Bytecoin (BCN) was the first coin based on the CryptoNote protocol. This protocol provides almost complete anonymity and a high level of security of financial transactions.
The privacy of transactions in most blockchains is only partial. Yes, usernames are hidden, but transaction amounts and directions are visible to outside observers. This means that it is technically possible to reveal the identity of the owner of the wallet.
If it is important for you to keep your financial transactions secret, it might make sense to pay attention to Bytecoin mining. By the way, if you do not have equipment for this there is a great solution such as rent bitcoin mining server, it will help you avoid expensive equipment and you can save your money and time configuring this equipment.
What is the best way to mine Bytecoin
BCN can be mined by ASIC. Technically, coins can also be mined on the GPU, but this method is no longer profitable. In second place in importance is the question of choosing the best Bytecoin pool. Headlines about the fabulous luck of solo miners sound attractive, but the probability of mining a block on your own is too small to consider solo mining a profitable activity.
What you need to start mining
During the mining process, participants solve complex mathematical puzzles through trial and error. That is why you need sufficiently powerful computing equipment. A high hash rate provides a faster solution and increases the chance of a reward. As mentioned above, it is better to give preference to ASIC.
Equally important is a stable Internet connection and the ability to use traffic. Each mining device needs about 15 GB of data per month.
To store the mined coins, you will need a crypto wallet that supports Bytecoin. Оptimistic Polkadot price prediction 2030 and other cryptocurrencies can inspire active trading. If this is your case, then you should initially select a multi-currency wallet
Criteria for choosing a mining pool
When choosing a reliable pool, first of all, you should pay attention to the payouts and the number of commissions. It is quite obvious that the lower the commission, the more attractive the prospects. Bytecoin in this sense is good because there are zero-fee pools in the network.
The geographical location of the servers is also important. Among other equal characteristics of several pools, the one closest to your location is preferable. You should also pay attention to the minimum amount and payment methods and choose the most suitable for yourself.
An important characteristic of a reliable pool is uptime. The closer this figure is to 100%, the better.
And paradoxically, but other things being equal, it is better to join a pool with less computing power. This is essential for maintaining a decentralized web.
Top 5 BCN Mining Pools
BCN has been around since 2012, so it’s not surprising that there are quite a few mining pools operating on the network.
This is one of the most popular mining pools. It has a simple interface and a rich selection of coins besides BCN. Pool members can choose the most profitable ones and switch to mining other coins. The computing power of the pool is about 3% of the power of the Bytecoin network.
Fees do not exceed standard values (1for % for PPLNS, 1.5% for PPS). The minimum withdrawal amount is set at 100 BCN. This is quite achievable but much more than in many other pools.
This pool is loved for its zero fees, the ability to mine anonymously, and a low minimum withdrawal amount of 5 BCN. The popularity of Bytecoin-pool.org is added by a user-friendly interface and a built-in calculator.
However, fame and popularity also have side effects. It concentrates large computing power, which is unsafe for the network.
This is a small pool, similar in its main characteristics to the previous one. For reasons of maintaining the decentralization of the network, this pool is more preferable, since its hash power is just over 12% of the total.
Bytecoin.party is another pool with zero fees and low hash power (about 3.2% of the total network power). The minimum withdrawal amount is set at 50 BCN.
About 4% of the network’s total hash power is concentrated in this pool. Joining Bytecoin.fairhash.org is a good solution to decentralize the network. The pool commission is 1%. However, it supports the mining of other coins and users can switch to the most profitable ones.