Step-by-Step Exploration: Mining Nimiq (NIM) for Rookies

Nimiq Nimiq operates entirely within your browser thanks to its foundation in Javascript ES6, aiming to revolutionize online payments by offering quick and seamless transactions. With its Aragon2D algorithm, it's a CPU-focused mineable coin.

Armed with this knowledge about Nimiq, let's dive into the mining process!

Some General Mining Tips

Before we dive in, be aware that most mining software triggers antivirus warnings. If you're using a computer that also serves as your day-to-day or gaming machine, consider adding an exception for your mining tools by grouping them in a dedicated folder. Exclude this main folder from scans for hassle-free mining.

Creating an Account

Our first task is setting up a wallet. click here Begin by creating a new account where you'll also get to choose an avatar.

It's crucial to note down your address, which is essentially your public key. Next, generate your seed words.

Your seed words, representing your private key, are vital for accessing your funds. Secure them safely. With these, you can restore your wallet, log in, and make transactions directly from your browser. https://safe.nimiq.com/#/_account/ to login.

Mining Pool

I chose sushipool It's advisable to use the mining platforms offering the most features with no fees, if possible.

CPU Mining

You can mine using your CPU in two distinct ways. Although I attempted to set up Sushi Miner on Windows without success, and found the official miner from nimiq.io needs the whole blockchain, web mining turned out to be both straightforward and feature-rich.

There's the handy option of browser-based mining too.

Let's first cover the recommended official mining software.

Software Mining

Download the official miner at https://nimiq.com/#downloads This software is compatible with both Windows and Linux. Once installed, you'll need to modify the config file found in your Appdata/local, accessible via %LOCALAPPDATA% command in your Windows search.

When setting up, here's a config you might consider:

{
dumb: \"yes\",
type: \"full\",
network: \"main\",
statistics: 20,
miner: {
enabled: \"yes\",
},
poolMining: {
enabled: true,
host: \"eu.sushipool.com\",
port: 443,
},
wallet: {
address: \"NQ82 3N1P UFKN Q70N 1CLG 3KDR V2FM U3UR CFHX\",
},
}

Substitute with your respective pool's server and port, and input your personal wallet address.

Initiating the miner is simple; find it within the program list in the Nimiq directory. Errors leading to shutdowns often point to config file inaccuracies. Post-setup, prepare for a lengthy blockchain download, as mine took about 12 hours. Mining follows automatically.

Web Mining

First go to https://safe.nimiq.com/#/_account/ After logging in, hit the + by your accounts to add your recovery words.

Once logged in go to https://miner.nimiq.com/ Upon connecting to the network, joining a mining pool from solo mining can speed up your block discovery process, drastically more efficient than going it alone, where my estimations were saying about 6 months to find a block.

Feel free to explore pool websites directly for connections. Switching pools is straightforward if connectivity issues arise.

Сколько Nimiq я заработаю за день?

Чтобы выяснить это, вам нужно перейти на https://calc.nimiqx.com/ Utilize the calculator provided. It's designed to offer you a ballpark figure of earnings, though actual payouts may vary.

Most entries will be pre-filled correctly, requiring minimal adjustments.

Hash rate: This is your cumulative speed across all mining rigs, measured in kilohashes per second. Ensure total speed reflects all units you're mining Nimiq with.

Power:Reflect on your entire setup's wattage, whether through your mining software or via a more precise tool like a kilowatt meter.

Cost:Your electricity provider's per-kilowatt-hour charge, often found on monthly statements or their site.

Pool fee (Under advanced options): Include both pool and miner software dev fees, entering 0 in our illustration.

Hardware cost: Include the aggregate expense of all your mining hardware.

You are now ready to mine some Nimiq!