Mine MonaCoin - eCoin4dummies.com

Mine MonaCoin Using GPU Mining Rig

Depending on your needs, how to mine MonaCoin should be as straightforward as it is. The MonaCoin network uses the proof of work consensus but is ASIC resistance. In that case, mining MonaCoin using GPU guarantees maximum decentralization while making sure the miner remains profitable.

But first,

What is MonaCoin?

MonaCoin is a peer to peer virtual currency for settling digital transactions and specifically meant for Japanese citizens. It is a Litecoin fork, launching on January 1, 2014 with no pre-mine meaning interested persons can mine MonaCoin. The coin is by design meant to be a Bitcoin and Litecoin competitor in Japan where it has evolved to be an alternative for those who want to access the same peer to peer capabilities as Bitcoin in Japan. Creators of the coin say there is complete decentralization within the MonaCoin network and is Segwit compliant following a soft fork. Furthermore, MonaCoin developers claim the network supports Lightning Network, an off-chain solution to make payments fast and cheap.

How to Mine MonaCoin

Unlike Litecoin, MonaCoin anonymous developers have continued to ramp up development within the network. There are two unique features within MonaCoin that make possible decentralization. First, the network is ASIC resistance meaning there won’t be any form of centralization like it is the case in Bitcoin for example. Secondly, there are 105,120,000 MONA coins in circulation employing proof of work, Lyra2REv2 as the main consensus algorithm. MONA is released every 1.5 minutes with difficulty adjustment done on every block.

Here is a simple guide on how to mine MonaCoin. First, you should update your GPU drivers and exclude the Mona mining software when running your anti-virus. While you can solo mine MonaCoin, it will be a while before breaking even that’s why you need to join a MonaCoin mining pool. Login in and link your MonaCoin mining rig to the mining pool and set an automatic cash payout threshold.

Later, set up for GPU mining and depending on the card you have. There are different procedures for AMD and Nvidia. Should you use Nvidia, the community suggest using CCminer app. The app is compatible with Windows and Linux and charges no developers’ fees. Download and follow the instruction to properly connect the miner. The amount of MONA coins mined depends on your power costs, difficulty level, pool fees and of course, BTC exchange rate.

How to Buy MonaCoin

Should you want to skip the hassle of mining, then there are 20 different ways available for MonaCoin exchange, ticker symbol MONA. You can exchange your JPY for Yen but you must first register with BitBank. However, the fastest way is to buy MONA from Bittrex. First, you have to register then get verified before depositing or buying Bitcoin. Once your BTC reflects, exchange it for MONA.

Secure MonaCoin Wallet

It’s good practice to move coins from an exchange to a safe wallet. Coin owners are advised to store coins at its official MonaCoin wallet and if not, they can use other recommended MonaCoin wallets as, Counterparty, Electrum or Coinomi.

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