How to Mine Bytecoin

What’s the Best Way to Mine BCN?

The best way to mine is always the most profitable one, right? As far as Bytecoin is concerned, it is ASIC friendly. Using that type of device, will net you more rewards, considering the algorithm in use. Like everything around us, the crypto-sphere is evolving every day. For BCN mining, this fact is reflected in the algorithm – from GPU (graphics processing unit) mineable, it shifted to ASIC (application-specific integrated circuit). We can say that GPUs are still used, but they won’t earn you any profit.

Now, let’s address the elephant in the room. Should you mine for Bytecoin alone or with others? We suggest you do so by joining a pool. After all, we are in it for the money. Combined power equals frequent results and full wallet. When you fight this battle alone, mining a single block might take years. We have prepared thorough BCN mining guide. Just read on.

What do You Need to Start Mining Bytecoin?

Crypto mining is an online process which involves solving complex mathematical puzzles. To do so, you need to have powerful Bytecoin hardware, as it’s a trial and error process. Higher hash rate (number of calculations) enables you to solve them faster and ensures better chances of receiving a reward. As we already mentioned, the best way to mine Bytecoin is using ASICs. We’ll go over the most efficient models concerning how to mine BCN profitably. Just check the upcoming sections.

Another thing to consider is your internet connection. You should be able to stay connected 24/7, as to be in the blockchain and send out solutions to block puzzles. Furthermore, if you’re limited in traffic usage, you need to consider supplying each mining device with roughly 15GB of data per month.

The next basic requirement on our list, is the creation of a crypto wallet, which you will use to send, receive and store your coins. For Bytecoin mining, you can choose from a web, desktop and hardware option, available on the official website. For an in-depth guide on the different types of wallets, you can visit our dedicated wallets page.

What Else to Consider Before Start Mining?

Your main concern will be electrical capacity of your grid. Depending on the number of ASICs you plan to launch, you will need to calculate their total power draw, not to fry your devices or worse, the power grid at your location.

Furthermore, mining equipment produces a lot of heat. Each ASIC has its own set of fans for cooling, but in most cases they’re not enough. You’d need to consider proper ventilation and perhaps, setting up an AC to cool the room. Come winter, the heat would be more than welcome, but we digress. The required amount of cooling, in addition to the noise produced by the miners, might warrant installing soundproofing. We’ll let you decide that, as it depends where you’ll keep your Bytecoin mining setup.

Some of you may be creative in solving the above issues. We’re not underestimating you, but if you’d like some tips on how to handle the situation, our team of experts have compiled a list of measures, based on their own experience in research. You can find our detailed guide at the link here.

 

Which Bytecoin mining hardware to buy

So far, so good. Now, let us go over what kind of Bytecoin mining hardware you should invest in. As previously noted, your best option would be ASIC. When choosing from different models, pay attention to parameters such as hash rate, power consumption and of course – price per unit. We’re looking for the best cost to benefit ratio. Below, you’ll find our Top 3 picks:

Recommended Bytecoin Mining Hardware

Bitmain – Antminer X3

• 220KH/s, 550W
• 334mm(L) x 125mm(W) x 207mm(H)

$1300.⁰⁰ buy from . $1255.⁰⁰ buy from .

Halong Mining – DragonMint X1

• 124KH/s, 245W
• 310mm(L) x 124mm(W) x 155mm(H)

$1599.⁰⁰ buy from .

Setup Hardware and Software / Configuration

ASICs are quite a pleasure to work with. The process of setting them up is easy enough, as you’ll find out for yourself. Here’s our easy to follow guide:

Bytecoin Cloud Mining

So, you have decided not to bother and picked the middle man option? We’re not judging, happy to assist you with this option as well. To be profitable though, pay attention to the fees and conditions offered by each provider. For Bytecoin we have agreed on two options to be the best offerings: NiceHash and GenesisMining.

Here’s a quick glance at some of the benefits of Cloud Mining:

• 01. almost immediate results
• 02. payouts are available in a variety of cryptocurrencies, depending on the provider
• 03. enables you to mine Bytecoins without dealing with the noise, heat and dust
• 04. great way to mine coins, without investing in hardware

If that’s something that fits your needs, feel free to hop aboard.

Bytecoin Calculator

Despite everything we’ve already covered, you may still have one question. How can I make sure I’ll be making a profit? As with anything else in life, there’s no guarantee. Having that in mind, we’ve gone through the paces and provided you with a Bytecoin calculator. By entering values such as hash rate, power consumption, electricity price and pool fee, you’ll be able to get an estimate on your earnings. You can review your profitability per hour, day, week, months or years.

Disclaimer:The result from the ETC mining calculator is based on current network difficulty and coin price. It only applies for now. Crypto data is dynamic and changes frequently.

FAQ

How long does it take to mine 1 Bytecoin?

The answer to that question varies, because crypto coins are changing all the time. However, when you are about to mine Bytecoin, hop on our calculator page. Then you will know approximately how long.

How much you can mine per one day?

Depends on the hashing power of your hardware and the network difficulty. To find out more, visit our Bytecoin calculator page.

What is low latency internet?

Internet connection optimized to process data with almost no delay.

Can I mine via raspberry pi?

Yes, but it’s not profitable at all, you are competing with much more powerful devices. For argument’s sake, mining Bytecoin via raspberry pi will earn you around 1-2$ a year.

Can I mine with my phone?

It is possible, but not profitable. Plus, you risk damaging and/or overheating your phone.

How is Bytecoin related to both CryptoNote and Bitcoin?

Bytecoin is the first coin using the CryptoNote. The claim for its code is that it is not a Bitcoin fork.

Is it worth mining Bytecoin?

Its speed and transaction privacy scream yes.

Is it worth investing?

The expectations are for expanded demand and increasing value.

About Bytecoin

Launched in 2012, this coin is the first of its kind. It is well known to be a completely anonymous cryptocurrency. What makes it special is the usage of Ring Signatures. What does that mean exactly? Ring Signatures leave the verifier with the impression, that the group has signed the transaction, but doesn’t disclose who exactly did it. When using this method, your transactions are untraceable. Save your privacy by using Bytecoin.

Bytecoin Team

The developers behind Bytecoin are dedicated to developing a different financial system, matching the existing functions that come with traditional fiat currencies, but at a lower cost. This project has adopted a few main principles of work:

In the beginning, the identities of Bytecoin team members were hidden. After recognizing the skeptical approach of the rest of the world, they have decided to lift the veil and shared some of their departments’ structure and the names of certain developers. The people responsible for the cryptographic protocol are Yael Taumann, Adi Shamir, and Ron Rivest. Suzuki E. and Fujisaki E. had conducted the buildup. The list of departments includes design, development, financial, community managers, mining, management and marketing.

Bytecoin Forks

Since BCN was launched, it has been forked over 25 times. That led to several improvements, like security updates and multi-valued transactions. In a later stage, the CryptoNote Java code has been rewritten using C++. In the near future, there’s a deconstruction of the old API planned. A new dynamic fee system is also under development.

Bytecoin Regulations

Countries with cheap electricity are preferred for mining cryptocurrency. Such are China, South America, Africa, some parts of Russia and its former countries. Europe is also crypto destination, despite its electricity prices and tough regulations. Bytecoin is an excellent example of dispersed financial system, which aims for equilibrium, while operating at its highest efficiency.

For those of you who are wondering – yes, it is legal. Don’t let the unspecified law regulations regarding cryptocurrency in many countries deceive you. Bytecoin in particular, is not so easily put into a distinct framework. Why is that? Well, due to its anonymous nature and it’s a bit tricky to come up with regulations for it.

Considering the uncertainty of law makers, we recommend you research on your own, for your particular country, whether or not you need to pay taxes for Bytecoin earnings.

Sources:

https://bytecoin.org