How to Mine Bitcoin Diamond
Yet another Bitcoin version? Not exactly. The crypto community wanted a kind of cryptocurrency, that would be better than the previous BTC forks, so Bitcoin Diamond was created. When wondering how to mine Bitcoin Diamond, it is always better to pick the ASICs, because ultimately, they are more efficient and will bring you more rewards when mining for BCD.
Before you start mining Bitcoin Diamond have a look into: …more
- Suitable Mining Hardware
- Proper Setup and configuration
- Recommended Mining Pools
There’s always the option of cloud mining, which we’re going to discuss in an additional section below, so you’ll be able to make the most cost-effective decision.
Why You Should Mine Bitcoin Diamond
One of the main goals of the BCD team is to improve the speed of the transactions. In the case of Bitcoin, transactions take longer because they’re limited by the block size. When we look at Bitcoin Diamond however, the block size is increased, so transactions are much faster. The Diamond version also requires lower fees per transfer. You will be able to hold, send and receive coins without having to worry about any privacy issues that may occur. This coin already has the support of 33 exchanges – they all have agreed to list the coin. Some of them are Binance, OKEX, Huobi.Pro and Bit-Z. Sounds nice, right?
Best Way to Mine Bitcoin Diamond
Тhe best way to mine BCD is by using ASIC mining machines. Currently this is the most profitable option. Nevertheless, in case you prefer mining with GPUs, then we recommend Nvidia. After thorough research, we can conclude, that its profitability is higher, when compared to AMD.
To optimize your success, your best option is to join a pool. It will provide you with a portion of the block reward each time a new block is found. That way you can have stable income with frequent payouts. So, remember – BCD ASIC miner, registered in a pool. Get those coins!
What do You Need to Start Mining Bitcoin Diamond?
Generally, the Bitcoin Diamond mining requirements are related mostly to the hardware equipment and the internet connection. Makes sense, right? But do you know why?
Here is the answer:
- X13 compatible Mining Hardware
- Internet Connection with at least 1MB/s Bandwidth
- A BCD Wallet to receive your Coins
- Enough Electric Capacity for your Mining Equipment
What Else You Need to Consider
Firstly, almost every cryptocurrency mining equipment is producing excessive noise and heat. You can visit our troubleshooting page, where we offer solutions to similar problems. Another important point here is the choice between pool mining and solo mining. We strongly recommend the first option. You’ll be combining efforts with other miners, so you can mine blocks faster and therefore earn rewards faster. Another way of mining for Bitcoin Diamond is via a cloud provider, but we’re going to discuss this option later in the article.
Consider another thing, a proper wallet choice. Dealing with sending and receiving coins is way easier, if your wallet has a secure and user-friendly interface. Now, let’s get back to business.
Best Choice of Bitcoin Diamond Mining Hardware to buy
When looking for the most profitable BCD hardware you should consider a few parameters that are of great importance. The algorithm type is the most important factor, because it determines which coins are mineable by the device of your choice. Also, take into consideration the hashrate and the power consumption. You can calculate your profitability with our Bitcoin Diamond mining calculator by using these key parameters. Just follow our BCD mining guide and you will assemble all the equipment in no time.
For your convenience, we’ve created a table with some of the most profitable Bitcoin Diamond ASIC miners available on the market.
Recommend Bitcoin Diamond ASIC Miners
Once you know the price and performance of each ASIC miner, you can compare them with the help of our calculator.
Mining with graphics cards is not recommended because X13 is strictly ASIC mineable algorithm. If you still want to mine with GPUs, there are some suggestions in the table below.
Setup Hardware and Software / Configuration
In this section we are going to explain everything from how to connect your ASIC mining equipment to the power supply and internet, to the discovering of the IP address and the configuration of the Bitcoin Diamond mining pools.
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01. Connect Your Hardware With the Power Supply Unit (PSU) and Internet
The connection between PSU and the device is pretty easy. Just plug the PCIe cables coming from the power supply to their respective sockets on the hashing boards. Then you need to connect a LAN cable coming from your Internet network to the LAN port of the device.
For Baikal miners with more than one hashing board you need to make one of the boards a “master” and the other one – “slave”. That can be done by connecting the USB port with the master board and by connecting data cable from “master” board output to “slave” board input.
This will insure that the master board controls the mining process of the slave board.
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02. Mining Pool Choice
If you’re mining BCD in a pool, it’s best to know the basics of the reward systems and the pool fees.
We listed some of the well-known Bitcoin Diamond mining pools in the table below:
Btccpool
.Server locations:
..Reward system: PPSAverage fee: 3.0%Our choiceUUPool
.Server locations:
.Reward system: PPSAverage fee: 3.0%VVPool
Server locations:
.Reward system: PPSAverage fee: 5.0%Choose a mining pool and register your account in their website if its required.
If you want to learn more about the different reward systems and how they work, visit our mining pools website.
After choosing your favorite BCD mining pool, your next step is to find the device’s IP address and configure the ASIC miner.
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03. Find the IP Address of Your Miner
The easiest way is to login to your Internet router administration panel and look into DHCP clients table for the IP address that is assigned with hostname “baikal”.
Another option is to use IP scanning software to determine the IP address that is assigned to your miner.
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04. Login to Your Miner Web Interface
Open your favorite web browser and enter the IP address of your machine.
You will be prompted to enter the password which by default is: baikal
Sometimes the login credentials can be different for every model and the best way to find them is to read the manufacturers manual.
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05. Mining Pool Configuration
Click the “Miner” tab on the top of the page to access the BCD pool configuration.
In the pool section you can modify the existing options or add new mining pools from the “Add pool” button.
Here is a configuration example for BTCC mining pool.
POOL URL 1: stratum+tcp://stratum.btcc.com:5610 or stratum.btccpool.info:5610
POOL URL 2: stratum+tcp://stratum.btcc.com:5710 or stratum.btccpool.info:5710
You should select X13 Algorithm for Bitcoin Diamond and your wallet address in the user field.
Click “Save pool” and wait for miner software to restart.
You can monitor the mining activity in the status page.
Bitcoin Diamond Cloud Mining
You can also cloud mine BCD, if you’re don’t want to have to worry about mining equipment, electricity bills and maintenance. We have done our research on the matter and we found two of the top Bitcoin Diamond cloud mining providers. When you decide which one suits your mining expectations, sign a contract with them, so they can start mining for you.
Some of the well-known, which offer X13 algorithm contracts are:
Bitcoin Diamond Calculator
Our Bitcoin Diamond mining calculator can be very useful for calculating your earnings and profitability.
The required parameters for the calculation are the hashrate and the power consumption of your equipment. Additional fields are the pool fee or the mining software fee which may vary between 0% and 3%.
For cloud mining you need to enter only the hashrate and the pool fee. The result will help you to determine if the third-party involvement is profitable.
Disclaimer: The results from the calculator are based on variables such as network hashrate, difficulty and coin exchange price. Sometimes your profitability results may vary depending on the fluctuations of these parameters.
FAQ
How much BCD you can mine in one day?
You can use our Bitcoin Diamond mining calculator to determine that.
What’s the difference between original Bitcoin and Bitcoin Diamond?
BCD had several improvements like Replay Protection, increased block size (8MB), Lightning Network and SegWit support.
Is it worth mining it?
It’s best if you calculate that and decide if it meets your expectations.
What’s the profitability?
You can easy check it out, using our Bitcoin Diamond mining calculator.
Is it legal mining it?
It is legal, but you need to pay income taxes for your profits.
Can I mine using my iPhone?
Currently it’s not possible to mine X13 algorithm with mobile phones.
Why should I mine BCD?
You will gain some extra income while supporting the network and the coin itself.
About Bitcoin Diamond
Bitcoin Diamond is the first coin of its generation with a very simple and basic design. The original Bitcoin doesn’t solve the anonymity and privacy issues, so here comes the BCD. Based on the Bitcoin’s core and with no wallet support, except the BitPie one, Bitcoin Diamond invests time and resources in the coin’s privacy. Transaction amounts are encrypted in a different way compared to Bitcoin. The design is similar to Monero’s and one difference is that the supply is multiplied by 10. What does this mean? 1 milion Satoshi = 1 BTC and 10 milion Satoshi = 1 BCD. In fact, even the circulation number is about to be 10 times bigger than the Bitcoin’s.
Bitcoin Diamond Team
As you probably noticed already, Bitcoin Diamond was founded by an anonymous team and most of their public activity cannot be linked to a real person. However, one thing is certain. The team behind the coin is focused on making users get the best experience from the network. This is apparent form the words of one of the BCD’s executives taken from a press conference:
“Our primary objective is to lower the cost for participation thresholds by reducing the transaction fees and the cost of participation. The total amount of Bitcoin diamond is 10 times as much of Bitcoin, which translates into reduction of the cost for new participation and reduction of the thresholds.”
Bitcoin Diamond Hashing Algorithm
Bitcoin Diamond’s hashing algorithm is the X13 – a modern one, using 13 functions (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, etc.). To be able to hack it, a person will need to find a vulnerability in each of its hashing functions. Even if one of them gets compromised, the team are going to analyze it and change the hash.
Bitcoin Diamond Fork
This was the fourth Bitcoin hard fork in the period of several months. Miners started creating blocks using a new PoW algorithm, called X13 in order to optimize the privacy issues of Bitcoin. The new blockchain was sharing the same transaction history with the Bitcoin’s one until the split block, from which occurred the new cryptocurrency – Bitcoin Diamond.
Bitcoin Diamond Regulations
As expected USA is on the top of the list of countries focusing on cryptocurrency trading. America’s followed by Canada and Russia, so these three countries are most likely to promote investment in the crypto market. On the other hand, China and Nigeria banned all crypto actions. Others such as the EU countries, South Africa, UK and Australia are building policies to strictly regulate crypto-trading.
Sources:
https://twitter.com/bitcoindiamond_?lang=en