Since the first publication of this article in December 2018, a lot has changed. FIRO got a rebranding and is now called FIRO. It is no longer mined on processors (CPU) and the algorithm has changed twice. It was previously Lyra2z then MTP.
In fall 2021 a hard fork has occurred on the cryptocurrency network, which led to a change in the mining algorithm to FiroPoW. The DAG file in the blockchain is larger than 4 GB, which means that Firo needs at least 6 GB GPUs to mine. Up-to-date bat-files are as always available on the 2Miners pool page and further in this article.
Let’s start with a short video guide.
Contents
What Is Firo?
Firo (FIRO) or previously Zcoin (XZC) is an anonymous cryptocurrency. It is the first full implementation of the Zerocoin protocol that ensures user privacy. It generates a serial number R and a secret number S which are then used in the cryptographic function to create a value V.
This value is sent to the blockchain to ensure the validity of the data. Value V is stored in the public domain, but it’s impossible to identify the owner of the cryptocurrency. Moreover, FIRO coins are destroyed before use, so there is no way to check the user’s balance. Make sure to read this article if you want to learn more about Firo, how to purchase Firo, and Firo wallets.
Firo Review
Firo is 392th ranked cryptocurrency by market cap. It costs $9.45, the market cap is over $110 million. The latest 24-hour trading volume is $17,057,596.
The peak price of $139 was reached on December 26, 2017.
The Firo exchange rate is usually quite stable.
Mining Firo With FiroPoW
The new FiroPoW algorithm is a variation of ProgPoW algorithm originally designed for the Ethereum network.
To mine Firo with FiroPoW, you need a video card with at least 6 GB of memory.
The new algorithm is ASIC and FPGA resistant.
Firo Mining Setup For Windows
Download the Quick Start Archive from the FIRO mining pool Help page, the password is 2miners. Unpack the file, and you’ll see the firo-pool.bat file in both Nvidia and AMD folders. When you run it in the NVIDIA folder the T-rex miner starts, for AMD Teamredminer is used.
Please remember to edit this bat file and use your own Firo wallet address. The basic settings for T-rex (NVIDIA) could be found below.
t-rex.exe -a firopow -o stratum+tcp://firo.2miners.com:8181 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
Here is the setup for Teamredminer (AMD).
teamredminer.exe -a firopow -o stratum+tcp://firo.2miners.com:8181 -u YOUR_WALLET_ADDRESS.RIG_ID -p x
Launch the bat file. Mining is now active.
Firo Mining Setup For HiveOS
Go to Flight Sheets, choose Firo and 2Miners pool.
Apply new settings to the rig of your choice.
Extra arguments for the miner could always be found on T-rex page.
How To Mine Firo with CPU
It was possible to mine FIRO with CPU at the beginning with the so-called cpuminer. Unfortunately, now this software is no longer supported. Moreover, with the transition to the ProgPoW algorithm, you could mine Firo only with video cards.
Firo Mining Profitability
You could always check Firo mining profitability in 2CryptoCalc mining calculator. You could enter your hashrate if you already know it or just enter the type and quantity of the video cards that you use for mining on the main page. Check this post How to Use 2CryptoCalc Mining Profitability Calculator.
For example, a Nvidia GeForce RTX 3060 has a 22.7 Mh/s hashing rate on FiroPoW algorithm.
As of today, you could earn 0.33 FIRO (2.87 $) with that.
Conclusion
FIRO developers made all miners equal and protected their project from potential hackers by making it too expensive, as memory enlargement and processor upgrades are expensive.
In the post What to Mine when Ethereum Goes POS we mentioned FIRO as one of the most promising coins to mine after Ethereum mining ends. Considering the current cryptocurrency exchange rates, the new FiroPoW algorithm offers the potential to mine profitably again, no matter where you are or how much you pay for electricity.
Mining Firo sometimes could be more profitable than Ethereum mining even now.
