How to Mine Musicoin
The clash of the financial sector and the music business worlds gave birth to Musicoin, a great new blockchain platform, which allows you to immediately start mining MUSIC. Wondering how to mine Musicoin? Preferable hardware is the ASIC one as It is more powerful and will ensure faster rewards, compared to GPUs (still optional). So, keep up with the rhythm of the mining dance and let us show you what the steps to become a successful miner are. …more
Mining Musicoin requires a few things:
- Choosing the best hardware for the supported algorithm
- Join a Music mining pool – recommended ones are listed below
- Software and hardware installation and configuration
For those who are not keen on paying high electricity bills and adjusting hardware and software settings, do not worry. There is a convenient option for you as well, called cloud mining. So, if you want to learn more about that, keep on reading.
Why You Should Mine Musicoin
This is a blockchain platform allowing distribution, creation and listening to music to be done in a shared economy. It’s all free and without any ads. Mining Musicoin gives you the chance to stay in touch with your favorite musicians and you can always show your appreciation by giving feedback and sharing songs. Take part in the revolutionizing of the value of musical activity. This coin implements decentralized, peer-to-peer method of work. By mining it, you will become part of a blockchain, supporting the music industry. This type of platforms is gaining popularity and it’s catching the attention of more and more investors.
The transactions are secure and transparent and there’s no third-party involvement. This is great for the musicians, because they get 100% revenue from their streams. You might ask yourself how is that even possible, when it’s free for the listeners? Well, the team behind the coin is managing UBI (Universal Basic Income). This model supports both sides simultaneously. The blockchain used by Musicoin allows two parties to send and receive money without anybody in the middle (banks or any other financial institution). After everything said so far, you must be eager to find out how to mine Musicoin, so let’s jump to that.
Best Way to Mine Musicoin
Musicoin is an Ethereum fork, using Ethash as Proof of Work algorithm. Being so, it can be mined via GPUs (AMD and Nvidia) or ASICs. Purely hardware-friendly, ASICs are more powerful and give results faster. This is boosted even more when mining together with more people by joining a mining pool.
If you are still confused, here is a short summary of the mining ways. Solo mining is not a recommended option because of the longer periods without income. After all, you are in for the money. Mining in pool gives you only a portion of the block reward, but you mine the blocks faster, which makes your income more stable and frequent. You can read more about the third option, cloud mining, further on in the article.
What You Need to Start Mining Musicoin?
The most important thing for mining Musicoin, or any other cryptocurrency for that matter, is the accurate hardware choice. More about that in the next sections of the article. Give even more boost to your machines with adequate electricity and fast internet connection, with low latency and unlimited traffic.
So, we advise you to pay attention to:
- Proper hardware – ASIC/GPU
- Mining software (only for GPUs)
- The internet connection – unlimited traffic and low latency
- The choice of a Musicoin wallet
Choice of a proper wallet is essential to mining. This is the place where you will keep your earner coins. It needs to be safe and secure. Our recommendation is to use the official Musicoin Desktop Wallet which is available to download here. For detailed information about different type of wallets (hardware, software, mobile and others) you can visit our webpage dedicated to wallets.
What Else You Need to Consider
The machines are like any other electric appliance – they produce heat and noise while working. Well, in the case of ASIC mining, we’re talking also about serious energy consumption. Always check the following:
- Capacity and power consumption of the electric network
- Ventilation or cooling solutions
- Machines and Fans noise
- Maintenance
Which Hardware to buy for Mining Musicoin
And here we’ve reached the most important part. You need to think carefully when it comes to buying hardware, because it’s a big investment to make. GPUs are the better choice when you want to be able to change the algorithm any time and the ASIC miners are better in terms of efficiency and pricewise. We have prepared a table, in which we show you the type of Musicoin mining device, its hash rate, its power consumption and the prices.
Recommend Musicoin Hardware
Bitmain – E3 ASIC
- 180 MH/s , 800W
- 399.5mm(L) x 130mm(W) x 328.15mm(H)
In the table we have placed the first Ethash based ASIC and several GPUs from AMD. The difficulty of Musicoin’s algorithm (algo) is getting higher and solving it with GPUs will become harder and less profitable.
Setup Hardware and Software / Configuration
Let’s continue with the technical part. Proper configuration of the hardware and software is another essential step of the mining process. We are going to review the pool and wallet configuration of both GPU and ASIC mining equipment in our ultimate Musicoin mining guide below.
GPU Mining Configuration
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01. Choose the algorithm
Musicoin is single algorithm coin using Ethash
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02. Choose the software
In our case the best software for mining Musicoin is Claymore’s Dual Ethereum GPU Miner which supports GPUs from AMD and Nvidia. Its available for Windows and Linux and you can download the latest version from the Bitcointalk thread here.
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03. Choose a MUSIC mining pool
They are basically the same, with variation in the fees and reward systems. We recommend the Mining Pool Hub for this coin, but we’ve also come up with a table showing you the top ones:
Miningclub.info
Server locations:.Reward system: PPLNSAverage fee: 0.5%Our choiceepool.io
Server locations:..Reward system: PPLNSAverage fee: 1%2miners.com
Server locations:..Reward system: PPLNSAverage fee: 1% -
04. Another step before mining is picking a wallet
The wallet is the place, where you will store, trade and receive your coins. The easiest way is to have an account in an exchange. Bittrex is suitable for our example. Creating a wallet directly there gives you the chance to send and receive funds faster, without the need of synchronizing the blockchain. We would not recommend keeping large amounts of funds on exchanges because they often are a subject of attacks by hackers. When you have created the wallet, copy this address for later Music mining software configuration:
Of course, you can use a web-based wallet. Just sign in on the official Musicoin webpage with your email and click on “request code”. After receiving an email with it, you can sign up. Then log into your account and find your wallet address.
There is a third option – download the software to your computer and create a desktop wallet like the Musicoin Desktop Wallet. Here is a good place to mention the importance of backup when using such a wallet. Musicoin is an Ethereum token, so it gives you the chance to use MyEtherWallet as well.
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05. It’s time to configure the pool and wallet address into mining startup file.
Let’s assume you already downloaded the Claymore’s Dual Miner from the Bitcointalk thread. You need to extract the archive into a folder of your choice. Look for the “start.bat” file which contains the startup parameters of your miner. Right click and Edit the file in Notepad. You should see something like this:
EthDcrMiner64.exe -epool music.2miners.com:4040 -allcoins etc -allpools 0 -eworker RIG_ID -ewal 0xb4d34c107abdc45cf8f437cbca2578ed30bcab75 -epsw xYou need to change several parameters in order to use your wallet address and to connect to your favorite mining pool:
- 0xb4d34c107abdc45cf8f437cbca2578ed30bcab75 – this is the wallet address where all the payouts are sent to
- music.2miners.com:4040 – this is the pool URL address and a port which you can find in the pool website
- RIG_ID – this is the identification of your current worker. If you have multiple miners, it will be easier to monitor them individually.
After you replace the requested parameters in the file, you need to save and run it.
On the black screen window, you will see the available GPUs and their current hash rate. You can even make the mining software start automatically by putting a shortcut into the windows startup.
The easiest way to do that is by holding the Windows button and then pressing R. In the field type “shell:startup” and hit Enter.
Here you will have to drop a shortcut of the start.bat file. This will auto-start the Musicoin mining software when Windows boots up.
For more hardware optimization, have a look at our specialized section. You can be sure, that now all your income is sent directly to the wallet, you have entered inто the miner configuration.
ASIC Mining Configuration
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01. Take the cables and connect the Antminer E3 to the internet and power line
- Connect the power supply to the hashing boards of your device (don’t look so puzzled, every socket is identical)
- Plug a LAN cable into the machine’s network port
- Connect the power supply to the electrical system via the socket
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02. Pool choice
When your hardware is up and running, next comes the pool choice. We already mentioned the pools and rewards systems in the previous section so feel free to check our table and decide on which one to join.
In almost every mining pool you can find a “Help” section, which will guide you through the pool setup process or answer any additional questions you might have. If you want to learn more about mining pools and different types of reward systems, feel free to visit our mining pools webpage.
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03. Find the IP Address of Your Device
There are two ways doing so. The first one is easier – if you have access to your router, there is a list of DHCP clients where you can search for your miner. The second option is to use the IP Reporter software that came from Bitmain. Unzip it, double click on it and you should see this window:
Press the Start button. Now we go back to the machine. There we have to do one simple thing: find the “IP reporter” button. Press and hold until the red-light blinks. Then you should see a pop-up window containing the device’s IP. Note that it only works if both devices are within the same network.
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04. Login to the administration interface of your Music miner.
The next step is to open the administration page of your device with the help of your favorite web browser. Just enter the IP address of your machine and hit Enter. A dialog box shows where you will type in a username and a password. Usually the credentials are both ‘root’.
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05. Configuring wallet and pool address
After successful login, go to the Antminer’s Miner Configuration/General Settings and fill in at least one mining pool. It is recommended to enter more than just one pool because if your ASIC is not able to connect to the first, it will automatically switch to the next one. A working configuration should look like this:
You can leave the password empty or random.
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06. Saving and applying settings
We have arrived at the final step: just click Save and Apply. Wait a bit and check in the “Miner status” page. If section “Summery” shows hash rate, your ASIC is up and running.
Note: Antminer E3 is only for the Ethash algorithm, but if you choose to mine with GPUs, you can mine other algorithms as well.
Musicoin Cloud Mining
As we said, for those of you who want to skip the configuration and electricity bills, you can cloud mine the coin. This way of Musicoin mining is with the help of a third party, or a middle man. By paying a fee and signing a contract with them, you are hardware free. Not a single care about the noise, heat, dust or electricity bills. Before you sign anything, do your research and find good and reliable providers, from which to choose. For further detailed information on cloud mining, just click here.
We have made a list of some important notes to consider:
- 01. The provider’s reputation
- 02. Does the contract mine with the algorithm you have chosen?
- 03. Your desired mining hash power
- 04. Read carefully the terms of the contracts and watch for the maintenance fee
We would like also offer you some providers as suggestion, so keep an eye on:
Musicoin Mining Calculator
Let’s not forget that mining is a synonym of extra income. So, the big question is how much you can earn from mining Musicoin. This can easily be calculated with our mining calculator. Just type in the fields the value of the hash rate, the power consumption, price per kw/h and pool fee if there is any. Click calculate and there you have it. You will see what your income for one day, week, month or year would be if you start mining MUSIC coins now with the set parameters.
Disclaimer:Remember that the variables like network difficulty and coin price are volatile. They are an essential part of the calculations, so your estimated profitability is valid only for the moment of calculation.
FAQ
How long does it take to mine couple of Musicoins?
This is determined by hashing power, which you have, and you can check by using our mining calculator. For example, if you have hash rate of 180MH/s you will receive 832 coins for 1 day.
Is Musicoin mining profitable?
You can check this any time, by using the mining calculator.
Is it legal to mine Musicoin?
Mining is illegal in Bangladesh, Nepal, Macedonia, Ecuador, Bolivia and Algeria. You can’t use crypto as a payment tool in Thailand, Indonesia and Vietnam at the moment.
Is it safe to mine Musicoin?
Just be careful and pay attention to our notes and all will be fine.
Is it possible to mine Musicoin on Raspberry Pi?
It is possible to mine Ethash algorithm on Raspberry Pi, but you can’t earn any profit out of it.
Which algorithm is used for Musicoin mining?
Musicoin is based on the Ethash algorithm.
How to make your own pool?
Visit our “create your own mining pool” page for detailed information.
Why is streaming free for listeners?
The team of Musicoin is leading a war against titans in the music streaming field, like Spotify. The idea behind this is to do the streaming without ads and for free. Musicoin supporters are leaning towards pushing the platform into mainstream adoption.
How are musicians getting payed for the streams of their music?
The payments are formed by shared portion of the mined Musicoins.
About Musicoin
This coin is created for the music lovers. It assists musicians to be almost instantly rewarded, when somebody is listening to their songs. The global music industry has payment issues and many artists are not content with all that. Here is Musicoin’s solution:
This system uses PPP (pay-per-play) system. Every time somebody listens to a song, the singer gets 1 Musicoin. If they are a band, this one coin is equally divided between all of them. This strategy was developed by the coin’s creator Isaac Mao. Expect more of it in the future. This coin has a controversial to the blockchain implementation called UBI (Universal Basic Income).
With it, the reward is no longer strictly 1 Musicoin, but an amount which equals about 2cents. The next step was making all playlists on this system free for the listener. The latest new wrinkle to Musicoin is the 2018 Proof-of-Share. This coin’s eco system is developing and is worth having a look.
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