How to mine Vertcoin
As the popularity of cryptocurrencies is quickly growing, today we would like to present Vertcoin (VTC) to you. The coin is based on the Lyra2RE(v2) algorithm, which makes it ASIC resistant and thus is best mined using GPUs. If you’re just getting started with crypto, then our article is exactly for you. Here, you will find a complete step-by-step guide with all the information you might need to start mining Vertcoin. In short: …more
- Which is the best hardware you can choose
- How to set everything up
- Recommendations for Vertcoin mining pools
For those of you, who aren’t interested in mining on your own, there is a cloud mining alternative. We’ll cover that aspect in detail, further on in this article.
Why you should mine Vertcoin?
Vertcoin is all about fairness and simplicity of the mining process. It’s known as the “people’s coin”. One of the reasons for that is the software, that even a child can use – the 1-click miner. You can find it on the coin’s official website.
The team behind the coin have implemented a segregated witness (SegWit) which adds a second layer of security when making transaction. To enable this function, the block size has been doubled, which also translates into faster transfers. Another privacy feature is stealth addresses, which protect your identity when sending or receiving funds. All these properties, make the coin easy and safe to use, allowing for low-cost and quick transfers. Having these benefits in mind and the potential for growth, Vertcoin is a great mining opportunity.
Best way to mine Vertcoin
Vertcoin’s algorithm Lyra2RE(v2) makes it perfect for mining with GPUs. The main players in the GPU market are AMD and Nvidia, but we would recommend using cards made by the latter company, as they offer higher price to performance ratios. We have prepared a few top hardware offers for Vertcoin mining to make it easier for you to choose the best one.
Having the best hardware for the job is just one part of the equation. Another thing to consider is mining in pool. By doing so, you’ll be joining forces with other miners, combining your hashing power and finding blocks faster and more frequently. Having that in mind, you would be splitting rewards proportionately, but you’ll achieve higher profit long-term.
Now that we’ve covered the best way to mine VTC, let’s have a look at what you need to get started.
What you need to start mining Vertcoin?
There are some crucial points to consider when picking a hardware for Vertcoin mining. We’ve already established that using GPU rigs is the only viable choice, and in that line of thought, you’ll also need a combination of Motherboard, CPU, RAM and an HDD/SSD to manage all your cards and install the needed software.
When deciding on how many rigs to set up it’s also important to check your power grid capacity to avoid any electrical issues.
Further to that, your internet connection should be reliable, as you’ll need constant access to the blockchain to mine and make money. If you’re capped on data, have in mind that you would need about 500MB of traffic daily, for each device.
Last, but not least, you’ll need a wallet to receive your mined coins. We recommend using the official desktop one – Vertcoin Core for starters. It’s the most secure and user-friendly option for beginners. If you want to read in detail what other types of wallets there are and learn about their pros and cons, visit our dedicated wallets page.
This is what you will need, summarized:
- GPU rig with preferably Nvidia cards for maximum profits
- Correct power draw estimation
- 24/7 Internet connection
- Wallet to store your coins – Vertcoin Core
What else you need to consider?
We’ve already mentioned the use of rigs for mining Vertcoin. However, something you need to consider is the noise and heat produced by these machines while working full speed to provide the best results. To combat these issues, we’ve prepared a dedicated guide with the help of our mining experts. You’ll find tips and recommendations, based on their own experience and research, at the link.
To further expand on the properties of your internet connection, having low latency is also a good addition, as it would increase your chances of getting rewarded for a block, if someone else has found one at the same time as you. The first one to report his result to the network will win.
We should also add that mining consumes a lot of electricity and you should be aware of the costs associated with the process.
Which hardware to buy?
As promised, here are the top suggestions for GPUs, which will guarantee you high hash rates and will get you closer to your goal – being the first to mine a block and get rewarded:
The data in this table will prove useful later on in the article, when you’ll be able to use it to estimate your potential profit. You’ll find more details in our Vertcoin mining calculator section.
Software and hardware setup and configuration
In this section we’ll go over the setup process in a step-by-step manner. By the time you’re done, you’ll able to call yourself a Vertcoin miner.
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01. Set up your Vertcoin mining rig
After purchasing all the hardware required and a frame to hold your GPUs, assemble the components and connect your power supply to the grid. After that’s done, you’ll need to install an operating system to begin with. Once you’re done with that and installed all the latest drivers, you can move on to the next step.
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02. Download and install your VTC wallet
The important thing about the wallet is the address you will get. This address will lead the coins to you. We recommend you download the wallet from the official Vertcoin website.
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03. Pick a mining pool
At this point, you need to decide on a mining pool. In the table below, you’ll find a collection of the best options on the market for the time being.
suprnova.cc
Server locations:Reward system: PPLNSAverage fee: 1%Our choiceminingpoolhub.com
Server locations:Reward system: PPLNSAverage fee: 0.9%easymine.online
Server locations:Reward system: PROPAverage fee: 0.5%You can decide for yourself, which pool suits your needs best. The fee and reward systems differ and depending on the total hash rate of the pool, you’ll see different results. To learn more about the different aspects of choosing a pool, click here to visit our dedicated mining pools page.
For the purposes of this article, we’ve chosen SuprNova as our example.
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04. Configuration of your Vertcoin software
– Go to the suprnova.cc main web page and register
You will receive a conformation email. Follow the instructions in it.
– Log into your new account. There add your rigs under “register worker”. Every rig can be added as a different worker and you can make it easier to recognize each one, by placing a “.” at the end, followed by a name or a number.
– Download the needed mining software:
https://github.com/tpruvot/ccminer/
https://github.com/nicehash/sgminer
– Settings for Stratum (recommended):
STRATUM:stratum+tcp://vtc.suprnova.cc:5678
Username:Weblogin.Worker
Password:Worker Password
– CCMiner – example configuration
ccminer -a lyra2v2 -o stratum+tcp://vtc.suprnova.cc:5678 -u Weblogin.Worker -p Worker password
– SGMiner – example configuration
sgminer -k lyra2rev2 stratum+tcp://vtc.suprnova.cc:5678 -u Weblogin.Worker -p Worker password -I 21 -w 64 -g 2
Here you must replace with your data:
Pool:stratum+tcp://vtc.suprnova.cc:5678
Worker:your_account_name.worker_name
password:your_passoword
– Check if everything is working correctly, by logging into the pool’s website. Type the wallet address in the search bar.
Vertcoin cloud mining
If you are not hardware savvy, but you want to take part in the mining world, Vertcoin cloud mining is the alternative for you. All you need to do is pick a provider and sign a contract. The third party is there to do all the hard work for you. No noise, heat and dust to worry about. We have summarized the cloud mining’s perks for your convenience:
- 01. To begin, you only need to provide a wallet address and wait for your income
- 02. No set up and configuration issues
- 03. You can get paid in different cryptocurrencies
When picking out a provider, have in mind the price of the contract and calculate your profitability. Furthermore, make sure to properly research the companies you choose, as there are many scams out there. To get you started, we’ve gone ahead and done that part for you. Our research shows, that NiceHash and MiningRigRentals are reputable cloud mining providers.
In case you want to read dedicated reviews for certain cloud proviers, click here to access our specialized cloud mining webpage.
Vertcoin mining calculator
Our VTC mining calculator is a straightforward tool, created with an easy to use interface. All you have to do is fill in several pieces of data to estimate your mining profit for a day, week, month or a year. The information required is:
- Your hardware power consumption (in Watts)
- Your hash rate
- Electricity cost per kW/h
- The pool fee in % (this you can find in our table earlier)
FAQ
What is a stealth address?
It helps you hide your real address to the network. It makes It look like your payments go into different wallets, when they all go to one.
Which are the popular Vertcoin mining pools?
One of the most popular pools is Cointoron. If you’re interested in learning more, visit our dedicated page on mining pools for Vertcoin.
About Vertcoin
Vertcoin (VTC) is climbing higher in the rankings of the coin market cap. The coin is quite social, which attracts investors and participants. The wellbeing of the coin is in the hands of the people and there is no authority singlehandedly controlling it.
Another amazing feature is the atomic swap option, available now for this coin. You can practically swap it with Litecoin in your own wallet. You know what that means? Yes, no fees or exchanges.
The team searches for various ways to educate everybody within the network, helping them gain knowledge and become stronger. This will strengthen the Vertcoin network as well. It never stops working on remaining resistant to ASICs. This coin stays true to its core idea and is open for everybody, that has crypto interests. Its society is welcoming newbies, so you will be supported (if you are one, of course). Vertcoin is playing it simple and gives the chance to the members of the network to participate and keep the network decentralized.
VertCoin Team
It all started back in 2014. The team is basically what makes the community. They are working as volunteers and most of the projects are funded by donations. Vertcoin will make you feel like you’re your own bank institution. VTC is divided mainly into developers, PR, marketing, administration and community departments.
Resources:
https://bitcointalk.org/index.php?topic=895020.0
https://www.reddit.com/r/vertcoin
https://github.com/vertcoin-project