Loading

wait a moment

How to Mine Gincoin (GIN): Complete Beginner’s Guide

bitcoin social trading

GINcoin is a coin that aims to be a turnkey solution for people who want to setup masternodes. The idea of this coin is that their are a lot of cryptocurrency investors who would like to setup masternodes, but they lack the technical skills to be able to set them up, and miss out on opportunities. Gincoin wants to change this by allowing a user to setup any coins masternode using a simple GUI software.

How to Mine Gincoin

I did notice that as of now, they only have the software working with setting up their own GINcoin masternode, but in the future they say it will work with all blockchains.

Now that we know the details about GINcoin, let’s get to mining some GIN!

Some General Mining Tips

So before we start this tutorial, I have two tips for making the most out of your mining experience. First make sure you have the latest drivers for your GPU’s. Secondly, most mining software will get flagged as a virus from virus scanners. Because of this, if your mining on your normal everyday use or gaming computer that has an antivirus installed, you will want to exclude the mining software from the antivirus. What I like to do, is I make one folder and then put all of my mining software in sub folders. I then exclude the top level folder from the antivirus and that excludes all the mining software.

Mining Pools

The first thing we need is a mining pool. You can solo mine, but the payouts could take months depending on how powerful your mining rig is, and the mining pools usually charge a very small fee (1% or less). Using a pool will allow you to receive consistent payouts, multiple times per day.

For this tutorial we will use https://arcpool.com/. I have chosen this pool because the pool has low fees (0.5%)

As for their features, there a medium sized pool, with many different coins to mine.

Now that we have a pool, lets start mining!

CPU Mining

We will not focus on CPU mining since it is not profitable, compared to GPU mining.

GPU Mining – Nvidia

For GPU mining there are many programs for Nvidia, but the one I have found to be the best is CCminer. The miner does not have a Dev fee. This mining software is compatible with Windows and Linux, however there are only precompiled binaries available for Windows.

You can find the official page and the download link at https://github.com/tpruvot/ccminer/releases

Once downloaded, it is really simple to use.

Just create a new batch file (or script file if using linux) inside the folder where the miner is and paste this into the batch file

ccminer-x64.exe -a algorithm -o stratum+tcp://mining_pool:port -u wallet_public_key -p c=coin_symbol

Replace “algorithm” with the algorithm you want to use. In this case we have to use “lyra2z”

Replace “mining_pool” with eu1.arcpool.com

Replace “port” with 1739

Replace “wallet_public_key” with your wallet address.

Replace “coin_symbol” with GIN

For example my setup is: ccminer-x64.exe -a lyra2z -o stratum+tcp://eu1.arcpool.com:1739 -u GJLMv61DNavSxA2FUvFAKxQxj9Bx6Jurxf -p c=GIN

Double click the batch file to run the miner, and you should see something like this

The red arrow indicates the GPU’s it has detected in your system.
The green arrow indicates the total speed for your GPU’s.
The blue arrow indicates the GPU clock speed, hashes per watt, total power usage, temperature and fan speed.

GPU Mining – AMD

For GPU mining there are many programs for AMD, but the one I have found to be the best is an sgminer fork that includes the lyra2z mining algorithm. The mining software has no Dev fee. This mining software is compatible with Windows and Linux, however there are only precompiled binaries available for Windows.

You can find the official page and the download link at https://github.com/djm34/sgminer-msvc2015/releases Once downloaded, it is really simple to use.

Just create a new batch file (or script file if using Linux) inside the folder where the miner is and paste this into the batch file

setx GPU_FORCE_64BIT_PTR 1
setx GPU_MAX_HEAP_SIZE 100
setx GPU_USE_SYNC_OBJECTS 1
setx GPU_MAX_ALLOC_PERCENT 100
setx GPU_SINGLE_ALLOC_PERCENT 100
sgminer -k algorithm -o stratum+tcp://mining_pool:port -u wallet_public_key -p c=coin_symbol

Replace “algorithm” with the algorithm you want to use. In this case we have to use “lyra2Z”

Replace “mining_pool” with eu1.arcpool.com

Replace “port” with 1739

Replace “wallet_public_key” with your wallet address.

Replace “coin_symbol” with GIN

For example my setup is: sgminer -k lyra2Z -o stratum+tcp://eu1.arcpool.com:1739 -u GJLMv61DNavSxA2FUvFAKxQxj9Bx6Jurxf -p c=GIN

Double click the batch file to run the miner, and you should see something like this

The above picture was taken from my How to Mine Raven Coin (RVN): Complete Beginner’s Guide

The red box indicates the total speed for all of the GPU’s combined.
The blue box indicates each GPU’s temperature, fan speed and total speed.

If there are problems, you may not have enough virtual memory. You may need 16GB of virtual memory (for Vega GPU’s you need more like 16GB per GPU) to change this go to Control Panel -> System and Security -> System and the click Advanced system settings on the left. From there, click settings under the advanced tab. Next click change, and then on the third screen, uncheck automatically manage, choose custom size, and type in the size (in MB) for both text boxes. Then press the set button, and then the ok button.

General Troubleshooting

One thing to monitor for is stale or rejected shares. If you see a lot of stale shares, you may want to try a server that is closer to you. If you see a lot of rejected shares, try to lower the intensity of the miner if available.

How much GIN will I earn per day?

To figure this out, you would go to http://whattomine.com and use their calculator. The calculator does provide a rough estimate, so you may get paid a higher or lower amount than what the calculator actually says. In this case, the GIN calculator is located at https://whattomine.com/coins/250-gin-lyra2z The calculator does provide a rough estimate, so you may get paid a higher or lower amount than what the calculator actually says.

Most of the values are already correctly entered, and you only need to edit a few values.

Hash rate: Enter your total speed (in Kilohashes per second) for all of your mining computers. This would be the “total speed” value in your mining software. Make sure to add up all of the computers your using for GIN mining.

Power: Enter the total amount of power (in watts) that your mining rig is using. Some mining software will measure this for you. You can also measure total power consumption for your computer using special software, or a kilowatt meter. I prefer using a kilowatt meter, because I find it to be the most accurate. Make sure to add up all of the computers your using for GIN mining.

Cost: Enter the cost per kilowatt hour that you pay to your electricity company. I was able to find this info in my monthly bill, as well as on their website.

Pool fee: Enter the pool fee + the miner software dev fee. For our example you would enter 0.5 + 0 = 0.5

Hardware cost: Enter in the total cost of all of your hardware.

Using my AMD Vega system for an example, I will show you how to read the data. In the above image there is really 3 things that I look for.

#1 Look at the Difficulty 24h and the Difficulty 7 days. We want these to be around the same, which they are. This tells us that the calculations we will look at in the second image below, will be accurate for days to come, as long as the price is not volatile.

#2 Look at the EX. volume 24h and the Market Cap. Generally, the bigger these are, the less volatile the price will be. We want the price to not be volatile so our calculations will be accurate for days to come. In this example, the market cap is tiny, so the price could change a lot day to day.

#3 Look at the Create 1 BTC in and the Break even in. It is always interesting to see how long it will take your mining rig to create 1 BTC. The break even in, will show you a rough estimate of how long it would take to pay off your mining rig, by mining this particular coin. This is great to use before you build your mining rig, to see how long it will take until you will see profits.

In this image, we can quickly see how many coins and USD value we will make in certain time frames. You want to look at the Profit column, since this is the value after paying for your electricity usage. I usually just focus on the daily payout in USD. By just focusing on this number, you can run the calculator for a few different coins, and quickly see which coin is most profitable for your mining rig setup. Keep in mind you also want to weigh the daily payout with the market cap. A low market cap coin may be really profitable one day, and then could have half the payout tomorrow.

That’s it. You should now be mining GINcoin! Make sure to type in your public key into the mining pool’s dashboard, to keep track of your statistics.

The post How to Mine Gincoin (GIN): Complete Beginner’s Guide appeared first on Blockonomi.