Currently for both NVIDIA and AMD graphic cards mining Ethereum seem to be slightly profitable. Followed by few CryptoNight, Ethash and NeoScrypt coins. Equihash is out of the list due to its ASIC dominance and CPU mining is not so feasible due to GPU dominance. If you are the one who mine and cash out immediately then head to mining calculator to find out the most profitable coin to mine today. If you are a long term holder and not concerned about current profits then you can research and mine coins that have potential to rise in the future. Here in this guide we’ll see how to mine GINcoin? A cryptocurrency that is mineable using both CPU and GPU.
Why mine GINcoin?
So you say GINcoin has a great growth potential? Yes and No! There are only few masternode coins that have a working product with a promising roadmap. Also only few coins accomplishes its roadmap in a short period of time and one of them is GINcoin. Moreover the market of GIN coin seems steady from its launch which shows there is a hype around this coin so mining this could be worth it. But remember that it is a fresh coin and nothing in crypto is predictable. With that said the following article is just a beginners guide on GINcoin mining. It should not be taken as investment advice so kindly do your research before mining this coin.
Before you mine:
We’ve already discussed enough about GINcoin, its features and technical specifications. In short: GINcoin is a new cryptocurrency that aims to provide investors an easy way of creating and deploying masternodes. It offers a platform that allows user to easily setup GIN coin masternodes and other masternode coins. Before we see how to mine this coin here are few mining related specifications that you must take note.
- GINcoin uses Lyra2Z as a Proof of Work algorithm
- Lyra2z is ASIC resistance. This algorithm is more power efficient and as a result it produces less heat.
- Lyra2z is CPU friendly! Yes, you heard it right. This algorithm can be mined using CPU as well.
- The total supply of GIN coin is 10.5 Million.
- Block time is 2 Minutes, block reward is 20 coins (50% PoW and 50% MN) and block reward decreases by 50% every year.
- Lastly the masternode requirements is 1000 GIN and there is a premine of 4%.
Alright. Now as we know enough about this coin and the platform let’s see how to mine this cryptocurrency.
How to mine GINcoin?
First of all this guide is assuming that you have your hardware ready for mining. It doesn’t matter how powerful your hardware is as this coin is mineable using both CPU and GPU. Anyways the more powerful your hardware is the more coins you’ll be able to mine.
Before we start the mining process we’ll need the following:
1. First we need to create a GIN coin wallet address in order to receive the mining income. You can find the wallet download links here. If you are beginner we’ve explained how to setup GINcoin wallet which you can make use of.
2. Next we need a mining software for CPU and both NVIDIA and AMD graphic cards.
If you were following Coin Guides the you know that we previously made a post about Lyra2z where we shared the download links for best performing Lyra2z miners. Anyways we’ll share them again as this post is specific to mining.
If you have a Ryzen CPU or a latest generation Intel CPU then mining this is practicable. But remember that CPUs are competitive and since GPUs outperform; it would be better if you mine GIN using your GPU.
For CPU you can use: JayDDee / cpuminer-opt: https://github.com/JayDDee/cpuminer-opt/releases
For NVIDIA you have an open source miner and a powerful closed source miner.
If you’d like to try a slightly fastest miner then you can use zFastminer: https://bitcointalk.org/index.php?topic=3259259.0
Note that the latter one is a closed source miner which contains 1% dev fee.
The mining benchmark result shows that AMD cards also perform equally in comparison with NVIDIA. If you have an AMD mining rig especially VEGA 64 or RX series cards then give this coin a try.
To mine GIN coin using AMD you can use NiceHash SGMiner: https://github.com/nicehash/sgminer/releases
3. Now as you have the mining software ready we need to find a mining pool for Gin coin.
GINcoin mining pools
Since GINcoin network hashrate is too high solo mining GIN is not possible. The only way to mine this coin is by joining a pool. Following are the list of mining pools available for you to mine GINcoin.
http://bsod.pw/ http://angrypool.com/ https://www.gos.cx/ https://www.pickaxe.pro/ https://arcpool.com/ https://fairmine.pro/ http://zergpool.com/ https://zpool.ca/ https://www.cryptorushmining.com/ http://onminer.net/ https://evocation.network/ https://yetimining.net/ https://www.etpool.com/ http://gin.elitehash.net/
Some of the pools in this list have PPS payment system and some pools have PPLNS payment system. Do your research on this and it is up to you decide on which pool to mine. Okay, as we have everything ready let’s configure the miners and start mining GINcoins.
Mining GINcoin (GIN) using CPU, NVIDIA & AMD
We hope you have your wallet address ready and downloaded the appropriate mining software. The steps to configure miner for CPU and GPU is same. Download the miner, unzip the pack, create a new text document, input the configuration, save it as .bat file (batch) and then run the batch file to start mining GIN coins. Upon downloading and unzipping the miner either your Windows defender or your Antivirus may block the miner. It is false positive so add exclusions to your mining program. Also if you are new and do not know how to create a batch file within your mining folder then we suggest you to give this ccminer beginners guide a read.
Here we’ll just share the sample configuration file for all three mining programs. Just copy the code and change the highlighted wallet address and pool connection details accordingly.
I have my wallet address ready but where do I fetch the pool connection details? In this guide we’ll use angrypool.com as an example. Anyways most of the above listed mining pools are Yiimp based and you’ll find the stratum connection details in the home page of the pool.
Also the port information that you need to replace can also be found on the same page towards the right hand side. Hope it helps.
Once you have both the information use the below sample config file to complete the miner setup.
cpuminer-avx2 -a lyra2z -o stratum+tcp://angrypool.com:20012 -O GeKUjPctPdRxFrKVeGbhMF7xEurS2zcTr8 -p c=GIN
ccminer.exe -a lyra2z -o stratum+tcp://angrypool.com:20012 -u GeKUjPctPdRxFrKVeGbhMF7xEurS2zcTr8 -p c=GIN
sgminer -k lyra2z -o stratum+tcp://angrypool.com:20012 -u GeKUjPctPdRxFrKVeGbhMF7xEurS2zcTr8 -p c=GIN
Once this step is done, save it as .bat file and run the saved file. You are now mining GINcoin! If the miner command windows says Yes! then your shares are being submitted to the mining pool which you’ve configured.
Now head to the mining pool, input your wallet address to track your mining progress and payouts.
How much GINcoin can I mine in a day? GIN mining calculator
In order to know how much GIN you’ll mine in a day or to calculate the mining profit you must first know how much hash power you have. You can fetch this information from the miner command window or you can get the hashrate report from the mining pool page. Once you get that you can use the following mining calculators to estimate your mining profits.
Note: If you like to improve your mining performance then remember this: Lyra2z uses core so gradually increase core clock and reduce memory clock. This way you’ll notice a slight performance improvement.
https://whattomine.com/coins/250-gin-lyra2z?utf8=%E2%9C%93&hr=12&p=360.0&fee=0.0&cost=0.1&hcost=0.0&commit=Calculate https://crypt0.zone/calculator/details/GIN https://minethecoin.com/coin/gincoin
All these calculators are similar and it will display how much coins you’ll mine per day and its profit in USD.
That’s all there is to mining GINcoins! If you think it is profitable or if you’d like to accumulate coins for masternodes then you can stick to it. Also if you like mining this algorithm you might also need to check other Lyra2z coins.
What do you think? Is mining GINcoin worth it? or is just another masternode coin which will dump soon? Feel free to share your opinion in the comments section.