Sunday, 24 November 2013

How to mine Peercoins


(user and password = crypto)

I've included here three folders: two with the necessary files to start mining Peercoins right away and one more to mint them through Proof of Stake (only if you already have some!). Let's start with the mining part. Update 1, 15 December, 2013: If after downloading the file you see it has no extension, append .zip to its name or open it as a .zip file.

If you've never mined Peercoins before, you can follow these steps to test your hardware:


- If you want to mine Peercoins with your CPU, double click on the file "MineWithCPU.bat" from the folder "Mine Peercoins with CPU". If your hardware can handle it, your computer will begin mining Peercoins for a test worker I've set up at the mining pool Coinotron. It could take hours before you get a share though. Mining Peercoins with your CPU isn't effective, but you can experience how it works by executing this file.




- If you want to mine Peercoins with your GPU, double click on the file "MineWithGPU.bat" from the folder "Mine Peercoins with GPU". If your hardware can handle it, and the miner I've included recognizes correctly the graphical card you've got on your computer, it will begin mining Peercoins for another test worker I've set up at the mining pool Coinotron. It could take minutes before you get a share though. Mining Peercoins with your GPU is far more efficient than doing it with your CPU, but still not good enough in a world where ASICs made specifically to mine coins using a SHA-256 algorithm (and Peercoin qualifies) reign supreme. You can experience how GPU mining works by executing this file though.




Now that you have tested your hardware and know you can mine Peercoins correctly, you may join a mining pool and change the name of my workers and the URL of Coinotron which you can see if you edit the files "MineWithCPU.bat" and "MineWithGPU.bat". Write instead the names of the workers you created on your pool of choice and its URL:port so as you can mine Peercoins for yourself (this URL:port information is given to you when you make an account on a mining pool).

If you don't know how to join a mining pool, read (it's for Bitcoin, so don't follow it, just READ it, since all pools work the same way) my tutorial on this topic: How to Join a Mining Pool

If you want to mine Peercoins solo (which is not recommended, because it's almost impossible that you ever find a block on your own), follow these steps:

- Copy the file "ppcoin.conf" provided in this package to your Peercoin working directory (most likely "C:\Users\YOURNAME\AppData\Roaming\PPCoin"). Now navigate to the directory where you installed Peercoin (most likely "C:\Program Files (x86)\PPCoin\") and execute ppcoin-qt.exe. Wait until you are fully synchronized with the network.

- Execute the file "SoloMineWithCPU.bat" from the folder "Mine Peercoins with CPU", the file "SoloMineWithGPU.bat" from the folder "Mine Peercoins with GPU" or both of them. Your computer resources will begin mining Peercoins. It could take you a LOT of time before you find a full block. Or maybe you are extremely lucky and find one in one minute. It's impossible to know!




Now let's have a look at that mysterious third folder...

This cryptocoin is designed so as you can mint Peercoins through another method called Proof of Stake (PoS). I won't explain here how it works. I'll simply tell you that you can earn an interest of 1% per year on your current Peercoin balance by activating it (this means you must already have some coins in order to earn something!). Proceed as follows to take advantage of this option:

- Execute ppcoin-qt.exe (from "C:\Program Files (x86)\PPCoin\"). Wait until you are fully synchronized with the network. Encrypt your wallet through the Options menu. Choose a strong password, but not so much that you'll forget/lose it, because in that case you'll lose all your coins. Close the program.

- Copy the file "ppcoin.conf" placed inside the folder "Mint Peercoins with PoS" provided in this package to your Peercoin working directory ("C:\Users\YOURNAME\AppData\Roaming\PPCoin").

- Copy the file "MintWithProofOfStake.bat" placed inside the folder "Mint Peercoins with PoS" provided in this package to the directory ("C:\Program Files (x86)\PPCoin\daemon\").

At this point you have your computer configured to mint Peercoins through PoS. Now every time you want to activate this method do the following:

- Execute ppcoin-qt.exe (from "C:\Program Files (x86)\PPCoin\"). Wait until you are fully synchronized with the network.

- Execute "MintWithProofOfStake.bat", which you put inside "C:\Program Files (x86)\PPCoin\daemon\" one moment ago. A cmd prompt will ask you for the password of your wallet. Write it there and press Enter. The cmd prompt will close.

- If you did everything correctly, there will be no warning at the bottom left corner of your ppcoin-qt program window and if you hover your mouse over the lock icon at the bottom right a message will appear stating that your "Wallet is encrypted and currently unlocked for block minting only" (give the program a minute for making these changes before you assume it's not working).




Now all you have to do is leave the program open for as long as possible. On average, you'll get 1% of your current Peercoin balance each year the coins are sitting on your wallet, untouched.


Note 1: the miner provided for CPU mining is Pooler's CPUminer 2.3.2 and the one for GPU mining is CGMiner 3.7.2. Other miners exist which might suit your hardware better and increase your mining speed.

Note 2: some antivirus programs consider all cryptocoin miners malware. They are not! The problem is that some bad people included them inside other legit packages of software so as they would mine for them on other computers without their owner's knowledge. When they were found, antivirus companies labeled them as malicious software.


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