All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Steem is a blockchain-based social media platform where anyone can earn rewards by contributing quality content and rating content published by others. You can also mine it using a dedicated CPU miner if you have some spare power that you want to dedicate to supporting the network. The information regarding Steem is still highly fragmented and you need to spend quite a lot of time figuring things out even though they do not seem to be that complicated. We have spent some time trying to get things working and we have managed to successfully start mining Steem, so we have prepared a short guide to help you get started mining on Windows.
The first thing you need to start with before moving with the actual mining is to register yourself an account on the steemit website. Do note that registering currently requires you to either have a Facebook or Reddit account to use as a means of verification for your registration. After you register you can also earn Steem by posting quality articles on the website and interacting in the community in general and then you can also start mining using the guide below.
– Start by downloading the latest Steem Windows Wallet and Miner for Windows
– The miner binary is compiled for 64-bit Windows, so it will not work on 32-bit ones
– Extract the steem-win-x64-012-2.zip archive to a folder on your computer and run steemd.exe
– The first time you run the Steem Daemon executable it will create a witness_node_data_dir directory and inside will generate some additional files and folders
– Go inside the witness_node_data_dir folder and open the config.ini file with Notepad or another text editor
– Start by adding a few steem nodes to connect to, just paste the following list under P2P nodes to connect to on startup:
seed-node = 188.8.131.52:2001
seed-node = 184.108.40.206:2001
seed-node = 220.127.116.11:2001
seed-node = 18.104.22.168:2001
seed-node = 22.214.171.124:1337
seed-node = 126.96.36.199:2001
seed-node = 188.8.131.52:39705
seed-node = steemd.pharesim.me:2001
seed-node = seed.steemed.net:2001
seed-node = steem.clawmap.com:2001
seed-node = seed.steemwitness.com:2001
seed-node = steem-seed1.abit-more.com:2001
– Under the name of witness add your steemit.com username (you need to register prior to start mining), so make sure it is something like:
witness = "myusername"
– Under the name of miner and its private key add your steemit.com username and private key, so make sure it is something like:
miner = ["myusername","yourWIFprivatekeyhere"]
– When setting different parameters in the ini file make sure you don’t leave the # sign in front of the line as it essentially comments it out and the miner behaves as this parameter is not set, so you can get an error that a witness or miner is not set!
– If you are not sure where to get the private key, then just login to your steemit.com account, go to your Profile and then to the Permissions tab. Here you need to click on Show the private key for Active (you may need to relogin first). Do note that the key shown by default is the public key, you need to show the private key and use the private key in the config! Alternatively you can use the Owner private key, this is also your login password, but due to security reasons you better stick with the Active key.
– Under the Number of threads to use add mining-threads = 1 or higher number, depending on how much of your CPU you want to utilize for mining, more threads result in higher hashrate
– You are now ready to start mining, just run steemd.exe again and wait for the blockchain to synchronize, it could take something like 15-30 minutes or more (depending on your internet connection)
– The steem blockchain is over 3.5 million block already, but the size is not that huge yet, it is around 3.3 GB in size, so you will need more than that free space available
– In our tests with an Intel Core i7 5820K CPU (6 cores, 12 threads) running at 12 threads configured in the ini file we are getting about 44390 HPS (hashes per second) as a hashrate or around 31-33 KHS with just 6 active threads
– Do note that the mining apparently requires a lot of RAM, we get about 3GB used for 6 threads and about 5GB used for 12 threads for mining, so make sure you have enough RAM in your computer (8GB or more is recommended)
– All you have to do now is to wait for your miner to first find a POW block and then put you in the Miner-witness queue until your turn comes in to confirm a block in order to get your reward transferred to your steemit.com account
– Note that the rewards you get when you successfully mine and confirm a block are in STEEM POWER tokens and not in STEEM and they should appear in your Wallet on steemit.com, earning you 1 for each block. STEEM POWER are influence tokens which earn more power by holding long term, the more you hold the more you influence post rewards and earn for accurate voting on steemit.com. STEEM POWER tokens can be withdrawn (Powered Down), but it will require 2 years and 104 payments to convert back to STEEM. This means that once you power down you will start receiving 1/104th of your Steem Power in the form of STEEM each week until you have withdrawn all (104 weeks or 2 years pass) or you manually cancel the power down, so you can withdraw STEEM, but it is slow and in parts…
The people that prefer to have full control over their Ethereum (ETH) addresses by running a local node with a full copy of the Ethereum blockchain could soon start having free space issues as the storage requirements continue to grow at a rapid rate. The Ethereum blockchain data is already getting close to 30GB in size and thanks to the Ethereum Classic (ETC) you may need to make a copy, so another 30GB of data for the ETC local wallet and blockchain. It may not be that big of an issue if you keep a single large blockchain on your computer, but people that use local crypto currency wallets usually have multiple of these and with the already huge Bitcoin (BTC) data getting close to 85GB in size as well as a few other more established older altcoins the free space required on your hard drive or let alone SSD if you use one can be over in no time…
Ehereum (ETH) has successfully hard forked a few days ago and moved on a new chain, however this also brought to life Ethereum Classic (ETC) that continue to run on the old blockchain without any modifications that were made by the forking Ehereum (ETH). Initially the support for Ethereum Classic was a bit questionable, but after Poloniex – the current largest Ethereum (ETH) exchange added a market for trading ETC as well things started turning. There are already a few exchanges trading ETC with more probably soon to follow, multiple services such as block explorers and quite a few mining pools already available. The current value of 1 ETC is about 1/20th that of 1 ETH, but the daily volume traded on Poloniex shows that the Ethereum Classic has almost half the volume of Ethereum.
The most important question that people probably have at the moment is how they can get a hold of their ETC coins based on the ETH they are holding. There are some good and some bad news here, if you were running a local wallet then the ETH coins you had in it prior the hard fork will also give you the ability to have the same amount of ETC coins. What you will have to do is to run a copy of the blockchain prior the hard fork at block 1920000 and run a pre-hardfork client such as geth earlier than version 1.4.10. Of course for the ETH coins you would still need to run the original blockchain with a client supporting the hardfork (make sure you use different directories for storing the two chains). If you had all of your ETH coins in an exchange or an online wallet, then you might be out of luck unless that wallet or exchange provides support for ETC as well. In the case of Poloniex any ETH that you help in the exchange resulted in you getting the same amount of ETC, however still only a few exchanges do provide support for ETC.
At this point it is quite hard to say what is the actual amount of ETC coins that can be operated by their owners and unfortunately there is the chance that some exchanges that do not officially add support for ETC can still get a hold of the ETC coins that were available as ETH balances prior to the hard fork. So at the moment it is still hard to predict what exactly will happen with Ethereum Classic, all we can say is that we are seeing peak in user interest and support, but will that be enough to establish ETC as a long term alternative to ETH or not is still hard to say. So you might want to keep an eye out for ETC and if you can get a hold of your Ethereum Classic coins you should do so just in case. As for those of you that may decide to mine ETC (it is on a separate chain after the hard fork) you should know that there is still a quite a bit of risk involved and ETC future is still a bit uncertain. We are going to be keeping a track of how things with Ethereum Classic progress further on and keep you updated on how the situation evolves.