Launched in 2014, Bytecoin is one of the oldest cryptocurrencies and the first one to use the CryptoNote technology.
It’s a Proof of Work cryptocurrency and can be mined like any other PoW coin.
Mining Bytecoin is similar to mining XMR, another Cryptonote coin.
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It’s an open source peer to peer blockchain and cryptocurrency that allows anonymous transactions.
It has a Proof of Work cryptocurrency dubbed “BCN” that’s the fuel that powers the Bytecoin ecosystem.
It ensures the Cryptonote algorithm to provide users with anonymous global transactions.
Bytecoin provides fast global transactions with confirmation times of about 2 minutes.
It’s known for having strong security features that allows users to transact anonymously.
It uses distributed ledgers which cannot be altered, traced or tampered with.
Token value information
As of this writing, the circulating supply of BCN was 184.066 million against a total of 184.47 million. With a unit of BCN selling at $0.001890, its market capitalization stands at $245 million.
The coin’s highest ever price was $0.145766. Its ICO price was $0.000065.
Before you start the process of mining Bytecoins, you’ll need to first set up a wallet on the Bytecoin blockchain.
This is where all the mined coins will be deposited.
The other requirement is a CPU or a GPU hardware and software for the actual mining. With the prerequisites in place, its now time to get into the depths of mining.
When mining BCN, you can do it alone or group of miners.
Solo mining isn’t complicated in in any way. First download the Bytecoin simple wallet and daemon.
Sync the two with the Bytecoin network and create a wallet file.
To make the best out of solo mining, you need a CPU with enough hashing power.
An ordinary processor with low speeds is not ideal for mining.
The benefit of solo mining is that you get the reward all by yourself in case your computer mines a block.
If you are not interested in solo mining, the other option is pool mining, where you give out your mining power to other miners for a fee.
Whenever a pool finds a block, they share the reward.
Setting up a wallet
As mentioned earlier, the first step to mining Bytecoin is to create a wallet.
The process itself is simple.
Once you set up a BCN wallet, you’re set to mine BCN.
Whether you’re using a CPU or a GPU rig to mine this particular coin, a wallet is a must have requirement.
With 184 million BCN coins in circulation and a maximum supply of 184 million, BCN is almost reaching its total suppy. The coin is traded in all the major exchanges including HitBTC and Binance.
When you pool your resources with other miners, you get a huge computing power at your disposal to mine as many BCN as you can. A mining pool allows miners the possibility of regular income.
Mining pools charge a small fee of 1%. Although miners split the reward after mining a block, pool mining is more profitable than solo mining.
BCN Mining Pool
With so many BCN mining pools in existence, the quintessential miner is spoiled for choice when it comes to selecting a pool. Most mining pools will need you to have GPU rigs, which you essentially share with other miners.
As a miner, you can join more than one pool to increase your chances of mining new blocks.
Pool mining on CPU
If you don’t have a powerful GPU rig, you can still mine BCN using your PC’s CPU.
To do this, you’ll need mining software.
There are many of these out there, but we recommend the XMRig.
With this software, you can still join a pool of miners using your CPU, although this is not as profitable as using a GPU rig.
Pool mining on GPU
GPU rigs are the holy grail of pool mining.
The powerful rigs have decent hashing power. GPU mining rigs are made using either the Nvidia or AMD graphic cards.
When they are pooled together, they can mine many blocks within a small period of time.
This translates to better returns for miners as they get to share profits once a block is mined.
Pool mining requires you to have a CPU or a GPU and the corresponding software. The software you use depends on the OS you’re using.
In our case, we are using the XMRig.
Configuring the mining software
After downloading the XMRig software, simply open the configuration file and set the amount of computing power that you wish to dedicate to mining.
In the “Username” slot, key in your wallet address.
Next, select a mining pool and a port number that you’ll use to mine BCN.
At this point, you have started the CPU mining process and you should be on your way to mining your first BCN coins.
GPU mining pool configuration
With Nvidia or AMD graphic cards ready, you can still mine BCN using the XMRig software, the XMR-stak-nvidia or the XMR-stak-AMD .
To configure a pool for GPU mining, launch the miner and copy your configuration details.
Head over to the config file and replace “GPU mining null” with the configuration details above.
Once in the config file, key in your URL, port and wallet address.do not input anything in the “password” slot.
This is all it takes to configure a GPU mining pool.
After this process, you’re ready to start generating an income from your GPU rig.
How much BCN will I earn per day?
To figure out the amount of BCN you will earn on a daily basis, you’ll need a calculator.
Websites like Whattomine.com have calculators for most coins, including for BCN.
The calculator gives a rough estimate of what you can earn; by looking at various metrics like hash power and electricity bills.
The final payout will be determined by many factors and might differ from what the calculator predicts.
To do the calculations, you’ll need to key in some metrics including hash rate, power consumed and cost of power, pool fees and hardware costs.
This is the total speed of your mining computers.
It’s denominated in hashes per second.
Make sure you enter the average speed of all your computers that are mining BCN.
There are two ways to get the hash rate of your computer.
For GPU rigs, you’ll have to calculate the number of graphic cards per rig.
For CPU miners, you’ll need to look at the CPU’s processing power under the Control Panel.
Denominated in watts, this is the total amount of electricity that your rig consumes. There are many ways of measuring power consumption, the most accurate one being a Kilowatt meter.
How much does electrical power cost per kilowatt hour in your area?
Your monthly power bill can provide finer details of the cost of a kilowatt hour of electricity.
Some pools charge a small fee and an additional software development fee.
You should add these two before keying them into the calculator.
Key in the total cost of hardware that you sue to mine BCN with.
With the above figures, your calculator should process the number of coins that you can earn on a daily basis.
Simply tap on the “profit” button to see the estimated profits after you pay your power bill.
Bytecoin mining is a rewarding activity.
The best thing is you can start with what you have to set up a passive income.
For Bytecoin, even CPU mining is profitable.
There’s also the option of building a GPU rig from scratch to enhance your mining power and by extension, your mining income.
The calculator should be your friend when it comes to Bytecoin mining as it gives a clear picture of what to expect.
There’s only one caveat in cryptocurrency mining; profitability depends on the market price of the coins that you’re mining.
Give the volatile nature of digital currencies; the profits are not always constant as they tend to move with the market trends of the coin you’re mining.
As has become the norm in this industry, be ready for surprise.
In the meantime, why not start mining a few BCN of your own?