BEAM mining guide – Now that #ETHMerge is officially LIVE some of the old low cap and less profitable altcoins are becoming noticeable and profitable to mine again. BEAM is one such coin that recently took off in terms of price, trading volume and mining difficulty. Even though its not popular and not as close to its previous ATH prices it is still mineable. At least for certain GPUs Beam remains more profitable. Moreover the coin has decent trade volume and is available on a number of popular exchanges paired with ETH, USDT, and BTC. So here in this beginners guide let’s see how to mine BEAM.
Here in this BEAM coin mining Guide we’ll show you how to get started mining BEAM (BeamHashIII PoW algo) using NVIDIA & AMD GPUs on Windows computer. You’ll learn how to setup BEAM wallet, choose a mining pool, miner and miner config etc. By the end of this guide we’ll also share mining calculators to calculate your BEAM mining profits.
Mining BEAM in 2022
Beam is a confidential cryptocurrency similar to Zcash / Monero and other privacy centric coins. The mainnet was launched in Jan 2019 and it was one of the most popular anonymous mineable cryptocurrency back in 2019. BEAM is the first privacy coin to build on the MimbleWimble protocol. You might have also heard about GRIN which is another privacy coin to be build with MimbleWimble privacy protocol.
MimbleWimble protocol ensures the anonymity and confidentiality of the ecosystem. Some of the features of MimbleWimble are increased privacy, scalability, and reduced blockchain size which makes the blockchain remain private and light. Here are some other features of BEAM cryptocurrency.
- Privacy: It has privacy by default where you can choose regular privacy transactions for strong anonymity.
- Confidential Assets: You can create, transact and trade assets on Beam blockchain using your Beam wallet.
- Atomic Swaps and DEX: Using atomic swaps you can exchange Beam and other confidential assets on BEAM platform in a decentralized way, without any trusted party. Currently it supports BTC, LTC, and DOGE. Soon a fully featured DEX with ETH, ERC20 tokens swaps will be made available.
- Smart Contracts (Shaders): The Beam virtual machine enables deploying of confidential Dapps.
- Confidential DeFi: Other than a full-powered DEX numerous innovations are in the way such as EVM support, wrapped assets, oracles, side-chains, decentralized bridges connecting Ethereum, BSC, Polkadot and other DeFi networks. Algorithmic stable coins, borrow lending protocols, Uniswap-like AMM, NFT marketplaces, Decentralized app store and other financial products are also expected to by powered by the Beam blockchain.
For development road map visit Beam website.
BEAM was a fair launch project without premine or ICO. It has a capped total supply i.e. max supply of 262,800,000 BEAM out of which 47% has been already mined. The current circulating supply is 23,083,760.00 BEAM. Also similar to Bitcoin, Beam also undergoes a periodic halving event to cut down the mining block rewards.
Current block reward is 40 BEAM which will reduce to 25 in the near future. Then every four years up to 129th year, the reward will be reduced by 50%.
Being a Proof of Work cryptocurrency BEAM relies on miners to guard its network, to confirm the validity of the transactions and to add transactions to the blockchain. To secure its network BEAM uses a mining algorithm called BeamHashIII.
Mining BeamHash III (BeamV3)
BeamHash III (BeamV3) is a modified version of Equihash (150,5) proof-of-work mining algorithm. Hashrates are expressed in Sol/s. Initially they were using Equihash and later made a PoW algorithm change to BeamHash. Previously they kept changing their algorithm every 6 months but this is no longer the case and they’ll no longer be changing their algorithm. BeamHash III is the third and final PoW algorithm developed by Wilke Trei, creator of the mining software lolMiner.
This is an ASIC resistant mining algorithm and currently it can only be mined with GPUs. Beam Hash III algo requires GPU with a minimum 3GB of memory to mine. It is compatible with both NVIDIA and AMD graphic cards. Anyone with the appropriate hardware (GPU) can mine Beam through mining pool or by a solo mining method.
Here are the specs:
- Algorithm: BeamHashIII
- Explorer: https://explorer.beam.mw/
- Network hashrate: 953.4966 KH/s
- Mining Difficulty: 51.0931M
- Block reward: 40.00
- 24h volume: 89,146,086.16 USD
- Price for 1 BEAM: 0.3214 USD
- Founded: 2018
- Website: https://beam.mw/
- Discord: https://discord.gg/BHZvAhg
How to mine BEAM – Beamhash III
By mining Beam you are strengthening the security of its network and in return you’ll be earning BEAM coins. There are two ways to mine Beam. 1. Solo mining and 2. Pool mining.
To solo mine you need a basic knowledge of command line (CMD terminal) functions to download CLI wallet, to setup and to run your own Beam Node. Next you need a huge GPU mining farm with massive amount of hashrate which many of us don’t posses. So in this guide we’ll avoid solo mining and only focus on pool mining. Only experienced miners can have a full solo mining rig setup. However for majority of miners, joining a mining pool is the ideal way to mine it.
How to begin mining Beamhash 3 algorithm on Windows with NVIDIA and AMD GPUs? Let’s first look at the hardware requirements and the things you need for mining Beam.
Hardware for Beam mining?
Beam uses ASIC-resistant hashing algorithm called BeamHashIII. It protects the network against ASIC and mining is only available on GPUs. CPU mining is no longer feasible.
To mine Beam you need atleast a GPU with 4 GB of memory. Any NVIDIA or AMD cards with 3 GB memory can also mine. Whether it is a single GPU gaming PC setup or a mining rig containing multiple GPUs. As long as your GPU has more than 3 GB of RAM you can mine this.
Things you’ll need to get started: 1. wallet. 2. Mining pool and 3. Miner software.
Visit https://beam.mw/downloads/mainnet to download the Beam wallet. The official wallet is easy to use and is available on several platforms for Windows, MacOS and Linux. Also there is a mobile wallet available for both Android and iOS.
Download the desktop wallet and run the exe file. The wallet creation is simple. Launch the wallet and create a new wallet. The wallet will generate a seed phrase for you. Make sure to write the recovery phrase and keep it safely. You’ll need this in case of wallet recovery. Next go to receive tab and copy your Beam address which is what you’ll be using to receive mining payouts.
Note: If you have BEAM wallet installed on your computer previously then make sure it is up to date. Beam went through a hardfork which requires you to upgrade your wallet.
Attention! When using the official Beam wallet set address expiration date to “Never”. Also you need to note that it is mandatory to keep the wallet open and online to receive mining payouts from the pool. For this reason it is better if you use the exchange address for mining. For example you can use the BEAM address generated on Binance.
Exchange Wallet: Binance, Gate.io, HotBit, TradeOgre
Where to buy / sell /trade?
Beam is available on both centralized and decentralized exchanges. For a complete list of exchanges where you can buy / sell / trade the coin check out these links:
Beam mining pool
Once you generated a wallet address you need to select a mining pool. When selecting a mining pool you should consider your geographical location, pool fees and hashrate. Only then you can determine which mining pool suits your needs.
Following are some of the popular mining pools available for Beam:
2miners.com (pool and solo mining), flypool.org, herominers.com and leafpool.com.
For a complete list of Beam mining pools check out mining pool stats: https://miningpoolstats.stream/beam
Since 2miners has more than 60% of the network hashrate we’ll be using flypool in this guide. It is 1% PPLNS scheme.
BeamHash III Mining softwares:
Following are the list of miners that supports mining of BeamHash III.
NVIDIA: lolMiner, GMiner and BMiner
AMD: lolMiner and GMiner
Miner download links:
- lolMiner: https://github.com/Lolliedieb/lolMiner-releases/releases
- GMiner: https://github.com/develsoftware/GMinerRelease/releases
- BMiner: https://www.bminer.me/releases/
Note: These are closed source miners so it at your own risk.
There is also an official open source OpenCL miner which you can use: https://github.com/BeamMW/opencl-miner/releases/. However here in this guide we’ll be using only lolMiner and GMiner. They both work well for NVIDIA and AMD GPU’s.
Note: Before you download the miner and start mining make sure you have the latest drivers for your GPU’s. Secondly, if you have anti-virus installed on your computer then the mining software download will get flagged as a virus. You need to exclude the miner from the antivirus.
Alright! Now that we have everything ready, let’s get into mining BEAM coins!
After you download the miner, unzip it. You’ll find several sample config.bat files. Create a new batch file and name it as beam.bat. Then use the command lines to configure your miner:
miner.exe --algo beamhash --pers Beam-PoW --server <poolAddr> --port <portNumber> --ssl 1 --user <Wallet or user name>.<rigName> --pass <userPassword>
./miner --algo beamhash --pers Beam-PoW --server <poolAddr> --port <portNumber> --ssl 1 --user <Wallet or user name>.<rigName> --pass <userPassword>
Create beam.bat file and copy / paste the example below.
miner.exe --algo beamhash --server eu1-beam.flypool.org --port 3443 --ssl 1 --user 3694aff3c1f423787691df0f8052a7b6a8dc11e23068062e4ab2aed653525d97355.gpu1 pause
miner.exe --algo beamhash --server beam.2miners.com:5252 --ssl 1 --user 3694aff3c1f423787691df0f8052a7b6a8dc11e23068062e4ab2aed653525d97355.rig0 pause
miner.exe --algo beamhash --server de.beam.herominers.com:1130 --user YOUR_BEAM_WALLET_ADDRESS.YOUR_WORKER_NAME --ssl 1 pause
lolMiner.exe --coin BEAM --pool <poolAddr>:<portNumber> --user <Wallet or user name> --pass <userPassword>
./lolMiner --coin BEAM --pool <poolAddr>:<portNumber> --user <Wallet or user name> --pass <userPassword>
Create beam.bat file and copy / paste the example below.
lolMiner.exe --coin BEAM --pool eu1-beam.flypool.org:3443 --user 3694aff3c1f423787691df0f8052a7b6a8dc11e23068062e4ab2aed653525d97355.rig0 --tls on Pause
lolMiner.exe --coin BEAM --pool beam.2miners.com:5252 --user 3694aff3c1f423787691df0f8052a7b6a8dc11e23068062e4ab2aed653525d97355.rig0 --tls on Pause
lolMiner.exe --coin BEAM --pool de.beam.herominers.com:1130 --user 3694aff3c1f423787691df0f8052a7b6a8dc11e23068062e4ab2aed653525d97355.gpu1 --tls on pause
You can also consider BMiner and NBMiner
Bminer (Windows, Linux, NVIDIA)
bminer.exe -uri beam+ssl://YOUR_BEAM_WALLET_ADDRESS.YOUR_WORKER_NAME@pooladdr:port pause
NBMiner (Windows, Linux, NVIDIA)
nbminer -a beamv3 -o stratum+ssl://pooladdr:port -u YOUR_BEAM_WALLET_ADDRESS.YOUR_WORKER_NAME pause
Whichever setting you are using make sure to replace the wallet address with your own address. Once you’ve entered the config, save the batch file and double click the batch file to run the miner.
You should see something like this.
That’s it. You are now mining BEAM! To keep track of your mining statistics type in your BEAM address into the mining pool’s dashboard.
When will I get paid?
Once your mining earnings reaches the minimum payout threshold the pool will automatically send the payment to your address. Often times it is automatic and in some pools you have to manually request payment. Also note that if you are using Beam wallet client then you need to keep that open and online to receive transaction. If it is your exchange address then do check your exchange account.
Also use block explorers to track your transaction.
Beam mining profitability – Mining calculator
How much will I earn per day and is it profitable to mine Beam?. Once you know the performance (mining hashrate) for your hardware visit one of the following calculators and enter your GPU hashrate.
Visit these mining profit calculators and enter your mining hashrate, power consumption in watts and click calculate. It’ll display rough estimated earnings, costs, and profits for mining BEAM. Using these estimation you can know how much coins and profit in $ you’ll earn in a day, week and month from mining it.