Despite the shift to other staking protocols, there are numerous tokens and coins that you can continue to mine. Grin is one of those cryptocurrencies. In fact, you can get started with Grin mining today and we've put together all the information you need to get started in this guide.
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Grin mining is a relatively straightforward process and can be a way to generate passive income, especially if you already have an excellent GPU. Here's everything there is to know about Grin and the step-by-step guide to start mining Grin right away.
In this article about Grin Mining you can expect:
What is Grin?
Mimblewimble
Grin's consensus mechanism
Tokenomics by Grin
What is Grin used for?
Grin wallets
This is how grin mining works
Get a Grin wallet
Choose a GRIN mining pool
Grant an exception for the software
Get the mining software
Configure the mining software
Start the GRIN Miner
Grin mining is simple and straightforward
Frequently Asked Questions
What is Grin?
Grin is a minimalist and lightweight cryptocurrency that prioritizes privacy. This cryptocurrency offers powerful privacy features and allows for peer-to-peer financial transfers. Grin mining secures the network and ensures that it is decentralized. There is no single foundation or institution behind Grin. The Grin Network is a community-driven platform and is fully open source. Everyone can participate in the development of the network. The developers can either volunteer or be financed by donations.
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Grin was launched on January 15, 2019 as a collaborative effort of multiple developers. It all started in October 2016 when a developer named Ignotus Peverell started working on a protocol first described in a paper called "Mimblewimble" published anonymously in August 2016. Grin is known for its Mimblewimble protocol, which offers privacy and scalability benefits. The Grin blockchain has no addresses and does not store data about the amounts transferred.
The Grin Network generates a new block every 60 seconds, and each block has a Grin mining reward of 60 Grins. The network is set to generate 1 Grin per second forever. This leads to an increase in supply and a decrease in the inflation rate. This rewards process allows for long-term blockchain security and fair distribution of rewards to all participants. Grin uses the Equihash mining algorithm, which makes Grin mining ASIC-resistant, similar to Monero and Ravencoin.
The main features of Grin are:
Anonymity
Privacy Policy
Fair monetary rewards for mining
Money transfer solution
Mimblewimble
The main focus of the Mimblewimble protocol is increasing privacy and scaling the blockchain while reducing the block size. The protocol allows the Grin blockchain to have a compact transaction history, making it faster to download, sync, and verify.
On a Mimblewimble blockchain, transaction history might look like random data as there are no identifiable or reused addresses and transaction details are known only to the respective transaction participants. A block is a single large transaction and not a combination of many smaller transactions. Blocks are verified but don't provide details about the individual transactions they contain. Mimblewimble addresses the privacy issue by storing only the essential data. The network's validators check each block to ensure that the number of coins is correct and that no double spends have been made.
It is important to note that Mimblewimble has removed the scripting system from the Bitcoin blockchain. The scripting system is a set of instructions that define how each transaction is structured. With the scripts removed, the Mimblewimble blockchain is more scalable as less data is stored on it. This results in less computing power required for Grin mining.
The Mimblewimble protocol can be used for payment channels and as a sidechain solution.
Grin's consensus mechanism
Grin uses a Proof-of-Work (PoW) consensus mechanism called the Cuckoo Cycle. This mechanism uses memory instead of processing power to validate the network and mine new coins. The Cuckoo Cycle algorithm allows miners to use most devices for mining, unlike Bitcoin, which requires application-specific integrated circuits (ASICs) for mining.
The Cuckoo Cycle is a combination of two Proof-of-Work (PoW) algorithms, CuckARood and CuckAToo:
CuckARood is designed for GPU mining and is ASIC resistant.
CuckAToo is designed for ASIC mining.
The main difference between the two algorithms is the graph size, which indicates the GPU memory required for Grin mining. Every six months, the Grin algorithm is upgraded through a hard fork. The regular upgrades serve to keep the Grin mining ASIC resistant.
Tokenomics by Grin
Grin is intended as a medium of exchange for financial value and has a more stable price history than other cryptocurrencies. The supply is unlimited, and Grin mining offers a standard reward of 60 Grin for each block mined on the network. The mining reward is not designed to be reduced over time. Grin has a static coin issuance that allows it to reduce inflation over time.
In November 2021, Grin price is USD 0.4089 and Grin is ranked 694 by market cap. Market capitalization is USD 35,918,069 and Grin circulating supply is 87,831,300.00 GRIN. The all-time high was reached on January 28, 2019 at USD 10.00, the all-time low on November 8, 2020 at USD 0.2206.
What is GRIN used for?
Grin's primary purpose is to enable individuals to conduct financial transactions in a private and secure manner. Unlike other private cryptocurrencies, such as Monero, Grin is considered more scalable. Another positive aspect of Grin is that it does not reduce mining rewards over time.
Grin wallets
There is an official Grin wallet on the project's website, available for Windows, Mac, and Linux. However, it is a command line wallet and the lack of a user interface might put off non-programming users.
We recommend using the Grin++ wallet, which is developed and supported by the Grin community.
This is how grin mining works
Before you start Grin mining, you should have the entire Grin mining system set up. This includes a Grin wallet, suitable mining software, and a Grin mining pool. To find out if mining Grin is a profitable business, you can use a mining calculator.
How much GPU memory do you need to mine Grin?
You need 6 GB of video memory for the CuckARoo algorithm and 11 GB for the CuckAToo algorithm. If your computer has up to 10.5 GB total memory, you need to use the cuckaroo_cuda_29 (C29) mining algorithm. A system with a high-end GPU with more than 11 GB of memory can use any mining algorithm (C29, C31 and C32). It is important to know that most crypto-related programs can trigger antivirus programs on your computer.
We recommend downloading the software from official sources only and saving all files and software in a special folder. Then share this folder via Windows security or antivirus software.
And now let's see how Grin mining works step by step!
Step 1: Get a GRIN wallet
Download the Grin++ wallet and install it on your device. Now create a new wallet - don't forget to write down your seed phrase.
The wallet should look like this.
You will need your wallet address later to set up your mining software. Note that this is a full-node wallet that needs to be synced to the Grin blockchain.
Step 2: Choose a GRIN mining pool
Choose one of the available mining pools. You can find most of the Grin mining pools on miningpoolstats.stream/grin.
Once you've selected a pool, click on the name and you'll be taken to their website. You will need the pool address later to configure the mining software.
Step 3: Grant an exception to the software
Mining software is often flagged as malware by antivirus programs. Therefore, creating an exception on your system is a necessary step.
To create an exception for the mining software on Windows, go to Windows Security > Protection against viruses and threats > Virus and threat protection settings > Manage Settings > exceptions.
Click on “Add or Remove Exception” > Add exception and add the entire folder where you will download and install the mining software. You will be prompted to accept the Windows security warning.
Step 4: Get the mining software
There are three mining software to choose from. Depending on the type of gear you will be using for the mining grin:
Gminer - has a 2% developer fee and is recommended for Nvidia GPUs (Gminer is also used to mine Ravencoin)
lolMiner - recommended for AMD GPU
GrinGoldMiner - has a 2% developer fee, Nvidia 6GB cards and AMD 8GB cards are supported.
We use the lolMiner software for this example.
Download the latest lolMiner version. It is important to download the software to the same folder that you added under Exceptions in Microsoft Security.
Step 5: Configure the mining software
Go to the folder where you downloaded the package and unzip it. Go to lolMiner > 1.28a > miner_grin_32.bat. Right-click to edit the miner_grin_32.bat file. Open them with Notepad.
You must edit the mining pool and wallet address and add your own. Replace the existing wallet address with the address you got from your wallet in step 1. Also copy the address of the Grin pool you chose in step 2.
Save the file and close it.
Step 6: Start the GRIN Miner
Now you can start grin mining. Go to lolMiner > 1.28a > miner_grin_32.bat and run the bat file with a double click.
You will receive the Grin rewards from GRIN mining once the GRIN mining pool starts paying out the rewards. Some mining pools offer the ability to check total launch and payouts for a specific wallet address on their website.
Grin mining is simple and straightforward
Now that you know how grin mining works, you can build a passive income stream with little equipment. However, you should check the electricity prices from time to time, because rising electricity prices can reduce your Grin Mining reward. In addition, the development of the GRIN course also has an impact on your overall profit from Grin mining.
Frequently Asked Questions
What is Grin Mining?
Grin mining is the process used by the Proof-of-Work (PoW) blockchain to validate and generate new blocks on the network. Grin can be mined using a graphics processor.
Is grin mining profitable?
The Grin blockchain is constantly evolving and this affects the hash rate of the network, which in turn affects the profitability of Grin mining. To determine if mining Grin is profitable, you can use a Grin mining calculator, where you can input your device's hash rate and other costs such as electricity and mining pool fees.
What do you need to mine Grin?
To start Grin mining, you need GPU cards and mining software. The Grin mining software works with both Nvidia and AMD GPUs. It is recommended to use Gminer for Nvidia GPU and lolMiner for AMD GPU.
Can I mine GRIN with a GPU?
Yes, Grin can be mined efficiently with a GPU. It uses the Mimblewimble blockchain protocol, which allows it to scale while improving user privacy. This protocol and the consensus mechanism used by Grin were specifically designed to make Grin mining ASIC resistant.
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