The Common Knowledge Base, the layer 1 blockchain of Nervos Network, uses Proof of Work (PoW) mining to achieve consensus at the base of the ecosystem. PoW mining is essential to the ecosystem because it ensures the decentralization and security of the whole system.
Miners play a vital role in the community and give Nervos a necessary service. They receive payment in CKBytes (CKB) for this service, which aligns their incentives to the advantage of all blockchain users.
Although mining involves inherent hazards and obstacles, it may also be enjoyable and successful. As such, it is not a profession for everyone. Before you go in, it’s critical to know what you’re getting into.
Those who are interested in mining Nervos can get started with the help of this guide. We will go over the fundamentals, like how to locate appropriate equipment and how crucial it is to select a mining pool. Most significantly, though, we will highlight some additional educational materials that will assist you in running a profitable mining business.
The most crucial phase in any mining operation that is effective is planning. Do you have an area where people won’t be disturbed by the sound of the miners that is well-ventilated? Do your miners have the right electrical wiring to support them? Are your electricity prices consistently competitive? Before you start purchasing equipment, you should be able to respond to these kinds of inquiries.
Before making any kind of commitment, you should have reasonable expectations regarding miner operation and profitability if you have done your research correctly.
Choose Your Mining Hardware
Nervos mines using the Eaglesong hashing algorithm, and to mine effectively, you will; require specialized mining hardware known as ASICs. You have to utilize a miner made especially for Nervos. A miner from a different currency cannot be used since it is probably incompatible.
ASICs are now necessary for mining, as opposed to GPUs and FPGA miners in the past. This is because ASICs are the quickest and most efficient because they are more specialized. Although it is still feasible, GPU and FPGA mining is not lucrative due to their low efficiency.
ASIC miners are widely accessible, yet they are not all made equally. There are superior ones and inferior ones. Regularly, new and enhanced miners are released. Specifications and a list of available miners for the Eaglesong algorithm can be found on websites such as ASIC Miner Value. Some are very loud, and some are very quiet. While some use 110 volts, others need 220-volt electricity. These factors must all be taken into account.
The Nervos address you designate receives the CKB that you earn from mining. Software for wallets must be installed before you may establish an address. Any one of the numerous wallet choices offered by Nervos for desktop and mobile devices can be utilized for mining.
The Nervos Foundation has released a desktop wallet known as Neuron Wallet. Since it is a full node wallet, the Nervos blockchain will be downloaded in its entirety in the background. It is frequently considered the most secure wallet since it operates as a full node.
But the entire node requires a lot of storage space—many gigabytes—and the initial synchronization can take up to 72 hours to finish. Neuron can also be used with Ledger hardware wallets to add an additional degree of protection.
CKBull, imToken, and SafePal are well-known mobile wallets offered by third-parties. Apple iOS smartphones and Google Android devices are supported by all three wallets.
There are a ton of alternative wallets available. A more extensive list of wallets in the Nervos ecosystem is kept up to date by the Nervos Community.
Choose a Mining Pool
When you first start mining, one of the most crucial choices you will have to make is choosing a mining pool. This is crucial for the long-term viability of the network as a whole as well as for your financial success as a miner.
A 51% attack can be more likely to succeed on decentralized blockchains if excessive mining power is concentrated in a few main mining pools. To maintain the decentralization of hash power, take into account choosing one of the smaller pools while making your pool selection.
Bigger pools typically locate blocks faster, which results in higher compensation for miners. But because you own a smaller portion of the entire pool, the payments are lower. payments from smaller pools will occur more slowly, but larger payments overall. Theoretically, over time, the total earnings in a large and small pool should be similar.
Some other factors to think about when choosing a pool:
Mining Pool Fees: Typically, mining pool fees range from 1% to 3%. Apart from the percentage, there are other payment schemes to take into account.
Transparency: The majority of pools allow customers to view performance indicators through available analytics and statistics. A dishonest pool could present itself as having a cheap fee before stealing an excessive portion of the profits from mining. This is less likely to happen the clearer the pool is.
Security: A well-managed pool has to have some experience and a solid payout history. Recall that you are entrusting your revenue to the pool. They might lose some of your money if their security is inadequate.
A miner’s responsibility also includes maintaining the network’s integrity. A 51% attack on the network that is successful would probably make mining less profitable overall for all miners. This is the reason we emphasize so much that you choose a pool carefully and contribute to the decentralization movement by supporting smaller pools.
Pool-to-pool variations may exist in the procedures for setting up an account and the configurations required for your miner. These details are unique to every pool and are supplied by the pools themselves.
Configure and Set Up Your CKB Miner
You can begin mining as soon as you have your miner, wallet address, and pool account. You might want to check a few things if this is your first time setting up a miner.
Take particular note of any damage to your miner. The majority of miners are transported abroad, and equipment is susceptible to damage while in route.
Look around for any loose items, such as plastic bags and paper. Strong fans that are prone to blockage are present in certain miners. That may cause overheating, which could harm hardware or cause poor performance.
Once your miner is operating, check its temperature on a regular basis, as well as the temperature of all nearby power cables. Although it is typical for miners to be warm to the touch, a miner or cable that is extremely hot to the touch may be an indication of a ventilation issue that could cause a fire.
Each miner has a unique interface, and there are particular steps that need to be taken during setup and configuration. But most will adhere to these fundamental guidelines:
Attach the power and network cords to your miner.
Find the IP address of your miner on the network.
Open the admin panel on your miner via a web browser.
Examine the firmware of your miner for updates.
Adjust the settings for your pool in your miner’s configuration.
Once these procedures are finished, your miner ought to be operational.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
