What is Galactrum [ORE]? How to mine Galactrum ORE with NVIDIA & AMD GPU
Well; the entire crypto market is slowly recovering and BTC is now up above $9000 and maybe this is the start of Alt season as well. At this time if you explore Altcoins you could discover some new coins that are most profitable to mine. You can mine them and convert it right away or if the tech behind the coin is good then you can hold it. The decision is up to you.
Our advise is often keep looking at mining profitability calculators to see what new coins pop up as the most profitable to mine. If you look at what to mine today, then for NVIDIA GPUs it lists Galactrum(ORE) as the most profitable coin to mine. With 6 x 1070 you can make around $15.46 and with 6 x 1080 TI you could make around $30. We’ve never mined Galactrum ORE previously so together lets discuss about this coin.
Here in this article we’ll cover what is Galactrum Ore and what new does this coin offers? Along with that we’ll make a step by step tutorial on how to setup Galactrum wallet and start mining Galactrum coins.
What is Galactrum (ORE)?
Galactrum (ORE) is an autonomous digital currency, forked off of the Dash platform. It is a new experimental cryptocurrency that is self-governing and self-funding. The entire network is backed by secure cryptographic proofs and the project is completely based on Bitcoin and Dash. It features masternodes technology which enables fast and secure transaction over the network.
This coin was announced on Dec 2017. The team have released the whitepaper for the project and so far it’s been listed on two exchanges. It is currently priced at $0.841024 USD (9159 Satoshi) with a market cap of $747,117 USD.
Feature worth mentioning:
The concept behind Galactrum coin is to resist censorship and encourage the exchange of ideas. This being a community driven coin it has in build community proposal and voting platform.
According to the whitepaper:
“Galactrum establishes community control through a transparent proposal and voting system. Anyone may submit a proposal pertaining to the current state and/or future development of Galactrum for a small fee, paid in ORE (the fee is burned, increasing scarcity). A proposal is to be outlined presenting the development or changes proposed in a clear and professional manner with a detailed plan. Proposals may request a budget.
Writing proposals and votes directly to the blockchain results in a decentralized and censorship resistant democracy. The first voting cycle begins at block 197,100. Votes are tallied and budgets paid every voting cycle, which is 21,900 blocks (approximately 30 days).”
About the voting platform:
“The Galactrum DAO (Decentralized Autonomous Organization) lives inside its blockchain powered by its consensus algorithm. Accessing the underpinnings of the DAO core functionality are esoteric and cryptic to a non-technical user. Without a web-based voting platform tool, it would be extremely difficult to participate in the DAO for the average user.
The Galactrum voting platform will assist users in formatting their proposals into the appropriate byte code needed to broadcast to the network from the wallet console. Additionally, the platform will track current proposals, display statistics, and serve a place for community discussion and debate.”
You can read more info about Galactrum ORE in their whitepaper. Alright, let’s now see its technical specifications and get straight into wallet and mining guide.
Galactrum coin technical specifications:
Coin Name: Galactrum
Coin Type: Proof-of-Work and Masternodes
Block Time: 120 Seconds
Block Rewards: 10 ORE decreasing 50% every 5 years
Reward (before block height 197100): 50% miner 50% masternodes
Reward (after block height 197100): 45% miner 45% masternodes 10% proposals
Maximum ORE Supply: 26.28 million
Difficulty Retarget Algorithm: Dark Gravity Wave (V3)
Masternode Requirements: 1000 ORE
Voting Cycle Begins @ Block 197100
Premine: 3.6% (used for airdrops, bounties and project development)
Block Explorer: https://explorer.galactrum.org/
Galactrum ORE wallet
Before mining you’ll first need a Galactrum ORE address to send your mining payouts. For this we’ll first create a wallet. Galactrum wallet is available for Windows, MacOS and Linux and the complete release can be found here. Download the most recent and appropriate version to your computer. Once done, unzip the wallet and install it.
Once installation is complete; open your wallet and choose the directory where you wish to store blockchain and other core files. By default it puts all wallet files at C:\Users\username\AppData\Roaming\. Be sure to change the wallet directory as you may run out of disk space in future.
Once this step is done the first thing that you’ll notice is the wallet syncing headers. Just give it some time to finish synchronizing with the Galactrum network. After it is complete your wallet will be ready.
The functionality and features of Galactrum wallet is similar to Bitcoin QT wallet, except its GUI which looks different compared to other core wallets.
First for security reasons encrypt your wallet which can be found on the wallet home screen. Remember to memorize the passphrase or else you might lose access to your coins. Now to generate a new ORE address go to Receive tab >> click on my address and generate a new Galactrum address. This public address is what we need to start mining.
Galactrum wallet cloaking:
On wallet home page you’ll find something called Cloaked Balance which is a privacy feature and the info on cloaking can be found on the same page. ” Cloaking gives you true financial privacy by obscuring the origins of your funds. All the ORE in your wallet is comprised of different “inputs” which you can think of as separate, discrete coins. Cloaking uses an innovative process to mix your inputs with the inputs of two other people, without having your coins ever leave your wallet. You retain control of your money at all times.”
Apart from this feature there is nothing special. Play around with the wallet and you can easily get familiarize with it.
Since your Galactrum address is ready now; let’s start mining some ORE.
How to mine Galactrum coin (ORE)?
Galactrum ORE uses Lyra2v2 algorithm which is ASIC resistant that can be mined using both NVIDIA and AMD GPUs. Currently due to high network difficulty this coin is not solo mineable unless you have a large GPU farm. If you wish to try solo mining then check out this guide which explains how to solo mine Galactrum ORE.
Assuming that you have your GPUs and wallet address ready let’s see how to pool mine Galactrum coin. For this you’ll need to pick a pool, choose a miner and start mining.
NVIDIA Miner: Choose KlausT miner which is faster and performs better in lyra2v2 algorithm. You can download the miner from here.
AMD Miner: For AMD use Nicehash SG Miner which you can download it from here.
You can start mining Galactrum at the following pools:
ccminer-x64 -a lyra2v2 -o stratum+tcp://pool.bsod.pw:1982 -u Gc5BzU1YCpDdtx6YBthL2XWkk4fWUVYpYj.rigname -p c=ORE
ccminer-x64 -a lyra2v2 -o stratum+tcp://pool.unimining.net:4533 -u Gc5BzU1YCpDdtx6YBthL2XWkk4fWUVYpYj -p c=ORE
-a lyra2v2 -o stratum+tcp://yiimp.masterhash.us:4533 -u Gc5BzU1YCpDdtx6YBthL2XWkk4fWUVYpYj -p c=ORE
-a lyra2v2 -o stratum+tcp://eu1.miningpool.shop:4533 -u Gc5BzU1YCpDdtx6YBthL2XWkk4fWUVYpYj -p c=ORE
The above configuration is just an example so be sure to change the wallet address before you initiate mining.
Where to buy Galactrum ORE?
Instead of mining if you are looking to buy Galactrum ORE directly then you can do so from Cryptopia Exchange.
Galactrum Masternodes setup guide:
Developers have already published masternode guide. If you are looking to setup Galactrum Masternodes then you can make use of this guide.
Since this coin is more profitable to mine we decided to make this guide. Please understand that this is just a coin mining guide and wallet tutorial for beginners. This coin may be another shit coin or scam coin so before mining or investing please do your own research. There is no new tech behind this coin, it has masternodes (which we are not a fan of) and moreover it has 3.6% pre-mine. So be cautious as it can be a pump and dump signal.
What a great idea of voting system by Galactrum. This is what crypto world was missing!
I can see a bright future for this Alt Coin.
Galactrum ORE mining pool – http://www.miningclub.cc
Many thanks, and happy mining to you all.