The year 2019 has made us believe in another bull run. And it’s not just about the rise of Bitcoin above $4,000, but also about new projects. Grin is the one that stands out. It’s the private cryptocurrency with a lite blockchain, and it’s been in the news ever since the mainnet launch on January 15.
- What Is Grin?
- What Is MimbleWimble? Grin’s Main Features
- Grin Funding
- Grin Performance
- Where To Buy Grin. Exchanges
- Wallet for GRIN
- Grin Mining
- Grin Mining Software
- Grin GPU Hashrate
- Where to Mine Grin
- How to Start Grin Mining
- Nicehash and MiningRigRentals Grin Settings
- Mining Profitability
What Is Grin?
Grin is a privacy-focused cryptocurrency. Its developers want to make electronic transactions available to everyone, without censorship or restrictions of any kind. Users abilities, as well as their country of living or cultural differences, shouldn’t be of any importance to the matter. The team pointed out that they want their project to be long-lasting.
Grin hides addresses and transaction sums. To do it, the platform sends data about new transactions among peers privately. This process is called a “random walk.”
Blocks in the network don’t contain any information about transactions. Each of them looks like one huge transaction.
What Is MimbleWimble? Grin’s Main Features
MimbleWimble is a privacy protocol used by Grin. Before creating it, developers mapped out several tasks:
- make the blockchain more spacious as compared to Bitcoin without the constant increase in size;
- maintain the ability to hold a comprehensive inspection;
- add private transactions feature.
To fulfill these tasks, developers removed Bitcoin Script and made slight changes to Greg Maxwell’s concept of private transactions, who is also famous for creating CoinJoin. You will find more details on the project’s white paper. By the way, it dated July 19, 2016. It means that developers have been working on the project for quite some time and have plainly put some serious thoughts into it.
The main feature of MimbleWimble is the ability to get rid of the significant part of data about old transactions. This feature secures the project against collapsing because of its own weight in a couple of years. Besides, users won’t have to spend several days to download the blockchain.
Grin is an open-source project that is being developed by programmers all around the world. It is not controlled by companies, funds or any free-standing individual.
The cryptocurrency launch was very fair – no initial token placements were held. There was also no pre-mining, and developers don’t get the share of block reward.
Sounds great, but sometimes such business model can cause problems. At the beginning of February Grin’s leading developer known under the name of Igno Peverell was trying to collect money to support their work. People weren’t donating as much as he hoped for, so the project’s speaker complained about the community. As a result, they managed to collect 55 thousand euro they needed.
You can support Grin any time on the official website of the project.
Grin is traded at $2.49, with the market cap at $15.22 million. The 24-hour trading volume is also very high – about $15 million. It seems strange, so maybe it’s just a mistake made by CoinMarketCap. The cryptocurrency appeared on the platform on January 27. It is now ranked 216th in the world.
According to CoinGecko, the peak price was reached on January 16, right after the mainnet launch, amounting to $261. Since then the exchange rate decreased by 98%.
Where To Buy Grin. Exchanges
Grin is available on many exchanges. The leading platform is Hotbit that accounts for 75% of all trading in the last 24 hours in GRIN/BTC, GRIN/ETH, and GRIN/USDT pairs. There are also BitForex, Gate.io, Poloniex, KuCoin and a couple of other platforms.
Wallet for GRIN
Grin wallet is terrible. It doesn’t even feature a basic GUI interface that other wallets usually have. A command line interface handles transactions and creating files.
First, you should download necessary files using this link and launch the node. You will find directions for Linux (x86-64) and MacOS here. There are just a few commands, so you shouldn’t have any problems at this stage.
Although you might have them after the wallet launch. First, initiate the database of the wallet and create a secret seed file. To do this, use the following command in the console:
grin wallet init
Now you should protect the file with a password. It will be requested every time the wallet is used, so make sure to remember the combination. Here is what it all looks like:
File /home/yeastplume/.grin/grin-wallet.toml configured and created
Please enter a password for your new wallet
The wallet must interact with the node that has to be fully synchronized. Use the following command to switch:
grin wallet -r http://some_public_node.org:3413 info
By the way, you can replace “-r” with “—api_server_address”.
To send coins, create a transaction file using the following command:
grin wallet send -m file -d my_grin_transaction.tx 10.25
It will create my_grin_transaction.tx file in the corresponding directory. Then you should send it to the recipient via email, FTP, etc. Then it’s the other side’s turn to act.
The complete list of commands, as well as detailed instructions on sending and receiving funds are on this page on Github.
Luckily, exchanges have more user-friendly interfaces. Let’s take Poloniex as an example. One of the ways to refill your account balance is URL deposit. It looks much more simple:
Grin got plenty of hype in the media, even without the popular buzz words like PoS and masternodes. The coin uses the concept called Cuckoo Cycle. It’s a combination of two PoW algorithms: CuckARoo and CuckAToo. The former is for GPU mining and is ASIC resistant, and the latter is explicitly designed for ASICs.
The difference between the algorithms is in the Graph Size, which shows the GPU memory required for mining. This value is 2^29 for CuckARoo and 2^31 for CuckAToo. 6GB of video memory is needed for CuckARoo, 11 GB for CuckAToo. Obviously, if your GPU has 5.5-10.5 GB memory, you could mine cuckaroo_cuda_29 (C29) only. If you have a high-end GPU with 11 GB of memory or more you could mine both algorithms: C29 and C31.
Grin Mining Software
1060 6Gb, 1070ti, 1080, 1080ti series and the whole 20XX line work without any issues. AMD cards are supported as well thanks to OpenCL, but their performance, for now, leaves much to be desired.
Grin-miner is an official mining software. You can download it here.
There are a few other options:
- bminer – supports Grin from version 12.0.1;
- ePIC Boost Miner – the best results are achieved with Sapphire RX 570 16GB;
- GrinGoldMiner – for Windows and Linux;
- GrinPro Miner – for Windows and Linux.
Grin GPU Hashrate
We’ve already tested some GPU’s on the 2Miners pool using the CuckARoo-29 algorithm and bminer software.
- Nvidia GeForce GTX 1080Ti — 7,5-8 gps;
- Nvidia GeForce GTX 1080 — 5-5,2 gps;
- Nvidia GeForce GTX 1070Ti — 5-5,3 gps;
- Nvidia GeForce GTX 1070 — 4,5-4,9 gps;
- Nvidia GeForce P104-100 — 3,9-4,2 gps;
- Nvidia GeForce P106-100 — 3,2-3,5 gps;
- Nvidia GeForce GTX 1060 6gb — 2,7-3 gps.
Gps stands for «graphs per second» as per the official Grin terminology. Sometimes g/s is used or even h/s which is wrong.
Where to Mine Grin
2Miners supports both GRIN mining algorithms: Cuckaroo C29 and Cuckatoo C31. Our pool detects the algorithm you set in your miner automatically and provides the job required. Which algorithm to use is entirely up to you, and we are making sure the rewards are calculated accordingly based on the complexity of a particular algorithm.
Hashrate of the network, pool, miner, worker is shown for Cuckaroo C29. Cuckatoo C31 hashrate is automatically converted to Cuckaroo C29 using the ratio that is defined each block according to the methodology set forth by the developers of Grin.
Please be advised that if you use Cuckatoo C31 the display of your hashrate in the miner and on the pool will be different. This is normal and has no impact on your rewards.
How to Start Grin Mining
It is mandatory to always keep your local GRIN wallet online to receive the payouts from the pool. It is the reason why we recommend using the GRIN address generated on one of the supported crypto exchanges.
Go to the Grin How to Start page. Enter your GRIN address looking like http://… or https://… and click GENERATE to receive your unique login.
Download the mining software. Quickstart – Download ready to go version of the GPU Miner (archive password – 2miners).
Use the login generated above in your miner’s settings.
Gminer settings for CuckARoo-29:
miner.exe --algo grin29 --server grin.2miners.com --port 3030 --user 2aHR0cHM6Ly9ncmlucHJveHkuYml0Zm9yZXguY29tLzE5ODkzMzA.RIG_ID
Gminer settings for CuckAToo-31:
miner.exe --algo grin31 --server grin.2miners.com --port 3030 --user 2aHR0cHM6Ly9ncmlucHJveHkuYml0Zm9yZXguY29tLzE5ODkzMzA.RIG_ID
Bminer settings for CuckARoo-29:
bminer -uri cuckaroo29://2aHR0cHM6Ly9ncmlucHJveHkuYml0Zm9yZXguY29tLzE5ODkzMzA.RIG_ID:[email protected]:3030
Bminer settings for CuckAToo-31:
bminer -uri cuckaroo31://2aHR0cHM6Ly9ncmlucHJveHkuYml0Zm9yZXguY29tLzE5ODkzMzA.RIG_ID:[email protected]:3030
Don’t forget to replace 2aHR0cHM6Ly9ncmlucHJveHkuYml0Zm9yZXguY29tLzE5ODkzMzA login in our example with your own login.
Nicehash and MiningRigRentals Grin Settings
Nicehash settings for PPLNS pool:
ALGORITHM: GrinCuckarooC29 или GrinCuckatooC31
POOL HOST: grin.2miners.com:3030
WORKERNAME (-U): YOUR_LOGIN
PASSWORD (-P): x
MiningRigRentals for PPLNS pool:
ALGORITHM: Cuckaroo C29 (Grin) или Cuckaroo C31 (Grin)
POOL HOST: grin.2miners.com:3030
WORKERNAME (-U): YOUR_LOGIN
PASSWORD (-P): x
If you feel lucky to go SOLO please change grin.2miners.com:3030 to solo-grin.2miners.com:4040.
Let’s go to WhatToMine and enter the required values. The rig of 8 Nvidia GeForce 1080 Ti cards on Cuckaroo29 algorithm gives out at least 60 gps. We set the cost of 1 kWh at $0.05.
The rig should bring a little over $5.00 per day. The income will be $7.00, but only for the owners of free electricity.
Grin has become this year’s blessing. In one and a half month in the mainnet, its price has dropped tremendously, but it still has plenty of potentials. The project offers full anonymity to its users, while its cyberpunk undertones are truly pleasing. Creating transaction files and sending them to the recipient – what could be more romantic.
Moreover, it boasts independency from major funds and strong support from the community. Because its interface is so complicated, Grin is unlikely to become as popular as Bitcoin soon, but it surely stands out against other coins. And that’s definitely a plus.