A beginners guide.
So you've considered mining before but you might feel it is daunting or it might not be worth your time. I wanted to put this simple guide together for one of my favorite newer coins.
I will start with the nuts and bolts and end with my thoughts and your comments.
I always start with the wallet when I mine a new coin. I want to make sure it's interface is easy to use and that I will have no issues using it. If it's difficult, I typically just don't mine that coin. Download and install the wallet. Make sure you are using safe wallet practices. **Be sure to backup your wallet.dat file somewhere safe. **
You will need your receiving address from this wallet, which you can find under the file menu at the top. I made a unique address and name for it so I knew where the deposits were coming from.
Be prepared to use this public receiving address in a few minutes.
Miner Program
There are at least two miners that You can use for equihash coins, which CMM is.
I prefer DSTM which you can find here
You can also use the EWBF miner which is here.
DSTM has been reported to give more shares on pools, even though it reports a slightly lower hashrate sometimes. Download one of these to your computer, and don't worry, they will be safe to run, despite the virus warnings that will show up later on. Just click "Run Anyway" when prompted. For now, we will download one, extract everything to your preferred folder and just wait...
Picking a mining pool - Where the dirty work gets done
There are a handfull of pools to choose from. I always suggest trying to spread the hashrate out. I won't suggest the most popular pool because there are other great pools which I have been switching back and forth between and I encourage spreading the hashrate.
Typing ?pools in the Discord #botchat channel will return the info on active pools.
Here is a list of active reliable pools, minus the big one
247mines - 1.95 KSol/s (0.10%)
Axe Pool - 4.80 KSol/s (0.25%)
Dragon Pool - 15.71 KSol/s (0.80%)
zpool - 28.66 KSol/s (1.52%)
DME - 75.06 KSol/s (3.84%)
CMM Pool - 91.03 KSol/s (4.81%)
Coorp - 142.86 KSol/s (7.32%)
Coin Blockers - 155.77 KSol/s (7.98%)
Mining Speed - 515.49 KSol/s (27.18%)
What you need from the mining pool website is a few things...
- Server - Find one in your region "Eg. us.digitalminingexperts.com"
- Port - "Eg. 3032" Different pools sometimes use different ports for different difficulties depending on your rig. This info can be found on the front page of the mining pool website or the "getting started" page.
- Rig ID (optional) - Some pools allow a rig ID, this allows you as a miner to identify different rigs on the same pool. You can assign any rig id after your address by entering {Your CMM address}.MinerRig1 or {Your CMM address}.FishyGutsRocks or whatever you want your rig to appear as on the website.
-Step 4- That "hacker" feeling.
So, if you've never done this before, prepare to amaze yourself.
We need to go in the folder you extracted your miner to. Inside this folder, right click and create a new text document.
In that document, you will need to type the following for DSTM:
zm --server {Enter the reginal server from the mining pool you chose}--port {Port number from the mining pool} --user {YourCMMAddressHere.YourRigName} --color
If it is EWBF just change the "ZM" to "miner.exe".
Now, "save as" and give it a file name and at the end type .bat so for example Minerstart.bat, then below that change it from text document to all files in the dropdown.
Click save.
Now, a new file should appear in your miner folder with some gears on it and the name you just gave it.
Clicking this should take you to the miner screen and you are off and running!
If you have any questions, please feel free to comment below.
Thoughts In closing
Well, how much CMM can I mine?
A single 1050ti will net you about 25 CMM a day. In the Discord #botchat channel, you can type ?cmm {your hash rate} to see how much CMM a day you can mine.
Eg. ?cmm 750
What is each coin worth?
CMM has received it's first listing on exchanges as of 5/29/2018. The cost to mine per coin varies widely due to electrical rates.
When a coin isn't on an exchange or is new to an exchange, miners call this "Spec Mining". You are speculating on the future value of the coin so you mine and hold (typically).
How do I know it's worth mining then?
Well, to be honest, you don't. That's why it is specuilative mining. This is where the DYOR comes in. The CMM team has started to grow a strong bond and commitment to the project in the past 2 months. The whitepaper lays out a pretty elegant yet evolving strcuture involving dual chain commerce. If you are following the developer, he has led a few successful projects and he seems to have a strong passion for this one.
With a total coin supply of 210M, short block times, high rewards for now and a net hash of less than 1mh/s, you should definitely DYOR more if you want to get your feet wet.
Again, feel free to ask any questions below. Thank you for reading if you made it this far!
The team is working on more exchanges and will likely be trade ready on BarterDEX by the end of the week.
The CMM team can be found on Discord here if you have any questions polishing up this setup. They are usually pretty quick to help.