Grin is a cryptocurrency built on the Mimblewimble blockchain with a focus on privacy and scalability. The open source coin is the second implementation of the MimbleWimble blockchain after Beam coin. Compared to Beam, Grin has adopted a community-driven decentralized approach. The Grin project also comes with a simple design to enable peer-to-peer transactions.
However, Grin and Beam have different architectural designs where the former uses Equihash algorithm which is written in Rust. The protocol is ASIC resistance, meaning that developers will be carrying out hard forking every six months to curb ASICs.The notable difference between the two is on the user perspective. Grin allows for IP, file, and address based transactions, while BEAM deploys temporary IDs that help wallets communicate with each other.
The MimbleWimble blockchain differs from other cryptocurrencies on the grounds that there are no addresses and data storage needed is minimal. Unlike other protocols, the Mimblewimble blockchain has a unique focus on privacy and security. Mimblewimble’s major difference with Bitcoin is the fact that it only requires to store 10% of the data. This capability makes MimbleWimble more scalable, less centralized, and significantly faster.
Before you start mining Grin, ensure all your GPU drivers are updated. Additionally, virus scanners always mark mining software as viruses during the scanning process. If you are a regular miner, you should exclude the software from being scanned. You can categorize all mining software in one folder and exclude it from scanning.
What do I need to mine Grin?
To mine Grin, you can use the available hardware and software. For the software category, the Nvidia Cards (1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti) are recommended. Additionally, under the hardware category, we have AMD Cards (570, 580, Vega56, Vega64). For the software category, we have numerous miner tools like the MSI Afterburner which limits power and temperature. Regulation of power and temperature is important to protect mining cards and optimize profits. This list is not exhaustive as we have other mining options for Grin.
The Grin project runs on the Cuckoo Proof of Work (PoW) cycle which is designed to be hard on memory. In this case, miners need to have cards with high memory capacity. Cuckoo PoW has 2 modes – c29 which works well with GPUs, and c31 which for ASICs. To mine Grin, you need a card with a memory of at least 5.5GB. If you opt the ASIC protocol you will need 11GB cards to mine Grin.
Getting Started With Grin Wallet
Before mining Grin, it is important to understand the importance of setting up an appropriate wallet. Compared to other cryptocurrencies, the Mimblewimble blockchain has no address in the system. The wallets within the network communicate with each other to send cryptocurrencies. Grin does have addresses as well as private keys, however, it is not advisable to use addresses. In Grin one can send an receive payments using an IP address, passing a file back and forth or through the grin box address.
Installing Grin Wallet on Ubuntu
Currently, Grin wallets are compatible with the Linux operating system. We have no Grin wallets for windows because you need a full node to run them. For individuals without a Linux computer, you can set up a virtual machine on windows like the VMware player which is free. To operate it, download a Linux distribution. You can use a server edition since it is easy to download and it is responsive. You will then have to create a virtual machine after downloading the ISO.
Once your virtual machine is set up, accept all of the default settings for the Linux setup, and use the whole disk since it’s inside a VM. You will then log in and be presented with the terminal since this is a server install. For this tutorial, we will be using XFCE after installing the GUI where you will use approximately 650MB. You will now start using the GUI where you will go through the login process. You need to key in your username, password and then start.
Grin Wallet Installation
The first step of installing the Grin wallet is opening the terminal. The next process is selecting a web browser for loading documents. Additionally, you need git to pull the source from GitHub. The next step is coming up with a launcher where you “Right click” on the desktop icon for your preferred browser. Open your browser, like Firefox and choose “mark as executable” to avoid the warning message showing up again.
You will have to set up a wallet from the source and to run it. The GitHub website should have the requirements for setting up the wallet. All the software will be installed and you will have a central command. In the event you are asked about installation options, press enter and the whole operation will install about 700MB of packages. For the wallet, a community-based wallet should be used in place of the official wallet.
Community wallets are much easier to use, send and receive payments from. For Grin, using the official wallet is cumbersome because it requires a lot of changing files. Furthermore, community wallets have better documentation on how to use them. The community wallet is set up with its own node.
Grin Wallet Setup
At this juncture, you should run the wallet and synced it. Ensure you right click the Grin box address alongside the private key. Note that, you can use Grin without an address. You will have to run a listener to receive any new payments you have received from the last time you loaded the wallet. On the wallet dashboard, the seed words are in a red box. The seed word should remain private to avoid unauthorized persons from accessing your account. In case you want to be paid, give out the address that is in the green box while blue arrow indicates the balance in your wallet.
Using the Grin Wallet
Grin wallet sends and receives payments in three ways; HTTPS, file-based and Grin box address. The wallet you settle for automatically receives any https or inbox address payment that is sent to it. Before receiving payments with https, you will need to forward your ports from behind your router. After mining, you will receive payments from a pool. The payment can be sent to you through a file. You will have to create a transaction.tx.response file and return it to the sender. The sender then runs the file and you will have the payment.
Grin Mining Pools
Grin GPU Mining With Nvidia and AMD
Since it is a new cryptocurrency, Grin does not offer many choices when it comes to mining. Currently, the most viable option is the GrinGoldMiner which has a 2% dev fee. Before using the GrinGoldMiner, you have to install .NET 2.2. You can install the software on your computer by clicking on the “Download .NET Core Runtime” button.
Download and install the miner. You will then edit the default values presented. Use your email address to replace the “[email protected]”. Use your computer’s identity in the place of “rig1”. Then select a strong password to replace the “strongpassword”. In the next step, open the config.xml file in the same folder and make sure it saved the settings, and your GPU is the correct one. When done, run the mining software while at the same time ensure you are logged into the mining pool website. Through the website, you will be able to request a payout. You can also request payments through your IP address or email.
Estimated Earnings With Grin Mining
To estimate your earnings, Grin has a calculator that will guide you. Since the calculator gives rough estimates, you might earn a high or lower figure compared to the estimate. To come up with the estimate, the calculator will need the hash rate, hardware cost, electricity cost, pool fee, and power used. When mining, add your public key to the mining pool website to keep track of your statistics.
Grin is a new coin in the market and it might not give you the exact future prospects it holds. Consider factors like the hype around it in determining your investment plan. HappyGrin coin mining.
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