How to Mine Komodo
The Komodo (KMD) cryptocurrency, known as a Zcash fork, is using the Proof-of-Work (PoW) protocol, which makes it your next mining opportunity. The privacy of its transactions, in tandem with anonymity and transparency, are the main columns in this blockchain project. This article aims to present you all the key moments of interest related to Komodo mining. So, if you want to become a successful KMD miner, follow our full guide in the sections below. …more
- Most reliable Komodo hardware option to start mining
- The best software configuration to maximize your profit
- KMD mining pool options and how to pick the one
There’s also an option for those of you, who don’t want to mess with mining requirements – cloud mining. Now, let’s see why you should consider mining Komodo.
Why You Should Mine Komodo
Having in mind that Komodo combines the anonymity of Zcash and the security of Bitcoin, we can conclude that there isn’t really a chance of being attacked, because the hacker would have to find some weaknesses in both of the chains. This is a must-consider security, when choosing a coin to mine with a long-term perspective.
However, you can exchange any coins you have in KMDs via the ShapeShift application. Note that you can also exchange the Komodo cryptocurrency in multiple exchanges such as Bittrex, Binance and Cryptopia, so you can profit the best optional price when cashing out. Everything mentioned makes Komodo a tasty bite for new and experienced miners alike. Keep on reading as it’s about to get more interesting.
Best Way to Mine Komodo
Komodo is using the Equihash algorithm, which means you’re able to mine it via video cards – GPUs. There is always the option for both Nvidia and AMD cards, but sticking to the title of the paragraph, we can conclude, that it is most profitable when you use the Nvidia models. Here’s the moment to consider if you’re planning to have one or multiple GPUs (mining rig). Ultimately, you can mine Komodo with Nvidia GPU Mining Rig and EWBF Cuda Miner for best profit. The next section will give you some particular directions to know what exactly you’re supposed to check when creating your setup.
Despite having done everything on your own by now, there comes a moment when joining other miners will help you achieve faster and better results. Mining Komodo in a team is called a mining pool and guarantees you frequent and stable incomes. Combining your power with others means that when it’s time to receive a reward, you’re going to get a share, proportional to your contribution.
What Do You Need to Start mining Komodo?
When we’re talking about GPU mining rigs, there are a few things you should consider. To make use of all the GPU’s you’ll actually need to setup a full-fledged PC, including a motherboard, CPU, RAM and HDD.
Reliable internet connection is a must-have condition to become a successful KMD miner. If you aren’t online, then you’re not mining. If you’re limited in traffic, have in mind that each of your devices would need around 500MB per day, which is a serious amount to consider.
The capacity of your power grid is also important when you’re setting up shop. Take care to calculate your power consumption properly and consider your power grid capacity.
The wallet software is something you can’t go without. This is the place, where you’re about to collect your mining income. We recommend using the official Komodo wallet.
Short overview of the requirements to consider before you start mining Komodo:
- The best KMD miner is a Nvidia GPU
- Reliable internet connection to connect 24/7 to the blockchain is crucial
- Power draw calculation before you purchase your miners
- A convenient Komodo wallet choice
What Else You Need to Consider before start mining?
For starters, you should be aware that GPU rigs put out a lot of heat. If you only have one – it shouldn’t be an issue. But if you plan on adding more in a small area, consider proper ventilation or even install an AC to keep your devices cool. After all, if they operate at optimal temperatures, you’ll be maximizing their performance.
Another issue you may come across when expanding your mining operation is noise. If you’re going to mine at home, we do suggest you consider sound proofing the room where you’ll be placing the Komodo miners or simply find a place, where they won’t disturb anyone.
Dust is another mischief you’ll have to deal with. Make sure you regularly clean your devices, as that would help them keep cool and also run to show an optimal performance.
For solutions to all the above and more, check our article: (Ventilation, cooling systems and noise solutions). We’ve compiled a list of measures provided by our mining experts, based on their own experience and research.
Having previously discussed your internet connection, low latency is also a factor when speaking of blocks. Let’s say you and another miner both mine the same block. This is where you faster connection would allow you to win the reward, as you’ll be quicker in stating your result to the network..
Last but not least, you should definitely download a wallet to manage your coins. There are multiple choices when speaking of Komodo mining and here they are:
- Ledger Nano S: your private key never leaves the device, you can receive your KMD coins directly to the safest wallet available on the market.
- Agama: official desktop wallet with implemented exchange and multi-coin wallet;
- Iguana Multi-wallet: two decentralized exchanges – EasyDEX and PAX
Best Hardware to Buy
As already noted, GPU miners are more profitable than the CPU ones, we can also add that Nvidia is the more efficient choice you can make about the video card. When speaking of Komodo hardware options, we’ve prepared a table with our top propositions for you:
Now you’re able to make an informed choice and decide which hardware device corresponds to your needs.
Setup Hardware and Software / Configuration
If you already assembled your GPU mining rig and your system is up and running, then you should proceed with the software configuration. If you need assistance about setting up all the required components, please visit our detailed guide How to build GPU mining rig.
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01. Choose a mining software
You need to choose the right software to mine Komodo. We recommend EWBF Zcash miner for Windows.
02. Choose a Mining Pool
The example will be provided with the Supernova pool, but you can choose any pool, that supports the Komodo coin. Here’s a table with some reputable pools to choose from:
miningspeeed
.Server locations:.
Reward system: PPLNTAverage fee: 0.8%Zpool
.Server locations:. .Reward system: PROPAverage fee: 1.75%Suprnova
.Server locations:. . .Reward system: PPLNSAverage fee: 1%Want to know some more on mining pools? Follow the link to their dedicated page.
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03.Before you start mining Komodo you will need a wallet
There you will store yours coins. We will give you a short list with wallets:
- Iguana Wallet
- EasyDex
- Agama Wallet
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04.Configure the mining software with the pool and wallet
- Part 1: Visit the EWBF Bitcointalk thread
- Part 2: Choose the latest version and download it
- Part 3: Extract the .zip file
- Part 4: Open the “suprnova.bat” file in Notepad to edit it
- Part 5: Enter the following configuration
miner –server kmd.suprnova.cc –port 6250 –user Account.YourWorkerName –pass xReplace also the pool’s server and worker name, if you have a password, you can replace it also. If you have correctly followed the steps run the miner and it should look like:
Enjoy mining!
Komodo Cloud Mining
Cloud mining is a process of renting hash power from a third party. Choosing this method to mine KMD coins, you’re going to avoid all complications related to equipment procuring, software configuration and increased bills, but you’re also going to miss all the fun on the road to success. There are many providers available on the market, but we’re going to propose to you a couple, which we believe are worthy of your attention in the table below. You can read their contracts, decide if the conditions suit you and then sign and pay. A suggestion on which provider to choose are the Nicehash and HashFlare services. For some more information about cloud mining, its pros and cons, visit our webpage.
Komodo Calculator
Our mining calculator is here to help you estimate your profit when mining KMD. To receive a useable result, all you need to do is enter:
- 01. The hash rate of your hardware
- 02. Its power consumption
- 03. The electricity cost for kW/h
- 04. Pool fee
If you’re on a cloud mining contract, enter its monthly price. All other variables such as mining difficulty, block reward or the coin’s actual price will be automatically provided by the mining calculator’s software. The result can be shown per hour, day, week, month or a year.
Disclaimer: Have in mind, that this is an estimation and it depends on the coin’s characteristics for the moment, which mean it’s going to vary a lot in correlation with market conditions.
FAQ
Which is the Komodo mining algorithm?
Komodo is using the Equihash algorithm for mining.
Is it legal to mine Komodo?
When speaking of regulations, there are a few countries, which have banned cryptocurrencies – Algeria, Bolivia, Ecuador, Bangladesh, Nepal and Macedonia. There are also several, which don’t accept is as a payment method – Vietnam, Indonesia and Thailand. Generally, all others have some king of regulations, but we can safely say it’s perfectly legal to mine.
Can I do a dICO?
Yes! No permission needed to create a new coin and release it in the DEX.
Which is the Komodo consensus protocol?
Currently, Komodo is using the dPoW mechanism – delayed Proof-of-Work consensus method to backup transactions and provide more secure version of the original PoW.
About Komodo
Komodo (KMD) is an open-source platform which facilitates transactions, based on privacy. This in turn means they are transparent and anonymous, with a high level of security. The project’s main goal is to achieve stability in the peer-to-peer payment service.
Holding KMD coins provide many functionalities, such as:
- – Method of payment for Komodo security services
- – Fuel for the upcoming Smart contacts API
- – Endorsing privacy and connecting to a decentralized exchange
- – Holding at least 10 KMD in a wallet, automatically generates interest of 5% APR
This network was the first to provide decentralized atomic swaps with automatic order matching, without having to download the entire blockchain.
Komodo Team
The team’s main concept is that the user is free and should have the ability to make decisions on his own. The executive leadership team contains a lead developer (the founder), chief technology officer, general manager and chief marketing officer. There are some departments, such as developers, administration and support, brand marketing, ambassadors and advisors. It’s an open-source project, so you can visit the Slack channel to communicate with any moderator you would like to.
Consensus mechanism
Komodo is currently running the delayed Proof-of-Work technology. PoW is for the time being, the most secure consensus mechanism, because of its widespread adoption and pooled computer power. KMD’s dPoW provides the same level of security, using the protocol as storage for backups of transactions. This way, even hacked, the Komodo blockchain need a single surviving copy of the main chain to restore the entire ecosystem, respectively overruling any attempted changes.