What is Grin Coin?
Grin is a cryptocurrency implemented on MimbleWimble designed to provide privacy, fungibility, and scalability. Grin retains the privacy and fungibility features of MimbleWimble as there is no address, transaction amount and transaction can be merged eliminating all middleman information. Furthermore, blocks in Grin – like MimbleWimble – contain no transactions and the block looks like a large transaction.
All outputs in Grin can also be safely removed, allowing the blockchain size to be significantly reduced. Users can download and verify blockchain significantly faster than other cryptocurrencies. Therefore, Grin can scale with the number of users instead of the number of transactions.
The Grin coin runs on a Cuckoo Proof of Work (PoW) cycle and is designed to be hard on memory, requiring miners to have cards with high memory capacity (e.g. Nvidia 1070/1080 with 8gb vram). In addition, Cuckoo PoW has 2 modes – GPU-preferred c29 and ASIC-preferred c31. In this tutorial we will focus on c29 for GPU as ASIC is not released yet.
What is Grin Coin (GRIN) used for?
Grin Coin (GRIN) has 3 main functions in Grin Blockchain, including:
GRIN is used as a block reward for miners to ensure the security of the network.
Currently, 60 GRINs are generated every minute. If you calculate it roughly, after 1 year, it will create an additional 31,536,000 GRIN (too much).
The inflation rate will gradually decrease according to the number of GRIN in the market and after 10 years the inflation rate will decrease to 10%, after 25 years will decrease to 4%.
You can read more about GRIN’s monetary policy here.
GRIN is used to pay transaction fees in the Grin Blockchain. This is also a benefit for the miners that help the transaction to be confirmed and completed.
Like Bitcoin, GRIN functions as a payment or exchange of value, but in an anonymous way.
Secure Grin Coin (GRIN) storage wallet
After successful launch mainnetin January of this year Grin coin launched its official wallet version called Grin Wallet. Present, Grin wallet available for computer operating systems such as Windows, Mac OS and Linux, you can download and use here. For versions for iOS and Android phones, maybe in the future Grin will be available to users soon.
Also, if you often Buy and sell Grin coin then you can always store it on the wallets of the exchanges for convenience of trading, without having to transfer back and forth, but of course the security level of the exchange wallet will not be equal to that of a private wallet, as I mentioned above.
Grin Coin Exchange (GRIN)
Grin Coin (GRIN) was listed on Bitsq on the first day of its launch. Then with a series of other exchanges supporting GRIN listing such as Poloniex, Bittrex, KuCoin, Bibox, hotbit…
In which, GRIN is being bought, sold and traded mainly on the Hotbit exchange, the trading volume of Grin/BTC is up to 9 million USD.
Grin Coin (GRIN) Futures
Indeed, Grin Coin (GRIN) does not exist a subject to direct the project but to empower the community, like the eldest Bitcoin. That makes it possible to judge the future from Grin’s activities. will be more difficult.
Some points you can refer to to evaluate GRIN 1 somewhat:
On July 17, 2019, GRIN completed its first hard fork.
GRIN is an anonymous coin, so it will compete with seniors like Monero, Zcash, Zcoin….
The potential for Privacy Coin in the next few years is likely to increase dramatically as users will have to care about the privacy of their assets.
In addition, GRIN has not been listed on other major exchanges such as Binance, Upbit.
- Without a leader, it is easy for development to deviate from the original goal of the project.
- The inflation rate in the first 10 years is quite high & the supply is unlimited.
- Still not used much, so you will see that it is purely speculative in nature.
What does it take to mine Grin?
Nvidia cards: 1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti
AMD cards: 570, 580, Vega56, Vega64
1. Miner tools – See Step 1 below.
2. Overclocking tool – MSI Afterburner works well to limit power and heat (this is VERY important to protect your mining cards and maximize profits!)
3. Tested configuration – Power: 65% – 75%, Temperature Limit: 70°C, Core: +100, Memory: +300; These are stable settings between 1070ti – 1080tis at an ambient temperature of around 28°C, so adjust your settings lower/higher as needed.
Step-by-step guide to setting up Grin . mining
Step 1: Download a Miner (GrinGoldMiner)
In this tutorial I will cover only GrinGoldMiner (GGM) which has been used since test time for mining and has been stable for me with no issues however feel free to experiment around see what works. Download here (Attention: only download from official Github source). As of 18/1/2019 both v2.7 and v2.8_beta are working fine.
Other miners to choose from (untested by myself at time of writing, but others have used them with varying success rates):
Bminer: Official Miner
MinerBabe: Official Miner
Step 2: Choose a pool
Note: F2Pool (50%), Grinmint (33%) and Sparkpool (10%) combined have around 90% of the Grin network hashrate – we recommend trying a different pool to distribute the hashrates more evenly. There also seems to be an ongoing effort in its official Discord calling for better hashrate distribution.
Check out the list of available pools along with its hashrate distribution here:
1. (Grinmint fee 0%) – Pool is smooth and work is reported to be consistent between client and pool side. Payouts receive money in the form of payouts via email (payout instructions).
2. F2pool (3% fee) – Get good Grin reviews from Discord.
3. Sparkpool (1% fee) – Pool is smooth and work is reported to be consistent between client and pool side.
Step 3: Setup!
3.1 Virtual Memory in Windows
Before running GGM, you need to increase Virtual Memory in Windows to at least 7gb x (Number of cards), so that a rig with 2 cards will need at least 14gb – Follow instructions here.
3.2: Address stratification
Once you have downloaded GGM, unzip the file and run GrinGoldMinerCLI.exe, which will load up the following window for you after a while:
Depending on the mining pool you want to join, choose  or any of the groups [2 đến 5]. Stratum addresses for Sparkpool and F2pool are:
China > grin.sparkpool.com:6666
United States> grin-us.sparkpool.com:6666
No division between regions > grin29.f2pool.com:13654
For both Sparkpool and F2Pool, select “n” for TLS when prompted in GGM.
3.3: Configuration in CLI
After selecting your pool (skip Part 3.4 for F2Pool), a series of instructions will appear and you can follow them. See below:
Enter your email (group login) – It is important to enter a working email as you will be using this to get payouts on some groups (e.g. Grinmint).
Enter your rig name – Any name will do. Just to differentiate your workers if you have many.
Enter your team password – Enter a strong password. You will use it to request withdrawals on several pools and best practice is to use only strong passwords!
3.4: Configuration in CLI for F2Pool
For F2Pool, the configuration process is slightly different. Using your registered account, enter also your username.rigname below Enter your group login group, followed by the password.
Once you are done, press enter again and the window will close and you will see a config.xml file appear in the same folder. You are so good to go!
If you feel that you have entered it wrong, simply delete the config.xml file and restart the process above.
Step 4: Mining!
Double click on GrinGoldMinerCLI.exe and you will see the following:
If you see the word “CONNECT”, its ONLINE online and your card has a valid gps (hashrate), you have mined well! Log in to each site to check your stats:
GrinMint – Home page, top left corner – enter your registered email address.
F2Pool – With the account you have set up for mining, check under the “worker” tab.
SparkPool – Home, middle – enter your registered email address.
If you’ve followed all the steps up to this point, you’re 90% done. Just sit back and relax now! DO note that all mined Grins take around 24 hours (1440 blocks) to mature, so you’ll have to wait a bit for them to pay off their sweet treats!
ASIC for Grin?
On January 17, 2019, David Vorick from Obelisk just announced their support for Grin Obelisk ASIC miner – GRN1. Check out the announcement here.
Grin Wallet Setup Guide: https://github.com/mimblewimble/docs/wiki/Wallet-User-Guide
Grin Wallet Downloads: https://github.com/mimblewimble/grin/releases
Grin Explorer: https://grinscan.net/
Grin Info & Price: https://www.coiningecko.com/en/coins/grin
Grin Official Website: https://grin-tech.org/
Grin Pool Comparison: https://miningpoolstats.stream/grin-c29
Grin Mining/Profit Calculator (Beta): https://www.coiningecko.com/en/coins/grin/mining_calculator
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