How To Mine BEAM Coin

Beam is an open-source cryptocurrency running on the Mimblewimble blockchain. It is the first coin to be launched under the Mimble protocol which focuses on enhanced privacy, scalability, and reduced blockchain size. Beam operates on the Mimblewimble protocol alongside the Grin coin. The Beam cryptocurrency is coded in C++ and it uses the Equihash 150/5 system. At the moment, Beam is ASICS resistant. However, in the future, developers are set to permit the ASICS mining for small scale miners.

Beam and Grin have some similarities but differ in regards to the user perspective. Grin permits IP, file, and address based payments while on the other hand Beam deploys temporary IDs that help wallets communicate with each other. Furthermore, Beam has the ability to create permanent IDs since regular IDs change after each connection to a wallet. This model enhances the privacy of transactions.

How To Mine Beam

Before you start mining Beam, you need to have an updated GPU. Additionally, keep in mind that mining software is prone to be flagged as a virus. It is therefore important to install an updated antivirus in your gaming computer and exclude the mining software from the antivirus scan.

Setting up The Wallet

The Mimblewimble protocol coins are different from the normal cryptocurrencies in terms of design. With this protocol, we have no addresses since all wallets communicate with one another when sending and receiving cryptocurrencies. It is therefore vital to understand the process of setting up a wallet before getting into the mining process.

For the Beam network, we have IDs that enable wallets link. Since these addresses are not permanent, to enhance privacy, we will need to generate an ID and set it to never expire.

 

Beam coin is compatible with Windows, Mac, and Linux wallets that come with inbuilt miners. Additionally, they have their own mining software, CLI and GUI versions. In this tutorial, we will focus on the windows GUI with CPU miner. Once the software has been downloaded, install to create a new wallet. You will have access to seed words that act as the private keys. You will be required to select your preferred option and it is advisable to operate your own node.

Beam wallet does not verify transactions. As a result, it does not store the full blockchain on the computer. In short, the wallet is compact and should have a link to a node for it to be used. Beam nodes download, validate and update the entire blockchain. On the desktop wallet, you have an option of enabling it as a full node.

Furthermore, a Beam wallet database keeps its own metadata like transaction history. To retrieve this data, you need a wallet password. Passwords are only required when you want to view the transaction history and other details about the Beam Wallet.  Note that, if the password gets lost, then you will no longer have access to the metadata forever. However, any funds in the Beam wallet can be recovered by simply setting up a new wallet and reintroducing the seed phrase used in the original wallet.

To be on the safe side, always save several copies of the passwords and back up the transaction history.

Using the Beam Wallet

After installing the desktop wallet, a dashboard is immediately accessible once the synchronization of nodes is over. At the bottom of the dashboard, we have the payment transaction list. It also displays the spendable balance on the right section. The left side displays payments in progress.

The Beam wallet setting page further allows you to view information about the wallet. The information can be changed. On the same setting page, you can launch mining threads on the CPU. An address is then created and it expires within 24 hours by default.  For mining, you need to come up with another address that will not expire.

Creating a permanent address will require you to click on receive tab from the wallet’s main tab. After creating the address, set the expiry date to never expire and then close. The next step entails confirming the address from the main wallet tab.

It is key to note that this procedure cannot be repeated on sending transactions because it is similar to the normal process.  However, the Beam Wallet comes with a tutorial on sending cryptocurrencies.

Beam Mining Pools

Different mining pools for Beam do exist but the preferred one is the https://beam.leafpool.com/. This pool attracts fees of as low as 0.5%. Other Beam mining pools include f2pool.com, beepool.org, and sparkpool.com. With the mining pool ready, here is how to mine Beam.

Beam CPU Mining

For Beam CPU mining, the official Beam wallet should work perfectly. However, it is not profitable like GPU mining. With your  Beam Wallet installed on the desktop, go to the settings section and select “Run Local Node” and set the number of Mining Threads to any figure greater than 0. Keep in mind that the more threads you select the more strain on your CPU.

Beam GPU Mining With Nvidia

For mining Beam with Nvidia GPU, we will use GMiner. The miner works with both Windows and Linux operating systems. First, you need to download the miner and set up a new batch file that will be located within the folder where the miner is. You will then be required to replace “mining_pool_server” with your own preferred server. The same applies to the port.

In the next stage replace the wallet public key with your own permanent wallet address.  You can only use the ‘worker’ option in the event you are mining on more than one computer. The next stage entails running the miner by clicking on the batch file. Once you run the miner, you will be able to see a blue arrow that shows the temperature and speed of every GPU. On the other hand, the green arrow represents the power usage by GPU.

Beam GPU Mining  With AMD

To mine Beam using AMD, you can use the lol miner which attracts a 1.5% dev fee. To get started, replace the “mining_pool” with your preferred server. At the same time, replace the port with the one you want. Also, replace the “wallet_public_key” with your permanent wallet address. The “Worker” option is not needed unless you are on multiple computers.

Beam’s Projected Daily Earnings

Beam has a calculator that gives a rough estimate of what you will earn from mining the cryptocurrency. To get an estimate close to your actual earnings, you need to make some edits as follows.

Hash rate. The hash rate entails the total speed by all devices used to mine. It is the cumulative speed of the mining software. Before entering the figure into the calculator, add up all the computers used in Beam mining.

Power. Power utilized by the mining rig should be fed into the calculator. In some cases, the mining software usually determines the power used. We also have computer software that can determine the power usage.

Electricity Cost. This section entails the amount you pay for your electricity service provider. This information can be retrieved from your monthly bill.

Pool fee. Submit the pool fee in addition to the mining software dev fee. If you are using Nvidia it will be 0.5 + 2 = 2.5% while AMD will be 0.5 + 1.5 = 2 Lastly, you should enter the cost of your mining hardware to determine your estimated earning.

Conclusion 

Mining entails different aspects. Beam is a new coin with a lot of buzz around it. You will have to weigh the buzz factor and the inflation factor before making a decision to keep mining, and selling the coins or mining while storing some. While mining Beam, remember to keep track of your statistics on the dashboard. This can be done by entering your public key in the mining pool dashboard.

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