Photo of french miners in 1916

Mining Neoscrypt coins

This guide explains what is Proof-of-Work mining and how it is used to generate new coins using a computer.

In the following, I will be using Orbitcoin as an example to explain the basics of Proof-of-work mining. What is written below may however apply for any crypto coins, like Halcyon, or Phoenixcoin.
Proof-of-Work mining (http://en.wikipedia.org/wiki/Proof-of-work_system) is the system used to “find” Orbitcoin blocks (coins) using a computer calculation power.

A computer CPU (microprocessor, like Intel Core i5 or AMD FX 9590 for example) or a computer GPU (graphic card, like Radeon R9 280 or GeForce 960) using dedicated software may be used to process the same algorithm (called “Neoscrypt” for Orbitcoin) a huge amount of time, until it finds a unique “result” that will be recognized by the network as a “valid block”; one Orbitcoin.

What is needed to mine using PoW :

  • one computer with or without a graphic card;
  • one mining software compatible with Neoscrypt;
  • an internet connection.

Finding PoW blocks can be achieved all alone using a local machine and its wallet (it’s called solo-mining), or the computing power of many people can be mutualized in a “pool” (most of the time accessible via an internet website) to speed up the blocks finding (pool-mining).

Why speed up ?

Proof-of-Work mining is bound to what is called the “mining difficulty”. It’s a dynamical indicator of how hard it will be to find a block. Basically : the more people mining at the same time, the higher difficulty will rise, the harder it will be to find a block. Fortunately, it is also working in the opposite direction : less people mining, faster block findings. 

This is the problem that solo-miners often have to face; once the mining difficulty is too high, days of mining can be spent without any blocks findings, because of the compute power it requires. Unfortunately, only a few people own rigs of 40 graphic cards and the power it consumes to keep finding blocks at high difficulties. As a consequence, if you wish to mine with your own ressources and still earn a decent amount of ORBs, I recommend to mine through a “mining pool” like https://orb.dnb.io, where people put their ressources in common.

Mining pools

Using a mining pool, you send the results of your own computers calculations to the pool in real-time. Once a block is found by the pool, the coin generated is then shared between every people that contributed to its finding, in accordance with their respective contributions. 

Here are the steps to follow to mine Orbitcoins :

  • Head to https://orb.dnb.io and open your personal account by signing up to the pool ;
  • Once you are logged in, go to My Account > My Workers ;
  • Under Add new worker enter a new worker name and password, and click “Add new worker” ;

Your “worker” is your gateway to the pool. It will be used to receive the results of your own calculations and have it registered among the other pool workers. 

Once this is done, you will have to find the software that will be appropriate for your local configuration.

Stay tune for the software list in the next post !


Posted in Getting started, Mining, Neoscrypt, Orbitcoin, Pool mining, PoW mining.

David N. Brett

Creative Swiss Knife with a strong DIY culture, Dave can't stop building new things. Involved in crypto-currencies communities as PR specialist and mining pools operator, he's eager to share his views and knowledge of the crypto world.

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