Cryptocurrency mining is a popular topic in online forums. You’ve probably seen videos and read articles about cryptocurrencies and come across the topic of crypto mining. But, did this leave you wondering what exactly crypto mining is? To clarify, mining is a term that refers to the process of earning crypto as a reward for work that you complete on a blockchain.
Also, some people take part in crypto mining because they are looking for the next Bitcoin. But whatever the reason, cryptos are a growing area of interest for technophiles, investors, and cybercriminals alike. So, Let’s take a deep dive into the Bytecoin mining pool and how it works.
Table of contents
- What is Bytecoin?
- Bytecoin Price Prediction For 2021
- How to Mine Bytecoin
- Why Mine Bytecoin?
- Bytecoin Mining Hardware
- Bytecoin Mining Pool Software
- Bytecoin Mining Pool Profitability
- How to Mine Bytecoin Using a Computer
- The Set-up Process
- Bytecoin Mining Pools
What is Bytecoin?
Founded in 2012, Bytecoin (BCN) is a prime example of a private, decentralized crypto with an open-source code. In addition, the primary purpose of the project is to promote fast, anonymous, and untraceable transactions. Additionally, Bytecoin mining pool claims to be the first project to use CryptoNote technology. Moreover, its security reportedly comes from using ring signatures to protect a sender’s credentials and unlinkable addresses to limit blockchain analysis.
Bytecoin mining pool claims to have a block time of 2 minutes and adaptive parameters designed to make it easy to mine. Recent enhancements to Bytecoin technology added auditable wallets. These wallets reportedly facilitate secure, publicly observable deposits and blockchain gateways which link the Bytecoin blockchain with other blockchains.
Bytecoin Price Prediction For 2021
Bytecoin started 2021 with a trading price of $0.00016 and rose to hit $0.000786 by mid-February. Also, the crypto was able to sustain the bullish drive and kept intact. Subsequently the price surged to $0.001025 at the start of April. Also, the price gain continued to a yearly high of $0.001294 by the end of April.
However, BCN slumped at the start of May, along with the rest of the crypto market. The crypto rebounded briefly on May 12, but experienced another set back soon after. If BCN manages to rebound the crypto might trade between $0.0010 and $0.0015 by the end of 2021.
At the time of writing this Bytecoin technical analysis, BCN was trading at $0.00052626 with a 24-hour trading volume of $2,429,423,881. In the last 24 hours, the price of BCN has risen by 22.44%. Furthermore, BCN has a circulating supply of $184,066,828,814. Currently, the top crypto exchanges for BCN are HitBTC, Gate.io, Poloniex, CoinEx, and STEX.
Further, crypto traders must trade with care and must not be affected by the crypto market hype. With all this in mind, traders must be cautious in investing to avoid sudden losses due to the crypto market’s wild swings. Since the start of 2021, BCN’s value has seen many bullish moves as well as many setbacks. More so, BCN price shifts were supported by corrections, consolidations, and fluctuations right away. Taking this into consideration, BCN could have an aggressive rebound if the market favors the crypto this 2021.
How to Mine Bytecoin
If you are seeking profitable crypto mining, Bytecoin mining pool might be an ideal option for you. It is the original Cryptonight coin, in fact, Bytecoin was released much earlier than Monero. As such, it is recognized as an interesting crypto with a vast supply.
Moreover, if you want to know more about how to mine Bytecoin, you are in the right place. In this particular guide, you will find all you need to know to mine Bytecoin. Everything is provided in the next few sections given below, starting from the Bytecoin mining rig requirement to its profitability.
Why Mine Bytecoin?
The reason to mine Bytecoin is that it is one of the safest altcoins you can find. Also, Bytecoin serves as the best crypto to mine for new miners. Besides, Bytecoin uses the CryptoNote algorithm, which is quite profitable.
Bytecoin is very different from Bitcoin, the most popular crypto. The CryptoNote algorithm can evade a lot of drawbacks compared with other cryptos. By preferring to mine Bytecoin, you will be capable of safeguarding your privacy as well.
To start mining Bytecoin, you first need to know the Bytecoin mining pool hardware and software requirements. Without the proper setup, mining Bytecoin is not possible. Now, knowing the details of the Bytecoin mining pool, let’s jump into the practicalities of mining Bytecoin.
Bytecoin Mining Hardware
One of the essential things required to mine Bytecoin is the right hardware. Notably, without the specific Bytecoin mining hardware, you cannot mine the coin. In addition, considering a few factors when choosing the proper Bytecoin hardware will help you. Consider, for example, power consumption, hash rate, and the price per unit.
Further, Bytecoin is based on the CryptoNote algorithm, the most powerful algorithm for using a CPU. If you choose to use a CPU to mine Bytecoin, you can use xming.xmr or xmr-stak. Both options present you with source code. Thus, you will be able to configure them yourself using a Linux device, if needed. If CPU mining is not the thing for you, you can also opt for GPU Mining.
In this case, you can use both Nvidia and AMD GPUs. When mining Bytecoin with GPU, you get the opportunity of squeezing the settings to improve the performance a little. It works for both AMD and Nvidia cards but it would help if you stuck to Nvidia cards.
Bytecoin Mining Pool Software
Below is a listing of Bytecoin mining pool requirements. You will need XRM Stak as an option as it is needed for both GPU mining and CPU mining. In addition, you need to configure XRM Stak settings. Notably, it is open source and has the most customizable options.
Not just that, but it also lets you mine using a mix of AMD and Nvidia GPUs, and your CPU. Also, you can avail of this on both Linux and Windows OS. Running XRM Stak will require you to configure the settings a little bit to get the best results.
Bytecoin Mining Pool Profitability
If you are concerned about Bytecoin mining pool profitability, remember that it is based on the CryptoNote algorithm. This is one of the most profitable algorithms. However, many factors need to be considered before deciding on the profitability of the Bytecoin mining pool. You can discover the value or profitability of mining Bytecoin by analyzing factors such as hash rate and power consumption. Also consider the overall expense of mining and the struggles involved. All of these need to be factored in before you get started with mining Bytecoin.
Moreover, to find the profitability of Bytecoin, you can also use the help of a Bytecoin mining pool calculator. It will help you define the results that you are looking for. In short, Bytecoin is recognized to be a valuable crypto coin.
However, to make mining easier for new miners, Bytecoin developers introduced a Bytecoin mining android app. As such, miners who are new to the field can benefit from the use of such a Bytecoin mining android app.
Now that you know the Bytecoin mining rig requirements. And also know whether it is profitable to mine it or not, we can now proceed to start mining Bytecoin. Given that you are interested in knowing this important process. Bytecoin is considered a valuable crypto coin worth mining for all the right reasons.
How to Mine Bytecoin Using a Computer
A GPU can mine Bytecoin, but it is not as profitable as an Application-Specific Integrated Circuit (ASIC). The Antminer X3 is an example of a proper ASIC miner. To increase your profit, you need to join a mining pool with a high hash rate and low fees. But, you should also consider the reward system when choosing a mining pool.
For example, some of the mining pools that you can consider include MinerGate and Bytecoin-pool. Here are the other mining requirements:
Stable Internet Connection
You will require an unlimited and stable internet connection 24/7 to mine Bytecoin. But, if your internet connection is limited, make sure that your miner can access about 15GB of data monthly.
To be able to mine Bytecoin, you need a place to store the coins you mine. For this, you can use the wallets available on the Bytecoin website.
The mining rig will make some noise. So, you should set it up in a private area where you will not disturb anyone. But if you can’t find such a place, then soundproof the room for your mining rig.
Although ASIC miners have fans, they are not sufficient to cool your rig. Accordingly, set-up a cooled room and purchase an air conditioner as well.
You need to access cheap electricity to mine Bytecoin profitably. Also, you need to find out if your power grid can supply your miner with enough electricity.
Notably, you can use more than one ASIC miner to boost your chances of earning more profit.
The Set-up Process
You now know everything you need to mine Bytecoin, now you can set up your rig. First, connect the ASIC miner to the electricity and internet. Also, the miner has an instruction manual to show you the proper ports for power and internet. After that, choose a Bytecoin mining pool and register. Then, find the IP address of your miner by logging into your internet router manager. Go to the DHCP server section and retrieve the IP address. Moreover, you can also download the IP reporter software from Bitman’s website. This is only if you use an Antminer to get the IP address.
Also, enter the IP address you have retrieved in your browser and log into the miner’s web interface with the details provided in the manual. In most cases, the default username and password are “root.” After signing in, go to “Miner Configuration” and enter the addresses of the three pools. It is essential to enter three pool addresses because your miner can use the other two if one fails.
Furthermore, under the “Worker” section, paste your wallet address. You can leave the password field blank or type “123.” After that, click “Save and Apply” and wait for some minutes for the miner to restart. In addition, you can view the hash rate, pool connection, and temperature by visiting the “Miner Status.” Lastly, if everything works properly then, your miner will start mining Bytecoin for you.
Bytecoin Mining Pools
There are several Bytecoin mining pools for Bytecoin, which makes sense it’s been around since 2012. Written below are some of the top Bytecoin mining pools.
Minergate is one of the most popular choices due to its large number of minable coins and its ease of set-up and use. Currently, Minergate provides roughly 1.3 MH/s to the Bytecoin hash power, about 3% of the total. Fees are the standard 1% for PPLNS and 1.5% for PPS with Minergate, and it has a convenient web-based interface. The minimum withdrawal is 100 BCN, which isn’t the best but isn’t too hard to achieve.
Bytecoin-pool.org is the absolute top dog for Bytecoin mining, with 110 MH/s or nearly 80% of the network hash power. In order to maintain network decentralization, it is recommended that you choose different pools—miners like Bytecoin-pool.org for its 0% fees and the ability to mine anonymously without registering. Plus, there is a low minimum withdrawal of just 5 BCN. In addition, there is also a suitable mining profit calculator that is in your dashboard. This will allow you to measure how much BCN you are likely to earn with a given amount of hash power.
Bytecoin.uk is a relative newcomer, but it has rapidly gained popularity because it also has 0% fees and a 5 BCN minimum withdrawal. Regarding the hash rate, Bytecoin.uk has roughly 15 MH/s and 12.3% of the total network hash power. It’s an excellent option for Bytecoin-pool.org for those who want to maintain a more decentralized network.
The pool operator of Bytecoin.uk has just started a new website called Unipool.pro. Their bytecoin pools are the same as on Bytecoin.uk, but it offers users a unique interface to operate with. Unipol also operates a Monero pool, which could benefit those miners who would like to switch between different CryptoNight chains.
Bytecoin.party is another newcomer to the world of Bytecoin mining pools, and it quickly gained popularity by following the 0% fee structure. However, it remains a small mining pool with 2.9 MH/s in hash power and roughly 3.2% of the network. The minimum withdrawal is a bit higher at 50 BCN, but users seem to like the mining pool, and it’s a good choice for maintaining network decentralization.
Bytecoin.fairhash.org is a smaller pool, apparently because it has a 1% fee. However, it does support other Cryptonight coins, making it useful for switching between more profitable coins when you need to. With a hash rate of about 9 MH/s, it controls roughly 4% of the network’s total hash power, making it the third-largest Bytecoin mining pool as of August 2018. As long as you don’t mind the 1% fee, this makes it a good choice for maintaining decentralization while also staying with one of the larger, more popular mining pools. Read more: Best 10 Cryptocurrencies to Mine in 2021
Bytecoin is an untraceable crypto that uses CryptoNote to provide anonymous transactions. As an originally peer-to-peer (P2P) payment system, Bytecoin has the same use-cases as Bitcoin.
The price surged to $0.001025 since the start of April. Additionally, the price approximated the yearly highs at $0.001294 by the end of April. However, BCN experienced a setback and might rebound to about $0.0010 or $0.0015 by the end of 2021.
Bytecoin is based on the CryptoNote algorithm, the most powerful algorithm for using a CPU. If you choose to mine Bytecoin with CPU, you can use xming.xmr or xmr-stak. Both choices provide you with a source code.
The Bytecoin mining data is updated regularly with the current block mining information. This information is used as the default input for the BCN mining calculator and the default hash rate and wattage specs from the best Bytecoin miner.
Based on the mining hardware inputs provided, 11,560,736.55073305 Bytecoin can be mined per day with a Bytecoin mining hash rate of 6,000.00 H/s, a block reward 8428.63329634 BCN, and a Bytecoin difficulty of 377,952.00.
As of Sunday, May 30, 2021, it would take 0.000 days to mine 1 Bytecoin at the current Bytecoin difficulty level along with the mining hash rate and block reward; a Bytecoin mining hash rate of 6,000.00 H/s consuming 800.00 watts of power at $0.10 per kWh, and a block reward of 8428.63329634 BCN.
Profitability takes into account the cost of mining hardware, a hash rate of 6,000.00 H/s, electricity costs, and pool/maintenance fees provided. All things considered, the Bytecoin mining pool is still profitable as of right now.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.