What is MimbleWimbleCoin
As the name suggests, MimbleWimbleCoin (MWC) is a cryptocurrency based on the MimbleWimble privacy protocol. Its white paper was published by the pseudonymous developer Tom Elvis Jedusor on July 19, 2016. The author’s name refers to Voldemort, the main antagonist in the series of Harry Potter novels. The character’s real name is Tom Marvolo Riddle, while the author’s pseudonym is Voldemort’s French name.
By the way, the word “MimbleWimble” is a spell from Harry Potter. The anonymous developer is definitely a fan of the novel.
MimbleWimble provides a blockchain with advanced scalability, confidentiality, and interchangeable tokens. In the beginning, there was an idea to improve the Bitcoin blockchain by implementing the protocol, but the process turned out to be too complicated.
As a result, MimbleWimble has given birth to privacy-oriented cryptocurrencies. The most popular ones are Grin and Beam. You can mine them in the 2Miners pool. In November 2019, the successor of these projects was created. It was MimbleWimbleCoin. Unlike Grin, MWC has decided to gradually decrease the inflation rate by limiting the overall coin supply in advance.
The main facts about MimbleWimbleCoin are as follows.
- Total supply: 20 million MWC.
- Proof-of-Work Consensus Algorithm: Cuckoo Cycle C29/C31.
- Source code: open source.
- Code base: Grin code base.
- Transactions: each of them uses CoinJoin and Confidential Transactions.
The key MWC feature is the HODL program. The program rewards MimbleWimbleCoin addresses that, during predetermined periods of time, have zero negative movements. This way the developers are trying to encourage MWC owners to hold their coins, because even the smallest amount may bring profit.
If you simply store coins on the wallet, without any movement, there will be more of them after a certain period of time. The first HODL program rewards were distributed at block 305 000 and 314 760. They amounted to 7 699 MWC and 774 065 MWC respectively.
It’s worth mentioning that the HODL program rewards users for simply having coins on their wallets. It is different from proof-of-stake that is to be implemented by Ethereum in the future. In this case, users will intentionally lock their ETH in smart contracts and participate in the life of the network by validating transactions and getting a reward for their work. Meanwhile, MimbleWimbleCoin users don’t have to lock anything. The fact of having coins on the wallet is already enough to get a reward.
Here is the predetermined coin distribution.
- 10 million MWC for mining.
- 10 million MWC for the genesis block.
- 7 400 037 MWC have been distributed and are circulating.
- 2 599 962 MWC are currently held in verifiable escrow wallets.
- 2 000 000 MWC for the HODL program.
The developers think that digital money must possess the following ten characteristics. It must be scarce, censorship-resistant, extensible, durable, indestructible, salable, portable, fungible, private, and divisible. Through these qualities, MimbleWimbleCoin creators have defined the goal of the project described on the official website.
Their mission is to exceed other coins on the market with regard to these ten characteristics.
Currently, MimbleWimbleCoin ranks 215th in the CoinMarketCap chart valued at $16. The market cap exceeds $165 million with a circulating supply of 10.37 million MWC. The 24-hour trading volume exceeds $2.07 million, or 193 BTC.
Here is the cryptocurrency chart. MWC was added to the database on February 24, 2020, so there is not much information. It’s worth mentioning that the trading volume peaked in the period from the end of April to the beginning of May fluctuating between $79 million and $146 million per day.
Where to Buy MimbleWimbleCoin MWC
MimbleWimbleCoin is traded on several exchanges. The key ones are BitForex and Hotbit that account for 82% and 17% of the overall cryptocurrency trading volume respectively.
By the way, the 2Miners pool users have had problems with the crypto exchange BitForex. More specifically, the exchange lost the coins of a pool miner and failed to find them. As a result, the pool team covered the miner’s loss, while the exchange representatives denied the problem. More details about the issue are in this article.
Make sure to keep it in mind when you choose an exchange. We recommend HotBit.
The MimbleWimbleCoin MWC wallet is available on macOS, Linux, and Windows. At the time of writing, the latest version is mwc-1.0.22 issued on June 19, 2020.
You can download the official MWC QT Wallet for any OS on the website of the project. Other options include the full-node wallet and the MWC 713 project.
As we have already mentioned, MimbleWimbleCoin MWC mining is available on two algorithms: Cuckarood29 and cuckAToo31. Block time is 60 seconds, the block reward is 0.6 MWC. At the current exchange rate, it is equivalent to $9.6.
It’s the same Cuckarood29 that was used by Grin in the beginning. Meanwhile, the latest mining algorithm for this cryptocurrency is Cuckarooz C29. You can find the mining guide here.
MimbleWimbleCoin differs from Grin in other characteristics as well. At the same time, some of their features are identical. For example, both have the same block time, 60 seconds. Meanwhile, the Grin reward is 60 coins, which is a hundred times higher than that of MWC.
Plus, Grin has three active PoW algorithms: Cuckarooz C29, CuckAToo-31, and CuckAToo-32. MimbleWimbleCoin has two. Here is a hash rate chart of different algorithms in the 2Miners pool.
Block monitoring is possible through the official blockchain explorer of the coin. You can find it here.
Where to Mine MimbleWimbleCoin
We recommend mining MimbleWimbleCoin MWC in the 2Miners pool. The mining pool has 9 thousand active users, PPLNS and SOLO modes, and user-friendly design. It is available in 18 languages.
If you are interested in mining MWC, the help page on the pool website will help you to start. First, you must get an address on HotBit or the official MimbleWimbleCoin desktop wallet. It’s worth mentioning that in order to receive payouts, a desktop wallet must be always on. If you don’t want to do it, it is better to use an address on the exchange.
Exchange wallet sample: https://mwc.hotbit.io/492897
In the miner settings, you must use a login generated on the 2Miners pool website.
The 2Miners pool supports payouts to TOR/Onion addresses. In the address generator, you should indicate it as https://ADDRESS.onion/
Then you should download mining software: lolMiner (for AMD), or Bminer (for both AMD and Nvidia). We have added all these programs to the quick start pool archive. Don’t forget to enter the password ‘2miners’ to unlock the archive.
The next step is to edit the bat file by replacing the default login with your own.
A sample login: 2aHR0cHM6Ly9ncmlucHJveHkuYml0Zm9yZXguY29tLzE5ODkzMzA
You can also choose a name for your rig. It can have no more than 32 symbols: Latin letters, numbers, and symbols “_” and “-“.
A sample rig name: rig-1.
Below, you can see the correct Bminer settings. Here are they for Cuckarood C29.
bminer.exe -uri cuckaroo29d://YOUR_LOGIN.RIG_ID:email@example.com:1111 -nofee
And these are for Cuckatoo C31.
bminer.exe -uri cuckatoo31://YOUR_LOGIN.RIG_ID:firstname.lastname@example.org:1111 -nofee
It’s worth mentioning that you can mine MimbleWimbleCoin MWC by renting power from mining power rentals. Here are the settings for mining on Miningrigrentals.
Name: 2Miners MWC Type: Cuckaroo D29 (Grin) or Cuckatoo 31 (Grin) Pool Host: mwc.2miners.com:1111 Workername (-u): YOUR_LOGIN Password (-p): x
These are the settings for Nicehash.
Custom pool name: 2Miners MWC Algorithm: GrinCuckarood29 or GrinCuckatoo31 Stratum hostname or IP: mwc.2miners.com Port: 1111 Username: YOUR_LOGIN Password: x
Let’s check the mining profitability of MimbleWimbleCoin MWC. As always, we use the 2CryptoCalc calculator. First, let’s estimate the Cuckarood C29 hash rate for 300 Nvidia GTX 1070 Ti. The result is 1 890 Gps.
At the current network performance and cryptocurrency exchange rate, the calculator predicts $213 per day in PPLNS and $212 in SOLO. Here are the estimates for longer periods.
At the indicated hash rate, it’s almost $1 500 per week. Sounds pretty good.
Cuckatoo C31 predicted profitability is quite similar. However, we do recommend you always compare the mining profitability of both algorithms if your GPU’s are able to mine both.
MimbleWimbleCoin is a privacy-oriented cryptocurrency that uses the MimbleWimble protocol. The coin is younger than its more reputable competitors, such as Grin and Beam. However, it has already demonstrated a few interesting features, like a decrease in the inflation rate and the HODL program.
In terms of mining profitability, MWC is totally comparable to other more popular cryptocurrencies and algorithms. Miners and crypto traders should definitely take note of MimbleWimbleCoin and follow the development of the project.