Grin (GRIN) is a privacy-focused cryptocurrency that has been developed on the MimbleWimble blockchain. Cryptocurrency is an open-source community-driven network that allows anyone to contribute to its developments. Unlike many others, GRIN doesn’t have an ICO, meaning that the developer or founders have no built-in reward share. In addition, it serves as a testament to MimbleWimble’s commitment to developing a lightweight and scalable blockchain.
What is Grin Mining ($GRIN)?
GRIN uses a Proof-of-Work algorithm Cuckoo Cycle. Unlike most other cryptos, it is a combination of two PoW algorithms. The CuckARoo, which is suitable for GPU mining and is ASIC resistant, and the CuckAToo, which is designed for ASIC mining. Additionally, the CuckARoo algorithm is frequently updated to ensure it’s resistant to ASIC mining.
One of the main differences between the two algorithms is the GPU memory required for mining. The mining difficulty for GRIN depends on the network hash rate. GRIN uses a static emission rate that allows miners to earn a fixed amount of tokens as a reward for every solved block. In addition, a new block is generated every 60 seconds on the GRIN network.
Why Mine Grin (GRIN)?
Unlike other major cryptocurrencies, Grin doesn’t have a maximum supply, and miners can earn 60 Grins per block. Additionally, the network is set to generate one token per second forever, meaning that over 80,000 grin tokens are created daily. Currently, there are over 98.2 million tokens in circulation, with one GRIN worth almost $0.048.
Considering the creation rate of new blocks and the reward structure, miners can earn up to 3600 GRIN per hour. In addition, the mining reward doesn’t decrease over time, and the network’s static coin emission functionality enables it to control inflation as well.
Profitability of Grin (GRIN) Mining Rig?
There are various factors that need to be considered when calculating the profitability of a GRIN mining setup. These factors include electricity cost, hash rate, power consumption, pool fees, and the reward structure. However, simpler and more accurate profitability calculations can be made using the GRIN mining calculator provided by MinerStat.
Among many others, a mining system’s hashing capabilities and power consumption are the two factors that can dramatically impact profitability. Ensuring that a mining setup has an effective hash rate will enable miners to solve blocks quicker, earn more tokens, and increase their profitability.
Currently, the expected monetary value of one GRIN token is expected to reach $0.085 by the end of 2023 and can go up to $0.115 by the end of 2024.
Requirements to Set Up
Although GRIN uses a combination of two algorithms, the network ensures that its CuckARoo algorithm is suitable for GPU mining and is ASIC resistant. This allows miners to choose from the various available budget-friendly graphic card (GPU) mining options. However, it’s important to consider the potential hashing power of the GPUs, as it will increase the chances of solving blocks and increasing profitability.
Some of the many GPU options that are available for mining GRIN include the Nvidia 1070, Nvidia 1070ti, Nvidia 1080, Nvidia 1080ti, Nvidia 2070, Nvidia 2080, and Nvidia 2080ti. Other GPU options from AMD include the AMD 580, AMD Vega 56, and AMD Vega 64.
In addition to this, miners can choose any other GPU. However, it must have 6GB of video memory for it to be used with the CuckARoo algorithm. After finalizing a GPU for GRIN mining, you must decide on a crypto wallet to store your earnings. Miners can choose from three types of crypto wallets: Web Wallets, Browser Integrated Wallets, and Hardware wallets.
Web wallets work based on Web3 technology and use their websites to enable transactions. Browser-integrated wallets allow miners and traders to seamlessly interact with crypto without repeatedly requiring logins. Lastly, hardware wallets are physical wallets that are used to store the tokens and are the most secure option among all others.
The official Grin wallet, which is available for Windows, Mac, and Linux, can serve as an option, but the wallet lacks a basic graphic user interface (GUI) and uses command-line functions. However, the Grin++ wallet is a commonly used alternative and is more beginner friendly. When you have finalized a GPU and a crypto wallet, head to MiningPoolStats and choose a GRIN mining pool.
Step-by-Step Guide for Mining Grin (GRIN) On A PC
After finalizing a wallet and a mining pool, you can begin mining GRIN by following these steps:
Before moving on to downloading mining software, you need to update the GPU drives. This can be done by going to the GPU manufacturer’s website and downloading and installing the latest drivers.
Mining Software Configuration
When your GPU drivers have been updated, you can proceed to download and install GRIN mining software.
Currently, the best mining software for Nvidia GPUs is Gminer, and the best option for AMD GPUs is the IoIMiner. Once you have downloaded the required mining software, right-click on the “.bat” file and add the following details:
- Algo – enter “Cuckaroo29s” as the mining algorithm.
- Server – enter “pool address” and the port obtained from MiningPoolStats.
- User – enter “wallet address” and “worker name.”
Once you’ve provided all the required details, double-click on the “miner.exe” or the “miner_grin_32.bat” to begin mining.
Although the CuckARoo algorithm is designed to be ASIC resistant, the CuckAToo algorithm has been designed for ASIC compatibility. This allows miners to consider various cloud mining alternatives for mining GRIN. Doing so will reduce initial costs and can increase profitability as well.
Some of the best mining alternatives for GRIN are provided by MiningRigRentals. The mining alternatives provide a greater hash rate, resulting in more profit. In addition to this, an added benefit of these mining alternatives is that you don’t have to worry about any power consumption or electricity charge and are free of the setup hassle as well.
Developed on the MimbleWimble blockchain design, Grin places a key emphasis on privacy and scalability. The cryptocurrency uses a combination of two Proof-of-Work algorithms. Where the CuckARoo algorithm ensures that resistance to ASIC mining is limited to GPU mining, the CuckAToo algorithm is ASIC compatible.
Considering GRIN’s predicted price movements over the next couple of years, it can be a great investment opportunity. Those who are not comfortable with setting up their own mining operation and configuring mining software can opt for alternative mining options to invest in GRIN.