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Crypto_Mining

Monero Hard Fork and RandomX: Make CPU Mining Great Again

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Monero (XMR) has successfully hardforked on November 30th, at block number 1978433. The fork has changed the CryptoNightR mining algorithm to the new RandomX Proof-of-Work algorithm.  

Although the main aim of the upgrade was keeping Monero completely resistant to ASIC mining, thus maintaining the coin decentralized, RandomX has essentially moved XMR mining to CPU, which is no less important.

What is the hard fork about?

Being one of the top cryptocurrencies by market capitalization, Monero for sure is one of the most popular coins at the moment, not least because of high level of privacy protection and technological advancement. The team behind Monero has continuously put their best effort into keeping XMR mining decentralized.

The previous mining algorithm, CryptoNightR, served the purpose well until the first Bitmain ASIC miners for the CryptoNightR were developed. This lead to Monero team developing and implementing the new RandomX algorithm which replaced the CryptoNightR, improving Monero network with special emphasis on its decentralization and operation.

The key pillars of RandomX are the following:

  • ASIC miners are removed from the XMR network, along with the issues of botnets and Monero mining malware.
  • Long Payment IDs are phased out Monero tweeted:  “In addition, we will be phasing out long payment IDs during this scheduled network upgrade.” As a fact, Monero is becoming more privacy-protective, improving its privacy and usability for users.
  • Ten blocks lock time, which is approximately 20 minutes, is enforced for the incoming transactions, increasing privacy for the whole network.
  • Transactions require at least two outputs to improve data protection.

Why is it particularly important for CPU miners?

As the name suggests, RandomX features random code execution as well as memory-hard techniques to discourage ASIC mining. However, ASIC miners are not the only ones affected by the hard fork: the new algorithm is specially optimized for CPU mining.

With the focus on CPUs, Monero developers believe that “the network will become more decentralized and egalitarian in the distribution of block rewards.”

These recent changes are of particular importance for all laptop miners, that have been experiencing reduced efficiency of their mining hardware: for them, RandomX might be a real game-changer.

The RandomX CPU & GPU benchmarks are provided for reference only and may vary depending on variety of factors:

Source: https://monerobenchmarks.info/

To sum up, RandomX has resulted in significant efficiency gains for CPU miners while drastically reducing the benefits of GPU mining. This is great news for both experienced miners that are not fond of the idea of spending a fortune on specialized hardware and newcomers that are in the very start of their mining career. 

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Categories
Crypto_Mining

MinerGate coin list updates

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MinerGate has always been excited to keep its finger on the pulse of the market. We strive to support the most popular coins and to refrain from those that are less demanded by our miners. After thorough analysis, we have decided to stop XMC and BCN pools on February 4, 2020. The mined balance will remain available for withdrawing.

We are grateful to both ByteCoin and Monero-Classic teams that have been with us on this exciting journey. The updated information on supported coins is available on MinerGate Service Monitor page.

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Crypto_Mining

MinerGate Exclusive: Interview with the chat moderator

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Recently, we released our very own loyalty token – the MinerGate Token

It’s the token that we believe will empower all parts of the MinerGate ecosystem and positively engage the community in the project’s life. 

A few tokens have already been delivered to the most active users as gratitude for their contribution. As well, there have been a lot of questions regarding ‘How can one obtain more/additional tokens?’. Of course more is coming, but currently, there are two ways:

  • Trade and exchange them on HitBTC, EOSDAQ, BTEX, and DEXEOS
  • Become a voice of MinerGate, e.g., become a contributor. 

The value added by each user is significant, whether it is feedback on social platforms or engagement of new users. But what is appreciated the most is the contribution to consistently making our services better, more prominent, and more welcoming.  

To set an example, we reached out to one of our contributors: a moderator of a chat room on our website – @NMR, who implemented an informative bot in our chat rooms, and asked him to share his experience and provide some inspiration for those who would like to engage more in the MinerGate ecosystem. Below is the interview with our faithful moderator:

Q: How long have you been using MinerGate? What do you like most about it?

A: I started mining with MinerGate a long time ago when cryptocurrencies weren’t so widespread. What I like most about MinerGate is how easy it is to start mining: everything is simple and clear.

Q: What, in your opinion, should be changed or developed in MinerGate?

A: To make MinerGate more convenient, I would introduce account statistics. These statistics would show such info as how many workers are online and how many are offline at the moment, and how many coins are earned per day. 

Q: How did you become a moderator in the MinerGate community? What are your responsibilities and privileges?

A: I became a moderator because I was an active user and helped other people from the community solve their problems and answered their questions. Being a moderator does not give me any privileges, but it helps me resolve conflicts and inadequate situations.

Q: How did you come up with the idea of introducing a chatbot? What is the main advantage of using a chatbot? 

A: When I analyzed new MinerGate users’ questions, I realized that they are all pretty much the same. So in advance, I prepared answers to these questions that will help in such situations. That is how I came up with this idea. The main advantage of a chatbot is that it can help a user at any time of the day. It would never replace live communication between real people, but it can be an excellent assistant to moderators.

Q: What is the main feature of the MinerGate community? As a moderator, how you can influence the community and MinerGate itself?

A: For me, it was essential to find not just a pool where I can mine a coin I like, but also a reliable and stable service. If it happens that there’s an issue with MinerGate, the team is always ready to solve it quickly. The other thing I like in MinerGate is the web chat because it improves user coordination on the website. 

Q: Recently, you received MG tokens for launching a chatbot as a thank-you for your contribution. Do you already have any plans about how you are going to use them? 

A: MG tokens have only existed for a short time, so all I’m going to do is hold.

Q: What do you enjoy besides mining? What is your hobby?

A: In my free time, I study new technologies and enhance my programming skills.

Q: What advice would you give to other miners?

A: A lot of miners don’t want to get into the details of mining because they think it’s complicated. Thus, they lose their interest. I believe that before starting to mine, it’s better to understand the mining process. Then, you will be ready for all the risks and will be able to make profits. 

Once more, we’d like to thank @NMR for taking time to be interviewed and for being such a fantastic part of the MinerGate community. 

In conclusion, you can always visit our chat room if you have questions or are curious about things related to mining and the software itself. There, you’ll find like-minded people ready to help and friendly support. 

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Crypto_Mining

Welcome MinerGate xFast 1.5

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Dear miners,

The MinerGate team is working hard to bring you the best mining solutions and user-friendly services. Making MinerGate a multifunctional platform will allow our new users to understand all mining processes faster and benefit from the cutting edge technologies available for our seasoned miners.

MinerGate xFast miner is a highly efficient and easily operated mining software that provides users with the highest hashrate compared to other mining equipment. It already is front line technology, but we decided to make it even better. The updates of xFast are the next level of mining implemented to provide the best mining experience and future mass adoption.

This version introduces the following features:

  • The Windows versions (NVIDIA + AMD/CPU) of GUI miner, as well as CLI, will be merged into one. That will make working with MinerGate more convenient for new users;
  • NVIDIA card bugs are fixed, therefore nothing will keep users from  effective mining;
  • Push notifications for GUI miner users. Such notifications will inform miners about updates and product changes. Thus we will make information about MinerGate developments more inclusive and approachable.

The main goal of MinerGate team is to provide users with the best mining products possible. We are sure that the updated version of 1.5 xFast Miner is a significant impact in the future of crypto mining.

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Crypto_Mining

MinerGate DSP Portal. Essential elements of decreasing the cost of developing DApp

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For just a year, the EOS system has proved itself to be worthy of being a next-generation blockchain project with industry-leading scalability and transaction speed. Its philosophy and solutions are giving new opportunities to blockchain developers.

Lots of dApps – a crucial part of the system – are now built on EOS. The number has been growing with time; according to DappRadar, 18% of dApps are built on EOS, yet obstacles to implementation still remain. There are two known reasons why the potential of this scalable and efficient blockchain system cannot be fully reached by developers and BPs running nodes.

To operate on the EOS blockchain, dApp developers need RAM resources which are not cheap. According to bloks.io, it’s more than 108 EOS (694$)/1 MB as of June 13th, 2019.

  • Limited supply.

RAM usage is also capped by supply, which is currently 90GB approx. It is anticipated to increase to 128GB in December of this year, but still, it severely limits the capability of developers to refine a ‘killer app’ that will be able to engage a mainstream audience.

Considering these points, LiquidApps introduced the DAPP Network, a set of technical solutions that makes developing on blockchains essentially easier & more affordable. DAPP Network is a system that unites developers, service providers, and users all in one, and DSPs are the driving force of it.

Recently MinerGate has become a dApp service provider on the DAPP Network, in order to help developers build scalable dApps with lower costs and no storage limitations. The newly released DSP Portal by MinerGate with intuitive design is serving solutions that will simplify the searching, choosing, and connecting process to the appropriate DSP package.

The efficiency of DSP Portal has become possible due to the data provided by Milleneos, a platform that offers trustworthy APIs for blockchain developers. The solutions presented by the Milleneos team allows for keeping track of blocks and transactions in real-time, as well as providing historical data. The team is introducing standard APIs, but they also provide custom ones, for example, DSP APIs.  

Lastly, it is exciting to see such projects coming out with great solutions for the good of decentralized development that was previously unimaginable. The resolutions of this scale will be able to pave the way for a new inconceivable level of dApps that will break through the limitations and become a crucial part of mass adoption.

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Crypto_Mining

News from our partners LumiWallet. Get EOS account for free!

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MinerGate is pleased to announce that our partner – Lumi Wallet, a highly secure multi-currency wallet – is launching an EOS account giveaway. This giveaway campaign has become possible due to the productive collaboration of MinerGate, Lumi Wallet, and Changelly.

MinerGate believes in EOS due to its next generation and open source blockchain protocol that has a well-endowed structure with a DPoS consensus algorithm. As block producer and a part of the community, we aim to advance EOS development by offering cutting edge technological solutions. We are glad that many projects, and our strategic partners – Lumi Wallet, in particular – have made such a great contribution to the EOS system. The giveaway will enable more users to experience all the advantages of the EOS ecosystem and become a part of its prosperous community.

And EOS account allows for the use of EOS decentralized applications and making an immediate transaction on EOS blockchain. However, one of the main features of EOS is that users pay a small fee to create a new EOS account that allows them to store and manage the coin. The average price of an EOS account is $4 plus a service commission that may reach up to $10. Lumi Wallet, with MinerGate’s support, is providing 1000 free EOS accounts to giveaway participants. Thus, it will allow more people to benefit from all of the EOS system assets and make the entry barrier for new users and EOS fans as easy as possible.

To participate in the giveaway, you need to follow these simple instructions:

1 – Install the Lumi Wallet app on your mobile device. No matter how long you’ve had Lumi Wallet, one year or one day, you can participate in the giveaway;

2 – Go to the ‘Wallet’ section and tap the “create wallet” button and set up an account;

3 – Fill in the fields and create a name for your new account. The first 1000 users will receive a free EOS account.

Feel free to share your feedback and ask for the details about EOS via email, support tickets, or in social media. Vote for MinerGate as an EOS block producer and make your impact on the evolution of the blockchain industry.

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Crypto_Mining

MinerGate Has Become a DApp Service Provider

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MinerGate has become a dApp Service Provider on the DAPP Network.

It’s no secret that there have been some significant obstacles in the way of the efficient performance of dApp development. To develop on EOS, dApp developers must own and use RAM, which has its limitations. There are two of them: the high cost (more than 115 EOS/1 MB as of June 5th, 2019) and the limited supply (currently around 90 GB, anticipated to increase to 128 GB by the end of the year). As a matter of fact, these two points severely restrain the capabilities of dApp developers and their applications.

So recently, LiquidApps have launched an alternative solution on the EOS blockchain which solves the scarcity of RAM for dApp developers – vRAM. The vRAM system is RAM compatible and aims to remove the current interdependence between the cost of memory (RAM) and the size of stored smart contracts, by using RAM as cache memory.

The whole ecosystem named the DAPP Network solves the limitation for decentralized application development. It makes it possible to store a potentially unlimited amount of data more affordably and efficiently. Along with EOS blockchains’ scale and speed, it will help utilize blockchain technology’s potential to the fullest.

Thus, MinerGate DSP is eager to help dApp developers by bringing to the table solutions (Service Packages) that enable affordable and unlimited access to storage and off-chain processing with on-chain integrity so that the way scalable dApps are built on blockchains today will sufficiently evolve.

Here you can find our official tutorial ‘How To Use MinerGate DSP Package.’

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Crypto_Mining

MinerGate Token Is Now On EOSDAQ

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Dear Miner,

The MinerGate team is pleased to announce that our ultimate loyalty tool, the MG Token, is now available on EOSDAQ, the world’s first on-chain decentralized exchange. EOSDAQ is a platform that supports the peer-to-peer trade of EOS-based tokens. All transactions there are recorded on the blockchain in a transparent manner. 

The EOS-based MinerGate token was created as a symbol of reciprocal loyalty between the team and the miners as well as a means of fuel for the whole project. A few tokens have already been delivered to the most active users. The token distribution will be continued, and the further allocation of tokens will be based on the users’ contribution to the project evolution.

Both MinerGate’s and EOSDAQ’s top priority is to maximize user experience and security, while contributing to the enhancement of the EOS ecosystem.

For more information on EOSDAQ, please visit eosdaq.com.

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Crypto_Mining

HitBTC – The First Major Exchange To Support The MinerGate (MG) Token

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Dear miner,

We are glad to announce that HitBTC will be the first major exchange to list the MG Token. Support from HitBTC is an important step towards developing the MinerGate loyalty tool. HitBTC is one of the most advanced cryptocurrency exchanges out there, providing markets for more than 300 different cryptocurrencies. HitBTC delivers to its users a reliable, powerful and fast platform solution for crypto.

The MinerGate token was created as a new way of cooperation between our product and its users. A few tokens have already been delivered to the most active clients as a token of gratitude for their feedback and contribution to the project. Along with being a community endorsement to participate in the project’s growth, the MG Token is designed to be the fuel for the entire MinerGate ecosystem in the future.

For more information on HitBTC, please visit: https://hitbtc.com/

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Crypto_Mining

MinerGate Token (MG): The Ultimate Loyalty Tool For Users

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MinerGate is glad to introduce MinerGate Token (MG) – a token created as a loyalty tool. It is designed as a vital instrument to fuel the entire ecosystem of MinerGate products.

We have always been focused on enhancing our service and providing better user experience, and now the new MG token is going to serve this goal in full. It will be used as a community reward and a countable means of gratitude for our most loyal community members.

The MG token provides new opportunities for the whole existing cryptospace as well as it’s newcomers. The token distribution will be continued, and the further allocation of tokens will be based on the users’ contribution to our project evolution. It is not only about giving feedback and participation in social life revolving around the project but also about running decentralized communities with MinerGate’s supervision.

To build MG, we thought deeply about the technical background and its connection with our vision. Relying on the team experience and vivid community support we’ve decided to use EOS as a basis for MG token. We believe that advanced blockchain technologies powered by EOS will help the platform to reach its full potential.

The MinerGate Token is going to empower all parts of MinerGate ecosystem by the synergic effect it brings to the field.

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