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Ryan singer blockchain wikipedia
Turns out, not a lot. But 1st, a little more about Bytecoin and how we did it. Bytecoin is a cryptocurrency similar to Bitcoin that originally launched in One of the main selling points of Bytecoin is that it allows for international money transfers quickly. Transferring money internationally quickly and securely is incredibly useful for businesses and consumers alike.
Usually, if you transfer money using a traditional bank, it would take business days to appear in the payees account. With Bytecoin, instead of waiting days transfer money internationally, it takes about seconds. It takes a lot less hardware to mine Bytecoin than it does for bigger currencies like Bitcoin, and even makes it possible to mine on your phone. We had two old devices lying around collecting dust, so we put them to work.
One was a Nexus 5 phone running Android 6. To mine Bytecoin, we used an app called Minergate , which is available on the Google Play store. We chose Minergate because it seemed to be the most popular mining app, and also because it was extremely easy to set up. All you have to do is create a Minergate account, choose which currency you want to mine, and press a button.
Once we downloaded the app, we left the phone and tablet plugged in and running for 7 days straight to see how much Bytecoin we could mine. The higher the hash rate, the more opportunity there is of obtaining coins. We learned that jumping on and offline is normal, but the dashboard GUI seems a little buggy providing realtime information.
At the end of day 1, we mined around 4. This meant we should expect to see around 28 Bytecoins at the end of the week. The Minergate app kept the same pace for day 2.
At the end of the day, we mined about 8. It was a modest pace, but we were happy with the results. However, by the start of day 3, we knew we were in for a long week. One of the major hurdles we kept running into is that the app would force quit, so we had to constantly check to see if the app was running and restart the app if necessary. All in all, we estimate we lost around 10 hours of mining due to the app force quitting.
Because of this, we kept the app running an additional 10 hours after the 7 days to make up for the difference. The force quitting could have happened for a number of reasons. The devices themselves could have cause the app to stop because it was using too many resources. It could have quit because there were too many devices using wi-fi so it got booted off the network.
At the end of day 3, we were up to The pace got even slower on day 4. At days end, we were up to Day 5 we were up to Definitely an increase from day 3, but still only a 2. Questions started looming if this was even worth it, but we had to push on, only 2 days left. Another modest increase on day 6. We ended the day with We knew at this point that we were not going to reach the projected 28 coins total, but hoped we could get somewhere in the ballpark.
Not much of an increase in day 7. We finished our 7 day experiment with a total of As mentioned above, we kept the app running for an additional 10 hours to make up for downtime. When all was said and done, we mined Fair to say, we spent more than that in electricity keeping the devices charged while they mined.
With Minergate , you have to mine at least Bytecoin to withdraw. The Devices Used We had two old devices lying around collecting dust, so we put them to work. Getting Started Once we downloaded the app, we left the phone and tablet plugged in and running for 7 days straight to see how much Bytecoin we could mine. Day 1 At the end of day 1, we mined around 4.
Day 2 The Minergate app kept the same pace for day 2. Day 3 One of the major hurdles we kept running into is that the app would force quit, so we had to constantly check to see if the app was running and restart the app if necessary. Day 4 The pace got even slower on day 4. Day 5 Day 5 we were up to Day 6 Another modest increase on day 6. Day 7 Not much of an increase in day 7. Was It Worth It?