coin. You can calculate the time it takes for your rig to mine one CFX by providing values such as current hash rate, electricity charges, and more using these calculators:
- NiceHash
- Minerstat
How Difficult Is It to Mine CFX?
The difficulty of mining CFX coins depends on many factors. These include the number of miners in the pool and hardware capabilities. Other factors are the competition other miners face in the pool and the adjustments the blockchain makes. The current Conflux mining difficulty is 3.9731T.
What All Do You Need to Mine CFX?
1. Hardware:
AMD GPUs cannot be used to mine CFX. It is due to a need for compatibility with the mining software. Nvidia GPUs, such as the RTX 4090, RTX 3090, RTX 3080, and so on, are favorites for using CFX mining. A basic rig or computer with a Windows or Linux operating system is a must to install the mining software.
2. Software:
Microsoft Windows and Linux are the most commonly used operating systems for mining CFX. This is due to the ease of editing the .bat files to register your wallet and mining pool addresses. Here are some of the mining software options you can choose to mine CFX:
- BMiner
- NBMiner
- T-Rex
Top Wallets to Store Your CFX:
Some of the top wallets where you can store CFX are:
- Yubico
- Binance
- Moondex.io
- Merch
- Safepal
Most frequently asked questions on CFX Mining
Q1. How do I mine CFX?
Ans: You can mine CFX using the methods given below:
- Create a crypto wallet (You can use Wallets such as Fluent Wallet, CoboWallet, or Binance)
- Download mining coin (You can use software such as BMiner, NBMiner, T-Rex, GMiner, NanoMiner, and Trex)
- Choose a mining pool (You can choose any from f2pool.com, herominers.com, woolypooly.com, nanopool.org, 666pool.com, Jingniupool.com, poolflare.net, prohashing.com)
- Edit the .bat file using the addresses of the mining pool and Wallet (Right-click on the start_conflux.bat file, and make the edits)
- Run the .bat file to start mining (Do this after saving the file)
Q2. What is the CFX coin used for?
Ans: Besides being traded, sold, and bought on crypto exchanges such as Binance, KuCoin, OKX, CoinEx, Indodax, and Gate.io, CFX is used to vote on the Conflux network for matters regarding governance. CFX token authors can mint tokens using CRC-20, CRC-721, and CR-1155 for fungible, non-fungible, and multi tokens.
Q3. What is the vision of the Conflux network?
Ans: Conflux Network’s vision is to ensure inclusivity by offering users with zero wallet balances the opportunity to still engage with the network. Conflux Network provides openness by making the code open-source so anyone can benefit from it. Safe and secure Proof-of-Work consensus and low transaction fees make it easy for everyone to join the Conflux network.
