The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
Cómo Obtener Pagos de Minado de Ethereum sin comisiones de red
Estamos lanzando el nuevo sistema de pago del pool Ethereum de 2Miners. Le permitirá a nuestros usuarios evitar los gastos de Ethereum cuando reciben transacciones desde el pool así como minar Bitcoin con GPUs. En este artículo hablaremos del nuevo sistema y de la configuración necesaria.
Estamos lanzando el nuevo sistema de pago del pool Ethereum de 2Miners. Le permitirá a nuestros usuarios evitar los gastos de Ethereum cuando reciben transacciones desde el pool así como minar Bitcoin con GPUs. En este artículo hablaremos del nuevo sistema y de la configuración necesaria.
Los Mineros de Ethereum Están Obteniendo Menores Beneficios luego del London Upgrade
Durante los últimos dos meses han habido constantes inconvenientes con las transacciones luego de la actualización London en la red Ethereum. Los cargos de transacción son demasiado altos, y frecuentemente las transacciones se demoran.
Principal Inconveniente: Digamos que, un minero con una GPU gana $3.00 al día. Para recibir su pago mensual de $90, debe pagar $7.50, lo que representa casi el 10% de su beneficio. No sólo es demasiado, sino que muchos mineros quieren recibir sus pagos semanalmente o incluso más seguido.
La red Ethereum ha tenido durante mucho un inconveniente con los altos cargos de transacciones entre direcciones. Esto no representaba un problema para los pools de minería anteriormente: éstos podían decidir por sí solos qué transacciones y cargos incluir en sus bloques, y cuáles excluir. Ahora los pools de minería no tienen esa ventaja. Se ven obligados a enviar los pagos a sus mineros al precio de mercado.
Al momento de escribir esto, el cargo de transacción de Ethereum es de $10 por cada una.
Esto sucede debido a la carga de la red Ethereum. La actualización London suponía una solución a esto, pero sólo ha logrado empeorar la situación. Cuando existen muchas transacciones en línea, el precio base del Gas sube. Puede leer más acerca del concepto del “gas” en el artículo dedicado (en inglés): What is Gas in Ethereum? Ethereum Transaction Fees.
En el caso de contratos inteligentes, ampliamente utilizados por los exchange de criptomonedas y proveedores online de billeteras, cada transacción cuesta incluso más: hasta $20–$30.
Cómo un pool de minería, lo único que podemos hacer es limitar el precio máximo de gas que se paga al enviar los pagos, así nuestros mineros no deben gastar una parte significativa de sus beneficios en cargo por pago. Actualmente, nuestro precio máximo de gas es de 100 gwei, por lo tanto un minero no pagará más de $7.60 para enviar un pago a una billetera standard.
Pagos Demorados a Miners de Ethereum
Altos cargos de transacción en Ethereum acarrean un segundo inconveniente: los pagos llegan con demora. No siempre están demorados: solo en aquellos días en los que la red Ethereum se encuentra sobrecargada. Lamentablemente, la red se encuentra sobrecargada prácticamente sin descanso, y no creemos que vaya a cambiar para mejor. El número de usuarios activos de criptomonedas se encuentra en constante crecimiento.
Como resultado, también impacta en los mineros. El pool envía los pagos solamente cuando los cargos de transacción alcanzan un nivel aceptable: debajo de $7.60 por transacción. El resto del tiempo los mineros deben aguardar por sus pagos esperando que el precio del gas en Ethereum baje.
Miremos el gráfico del precio del gas de la semana pasada. Recuerde que el pool establece un límite de 100 gwei. El gráfico puede ser prácticamente dividido en dos partes: 3 días a la izquierda (2-4 de Octubre) cuando el pool paga con normalidad, y 4 días a la derecha (5-8 de Octubre) cuando el los pagos del pool se encuentran demorados.
Los usuarios reclaman por esto todo el tiempo, pero que podemos hacer? Solo podemos incrementar el límite del gas una vez más .¿Cuánto costará una transacción entonces? $20? $30? Es inaceptable. La mayoría de los mineros no apreciará tal decisión y tendrán que buscar por otras fuentes de ingreso. No pueden solo cambiar de pool en el cual minar, porque todos ellos enfrentan el mismo problema.
2Miners Resuelva los Problemas con los Pagos
Usted es un pequeño minero con una tarjeta gráfica y desea su pago hoy, inmediatamente, sin pagar a la Red Ethereum unos cargos descabellados. Como puede hacerlo?
Un camino lógico para esto es obtener su pago a través de otra red de criptomonedas que no tenga todos estos inconvenientes. Así que estudiamos los cargos de transacción y velocidad de operación de las monedas populares. Nano (código: NANO) resultó ser la criptomoneda más beneficiosa. ¿Qué es ésta moneda?
Al momento de escribir esto, Nano se encuentra en el puesto 113 dentro de todas las monedas por capitalización de mercado.
Al momento de escribir esto, Nano se encuentra en el puesto 113 dentro de todas las monedas por capitalización de mercado.
La principal ventaja de Nano es sus transacciones inmediatas y completamente gratuitas.
Nano es comerciado en muchos exchange de criptomonedas. El volumen diario operado es de $15+ millones. Una vez que el pool hace su pago, usted puede cambiar Nano en cualquier momento y por cualquier criptomoneda (incluso Ethereum). Al final, usted obtendrá aún más Ethereum con éste método que si cobra directamente en Ethereum. Los pagos del pool en Nano no le cuesta nada
Nuestro pool Ethereum ahora puede procesar los pagos en NANO.
Entendemos que pueda sorprenderlo ésta decisión, puesto que no confía en esta moneda. Por eso es que hemos pensado en otra solución: pagos en Bitcoin. ¿Qué podría ser mejor? A diferencia de Nano, Bitcoin conlleva un cargo de transacción, pero es mucho más bajo que el de Ethereum.
Pagos Gratuitos en Nano para mineros de Ethereum
Ahora puede retirar sus pagos en el pool Ethereum de manera gratuita a diario aún si sólo tiene una tarjeta gráfica.
Cómo funciona?
Una vez que es alcanzado el límite de pagos establecido por el minero, el pool automáticamente cambia a NANO los ETH ganados por el minero. Actualmente utilizamos exchanges como Kraken y Binance. Las criptomonedas son siempre convertidas a valor de mercado.
Supongamos que su límite de pagos es de 0.0005 ETH (aprox. $1.75). Usted acumula 0.0006 ETH ($2.1), lo cual pone en funcionamiento el proceso de pagos. El pool envía sus 0.0006 ETH ($2.1), y las monedas de otros mineros a un exchange y las convierte en NANO a valor de mercado. Luego de que el pool obtiene los NANO, emite los pagos a cada minero en NANO. Como resultado, usted obtiene el equivalente a 0.0006 ETH ($2.1) en NANO en su billetera, sin perder un centavo.
En un comienzo no quisimos establecer el límite de pagos en NANO. Supongamos, usted gana 0.0001 NANO en un día (menos de $0.0005 al tipo de cambio actual). Sabemos que muchos minan directamente a billeteras de su exchange. Estos normalmente tienen un límite para depósitos. Por ejemplo, el depósito mínimo en Kraken es de 0.1 NANO. Es por esto que establecemos un límite para los pagos en NANO en el pool: el equivalente a 0.0005 ETH (~$1.75). Aún la GPU más simple que puede minar Ethereum puede acumular el mínimo requerido en un día.
Configuraciones
Obtenga una billetera NANO de escritorio o móvil, o genere una dirección NANO en un exchange de criptomonedas. La mejor billetera móvil es Natrium. Los mejores exchanges son Binance, Kraken, Gate.io.
Reemplace su dirección ETH con su billetera NANO en la configuración del minero. Un archivo bat de ejemplo con Gminer
Una vez que comienza a minar, puede ir a su página de Estadísticas ingresando su billetera en las barra de búsqueda en 2Miners.com. Su dirección también se muestra en el listado de todos los mineros del pool junto con las direcciones normales de ETH. Puede establecer el límite de pagos en su página de Configuración. Aunque no es obligatorio hacerlo. Las transacción de NANO son gratuitas, por lo tanto puede obtener sus pagos tan seguido como quiera, sin incurrir en pérdidas.
Cuando son Procesados los Pagos de Nano
Los pagos se procesan diariamente a las 12:00 UTC. Los pagos no son instantáneos. Considerando que sus ETH deben ser transferidos a un exchange, convertidos, para luego ser transferidos nuevamente, todo el proceso demora normalmente no más de dos horas, dejando lugar para algunas demoras. Planeamos realizar los pagos más de una vez al día en un futuro.
Cargos
Cuando los mineros son pagados en NANO, no pagan ningún cargo en absoluto.
Todo el proceso es completamente transparente. Luego de que el pool realiza el pago (e incluso durante el proceso mismo), usted puede controlar el estado de la operación del sistema de conversión, la tasa de cambio, seguir su dinero desde el momento en que el los ETH son enviados a un exchange hasta el momento en que recibe NANO. El pool no retiene ningún cargo adicional: todo el dinero convertido en pagado a los mineros por completo.
Es Posible Minar Bitcoin con GPU?
Suena surrealista: todos saben que sólo se puede minar Bitcoin con ASICs. Hemos convertido en realidad el minado de Bitcoin con GPU. Puede minar Ethereum en el pool 2Miners y recibir pagos en BTC.
Una vez que es alcanzado el monto de pago establecido por el minero, el pool automáticamente convierte los ETH ganados por el minero en BTC. Actualmente utilizamos los exchanges de Kraken y Binance. Las criptomonedas son siempre convertidas al valor del mercado.
Configuraciones
Obtenga una billetera BTC de escritorio o móvil, o genere una dirección BTC en un exchange de criptomonedas.
Reemplace su dirección ETC por su billetera BTC en la configuración del minero. Un archivo bat the ejemplo con Gminer
Una vez comenzado a minar, puede ir a su página de Estadísticas ingresando su dirección en la barra de búsqueda de 2Miners.com. Su dirección también es mostrada en el listado de todos los mineros del pool junto a las direcciones ETH standard. Puede establecer el monto de pagos en su página de Configuración. Es siempre establecido en ETH. Puede seleccionar cualquier monto entre 0.005 ETH (aprox. $17.5) y 10 ETH.
Cuando son Procesador los Pagos en Bitcoins
Los pagos son emitidos diariamente a las 12:00 UTC. Los pagos no son instantáneos. Todo el proceso demora normalmente no más de dos horas, permitiendo algunas pequeñas demoras (como a guardas que el retiro de los BTC convertidos por parte del exchange). Planeamos realizar los pagos más de una vez al día en el futuro.
Cargos
Cuando el minero recibe el pago desde nuestra pasarela de pagos, solamente pagan una parte de los cargos de transacción en la red Bitcoin. Agrupamos los pagos de todos los mineros en una sola transacción. Por lo tanto los gastos de transacción son divididos entre todos los mineros en partes iguales. Es por esto que el cargo actual para cada minero es menor a $0.2.
Todos los demás cargos son absorbidos por el pool, incluidos los cargos por enviar los ETH a un exchange y el cargo por retirar los BTC desde un exchange. Si no desea pagar absolutamente ningún cargo, considere minar ETH y recibir sus pagos en NANO.
Todo el proceso es completamente transparente. Luego de que el pool realiza el pago (e incluso durante el proceso mismo), usted puede controlar el estado de la operación del sistema de conversión, la tasa de cambio, seguir su dinero desde el momento en que el los ETH son enviados a un exchange hasta el momento en que recibe BTC. El pool no retiene ningún cargo adicional: todo el dinero convertido en pagado a los mineros por completo.
Ahora puede minar BTC en tarjetas de video simplemente conectándose al pool Ethereum de 2Miners con su dirección de BTC en lugar de su dirección de Ethereum. El pool se hará cargo de todas las conversiones con gastos mínimos.
Conclusion: Auto-Conversión de Criptomonedas en Mineria
Si mina Ethereum en el pool de 2Miners, puede elegir una de tres criptomonedas para pagos: Ethereum, Bitcoin, o Nano. El pago mínimo en Ethereum es 0.01 ETH (~$36), en Bitcoin es 0.005 ETH (~$18) y en Nano – 0.0005 ETH (~$1.80).
Los pagos en ETH son procesados cada dos horas luego de que el monto de pago establecido es alcanzado. Los pagos en BTC y NANO son emitidos una vez al día a las 12:00 UTC.
No es necesaria ninguna configuración especial para la auto-conversion. Solamente agregue la dirección de la criptomonedas en la que desea recibir los pagos (ETH, BTC, or NANO) en la configuración de su minero.
Por el momento, la auto-conversión funciona únicamente en los pools de Ethereum de 2Miners (PPLNS y SOLO). Podríamos incluir auto-conversión para otras criptomonedas en nuestros otros pools a futuro. Estamos deseando escuchar sus comentarios en nuestro chat de Telegram y en Twitter. Queremos que nuestros usuarios reciban sus pagos por el minado de criptomonedas tan fácilmente como sea posible. Gracias por elegirnos!
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
Ethereum Madenciliği için İşlem Ücreti Ödemeden Ödeme Nasıl Alınır
2Miners Ethereum havuzunda yeni ödeme sistemini faaliyete geçiriyoruz. Bu, kullanıcılarımızın havuzda işlem yaptıklarında ETH ücretlerinden kaçınmalarını ve GPU’larla Bitcoin madenciliği yapmalarını sağlayacaktır. Bu yazıda yeni sistemden ve gerekli kurulumdan bahsedeceğiz.
Spoiler: Artık Ethereum havuzundan 1,75 dolardan başlayan günlük ödemeleri işlem ücreti ödemeden alabilirsiniz.
Ethereum Madencilerinin Sayısı Londra Güncellemesinden Sonra Azalıyor
Geçtiğimiz iki ay boyunca, Ethereum ağındaki Londra güncellemesinden sonra işlemlerle ilgili tekrarlanan sorunlar yaşandı. İşlem ücretleri çok yüksek ve işlemler genellikle gecikiyor.
Asıl Sorun: Diyelim ki, bir GPU’lu bir madenci günde ~3.00 dolar kazanıyor. Aylık 90 dolarlık ödemesini almak için, karının neredeyse %10’u olan 7.50 dolar ödemesi gerekiyor. Sorun sadece bu miktarın çok fazla olması değil, aynı zamanda birçok madenci de her hafta veya daha sık aralıklarla ödeme almak istiyor.
Ethereum ağı uzun zamandır adresler arasında yüksek işlem ücretleri konusunda sorun yaşadı. Bu durum önceden madencilik havuzlarını ilgilendirmiyordu. Bloklarına hangi işlemlerin ve ücretlerin dahil edileceğine ve hangilerinin hariç tutulacağına kendileri karar verebilirlerdi. Şimdi madencilik havuzlarının hiçbir avantajı yok. Madencilere piyasa fiyatından ödeme göndermek zorundalar.
Bu yazının yazıldığı sırada, Ethereum işlem ücreti işlem başına 10 ABD dolarıdır.
Bunun sebebi Ethereum ağ yüküdür. Londra güncellemesi, büyüklüklerine bakılmaksızın herhangi bir ödemenin bloklara dahil edilmesini imkansız hale getirdi ve genel madencilik karlarında düşüşe neden oldu. Yükseltmenin bu sorunları çözmesi gerekiyordu, ancak bu, durumu daha da kötüleştirdi. Sırada çok sayıda işlem olduğunda, baz işlem ücreti yükselir. Özel makalede “işlem ücreti” kavramı hakkında daha fazla bilgi edinebilirsiniz: “Ethereum’da İşlem Ücreti (Gas, Gas Fee) Nedir?”
Büyük kripto para borsaları ve online cüzdan sağlayıcıları tarafından kullanılan akıllı sözleşmeler konusuna gelecek olursak, her bir işlem 20 – 30 dolar daha maliyetli hale geldi bile.
Bir madencilik havuzu olarak yapabileceğimiz tek şey, ödemeleri göndermek için ödediğimiz maksimum işlem ücretini sınırlamaktır, böylece madencilerimiz karlarının önemli bir bölümünü işlem ücreti için harcamamış olurlar. Şu anda, maksimum işlem ücretimiz 100 gwei’dir, bu nedenle bir madenci standart bir adrese ödeme göndermek için 7.60 dolardan fazla ödeme yapmaz.
Ethereum Madencilerine Geciken Ödemeler
Ethereum’daki yüksek işlem ücretleri ikinci soruna yol açıyor: ödemeler geç geliyor. Her zaman geç işlenmiyorlar, yalnızca Ethereum ağında aşırı yüklenme olduğunda bu yaşanıyor. Ne yazık ki, ağdaki yoğunluk neredeyse hiç durmuyor. Bizler de bu durumun iyiye gideceğini düşünmüyoruz. Aktif kripto para birimi kullanıcılarının sayısı sürekli artıyor.
Sonuç olarak, bu durum da madencilere zarar veriyor. Havuz, ödemeleri yalnızca işlem ücreti kabul edilebilir bir düzeye ulaştığında gönderir ve bu miktar da işlem başına 7,60 ABD dolarının altındadır. Diğer zamanlarda madenciler, Ethereum’daki işlem ücretinin düşeceğini umarak ödemelerini beklemek zorunda kalıyorlar.
Geçen haftaki işlem ücreti çizelgesine bakalım. Havuzun 100 gwei sınırı belirlediğini unutmayın. Grafik kabaca iki bölüme ayrılabilir: Havuzun her zamanki gibi ödeme yaptığı 3 gün sola (2–4 Ekim) ve havuzun geç ödeme yaptığı 4 gün sağa (5–8 Ekim).
Kullanıcılarımız her zaman şikayet ediyor, ancak biz ne yapabiliriz ki? İşlem ücreti sınırını daha da yükseltebiliriz. Bunu yaparsak, bir işlem ne kadara mal olur? 20 dolar mı? Yoksa 30 dolar mı? Bu kabul edilemez. Çoğu madenci böyle bir kararı takdir etmeyecek ve başka gelir kaynakları aramak zorunda kalacak. Tüm havuzlar aynı sorunu yaşadığı için madencilik havuzlarını değiştiremezler.
2Miners Ücretsiz Ödeme Çözümü
Tek bir ekran kartına sahip küçük bir madencisiniz ve bugün çılgın miktarlardaki Ether işlem ücretlerini ödemeden ödeme almak istiyorsunuz. Bu nasıl olabilir?
Yapılması gereken mantıklı bir şey, tüm bu sorunlara sahip olmayan başka bir kripto para birimi ağı üzerinden ödeme almaktır. Bu yüzden popüler kripto paraların işlem ücretlerini ve işlem hızını inceledik. Nano (kodu: NANO) adlı kripto paranın en uygun kripto para birimi olduğunu gördük. Bu kripto para da ne?
Bu yazının yazıldığı sırada Nano, piyasa değerine göre tüm kripto para birimleri arasında 113. sırada yer alıyor.
Anlık ve tamamen ücretsiz işlemler Nano’nun en büyük avantajıdır.
Nano birçok kripto para borsasında işlem görmektedir. Günlük işlem hacmi 15 + milyon dolardır. Havuz size ödeme yaptıktan sonra, Nano’yu herhangi bir kripto para birimi (hatta Ethereum) için istediğiniz zaman değiştirebilirsiniz. Günün sonunda, bu yöntemi Ethereum’da doğrudan ödeme almaya kıyaslarsak daha fazla Ethereum’a sahip olacaksınız. Nano’yla yapılan havuz ödemeleri, size hiçbir işlem ücreti çıkarmaz.
Ethereum havuzumuz artık ödemeleri NANO ile yapabilir.
Bu paraya güvenmediğiniz için kararımıza şaşırabileceğinizi anlıyoruz. Bu yüzden başka bir çözüm bulduk: Bitcoin ile yapılan ödemeler. Daha iyi ne olabilir ki? Nano’nun aksine, Bitcoin bir işlem ücreti gerektirir, ancak bu ücret Ethereum’unkinden çok daha düşüktür.
Nano’yla İşlem Ücreti Yok
Artık sadece bir ekran kartınız olsa bile Ethereum havuzundan her gün ücretsiz ödeme alabilirsiniz.
Bu nasıl çalışır?
Bir madenci tarafından belirlenen ödeme eşiğine ulaşıldığında, havuz madenci tarafından kazanılan ETH’yi otomatik olarak NANO’ya dönüştürür. Şu anda Kraken ve Binance gibi kripto para borsalarını kullanıyoruz. Kripto para birimleri her zaman piyasa fiyatlarına denktir.
Ödeme eşiğinizin 0,005 ETH olduğunu düşünün. Ödeme sürecini tetikleyen 0,006 ETH’yi biriktirirsiniz. Havuz, 0.006 ETH’nizi ve diğer madencilerin kripto paralarını bir borsaya gönderir ve bunları piyasa fiyatından NANO ile değiştirir. Havuz NANO’yu aldıktan sonra, her madenciye NANO ile ödeme yapar. Sonuç olarak, 0.006 ETH’nin NANO eş değerini cüzdanınıza alırsınız.
İlk başta NANO ile alınan ödemeler için bir ödeme eşiği belirlemek istemedik. Diyelim ki, günde 0.0001 NANO kazanıyorsunuz (mevcut döviz kurunda bir kuruşun onda birinden bile az). Birçok kullanıcının doğrudan bir borsaya madencilik yaptığını biliyoruz. Borsaların genellikle bir depozito eşiği vardır. Örneğin, Kraken’deki minimum depozito 0.1 NANO’dur. Bu yüzden NANO ile yapılan ödemeler için bir eşik belirledik. Bu da 0.0005 ETH’ye karşılık geliyor (~1.75 $). Ethereum’u kazan en zayıf GPU bile bir günde gerekli minimum miktarı biriktirebilir.
Ayarlar
Bir masaüstü veya mobil NANO cüzdanı edinin veya bir kripto para birimi borsasında bir NANO adresi oluşturun. Natrium, en iyi mobil cüzdandır. En iyi borsaların Binance, Kraken, Gate.io olduğu söylenebilir.
Madenci ayarlarında ETH adresinizi NANO cüzdan adresi ile değiştirin. Gminer ile madencilik için örnek bir bat dosyası örneği
Madencilik başladıktan sonra, 2Miners.com adresinin arama alanına cüzdan adresinizi girerek istatistikler sayfanıza gidebilirsiniz. Adresiniz ayrıca normal ETH adresleriyle birlikte tüm havuz madencileri listesindedir. İstatistikler sayfanızda bir ödeme eşiği belirleyebilirsiniz. Yapmak zorunda değilsiniz. NANO işlemleri ücretsizdir, böylece istediğiniz sıklıkta, genellikle herhangi bir kayıp olmadan ödeme alabilirsiniz.
Ödemeler Ne Zaman İşlenir?
Ödemeler günde bir kez 12:00 UTC’de yapılır. Ödemeler anında gerçekleşmez. ETH’nizin bir borsaya aktarılması, değiştirilmesi ve daha sonra geri aktarılması gerektiği göz önüne alındığında, tüm süreç genellikle küçük gecikmelere takılabilir, ancak işlem iki saatten fazla sürmez. Gelecekte günde bir defadan fazla ödeme alabilme seçeneğini sunmayı planlıyoruz.
Ücretler
Madenciler NANO ile ödeme aldığında, hiçbir ücret ödemezler.
Tüm süreç tamamen şeffaftır. Havuz bir ödeme yaptıktan sonra (ve ödeme işlemi sırasında bile), bir borsa sisteminin çalışma durumunu izleyebilir, bir döviz kurunu kontrol edebilir, ETH’nin bir borsaya gönderildiği andan NANO’yu aldığınız ana kadar paranızı her an takip edebilirsiniz. Havuz herhangi bir ek ücret almaz: değişimi yapılan tüm paralar madencilere tam olarak ödenir.
GPU’larla Bitcoin Madenciliği
Kulağa inanılmaz geliyor: herkes sadece ASIC’lerle Bitcoin madenciliği yapabileceğinizi biliyor. Biz bunu gerçekleştirdik. Ethereum’u 2Miners havuzunda kazabilir ve BTC ile ödeme alabilirsiniz.
Madenci tarafından belirlenen ödeme eşiğine ulaşıldığında, havuz madenci tarafından kazanılan ETH’yi otomatik olarak NANO’ya dönüştürür. Şu anda Kraken ve Binance gibi kripto para borsalarını kullanıyoruz. Kripto para birimleri her zaman piyasa fiyatlarına denktir.
Ayarlar
Bir masaüstü veya mobil BTC cüzdanı edinin veya bir kripto para birimi borsasında bir BTC adresi oluşturun.
Madenci ayarlarında ETH adresinizi BTC cüzdan adresi ile değiştirin. Gminer ile madencilik için örnek bir bat dosyası örneği
Madencilik başladıktan sonra, 2Miners.com adresinin arama alanına cüzdan adresinizi girerek istatistikler sayfanıza gidebilirsiniz. Adresiniz ayrıca normal ETH adresleriyle birlikte tüm havuz madencileri listesindedir. İstatistikler sayfanızda bir ödeme eşiği belirleyebilirsiniz. Her zaman ETH cinsinden ayarlanır. 0,005 ETH’den (~ 18 $) 10 ETH’ye kadar herhangi bir miktarı seçebilirsiniz.
Ödemeler Ne Zaman İşlenir?
Ödemeler günde bir kez 12:00 UTC’de yapılır. Ödemeler anında gerçekleşmez. Tüm süreç genellikle iki saatten fazla sürmez, bu da küçük gecikmeler anlamına gelir (kontrolümüz dışında olan bir borsadan çekilen BTC’nin değiştirilmesini beklemek gibi). Gelecekte günde bir defadan fazla ödeme alabilme seçeneğini sunmayı planlıyoruz.
Ücretler
Madenciler ödeme ağımız üzerinden ödeme aldıklarında, Bitcoin ağındaki işlem ücretinin yalnızca bir kısmını öderler. Tüm madenci ödemelerini, işlem sayısı minimum olacak şekilde gruplandırıyoruz. Tüm masraflar eşit parçalara bölünür. Bu nedenle her madenci için geçerli ücret 0.2 dolardan fazla olmaz.
ETH’yi bir borsaya gönderme ücreti ve BTC’yi bir borsadan çekme ücreti de dahil olmak üzere diğer tüm ücretler havuz kapsamındadır. Herhangi bir ücret ödemek istemiyorsanız, NANO üzerinden ETH madenciliği yapmayı düşünün.
Tüm süreç tamamen şeffaftır. Havuz bir ödeme yaptıktan sonra (ve ödeme işlemi sırasında bile), bir borsa sisteminin çalışma durumunu izleyebilir, bir döviz kurunu kontrol edebilir, ETH’nin bir borsaya gönderildiği andan BTC’yi aldığınız ana kadar paranızı her an takip edebilirsiniz. Havuz herhangi bir ek ücret almaz: değişimi yapılan tüm paralar madencilere tam olarak ödenir.
Artık 2Miners Ethereum havuzuna Ethereum adresi yerine BTC adresinizle bağlanarak GPU’lar üzerinden BTC madenciliği yapabilirsiniz. Havuz, tüm dönüşümleri minimum ücretle gerçekleştirecektir.
Sonuç: Madencilikte Kripto Para Otomatik Değişimi
Ethereum’u 2Miners havuzunda kazarsanız, ödemeler için Ethereum, Bitcoin veya Nano seçeneklerinden birini seçebilirsiniz. Ethereum’da minimum ödeme miktarı 0.01 ETH, Bitcoin’deki minimum ödeme miktarı 0.005 ETH (~ 18 $) ve Nano’da – 0.0005 ETH’dir (~ 1.80 $).
ETH’deki ödemeler, ödeme eşiğinize ulaştıktan sonraki iki saat içinde gerçekleştirilir. BTC ve Nano ile yapılan ödemeler günde bir kez saat 12:00 UTC’de yapılır.
Otomatik değişimi kullanmak için özel bir kurulum gerekmez. Ödeme almak istediğiniz kripto para biriminin cüzdan adresini (ETH, BTC veya NANO) madenci ayarlarınıza eklemeniz yeterlidir.
Şu an itibariyle, otomatik değişim yalnızca 2Miners Ethereum havuzlarında (PPLNS ve SOLO) çalışıyor. Gelecekte havuzlarımıza diğer kripto para birimleri için de otomatik değişim ekleyebiliriz. Telegram ve Twitter üzerinden geri bildirimlerinizi bekliyoruz. Kullanıcılarımızın yaptıkları kripto para madenciliği için ödeme almalarını olabildiğince kolaylaştırmak istiyoruz. Bizi tercih ettiğiniz için teşekkür ederiz!
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
How to Get Payouts for Ethereum Mining without Fees
October 11, 2021
We are launching the new payout system in the 2Miners Ethereum pool. It will allow our users to avoid Ethereum fees when they receive transactions from the pool and to mine Bitcoin on GPUs. In this article, we talk about the new system and the required setup.
Spoiler: Now you can get daily payouts from the Ethereum pool starting from $1.75 without fees.
Ethereum Miners Are Getting Less Profit after the London Upgrade
For the past two months, there have been constant issues with transactions after the London upgrade in the Ethereum network. Transaction fees are too high, and transactions are often late.
Main Issue: Say, a miner with one GPU earns $3.00 per day. To get his monthly payout of $90, he must pay $7.50, which is almost 10% of his profit. Not only It’s too much, but many miners also want to get payouts each week or even more often.
The Ethereum network has had an issue with high transaction fees between addresses for a long time. It didn’t concern mining pools before: they could decide for themselves which transactions and fees to include in their blocks, and which to exclude. Now mining pools don’t have an advantage. They are forced to send payouts to miners at market price.
At the time of writing, the Ethereum transaction fee is $10 per transaction.
It happens due to the Ethereum network load. The London upgrade was supposed to solve this issue, but it only made the situation worse. When there are many transactions in line, the base gas price rises. You can read more about the “gas” concept in the dedicated article: What is Gas in Ethereum? Ethereum Transaction Fees.
In the case of smart contracts, widely used by cryptocurrency exchanges and online wallet providers, each transaction costs even more: up to $20–$30.
As a mining pool, all we can do is limit the max gas price we pay to send payouts so that our miners don’t waste a significant part of their profits on payout fees. Currently, our max gas price is 100 gwei, so a miner pays no more than $7.60 to send a payout to a standard address.
Delayed Payouts to Ethereum Miners
High transaction fees in Ethereum lead to the second problem: payouts arrive late. They are not always delayed: only on those days when the Ethereum network is overloaded. Sadly, the network is overloaded almost non-stop, and we don’t think it is going to change for the better. The number of active cryptocurrency users is constantly growing.
As a result, it also hurts miners. The pool sends payouts only when the transaction fee reaches an acceptable level: under $7.60 per transaction. The rest of the time miners have to wait for their payouts hoping that the gas price in Ethereum goes down.
Let’s look at last week’s gas price chart. Keep in mind that the pool set a limit of 100 gwei. The chart can be roughly divided into two parts: 3 days to the left (October 2–4) when the pool pays as usual and 4 days to the right (October 5–8) when the pool payments are delayed.
Users complain about it all the time, but what can we do? We can only raise the gas limit even more. How much would a transaction cost then? $20? $30? It’s unacceptable. Most miners won’t appreciate such a decision and will have to look for other sources of income. They can’t just change the pool for mining, as all the pools are having the same problem.
2Miners Solves the Payout Problems
You are a small miner with one graphics card and you want to get paid today, right away, without paying insane Ethereum Network fees. How can you do it?
A logical thing to do is to get payouts through another cryptocurrency network that doesn’t have all these issues. So we studied transaction fees and operation speed of popular coins. Nano (ticker: NANO) turned out to be the most suitable cryptocurrency. What is this coin?
At the time of writing, Nano ranks 113th among all cryptocurrencies by market cap.
Nano’s main advantage is instant and completely free transactions.
Nano is traded on many cryptocurrency exchanges. The daily trading volume is $15+ million. Once the pool pays you, you can exchange Nano at any time for any cryptocurrency (even Ethereum). In the end, you will have even more Ethereum this way than by getting paid in Ethereum directly. Pool payouts in Nano cost you nothing.
Our Ethereum pool can now process the payouts in NANO.
We understand that you might be surprised by our decision, as you don’t trust this coin. That is why we came up with another solution: payouts in Bitcoin. What can be better? Unlike Nano, Bitcoin requires a transaction fee, but it’s much lower than Ethereum’s.
Free Payouts in Nano for Ethereum miners
Now you can get payouts in the Ethereum pool for free every day even if you have only one graphics card. Also, Nicehash and other mining rental platforms are supported.
How does it work?
Once the payout threshold set by a miner is reached, the pool automatically exchanges ETH earned by the miner to NANO. We currently use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are always exchanged at market price.
Say, your payout threshold is 0.0005 ETH (approx. $1.75). You accumulate 0.0006 ETH ($2.1), which sets the payout process in motion. The pool sends your 0.0006 ETH ($2.1) and coins of other miners to exchange and converts them to NANO at market price. After the pool gets money in NANO, it issues payouts to each miner in NANO. As a result, you get the equivalent of 0.0006 ETH ($2.1) in Nano to your wallet without losing a penny.
At first, we didn’t want to set a payout threshold for payments in NANO. Say, you earn 0.0001 NANO in a day (less than $0.0005 at the current exchange rate). We know that many users mine directly to an exchange. Exchanges often have a deposit threshold. For example, a minimum deposit on Kraken is 0.1 NANO. That is why we set a threshold for payouts in NANO in the pool: the equivalent of 0.0005 ETH (~$1.75). Even the weakest GPU that mines Ethereum can accumulate the required minimum in one day.
Settings
Get a desktop or mobile NANO wallet or generate a NANO address on a cryptocurrency exchange. The best wallet is Natrium. The best exchanges are Binance, Kraken, and KuCoin.
Replace your ETH address with your NANO wallet address in the miner settings. A sample bat file for mining with Gminer
Once mining starts, you can go to your Statistics page by entering your wallet address in the search field on 2Miners.com. Your address is also shown on the list of all pool miners along with regular ETH addresses. For example nano_3oxxxag4jj883zt7bdsdhym8qagsbk4rxw48chmy11xgi4mfxqda7o6ro1ct. You can set a payout threshold on your Stats page. You don’t have to do it though. NANO transactions are free, so you can get paid as often as you like without any losses.
When Nano Payouts Are Processed
Payouts are processed once a day at 12:00 UTC. Payouts are not instant. Considering that your ETH must be transferred to an exchange, exchanged, and then transferred back, the whole process usually takes no more than two hours allowing for small delays. We plan to process the payouts more than once a day in the future.
Fees
When miners get paid in NANO, they don’t pay any fees at all.
The whole process is completely transparent. After the pool issues a payout (and even during the payout process), you can monitor the operation status of an exchange system, check an exchange rate, and track your money from the moment ETH is sent to the exchange to the moment you get NANO. The pool doesn’t retain any additional fees: all exchanged money is paid out to miners in full.
If you prefer the video format check the “Get DAILY PAYOUTS with NO FEE mining Ethereum” by Sebs FinTech Channel.
Is Bitcoin Mining on GPU Possible?
It sounds surreal: everybody knows that you can only mine Bitcoin on ASICs. We made Bitcoin mining on GPU a reality. You can mine Ethereum in the 2Miners pool and get paid in BTC.
Once the payout threshold set by a miner is reached, the pool automatically exchanges ETH earned by the miner for BTC. We currently use such cryptocurrency exchanges as Kraken and Binance. Cryptocurrencies are always exchanged at market price.
Settings
Get a desktop or mobile BTC wallet or generate a BTC address on a cryptocurrency exchange. If you use Binance choose the BTC (SegWit) chain.
Replace your ETH address with your BTC wallet address in the miner settings. A sample bat file for mining with Gminer
Once mining starts, you can go to your Statistics page by entering your wallet address in the search field on 2Miners.com. Your address is also shown on the list of all pool miners along with regular ETH addresses. For example bc1qrlpjqp2vvaan0ferh44z7tsevqzkcxrugm9g5n. You can set a payout threshold on your Statistics page. It is always set in ETH. You can choose any amount from 0.005 ETH (approx. $17.5) to 10 ETH.
When Bitcoins Payouts Are Processed
Payouts are issued once a day at 12:00 UTC. Payouts are not instant. The whole process usually takes no more than two hours allowing for small delays (like waiting for exchanged BTC withdrawn from an exchange). We plan to process the payouts more than once a day in the future.
Fees
When miners get payouts from our payment gateway, they pay only a part of the transaction fee in the Bitcoin network. We group all miner payouts in one transaction. The transaction expenses are then divided between the miners in equal parts. That is why the current fee for each miner is less than $0.2
All other fees are covered by the pool, including the fee for sending ETH to an exchange and the fee for withdrawing BTC from an exchange. If you don’t want to pay any fees at all, consider mining ETH and receiving the payouts in NANO.
The whole process is completely transparent. After the pool issues a payout (and even during the payout process), you can monitor the operation status of an exchange system, check an exchange rate, and track your money from the moment ETH is sent to the exchange to the moment you get BTC. The pool doesn’t retain any additional fees: all exchanged money is paid out to miners in full.
Now you can mine BTC on video cards by simply connecting to the 2Miners Ethereum pool with your BTC address instead of your Ethereum address. The pool will take care of all conversions with minimal fees.
How to Set Up Popular Mining Operating Systems for BTC and NANO Payments
Let’s check the settings for popular mining Linux-based operating systems. The principle is simple: when you enter your wallet address you need to use your Bitcoin or NANO address.
RaveOS Settings
Please find below the screenshot of RaveOS settings for NANO.
minerstat Settings
On minerstat you can set up mining of ETH in the worker’s config. First, select your preferred mining client and then set up the simple configuration:
Coin: ETH
Pool: 2Miners stratum address tag. You can add it on the go, the address is: eth.2miners.com:2020
Wallet: Your BTC or NANO wallet address.
Password: minerstat
HiveOS Settings
If you use HiveOS select the 2Miners Ethereum pool Flight Sheet. Please pay attention that when you add the wallet address you select the ETH Coin. The address itself could be not only ETH but also BTC or NANO if you mine in 2Miners pool. Check an example of the HiveOS settings for NANO payouts below.
mmpOS Settings
Create the wallet to be assigned to the pool. Use Ethereum as the base currency and add your BTC or NANO wallet address.
Create the pool and select the wallet you added previously. Add `eth.2miners.com` as hostname and port `2020`. No need to do anything else, click the “Create pool” button.
Create the miner profile with the above-added pool. Name your miner profile as you like and choose your desired miner.
Select the target rig, click “Switch miner profile” button, and check your newly created profile. Make sure you’ve deselected other profiles that this rig had assigned previously. In a few minutes, your settings will be applied and mining will start.
Conclusion: Cryptocurrency Auto-Exchange in Mining
If you mine Ethereum in the 2Miners pool, you can choose one of three cryptocurrencies for payouts: Ethereum, Bitcoin, or Nano. The minimum payout in Ethereum is 0.01 ETH (~$36), Bitcoin is 0.005 ETH (~$18) and in Nano – 0.0005 ETH (~$1.80).
Payouts in ETH are issued within two hours after you reach your payout threshold. Payouts in BTC and NANO are issued once a day at 12:00 UTC.
No special setup is needed to use auto-exchange. Just add the wallet address of the cryptocurrency in which you want to get paid (ETH, BTC, or NANO) to your miner settings.
As of now, auto-exchange works only in 2Miners Ethereum pools (PPLNS and SOLO). We might also add auto-exchange for other cryptocurrencies in our pools in the future. We are looking forward to your feedback in our Telegram chat and on Twitter. We want our users to get payouts for cryptocurrency mining as easily as possible. Thank you for choosing us!
Join our Telegram community and remember to follow us on Twitter to get all the news as soon as possible.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
T-Rex Miner Fully Unlocks NVIDIA LHR Graphics Cards: True or False? Test Results.
In this article, we are going to talk about the experiment held by the 2Miners pool team and the principles of dual mining mode when unlocking LHR on the popular miner T-Rex. The team tested the miner with GeForce RTX 3080 Ti graphics cards, but the results are applicable to any LHR GPUs.
How LHR Graphics Cards Appeared
NVIDIA started lowering the mining hash rate on their graphics cards in February 2021. That was when they published an article in their blog titled “GeForce Is Made for Gaming, CMP Is Made to Mine.”
In this article, NVIDIA announced Halving Hash Rate for the GeForce RTX 3060. You can read the full article on the NVIDIA website by following this link.
In May 2021, NVIDIA published another article titled “A Further Step to Getting GeForce Cards into the Hands of Gamers.” You can read the full article by following this link.
This article talks about lowering the hash rate on the Ethash algorithm for the newly released GeForce RTX 3080, 3070, and 3060 Ti. These models became available at the end of May 2021 and were marked with a “Lite Hash Rate” or “LHR” identifier.
At the end of May 2021, NVIDIA announced the GeForce RTX 3080 Ti and GeForce RTX 3070 Ti. You can read the full announcement here.
Although these GPUs weren’t marked as LHR, even before the release there were rumors online about the limited hash rate on Ethash. The rumors about LHR were confirmed after the release and testing.
The active discussion of the term LHR among experts started in May 2021.
Test Rig. Estimating Potential Max Hash Rate and LHR Impact
The potential max hash rate without LHR lock on Ethash and Etchash algorithms is ~116 Mh/s, while with LHR lock it’s ~64 Mh/s, which is 45% lower.
Testing T-Rex Miner
T-Rex is a universal program for GPU cryptocurrency mining. The first T-Rex version was released in June 2018. It is in constant development and supports such popular algorithms as Ethash, Kawpow, Octopus, Autolykos2, MTP, Firopow, Progpow. T-Rex is NVIDIA-focused.
The miner developers communicate with their users on many popular platforms and social networks.
T-Rex 0.24.0 was announced on October 7, 2021. Click here to download the miner and read about its features.
This version is the first to unlock LHR in dual mining mode. If you comply with equipment requirements, you can mine two coins simultaneously in three combinations: ETH+ERGO, ETH+RVN, ETH+CFX.
You can find the description of options, recommended GPU settings, and equipment requirements here.
Before testing LHR unlock dual mining modes, we tested the current miner version on Ethash (with LHR unlock), Autolykos2, and Kawpow algorithms.
We launched the mining program on the rig with the following GPU settings: PL(%): 75, CC (MHz): +0, MC (MHz): +1000.
Bat file:
t-rex.exe -a ethash -o stratum+tcp://eth.2miners.com:2020 -u WALLET_ADDRESS -w RIG_3080Ti -p x --log-path log_T-rex_RIG_3080Ti_ETH_LHR.txt
pause
Right after the launch, the program estimated a hash rate on Ethash at ~79 Mh/s–85 Mh/s, and after two hours it was still in that range. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) were stable.
We estimated the hash rate after 2 hours and 6 minutes of the miner operation based on the number of shares sent to the pool. Initial data: 149 shares in 2.1 hours, share difficulty is 8726 M. We multiplied the number of shares per second by share difficulty and got 171.98 Mh/s. This is a hash rate of two GPUs, so a hash rate of one GPU is ~85.9 Mh/s.
We recommend extending the testing period to get statistically correct results: each card should send over 5000 shares to the pool.
We launched the mining program on the rig with the following GPU settings: PL(%): 75, CC (MHz): +0, MC (MHz): +1000.
Bat file:
t-rex.exe -a autolykos2 -o stratum+tcp://erg.2miners.com:8888 -u WALLET_ADDRESS -w RIG_3080Ti -p x --log-path log_T-rex_RIG_3080Ti_ERGO.txt
pause
The miner showed a stable hash rate of ~259 Mh/s on Autolykos2. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) were stable.
We launched the mining program on the rig with the following GPU settings: PL(%): 80, CC (MHz): +100, MC (MHz): +1000.
Bat file:
t-rex.exe -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u WALLET_ADDRESS -w RIG_3080Ti -p x --log-path log_T-rex_RIG_3080Ti_RVN.txt
pause
The miner showed a stable hash rate of ~54–56 Mh/s on Kawpow. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) were stable.
We launched the mining program on the rig with the following GPU settings: PL(%): 75, CC (MHz): +0, MC (MHz): +1000.
Bat file:
t-rex.exe -a ethash --lhr-algo autolykos2 -o stratum+tcp://eth.2miners.com:2020 -u WALLET_ADDRESS_ETH -p x -w RIG_3080Ti --url2 stratum+tcp://erg.2miners.com:8888 --user2 WALLET_ADDRESS_ERGO.RIG_3080Ti --pass2 x --log-path log_T-rex_RIG_3080Ti_dual_ETH+ERGO.txt
pause
The miner started with LHR 30 parameter and showed a hash rate of ~35 Mh/s on Ethash and ~180 Mh/s on Autolykos2. In the next two hours of operation, LHR parameter adjusted and reached LHR 23 and LHR 22. Hash rate settled in the ranges of ~26 Mh/s–30 Mh/s and ~196 Mh/s–202 Mh/s. Memory Controller Load and Board Power Draw charts (as well as other Power charts) were unstable, with slight leaps.
We launched the mining program on the rig with the following GPU settings: PL(%): 75, CC (MHz): +0, MC (MHz): +1000.
Bat file:
t-rex.exe -a ethash --lhr-algo kawpow -o stratum+tcp://eth.2miners.com:2020 -u WALLET_ADDRESS_ETH -p x -w RIG_3080Ti --url2 stratum+tcp://rvn.2miners.com:6060 --user2 WALLET_ADDRESS_RVN.RIG_3080Ti --pass2 x --log-path log_T-rex_RIG_3080Ti_dual_ETH+RVN.txt
pause
The miner started with LHR 30 parameter and showed a hash rate of ~35 Mh/s on Ethash and ~37 Mh/s on RVN. In the next two hours of operation, LHR parameter adjusted and reached LHR 29. Hash rate settled in the ranges of ~34 Mh/s–35 Mh/s and ~35 Mh/s–37 Mh/s.
Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) were stable, with slight leaps.
Final Conclusions and Suggestions
As a result of our testing, we got the following hash rates (Mh/s) and estimated respective 24-hour rewards.
T-Rex miner offers an interesting solution to unlock LHR graphics cards.
T-Rex 0.24.0 in Standard LHR unlock mode lets you partially unlock LHR: the miner shows a hash rate of ~85 Mh/s, which is ~73% of the potential max hash rate.
We failed to achieve an acceptable level of operation stability at a higher hash rate in Dual mining LHR unlock ETH+ERGO mode. More testing is needed to find optimal GPU settings to get acceptable results. Using the watchdog might help, as it restarts the miner when the hash rate drops below a specified value.
We succeeded in reaching an acceptable level of operation stability at a higher hash rate in Dual mining LHR unlock ETH+RVN mode. The profitability that we estimated for this mode proves that under certain conditions dual mining can be more profitable than the standard mode.
We recommend an extended testing period to get statistically correct results: each card should send over 5000 shares to the pool.
Please note that we didn’t test GPUs with extreme settings. It is possible that your rigs will get stable results in all Dual mining LHR unlock modes. Try overclocking and testing each GPU individually.
Remember to join our Telegram chat and follow us on Twitter to get all the news as soon as possible.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
How to Increase Mining Hash Rate. Unlocking LHR Graphics Cards with Gminer
October 2, 2021
In this article we are going to show you how to test LHR unlocking on the popular mining program Gminer. The 2Miners pool team tested it with the GeForce RTX 3080 Ti, but the principles are applicable to any LHR graphics card. Keep reading to see the results of testing.
What Are LHR Graphics Cards and Why They Appeared
For the last five months many GPU miners have been talking about the new term: “LHR”. Experts started discussing it actively in May 2021 after NVIDIA posted an article in their blog titled “A Further Step to Getting GeForce Cards into the Hands of Gamers.”
The article talks about decreasing hash rate on Ethash for the newly built GPUs: GeForce RTX 3080, 3070, and 3060 Ti, to make them less appealing for miners. These GPUs became available at the end of May 2021. NVIDIA and their partners marked GPUs with a “Lite Hash Rate” or “LHR” identifier.
Earlier this year, in February 2021, NVIDIA already announced halving hash rate for the GeForce RTX 3060. You can read the full dedicated article on the NVIDIA website.
At the end of May 2021, NVIDIA announced the GeForce RTX 3080 Ti and GeForce RTX 3070 Ti. You can read the full announcement here.
Although these GPUs weren’t marked as LHR, even before the release there were rumors online about a limited hash rate on Ethash. After the release of the GeForce RTX 3080 Ti and GeForce RTX 3070 Ti and their testing, the rumors about LHR were confirmed.
Our Test Rig for the Mining Experiment
First we held preliminary testing to estimate the potential max hash rate and the impact of LHR.
Two GPUs were connected to the motherboard, each through the riser PCI-E X16-X1.
OS: Windows 10
NVIDIA drivers: 471.68
Overclocking: MSI Afterburner 4.6.4 Beta 3
Monitoring: GPU-Z
Testing was held indoors with the room temperature at +15 °C (59 °F).
We used PhoenixMiner to estimate the max hash rate for the RTX 3080 Ti on Ethash and Etchash algorithms. We launched the mining program on our rig with the following GPU settings: PL(%): 70, CC(MHz): +0, MC(MHz): +1000.
Right after the launch, the program estimated a hash rate on Ethash at ~116 Mh/s, but after two minutes it settled at ~64 Mh/s.
Thanks to pretesting, we estimated a potential hash rate (without LHR lock) on Ethash and Etchash and confirmed that LHR lock leads to a 45% hash rate decrease.
Testing GMiner for Mining
GMiner was created by the Russian group of specialists in the field of high performance computing and cryptography. The first version of GMiner was released on September 21, 2018. The miner is constantly developing and supports most popular algorithms such as Ethash, ProgPoW, KAWPOW, Equihash, CuckooCycle. The miner is focused on NVIDIA and AMD platforms. How to Setup Gminer. Step-by-Step Guide
The miner developers communicate with their users on many popular platforms and social networks.
We will use GMiner 2.62 to estimate the max hash rate for the RTX 3080 Ti with LHR lock on Ethash. We launched the mining program on our rig with the following GPU settings: PL(%): 55, CC (MHz): +0, MC (MHz): +1300.
The miner estimated a hash rate on Ethash at ~66 Mh/s. Note that Memory Controller Load, GPU Load, and Board Power Draw charts were stable, without significant leaps.
Then we launched the mining program on our rig with the following GPU settings: PL(%): 55, CC (MHz): +0, MC (MHz): +1000.
Thanks to testing, we estimated a hash rate on one version of the miner without the LHR unlock feature and confirmed that the hash rate with the lock is ~64Mh/s – ~66Mh/s.
LHR Unlock with GMiner 2.67 beta
On September 11, 2021, the developers announced Gminer 2.67 beta. The new version featured LHR partial unlock and new miner parameters: lhr 1, —lhr_tune1, —lhr_tune2.
Click here to download the miner and read about its features.
We launched the mining program on our rig with the following GPU settings: PL(%): 70, CC (MHz): +0, MC (MHz): +1000.
Right after the launch, the program estimated a hash rate on Ethash at ~68 Mh/s – ~85 Mh/s, and after three minutes it settled at ~64 Mh/s. Note that Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) were unstable, with significant leaps.
To test stability, we left the miner on for a few hours, and after three hours the lock got activated on GPU 1: the hash rate fell to ~42 Mh/s.
Testing the miner with additional arguments didn’t demonstrate hash rate stability during prolonged periods of operation. We interrupted testing due to the release of the newer version.
Conclusion: GMiner 2.67 beta can partially unlock LHR. The miner shows a hash rate of ~78 Mh/s which is ~67% of the potential max hash rate. To prevent the hash rate from dropping, you can use a watchdog that restarts the miner when the hash rate drops below a specified value.
LHR Unlock with GMiner 2.67
On September 12, 2021, the developers announced Gminer 2.67 beta. LHR unlock parameters are the same as for GMiner 2.67 beta: —lhr 1, —lhr_tune1, —lhr_tune2.
Click here to download the miner and read about its features.
We launched the mining program on our rig with the following GPU settings: PL(%): 70, CC (MHz): +0, MC (MHz): +1000.
Right after the launch, the miner estimated a hash rate on Ethash at ~70 Mh/s – ~83 Mh/s, and after three minutes it settled at ~78 Mh/s. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) showed significant leaps. To test stability, we left the miner on for a few hours, and after three hours the lock got activated on GPU 1: the hash rate fell to ~43 Mh/s.
Testing the miner with additional arguments (—lhr_tune1 -10 and —lhr_tune2 -10) didn’t demonstrate hash rate stability during the operating period longer than 48 hours. Three minutes after the start, the hash rate settles at ~74 Mh/s, and after 24–36 hours, the lock gets activated on one of the GPUs (different from test to test): the hash rate falls to ~43 Mh/s.
Conclusion: GMiner 2.67 can partially unlock LHR. The miner shows a hash rate of ~78 Mh/s which is ~67% of the potential max hash rate. To prevent the hash rate from dropping, you can use a watchdog that restarts the miner when the hash rate drops below a specified value.
LHR Unlock with GMiner 2.68
On September 15, 2021, the developers announced Gminer 2.68. LHR unlock parameters are the same as for GMiner 2.67: —lhr 1, —lhr_tune1, —lhr_tune2. Additionally, this version detects the lock of LHR GPUs, automatically unlocks and continues mining, and displays the miner restart count by watchdog.
Click here to download the miner and read about its features.
We launched the mining program on our rig with the following GPU settings: PL(%): 70, CC (MHz): +0, MC (MHz): +1000.
The miner worked for over 17 hours with a hash rate of ~77 Mh/s on Ethash. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) showed significant leaps.
Below is the Stats page of the 2Miners pool with the results of the miner operation.
The average hash rate is ~158.77 Mh/s, or ~79 Mh/s per GPU.
We tested the miner with the —lhr_tune1 parameter. Positive values (from –10 to 10) increase performance, negative values decrease the probability of lock.
We launched the mining program with the following GPU settings: PL(%): 70, CC (MHz): +0, MC (MHz): +1000.
Right from the launch the miner starts a Lock/Unlocked cycle: GPU Lock detected, unlocking / Unlocked. The miner shows that one Lock/Unlocked cycle for each GPU lasts for 30 seconds. At this time the hash rate equals 0. The full information on the miner operation is stored in a log file, so you can calculate the exact number of Lock/Unlocked cycles.
Next, we tested the miner with the —lhr_tune1 4 parameter. We launched the miner with the following GPU settings: PL(%): 70, CC (MHz): +0, MC (MHz): +1000.
Within the first 15 minutes the miner ran only one Lock/Unlocked cycle: GPU Lock detected, unlocking / Unlocked. So we decided to continue testing within a 24-hour period.
The miner worked for over 26 hours with a hash rate of ~78 Mh/s on Ethash. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) showed significant leaps. After we analyzed the log file, we established that the miner ran only 8 Lock/Unlocked cycles within 26 hours.
Below is the Stats page of the pool with the results of the miner operation.
Based on the number of shares sent to the pool, we estimated hash rate after 26 hours of the miner operation. Initial data: 1644 shares in 26 hours, share difficulty is 8726 M. We multiplied the number of shares per second by share difficulty and got 153,26 Mh/s. This is a hash rate of two GPUs, so a hash rate of one GPU is ~76,6 Mh/s.
We recommend extending the testing period to get statistically correct results: each card should send over 5000 shares to the pool.
Conclusion: GMiner 2.68 can partially unlock LHR. The miner shows a hash rate of ~78 Mh/s which is ~67% of the potential max hash rate. The miner successfully detects LHR locks, automatically unlocks, and continues mining. For stable mining with a higher hash rate you can apply –lhr_tune1 and –lhr_tune2 parameters with value 5 or below.
LHR Unlock with GMiner 2.69
On September 24, 2021, the developers announced Gminer 2.69. LHR unlock parameters are the same as for GMiner 2.68: —lhr 1, —lhr_tune1, —lhr_tune2. Like the previous version, Gminer 2.69 detects LHR locks, automatically unlocks, and continues mining, and displays the miner restart count by watchdog. Among new features are auto-tune for LHR GPUs and improved miner stability.
Click here to download the miner and read about its features.
We launched the mining program on our rig with the following GPU settings: PL(%): 70, CC (MHz): +0, MC (MHz): +1000.
Within the first 15 minutes the miner didn’t detect a single lock. So we decided to extend testing.
The miner worked for over 15 hours with a hash rate of ~77 Mh/s on Ethash. Memory Controller Load, GPU Load, and Board Power Draw charts (as well as other Power charts) showed significant leaps. After we analyzed the log file, we established that the miner ran only 4 Lock/Unlocked cycles within 15 hours.
Below is the Stats page of the pool with the results of the miner operation.
The Best Way to Mine with LHR Graphics Cards
GMiner offers a universal solution for locked LHR graphics cards. GMiner can partially unlock LHR: the miner shows a hash rate of ~78 Mh/s which is ~67% of the potential max hash rate. If you use GMiner 2.67 beta and GMiner 2.67, make sure to activate a watchdog that restarts the miner when the hash rate drops below a specified value.
To fine-tune the miner, you can use –lhr_tune1 and –lhr_tune2 parameters keeping in mind the following rule: positive values increase performance, negative values decrease the probability of lock.
Please note that we didn’t test GPUs with extreme settings. For example, your GPUs might work well with higher clocks. Try overclocking and testing each GPU individually.
Someone from our community managed to reach a hash rate of ~85 Mh/s on the GeForce RTX 3080 Ti with the following settings: CC(MHz): 1260, MC(MHz): +1350 (for Linux +2700), Power 280W, —lhr_tune1 3.
Remember to join our Telegram chat and follow us on Twitter to get all the news as soon as possible.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
September 2021 Work Progress Report: Geo Servers for Ergo, China Crypto Ban
October 1, 2021
Node updates, Ethereum gas price rollercoaster, China crypto use and mining ban, 2CryptoCalc new languages, new API and statistics pages for Ravencoin and Ethereum Classic, geo servers for Ergo mining.
80 000 Miners Online In 2Miners
We are very happy to reach this new important milestone. This September the number of our users surpassed 80 000. Currently, there are more than 82 000 miners online. The most popular pools are Ethereum, Ravencoin, Ethereum Classic, Monero, Ergo, and Firo.
SSL Certificate Verify Failed – How to Fix
On September 30th an important IdentTrust DST Root CA X3 certificate expired. This may cause problems for miners with outdated operating systems who use an SSL connection to the pool.
Usually, you need to update your operating system to make it work. For example, if you use Windows XP you need to install Service Pack 3. Check this post for more information.
This problem could appear while you use different mining software as the software developers could handle the SSL verification in different ways. If your standard mining software doesn’t work please try another one. The complete list of the software for GPU mining is presented on 2CryptoCalc.
Manually select the certification location. Use “Trusted Root Certification Authorities”. Click Ok.
Click Next to finalize the process.
Cryptocurrency Node Updates
We always keep our mining pools up-to-date. This month we have updated Ergo, Cortex, and ZEC nodes.
Ergo v4.0.13
Cortex v1.10.27-stable-11338a91
Zcash 4.5.1
Ethereum Gas Price Problems
Recent Ethereum hard fork with the EIP-1559 implementation should have reduced the transaction fees in the Ethereum Network. Unfortunately, that didn’t really happen.
Some days the gas price was skyrocketing and the payouts from the pool were suspended. At the beginning of the month, we were forced to increase the maximum gas price to as high as 100 gwei while executing the payments. Later it was reduced to 71 gwei.
Since August, our users are free to choose the payout threshold themselves. However, they pay for the transactions. All we could do is regulate the maximum transaction price by setting the gas price limit. We remind our miners that we do not recommend using the low payout threshold values. Current Ethereum fees are quite high and you would spend a huge part of your payout on the transfer fee.
Please find below the screenshot of the gas price record we saw this month.
As you see the gas price problem also brought good news to our pool as we got the crazy high block rewards. For example: 52 ETH per block, 50 ETH, 14 ETH.
China Crypto Mining Ban
The number-one trending topic this month is no doubt the crypto ban in China. This September Chinese government decided to prohibit all cryptocurrency-related activities. All crypto transactions in China are now illegal and the mining process is forbidden too.
The biggest Ethereum mining pool in the World Sparkpool was closed yesterday. The rest of the Chinese mining pools including Beepool and F2pool are planning to suspend their activity in October. A lot of miners are searching for alternatives, obviously. 2Miners is the only pool outside China translated to the Chinese language.
2Miners pool has always been anonymous and transparent. However, our Terms and Conditions state that by using our services you certify that you are abiding by the local laws and regulations in regard to cryptocurrencies and cryptocurrency mining as defined in the country or jurisdiction of your residence.
We have Ethereum Servers all over the World: in Europe, America, and Asia. Mining software settings are always available on the How to start page.
Please remember that when you select the mining pool server you should pay attention to the stale shares. We provide the share statistics in 2Miners. You must understand that if there are no stale shares the ping (latency) doesn’t matter: 10ms, 100ms, or 1000ms will not reduce your rewards.
2CryptoCalc in Portuguese and German
We are happy to announce that 2CryptoCalc is now available in 6 languages: English, Spanish, Turkish, Russian, Portuguese, and German. The last two languages were added in September. We would like to thank our miners’ community which helped us a lot to make the accurate translations.
New API for Ravencoin, Ethereum Classic, and Callisto
The new API and statistics pages are ready for RVN, ETC, and CLO pools. The pool was successfully moved to the new server. You may need to clear your browser cache with Shift+Ctrl+R if you couldn’t see the new statistics.
This means that you have the detailed hashrate statistics and share statistics now. You are also able to change the payout threshold for these mining pools.
We keep on working to transfer the mining pools of other coins to the new API system in the nearest time.
Asia and US Servers for Ergo
Great news for Ergo (ERG) Miners. We got US and ASIA servers now available on 2Miners. The server details are always available on the pool help page.
Join our Telegram community and remember to follow us on Twitter to get all the news as soon as possible.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
What Is Bitcoin in Simple Terms: From Theory To Practice
September 30, 2021
In this article, we are going to give you a brief and simple rundown of all things related to cryptocurrencies. It’s so straightforward that you can print it out and show it to your grandmother. Our blog contains all the necessary information about mining. All articles are written in simple terms. However, not everyone wants to dive deep into the matter. Moreover, this post also covers other cryptocurrency usage aspects such as investing.
That’s why this article is a real gem. We processed tons of information in order to present it to you in a short and simple manner. Stephen Hawking succeeded in a similar endeavor. He wrote a book about the origin and structure of the Universe without mathematical formulas titled A Brief History of Time. We will try to reproduce his success. Not in physics, but in modern finance, or better yet, in the finance of the future.
Throughout the article, we are going to share links to the articles from the blog, Wikipedia, and lots of other resources. Feel free to dive deep in various aspects of cryptocurrencies that interest you. Some might argue that we oversimplified some things in the article. We are looking forward to your feedback in our 2Miners chat on Telegram.
Bitcoin: the First and the Most Popular Cryptocurrency
There are thousands of cryptocurrencies in the world. The first cryptocurrency ever created is Bitcoin or BTC. For the sake of simplicity, we are going to talk mainly about Bitcoin.
All other cryptocurrencies are Bitcoin clones. They were fully or partially copied and sprinkled with new ideas here and there. It’s no secret that Bitcoin is open-source. Anyone in the world can see how it’s built and how it operates.
If you don’t know anything about programming, don’t worry. It’s worth pointing out that we must accept the work of Bitcoin code creators in good faith. Should we worry about it? Not at all. You don’t know the purpose of every little screw in your car or how its computer works. It’s the same here. Programmers all around the world would be happy to find even a tiny fault in the Bitcoin network operation. So rest assured, if there was a fault, they would have already found it. We simply put our trust in experts that built our car and tested it. Same with Bitcoin. Millions of programmers in the world read and examine the Bitcoin code every day.
What Is Cryptocurrency and Who Controls It? Are Physical Bitcoins Real?
Bitcoin: Digital Currency
Based on the name “cryptocurrency”, you clearly understand that it’s some sort of money. Crypto means that this money is encrypted. What exactly is encrypted and how is irrelevant at this point. Let’s assume that cryptocurrency is digital money.
What does digital mean? Traditional money can be printed (in the form of banknotes) or digital (on bank accounts). When you transfer money from your account to your friend’s account, pay for utilities via online banking, or pay with a credit card in a shop, you don’t actually see your money. It is stored virtually on computer servers. You can’t either see or touch it.
You can use an ATM to withdraw cash from your credit card and put it under the mattress. In this case, your digital, virtual money becomes real. You can touch it, look at it, or hang it on the wall. You can’t do that with Bitcoins. You can’t go to the bank, withdraw Bitcoins in cash, and put them under the mattress in the form of physical BTC coins. Of course, you can exchange Bitcoins for dollars and bring them home. At this point though, they are dollars, not Bitcoins.
How crucial is it? We think not at all. Even most of our grandparents have been receiving pensions on bank accounts. They don’t use cash much.
How Many Bitcoins and Dollars Exist?
According to the Federal Reserve System, $6.1 trillion worth of cash was printed. Plus, virtual, digital dollars are stored on bank accounts. How many? Nobody knows. The same goes for the euro, pound, and any other traditional currency. We don’t know and can’t control its quantity today, tomorrow, or in a year. We can neither control nor predict the issuing of dollars. The government of any country can print banknotes at any time.
Things are much more straightforward with Bitcoins. As of now, there are almost 19 million Bitcoins (BTC) in the world. About 900 new BTC are created every day, but the daily amount of new Bitcoins is decreasing with time. In total, there will be 21 million Bitcoins in the world. The precise amount is 20,999,999.9769 BTC. That’s it. No more, no less.
If the Federal Reserve decides to print 100 million dollars, they just print them. They are not going to ask you or us. It doesn’t work this way with Bitcoins. Their amount is limited to 21 million coins. You can’t “print” a few more BTC at a later time. It’s simply impossible.
Who Controls Currencies?
Traditional currencies are controlled by central banks of respective countries. The US Federal Reserve System controls the dollar, the European Central Bank controls the euro, the People’s Bank of China controls the yuan, and the Central Bank of Russia controls the ruble, etc.
Nobody controls Bitcoin. Bitcoin is an anarchic system. It doesn’t have a boss. The source code prescribes everything that should be happening in the system of this currency. In the next chapter, we are going to see how it works.
How Does Bitcoin Work? Transactions in Traditional Currencies and Bitcoins. What Is Bitcoin Mining Actually Doing?
Dollar Transactions
Transactions in traditional currencies like dollars are controlled by banks. How does it work? Say, you want to send $100 to your grandmother. You have a bank account with the Bank of America, and your grandmother’s is with Chase. You go to the Bank of America app or website on desktop or mobile, enter your grandmother’s account number, the amount you want to transfer, verify with the SMS code if required, and after that, your grandmother receives money to her account.
What’s behind this? You just requested your bank to send $100 to your grandmother. Your bank took $100 from your account and sent them to your grandmother’s bank. Then her bank added $100 to her account.
Can anyone but you and bank workers find out that you sent money to your grandmother? No, nobody knows and can’t find out. Bank account information is not public, that is, it’s not accessible to everyone.
You can’t even track the transaction. Did it go through? Will it go through in 20 minutes or in 24 hours? Your grandmother might say, “I didn’t receive the money.” Your bank would say, “Money is on its way. Please wait.” The system is not transparent.
Bitcoin Transactions
All Bitcoin wallets are interconnected. They communicate with each other all the time sharing information about all cryptocurrency transactions. Here’s an example.
You have 1 BTC, and you want to send 0.1 BTC to your grandmother. Like with traditional money, you have your grandmother’s account number (wallet address). Up until this point, everything is the same with the only difference being that the Bitcoin account number contains more letters and has more symbols overall. A typical US bank account number looks like this: 408178100999, the rest of the World uses IBAN accounts: FR7630006040011234567800289, whereas a typical Bitcoin wallet address looks like this: 32qoXh82StQpvgCwhQdKpxoLTrcAX5EqyG.
You go to the app with your Bitcoin wallet on your desktop or mobile, enter your grandmother’s address, the amount you want to transfer, and confirm. You wait for about 10 minutes, after which the cryptocurrency is transferred from your account to your grandmother’s.
What’s behind this? Your wallet transmitted the information about the transaction to all other wallets. However, simply transmitting the information is not enough. Somebody should execute (validate) this transaction. In the case of traditional money, banks do it. In the case of Bitcoin, a computer or a group of computers do it. The computer gets a reward for the transaction.
However, it’s not easy to become such a computer. It must solve a complicated math problem that changes every 10 minutes in a highly competitive environment. This process is called mining, and we are going to discuss it in the next chapter.
All the data in the Bitcoin system is open to any person. All information about transactions is public. However, this information is anonymous. For example, 0.0138 BTC was transferred from wallet bc1q3hq0rrkzvw48fgs3c9ceyxvjwe9zn5z0y7pkgc to wallet 14o9CArVto8yPfo5W4bMSM7spmEK9E1q3Z on September 21, 2021, at 12:46 am. Any person in the world can verify it. You won’t hear, “I didn’t receive money,” from your grandmother, or, “Today we are closed. Please expect the money tomorrow,” from the bank. You will see for yourself that your money is transferred to your grandmother and is now in her wallet. You can show it to other family members. Everyone can see your transaction details and your grandmother’s balance.
What Is Blockchain
Apart from “Bitcoin” and “Cryptocurrency”, you probably also heard about two other important concepts: “Blockchain” and “Mining”. They are interconnected and serve as a foundation for cryptocurrencies.
We already mentioned that information about all transactions in the Bitcoin system is available to all people. This information is stored on the blockchain. Blockchain literally means the chain of blocks. There is nothing complicated about this term. Blockchain is like a ledger where pages are numbered sequentially, each page contains the data of creation and a list of transactions performed at this moment of time. One page is called a block.
An example of a page in the ledger (block).
Page number: 456701
Time: November 3, 2017, 8:08 am
Address 1CKXsyrhF9zfzizZb1x9zwkHczjxNRc6by transferred 0.065 BTC to address 15pRb5SZDLWNVuQx3PqcueYarHy3u83LdA.
Address 1NuUvBpCSHCa2Ltsj4KEVF1wb1kK6xyZQz transferred 4 BTC to address 17G52MMSn9tadonQKbo2Ch6oB7PygUc6c7.
And so on.
For the sake of simplicity, let’s say that Jack sent 0.065 BTC to Mary, and Kate sent 4 BTC to Peter. By the way, this data is real. You can find it in the Bitcoin network by following the link.
Similar ledgers have existed since the times of Ancient Rome. However, one thing distinguishes blockchain. As soon as you close one page and open the new one, you can’t make any changes to previous pages. Ever. That’s why it’s called a chain. Such a ledger doesn’t let you paste a page somewhere in the middle. It’s impossible.
Let’s create a ledger, that is, a blockchain, together. We have a notebook with an endless number of pages and start filling out the first page. All wallets in the Bitcoin network communicate with each other. We receive new data.
Gary transferred 2 BTC to Stephen.
Mike transferred 3 BTC to Jane.
Nick transferred 4 BTC to Daniel.
And so on. Of course, we don’t see names like Gary or Stephen. We see anonymous addresses like 15pRb5SZDLWNVuQx3PqcueYarHy3u83LdA.
We record all the data on the first page of the notebook. We keep receiving more information about transactions. We keep recording.
Mary transferred 1 BTC to Sue.
Larry transferred 3 BTC to Mike.
Stacey transferred 5 BTC to John.
We keep recording. Until we turn the page, all these transactions are void. How to turn the page? Only cryptocurrency miners can do it. If we are not miners, there is no way for us to do it. We ask a miner for help, and he turns the page. He also puts time and his name on it. Miners get rewards for their work, which is also recorded on the page before turning and sealing it.
Then we fill the second page with new transactions. To turn it, we ask a miner again. There is no way around it. This process is endless.
Blockchain is open to all people at all times. You can open any page of the so-called ledger and see who made a transfer, to whom, when, and how much. You can also see the balance of any wallet in Bitcoin. You won’t see a name like Mary or Peter. You will only see addresses, but all the information is public. If you want to see it for yourself, you can go to blockchain.com.
Easy, right? Now that we know how blockchain works, let’s talk about mining. We are sure that now you too want to become an important person that everyone needs to close a new block on the blockchain (i.e., to turn the page in a ledger called Bitcoin). Plus, they say you get paid well for it.
What Is Mining
Bitcoin mining is the process of solving a math problem using computing equipment. The problem is the same for all the computers in the world. A miner that solved the problem turns the page in Bitcoin’s “ledger”, that is, he creates a new block on the blockchain. By doing so, he validates all the transactions recorded since the closure of the previous block. Once the problem is solved, another problem appears. The whole world starts working on it. It’s important to be the first to solve the problem, otherwise, you don’t get the reward.
Too hard? Let’s try again.
All the computing equipment engaged in Bitcoin mining is solving the same problem.
Users record all transactions on an open page of the “ledger” called Bitcoin blockchain: Gary transferred 2 BTC to John, Larry transferred 3 BTC to Rachel. However, these transactions are void. They are simply piling up for now.
Then a miner solves the problem.
All recorded transactions are validated.
The miner gets a reward.
The miner puts his name (his wallet address) into the block solved just now.
The whole world, including the lucky miner, starts looking for the solution to the new problem for the next page of the “ledger” (block).
How often do problems change? Bitcoin source code is written in such a way that it takes about 10 minutes to solve a problem. It is enabled through a simple algorithm. The more miners are working on the problem, the more difficult it is. And vice versa: less miners would be solving an easier problem.
Bitcoin and Other Cryptocurrencies Use Cases
Unlike traditional currencies, cryptocurrencies are anonymous but completely transparent. Ironic but true. It means that you can find any Bitcoin transaction at any point of Bitcoin’s existence. Senders and recipients are identified with wallet addresses instead of names, like the gibberish we already mentioned above: 1CKXsyrhF9zfzizZb1x9zwkHczjxNRc6by.
On the one hand, it guarantees full anonymity. On the other hand, if you match a real person with his Bitcoin address, you can see all his transactions: how much he transferred and to which addresses. The number of Bitcoin wallets a person can have is endless, but it’s not always possible to remain completely anonymous.
One important thing that distinguishes Bitcoin from the dollar or euro is that nobody regulates or safeguards Bitcoin in any way. Here is a simple example.
If you transfer $100 to a stranger instead of your grandmother, what would you do? You would contact your bank and file an application. It is almost certain that you will get your money back.
If you transfer 0.1 BTC to a stranger’s address instead of your grandmother’s, it is very likely that you will never get your money back. There is no mechanism that would let you get your money back. You can’t contact the recipient to ask him to give the money back. There is no Bitcoin police. You don’t have any leverage at all.
In this case, cryptocurrencies are like cash. If your cash gets stolen, you won’t be able to get it back. Storing cryptocurrencies is as unsafe as storing cash. The only difference is that banknotes are pieces of paper, and you can only stash a limited number of those. On the contrary, an unlimited number of Bitcoins can be stored on a flash drive, or even in a tiny file on your computer.
Keep in mind the important difference between transactions in cryptocurrencies and traditional currencies. When you transfer Bitcoins and the transaction gets sealed on the blockchain, your money has already left your account and reached the recipient. It can’t be changed. Any person in the world can verify it. When you transfer dollars from one account to another, they may be already gone from the sending account but only reach the recipient in a day or two, or they may get lost due to the negligence of the bank.
Where and How Can You Use Cryptocurrencies?
Cryptocurrencies are mainly used for the following purposes.
Investing. You can buy cryptocurrencies to make a profit from their price increase.
Paying. You can pay for goods and services with cryptocurrency. Sadly, few sellers in the world accept cryptocurrencies at the moment, but there are more and more of them each year. El Salvador adopted Bitcoin as legal tender. You can buy cars and property with Bitcoins. Even PayPal lets the US and UK citizens buy cryptoassets.
Mining. You can earn cryptocurrency by using the computing powers of your equipment. Simply put, you have mining equipment, and you make a profit by making it operate.
You shouldn’t confuse mining with investing. A person can be engaged in both activities, but there is a difference. Mining brings immediate profits, whereas investment brings profits in the long run.
How to Store Bitcoins
Regardless of how you are planning to use Bitcoins, you need a wallet. Choosing the right wallet is important. You are responsible for the safety of your cryptocurrency. Remember that if your cryptocurrency gets stolen or lost, nobody will be able to restore it. Whichever wallet you choose, there is a risk of losing your Bitcoins. Depending on the wallet and type of storage, the risk may be higher or lower.
If you are not planning to store large sums of money or you are only starting out, we recommend one of the multicurrency cryptowallets. They are available on desktop and mobile. For example, Coinomi or Trust. Make sure to secure your passwords and recovery phrases as recommended by wallets’ creators.
Hardware wallets offer a higher level of security. They are special flash drives that you connect to your computer. In the case of such wallets, avoid buying used wallets or wallets from unverified sources. Hardware wallets must be new and bought directly from the manufacturing company.
If you plan to store large sums, you need more secure storage. For example, you may want to buy a separate computer and a few flash drives to store cryptocurrencies.
There are plenty of scammers and hackers. When you use cryptocurrencies, it’s up to you to protect yourself against them. Don’t expect anyone to help you.
How to Pay For, Buy, Sell, and Exchange Bitcoins and Other Cryptocurrencies
There are special cryptocurrency exchanges and platforms that let you buy, sell, and exchange Bitcoins for other cryptocurrencies. Most of them require registration and ID verification. You can still find some exchanges that operate anonymously.
In any case, exchanging one cryptocurrency for another is much easier than exchanging cryptocurrency for dollars. All you need to do is to go to one of the exchanges with multiple exchange options. The most popular exchanges in the world are Coinbase, Gemini, Kraken, and Binance.
Is Cryptocurrency Legal?
The regulations differ depending on the country. Some countries legalized cryptocurrency, others didn’t. In some countries, it’s still not regulated in any way.
Mining
Mining is not as hard as it may seem at first glance. You may have already heard of a “cryptocurrency mining rig”.
A computer graphics card. It’s the same graphics card used for computer gaming. To maximize performance, miners usually build special computers with an open case for better cooling and install not one but multiple graphics cards to one computer.
Bitcoin is mined exclusively on ASICs, while Ethereum is mined on GPUs.
Keep in mind that both ASICs and GPUs consume a lot of power and tend to heat a lot.
Is it Hard to Mine Crypto?
Mining difficulty is extremely high today, so it’s mostly possible through so-called mining pools. Mining pools are servers that connect miners. Miners work together and get a reward. Mining pools distribute the reward fairly and pay out the earned cryptocurrency to each miner.
If you have a desktop gaming computer with a graphics card, you can start mining even today. Go to 2CryptoCalc and check which cryptocurrency is the best for mining on your graphics card. Then follow the instructions of a mining pool. You will need to install a special mining software and a wallet for the cryptocurrency you are going to mine.
If you want to mine Bitcoin, a graphics card won’t do. You can only mine it on specialized ASIC devices. As of now, one of the most advanced devices is the Antminer S19 Pro by Bitmain. It consumes 3.5 kWh and makes as much noise as an airplane. You can’t keep such a device at home.
However, it’s quite easy to set up. You just need to open your ASIC settings to add the mining pool address and your Bitcoin wallet address, connect your device to the Internet, and plug it in.
Putting Theory into Practice
So you think you’ve had enough of theory, and you are ready to start. In this small chapter, we will show you the two most common ways people become part of the cryptocurrency world.
You Decided to Become a Cryptocurrency Investor
You saved $1000 and want to spend it on Bitcoins.
You should install a wallet. For example, Coinomi. You can do it right on your smartphone.
Choose the cryptocurrencies. For example, Bitcoin.
Make sure to back up your wallet. Keep your secret phrase in a safe place. Any person with this phrase could have an access to all your cryptocurrency.
Go to the Receive tab. Here you will see your wallet address.
Now buy Bitcoins for $1000 on any of the Crypto Exchanges and send to your wallet address displayed on the Receive tab.
Congrats! You are now a cryptocurrency investor. Now you just have to wait until 1 Bitcoin reaches $1 million.
You Decided to Become a Cryptocurrency Miner
You have a computer you use to play GTA, so why not make full use of it?
The computer has an Nvidia 1080 graphics card. Go to 2CryptoCalc.com and choose your graphics card to see which cryptocurrency is the most profitable for mining.
Turns out, it’s Ethereum.
You should install a wallet. For example, Coinomi. You can do it right on your smartphone.
Choose the cryptocurrencies. For example, Ethereum.
Make sure to back up your wallet. Keep your secret phrase in a safe place. Any person with this phrase could have an access to all your cryptocurrency.
Go to the Receive tab. Here you will see your wallet address.
The 2Miners pool co-founder, businessman, miner. In 2017 started mining cryptocurrencies and built many rigs on his own. As a result, he gained lots of practical knowledge and became interested in sharing it with others.
In his articles on 2Miners, he shares useful tips that he tried and tested himself. For example, Darek gives advice on how to buy hardware components for the basic mining rig and how to connect them to each other correctly. He also explained lots of complicated terms in simple words, such as shares, mining luck, block types, and cryptocurrency wallets. After the pool was launched, he published a series of articles ‘Crypto Mythbusters’ where he explained how to protect the network against 51% attack, talked about cryptocurrency mining difficulty and difficulties of launching your own node.
