How to Mine Burstcoin with Profit: The Ultimate Guide for 2019

How to Mine Burstcoin

Today we will get familiar with an interesting alternative to the ASIC and GPU mining that currently dominates the market. The coin in question carries the name “Burst” – a Nxt fork. As opposed to other currencies, mining Burstcoin (BURST) uses hard drive space to validate transactions and generate rewards. You would need an absurd amount of HDD space, to make a profit on your own, so mining in a pool is recommended. Check on all the key moments on how to mine Burstcoin and become a successful miner: …more

• Hardware requirements – as hinted, you won’t be needing a GPU or ASIC;
• Configuring your software and setting up your devices;
• How and which Burstcoin pool to join;

In the upcoming paragraphs we will go over the basics of BURST mining, why it’s an interesting opportunity and what other implications the technology behind it could hold.

Why You Should Mine Burstcoin?

The first and foremost reason to get into mining Burst coin would be that it is resistant to ASICs and centralization. As miners secure the network with their HDD capacity and not by performing an insane amount of calculations per second, the entire process is more energy efficient and cheaper in the long run. Another added benefit is that you would not be investing in single purpose machines that generate a lot of heat, high electricity bills and after a while, you can still resell your hardware at a decent price.

Furthermore, with Burst coin, you have no ICO’s, no pre-mining, no airdrops. Everyone has a fair and reasonable chance to get a reward for completing a block. Average time for completion is around 4 minutes with the reward currently at 900 coins and decreasing by 5% every month.

Best way of mining Burstcoin

One of its key features and perhaps the most interesting one, is the fact that Burst coin does not rely on your CPU or GPU power, nor can the process be made easier by employing a custom ASIC. What is utilized is your hard drive storage. Yes, you read that right, your storage space, perhaps the slowest component in the modern computer, is what this project requires to function.

To do this, the creators behind Burst have employed, for the first time in the cryptocurrency market, a PoC or Proof of Capacity consensus protocol. To put it short, you only compute once – during the initial set-up, through a process called “plotting”. Afterwards, to keep the network and transactions going, “mining” Burstcoin occurs through reading your storage for the plot files. The process of reading lasts only a few seconds per block and allows your hard drives to be on standby during the remaining time. You can begin to see how cost-effective in terms of energy consumption this “mining” process can be. However, in the current state, it is recommended you do not go about this on your own, as much of the coin has already been mined and to be on the plus side, you would need to join a pool.

To summarize, this is how you earn Burst coins:

• Plotting your hard drives – pre-generating chunks of data that would contain the calculations required to forge blocks. This is a one-time process.
• Reward assignment – setting up your burst account in order to receive the reward for “forging” the block. If you are mining on your own, you will receive the entire amount for yourself, otherwise, if in a pool – everyone gets a portion.
• Mining – once plots are stored on your HDDs and your wallet set up, all you need to do is launch the Burstcoin mining software. It will read through your plots to come up with a “deadline”, i.e. the time needed to forge the next block. Once the deadline is submitted, the drives go idle.

What do You Need to Start Mining Burstcoin?

• For the initial plotting – a decent, modern GPU to speed up the process or at least a good enough CPU
• Hard drives – as many as you can get a hold of and preferably with high capacity
• You can find a detailed list of recommended hard drives for Burst mining at the following address: http://www.burstcademy.com/knowledgebase/best-hard-drives-for-burst-mining To keep it short, aim for drives designed for 24/7 usage, however, avoid SMR (Shingled Magnetic Recording) ones. Drive speed is not of concern. Aim for the best price to capacity ratio and research the failure rate of specific models and brands.
• A good mounting solution, although not taxing, the Burstcoin mining process does generate some heat and considering that the drives are always on and susceptible to vibration, it is recommended that they’re not just lying around and have active cooling
• Reliable internet connection, preferably with low latency

Setup Hardware and Software / Configuration

Might sounds a bit different compared to traditional mining, but we have summarized a step-by-step Burstcoin guide to lead you though the process.

• Step 1: Download

  First step is to download the Burst coin wallet from the developers’ SourceForge account: https://sourceforge.net/projects/burstwindowswallet

• Step 2: Install Java

  Secondly, making sure you have Java installed on your PC. You can download it from here: https://java.com/en/download

• Step 3: Setup your wallet

  Next, we will install the Burst wallet.

• Step 4: Sign in an account

  Register an account, you will receive a passphrase to be able to log in. You need to save it somewhere secure.

  After logging in you, will see your wallet. To get started, expand the window so you can see your wallet address to the left. Copy it from there and choose the dropdown menu Faucets. Claim your free Burst from one of the providers to receive your first Burst coins. If their balance is exhausted you can always try the next day when the faucets are filled again. You would also need to send out 1 Burst coin to an address of your choosing to be able to get started with Burstcoin mining. We would suggest BURST-LUXE-RED2-G6JW-H4HG5 – you will donate to the developers of the project.

• Step 5: Choose a pool

  Next step would be to decide whether you would want to mine solo or join a pool. Performance has been discussed across various forums, but as it currently stands, depending on your setup, the difference would be marginal. Our suggestion would be to experiment and see what works best for you.

  pool.burstcoin.ro

  .Server locations:

  .

  Reward system: PPSAverage fee: 0%

  fastpool.info

  .Server locations:.Reward system: PPSAverage fee: 0.5%

  Interested to know some more? Check on the MiningPools.com webpage. Once you have decided, you can click on “Start mining” at the bottom of the window and then hit “Change”. Now you can paste in the necessary information i.e. your passphrase and the pool address you have chosen. Next – click “Submit”. A window should appear with a lot of text and some code. If something like “Error: Unknown account” shows up, that means you are yet to make any transactions or you will just have to wait a little longer.

• Step 6: Wait for the 4 blocks sync

  Having submitted your credentials, now you need about 20 minutes (4 blocks) in order to have them confirmed. While that is happening, we need to start plotting. Close all windows and go back to your Burst wallet. Click “Write plots” on the bottom. Choose how much space you would like to assign for mining and how many cores you will use for plotting. We would recommend half of what your computer has to offer if you would like to be able to use it while it completes the task, it may take a while.

• Step 7: Configure settings

  When you are done with plotting, click “Start Mining”. To begin with, we would recommend going with the CPU/AVX option unless you have a large array of drives (upwards of 30TB) and a good GPU i.e. at least a GTX 1050. Running the process via GPU would allow for faster plot times and scan times once you start mining Burstcoin. That is all you require to get yourself started with mining Burst coin. Once you get familiar with the process and would like to delve deeper, we would recommend reading through the various sources of information online. There are also informative and helpful Discord chats where you will be able to find assistance.

Burstcoin Cloud Mining

As we’ve previously mentioned, mining Burst by renting out storage space is out of the question. The market situation is in such a state that using hosted storage is too expensive. Given that the coin’s price is not that high at the moment, you won’t be able to make a profit this way. Should things change in the future, we’ll be sure to revisit this topic and provide you with the best alternatives.

FAQ

What is the Burst coin mining software?

To mine Burst coin, you only need a wallet and free HDD space. There is an all in one bundled software from the developers, links in the article above.

How does Burst coin work?

Burst coin is based on Proof of Capacity. A new protocol, that aims to be fair to all miners, energy efficient due to the fact that it uses hard drives instead of GPUs/ASICs and furthermore, decentralized due to easy access to the hardware required.

Is it worth to mine Burstcoin?

As with all cryptocurrencies, volatility is a major concern. However, as it currently stands, the process is energy efficient to begin with and the coin’s popularity is ever growing, so you could speculate it has a bright future. The price will continue to increase with the ever-diminishing rewards and reduction in quantity, but no one can say for certain.

Is it legal?

Some restrictions do apply, considering that countries like Macedonia, Algeria, Bolivia, Ecuador, Bangladesh and Nepal do not allow any crypto related operations at all. While not so drastic, Vietnam, Indonesia and Thailand are against mining said currencies, but do allow them to be used as means of exchange

About Burstcoin

Burstcoin is the number one alternative to expensive and wasteful GPU based or ASIC mining. By using your hard drive’s storage space for computing in advance possible hashes, BURST can avoid centralization issues and increase transaction capacity. You may consider it the eco-friendly alternative in the world of crypto. Not only is it infinitely scalable, but it’s decentralized by nature, since hard drives are easily purchased by everyone. Furthermore, Burstcoin implements layers of tangle-based lightning networks on top of it’s original blockchain, thus enabling fast, low cost and scalable transaction volumes.

Burstcoin Team

Originally launched back in August 2014, by an anonymous developer, it was abandoned shortly after. Having been left in the care of the community, a new core of developers emerged, calling themselves the PoC Consortium. From the summer of 2017, these people have been leading a revolution in the design of Burst, while bringing together executives, entrepreneurs, developers, computer scientists, admins, designers, investors and college students.

Sources:

https://bitcointalk.org/index.php?topic=1541310

https://burstwiki.org/wiki/Burst_Wiki

https://www.burstcoin.ist/2017/10/16/the-burst-mining-process-explained