Bitcoin’s consensus mechanism is based on a Proof of Work protocol. It requires users to contribute computational power in order to solve hashes. This will allow the miner to find a block (if he’s lucky) and to receive the block reward and transaction fees from said block. This system is employed as an anti-sybil measure. It ensures that one user cannot have a disproportionate say in the network, making sure that miners must spend funds and electricity to be a bigger part of the network and to receive more coins in mining. This guarantees that a 51% attack (in which a miner controls the majority of the hashing power) highly unlikely, as it would require large spendings in hardware acquisition and electricity. Even if a miner controls more than 50% of the network, it is still in his best interest to protect it as a source of mining revenue.
This system is very efficient. It works as intended, and it has done so for several years in the case of Bitcoin. However, it is an extremely wasteful system. Millions of dollars worth of energy are wasted to power Bitcoin, and that is why alternative consensus mechanisms like Proof of Stake have been created.
This is the case with Proof of Capacity (PoC). Proof of Capacity relies, not on computational power, but in HDD space. It ensures that a miner must acquire large amounts of HDD space in order to get a disproportionate stake in the network. This system, although not as time-proven like Bitcoin’s PoW, is much more sustainable as HDD spend only a small fraction of energy when compared to a GPU or ASIC miner.
BurstCoin uses the Proof of Capacity protocol and it has been working as intended for quite some time now. Anyone can mine BurstCoin if they have free HDD space that is not being used. It is also possible to to build an HDD rig to increase profitability:
If you do decide to build your own rig, check out these HDDs. Internal hard drives are more expensive but they also consume less power, where external HDD will consume more power but are more affordable. It's also important to note that HDDs have a far greater life expectancy than GPUs when put under pressure 24/7.
So, weather you're getting ready to buy a few hundred Teras of storage or if you have a few GB available, let’s get started with BurstCoin mining!
Part 1 - Download and Install Burst
Step 1: The first thing you’ll need is Java. While this isn't strictly necessary when using the online wallet instead of the local wallet, we'll do it anyway. Click here to download it
Step 2: Choose the correct version (Java will do this for you) and install it
Step 3: Click here to download the latest version of the Burst wallet.
Step 4: Double-click the setup downloaded
Step 5: Read (or skip) the Burst information and click “Next”
Step 6: Choose the directory you want to install Burst in (you don’t need to change it) and click “Next”
Step 7: Choose the location for the program’s shortcuts, which can also remain the same. Click “Next”
Step 8: Check both boxes to create a desktop shortcut and run the application after installing. Click “Next”
Step 9: Double check the setup information and click “Install”
The setup will now install the Burst wallet in your computer and the wallet will be opened automatically.
Click “Finish” to close the setup
Part 2 - Create a new wallet
If you ticked the “run the application after installing” checkbox on the first part, the wallet will open automatically
Step 1: Click on “New? Create Your Account” to open a new wallet
Step 2: You will be shown a mnemonic seed which will allow you to restore your wallet in case you need to. Store the seed safely and click “Next”
Step 3: Confirm that you have stored the seed by typing it on the field shown and click “Next”
Your wallet has now been created. In order to secure your ID, it’s advisable that you fund your wallet and make a transaction or any action that requires a BURST fee. This is required in order to start mining
Part 3 - Fund your wallet and secure your ID
In order to acquire Burst, you can either buy it from an exchange or you can use the official Burst faucet. We are going to choose the latter, which is free.
Step 1: Click here to go to the Burst official faucet
Step 2: Enter your Burst ID (1), solve the captcha (2) and click “Claim Burst” (3)
If this doesn't work or if you prefer, you can always buy some Burst on Poloniex or Bittrex and send it to your account. Burst is very cheap per unit, so it will only cost you a few cents to get some BURST.
Step 3: Once you receive your coins, you'll want to make a transaction in order to spend a 1 BURST fee. Since all we need to do is spend the fee, we are going to set an alias for our wallet which costs 1 BURST. Click on "No Name Set"
Step 4: Enter your preferred nickname (1), your seed (2), anc click "Update Account Info" (3)
Part 4 - Write Plots
Burst mining relies on HDD space as an anti-sybil measure, as so the software will create random files (plot files) that will fill up your HDD space. If you dedicate more space to the plots, you will recieve more Burstcoins
Step 1: On the bottom of the wallet, click the “Write Plots” button
Step 2: Then click “Plot this drive”
Step 3: Now choose the amount of HDD space you want to make available (1) and the number of CPU cores you want to use (2)
Step 4: Now enter your Burst wallet ID into the “your BURST account” field (1) and click “Start Plotting” (2)
Burst is now writing Plots on the designated folder. This is the only time that Burst will require your CPU to work at full speed for a long period of time.
Once the Plotting process is complete, you can close the cmd windows
Part 5 - Start Mining Burst
Now that you have created the plot file, it's time to start mining Burst.
Step 1: Click the "Start Mining" button on the bottom of the wallet
Step 2: First thing you'll need to choose is a pool. Pick one from the list displayed
Step 3: Click the first "Change" button to associate your account with the pool
Step 4: The pool address will be copied to your clipboard. Click "Ok"
Step 5: Paste the pool address on the second field (2) and enter your seed on the first (1)
Step 6: Click "Submit"
If you get a "errorCode":5 error like the one below:
then use the second "change" button like this:
and repeat Step 4, 5 and 6. You will be shown the signature hash as so:
Step 7: Now simply click "Star Mining (CPU/AVX)"
You will start mining Burst with your HDD.
Your CPU (or GPU) will remain idle for the majority of time except when a new block comes along, at which time its usage will last for about one minute. This system makes Burst a very efficient and green system.
That's it! You are now a Burst farmer/miner (whichever you like best)
If you do decide to build your own rig, check out these HDD. Internal hard drives are more expensive but they also consume less power, where external HDD will consume more power but are more affordable. It's also important to note that HDD have a far greater life expectancy than GPUs when put under pressure 24/7.
If you do decide to put a HDD rig together, shows us in the comment section. We love Rig pics!
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