anonymous cryptocurrency, based on CryptoNote

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. That concludes our guide on how to mine bytecoin, if you have additional questions you can head over to our subreddit /r/bytecoinbcn or visit our telegram channel at /bytecoinchat Then run the miner with that command and you will be mining! An important part of our protocol is usage of random data by the sender.

It always results in a different one-time key even if the sender and the receiver both remain the same for all transactions (that is why the key is called “one-time”). Moreover, even if they are both the same person, all the one-time keys will also be absolutely unique. Ring signature is a more sophisticated scheme, which in fact may demand several different public keys for verification. In the case of ring signature, we have a group of individuals, each with their own secret and public key. The statement proved by ring signatures is that the signer of a given message is a member of the group.

GPU Mining – AMD

The most important characteristic is always a trustworthy pool that’s known to pay out reliably. You certainly don’t want to be mining at a pool that’s stealing your hash power or not paying you for all the blocks being found. With that being the case it doesn’t make sense to solo mine Bytecoin unless you have your own mining farm. Even if you have a single ASIC rig you still want to combine your hashing power with others, and the way to do that is through a Bytecoin mining pool. Keep in mind that you need to change the IP address of the mining pool and the Bytecoin wallet address of the miner computer. Use the following command to start the Bytecoin mining pool.

Bytecoin.uk is a relative newcomer, but it has rapidly gained in popularity because it also has 0% fees and a 5 BCN minimum withdrawal. In regard to hash rate, Bytecoin.uk has roughly 15 MH/s and 12.3% of the total network hash power. It’s a very good alternative to Bytecoin-pool.org for those who want to maintain a more decentralized network. Miners like Bytecoin-pool.org for its 0% fees and the ability to mine anonymously without registering.

With a hash rate of about 9 MH/s it controls roughly 4% of the total hash power of the network, making it the third largest Bytecoin mining pool. As long as you don’t mind the 1% fee this makes it a good choice for maintaining decentralization while also staying with one of the larger, more popular mining pools. Bytecoin.party is another newcomer to the world of Bytecoin mining pools and it gained immediate popularity by following the 0% fee structure. It remains a small mining pool however, with 2.9 MH/s in hash power and roughly 3.2% of the network. 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).

Connect with Bytecoin Pool

Bytecoin-pool.org is the real top dog when it comes to Bytecoin mining, with 110 MH/s or nearly 80% of the network hash power. In order to maintain network decentralization it is really recommended that you choose a different pool. While it isn’t likely that a trustworthy mining pool would do that, it’s best to avoid such centralization when possible. So, if there are smaller good pools you can join the best thing to do, for the network, is to join the smaller 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).
• Use the following command to start mining Bytecoin on the miner computer.
• Miners like Bytecoin-pool.org for its 0% fees and the ability to mine anonymously without registering.
• Secondly, most mining software will get flagged as a virus from virus scanners.
• The exchange rate fluctuates in real-time based on the demand and supply of other users.

The comments in the nvidia.txt do a great job of explaining each setting, and how you could try to get more performance out of your machine. You will then be presented with a series of steps that will guide you through the first time initialization of the software. Once you have completed this, you will not need to do this again.

I found that for the GPU, you can tweak the settings to get a little more performance, but generally the program usually generates the best possible configuration settings automatically. The comments in the amd.txt do a great job of explaining each setting, and how you could try to get more performance out of your machine. After you have configured the nvidia.txt, we now need to create are startup batch file to run the program.

Solo Mining Bytecoin:

Now that we have a pool, lets configure the mining software! A couple of pools are bytecoin.uk, and bytecoin.party, with both 0% fees. Normally, when you post your public address, anyone can check all your incoming transactions even if they are hidden behind a ring signature. To avoid linking you can create hundreds of keys and send them to your payers privately, but that deprives you of the convenience of having a single public address. This concept can be used to make digital transactions sent to the network untraceable by using the public keys of other members in the ring signature one will apply to the transaction.

Tutorial – Bytecoin Mining Pool

• The comments in the amd.txt do a great job of explaining each setting, and how you could try to get more performance out of your machine.
• Bytecoin.party is another newcomer to the world of Bytecoin mining pools and it gained immediate popularity by following the 0% fee structure.
• Bytecoin-pool.org is the real top dog when it comes to Bytecoin mining, with 110 MH/s or nearly 80% of the network hash power.
• So before we start this tutorial, I have two tips for making the most out of your mining experience.
• You want to look at the Profit column, since this is the value after paying for your electricity usage.

The main distinction with the ordinary digital signature schemes is that the signer needs a single secret key, but a verifier cannot establish the exact identity of the signer. Therefore, if you encounter a ring signature with the public keys of Alice, Bob and Carol, you can only claim that one of these individuals was the signer but you will not be able to pinpoint him or her. The ordinary digital signature (e.g. (EC)DSA, Schnorr, etc…) verification process involves the public key of the signer. It is a necessary condition, because the signature actually proves that the author possesses the corresponding secret key.

There is also a handy mining profit calculator that is in your dashboard. This will allow you to calculate how much BCN you are likely to earn with a given amount of hashpower. The next factor is one that’s overlooked by many, but can be important for maintaining a decentralized network. I’m referring to the total hashing power of the pool against the entire network. If everyone continues joining the largest pool, it will eventually grow to control more than 51% of the network hashing power, leaving the network vulnerable to double spending. Quite possibly the next most important feature to look at bytecoin pool is pool fees.

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.

To view the total speed at any time, press the “h” key on the keyboard when the mining software is in focus. After we went through the initial setup, we should be ready to mine. One thing to do is to try and tweak the cpu.txt settings that xmr-stak created for us, to get the highest possible hash rate. They support most of the Cryptonight coins, so you can just type the name of the coin, from the list in the txt file. If the coin you want to mine is not on the list, you need to know what algorithm it uses, and use the algorithm name for the currency. If their is a whattomine calculator for your coin, then usually whattomine list the algorithm, otherwise you can probably find the information on the coins website.

He only needs to perform a single-formula check on each transactions to establish if it belongs to him. This process involves his private key, therefore no third party can perform this check and discover the link between the one-time key generated by the sender and the receiver’s unique public address. CryptoNote solves this dilemma by an automatic creation of multiple unique one-time keys, derived from the single public key, for each P2P payment. The solution lies in a clever modification of the Diffie-Hellman exchange protocol . Originally it allows two parties to produce a common secret key derived from their public keys. In our version the sender uses the receiver’s public address and his own random data to compute a one-time key for the payment.

However, it appears that most cloud mining operations have not been able to maintain profitability in the long term. We don’t know of any reliable cloud mining solutions for the cryptonote protocol yet. The differences between the tools come not in the general workflow, but rather in nuances of use. XMR-Stak supports more interpretations of the CryptoNote algorithm, has more customization options, and feature a quite functional web-interface for observing mining status. After finishing the Bytecoin node installation and the wallet service configuration, we can start the Bytecoin mining pool installation.

Or, if you want to keep things as simple as possible with a web-based interface you could use Minergate. A mining pool is a way to combine the hash power of many different users in order to mine more efficiently. If you solo mine you might not find a block for months, but with a Bytecoin mining pool you can get a small amount of coins every day. Make sure to type in your public key into the mining pool’s dashboard, to keep track of your statistics. Then, later in the config file you need to enter your pool url and port, and wallet address (make sure that password field is empty).