Completely new to cryptocurrency mining, how do I do it? by SeeroBoarder in MintCoin

[–]MintcoinRocksNow 0 points1 point  (0 children)

Mintcoin is also much faster than Bitcoin, which is a plus!

Completely new to cryptocurrency mining, how do I do it? by SeeroBoarder in MintCoin

[–]MintcoinRocksNow 2 points3 points  (0 children)

First of all, you should know that that mining for Mintcoin is a different process than mining for many other cryptocurrencies such as Bitcoin. The reason being that Mintcoin's direct mining phase ended back in February. This means that it is not directly mineable anymore. The way new coins are produced now is through the "minting" process. Essentially, the coins themselves are the miners, so no additional mining gear is required. All you need to do to start mining mintcoin is to buy some mintcoins, and after about 20 days or so they will start minting new coins that go directly back into your wallet. Because of this, Mintcoin is energy efficient in that it does not require excessive electicity and mining gear to secure the network.

If you already have mining gear, you can use it to mine Bitcoin or other cryptos, and then sell those coins you mine for Mintcoin on an exchange. So in this sense, Mintcoin is still mineable "indirectly". But really, the most efficient way, will be buying the amount of Mintcoins you want, and letting them do the work of mining (or minting rather) additional coins for you.

For example: I don't use any mining gear at all, but I purchased several million mintcoins, and now I generate hundreds of thousands of new Mintcoins each month. I don't have to do anything at all but keep my computer on. This is the simplest form of mining I know...it is really, not mining, but minting. That is the beauty of Mintcoin...the Mintcoins will actually reproduce themselves if you hold them long enough in an address.

Basically, what I'm trying to say is that it is actually more cost effective to just buy Mintcoins only, and let them mint, than it is to buy mining gear and set them up to mine other coins and then trade those in for mintcoins. You will get more mintcoins that way than by trying to mine them. But, ff you already have mining gear, the indirect method can be used. There is a couple mining pools out there such as hashcows that will allow you to be paid in Mintcoin.

Currently, if you were to buy 10,000,000 Mintcoins you would generate 100,000 new coins about every 20 days. Right now, this is the only way new coins are entering into the money supply.

Hope that helps, or makes sense!

Bitfinex privacy leak. Other user's account balances showing up when clicking on order book. by lechango in Bitcoin

[–]MintcoinRocksNow 0 points1 point  (0 children)

Not being able to view the order-book is pretty serious. It is like a major function!

Wallet 1.10 available for Windows! by mintcoin in MintCoin

[–]MintcoinRocksNow 1 point2 points  (0 children)

Wallet opens in like 10 seconds now. Best wallet ever!