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GRIN Mainnet is Live! – How to Mine GRIN and Why
Grin it yet another privacy-oriented, GPU-minable coin that is based on the innovative MimbleWimble protocol, similar to Beam. The main difference here is that Grin is being built by the community – there is no company or stable team behind it, while Beam is being financed by a private treasury and build by a pre-made team. This difference does not necessarily make Beam worse or better than Grin; instead, it gives you the chance to choose which one of the two to support and to trust more.
Grin mainnet has been launched on January 15, which means that now is a great time to start mining the coin if you find it interesting. As always, let’s quickly review what the coin is any why it might or might not be a good option for mining – if you are like me, you only want to mine a coin that is legit (is a working project and a legit team), useful (there is demand for it) and has future (so you can mine the coins now, hold them for a while and sell them later at a higher price).
Why do we need a coin like Grin?
We all know that Bitcoin transactions are not private. Every transaction has the following information available to the public:
- Sender’s address
- Amount of coins sent
- Receiver’s address
While that info alone does not necessarily compromises your privacy, it can be used by unwanted people to get access to info you might not want to be public (such as your spending habits and your current account balance).
Grin, just like Beam, uses a new protocol to make those three secrets private without compromising network scalability or speed. This means that you decide which info to share with the network – you can make public some of the transaction data, or you can keep it 100% anonymous.
Grin also solves some of the scalability issues Bitcoin and many other coins have. Most other coins achieve privacy by adding obfuscation on top of Bitcoin. Grin achieves the same by cutting.
All of the above is possible thanks to the MimbleWimble protocol.
The MimbleWimble Protocol
Simply put, the MimbleWimble protocol achieves the three following goals. The protocol:
- Completely hides the transaction amount from third parties, while allowing anyone to verify that the transaction hasn’t created or removed any money from the blockchain.
- Completely obfuscates the keys and addresses, allowing users to enjoy selective privacy.
- Enjoys superior network scalability – the network scales mostly with the number of users and minimally with the number of transactions.
Depending on your knowledge of cryptography and your available free time, you might want to choose one of the following articles that explain how does MimbleWimble achieve that:
More About Grin
Just like Beam, grin had no ICO and no premine. The mainnet is live, which means that anyone can hop in. There is no founder’s fee either – miners can chose to channel a share of their freshly mined coins to the developers, though that is not mandatory.
Who funds Grin, then? According to their words, the project is being funded exclusively by donations – you can either donate directly from their website or buy their merch here. Again, this contrasts a lot with Beam, which is being funded by 13 big investor firms. Here is more on Grin’s funding model.
“Grin will not seek or accept any capital that comes with the expectation of being able to unduly influence Grin’s decision-making process”
Grin and ASICs
As for today, Grin accepts Cuckaroo29 that is GPU-friendly and is used to create 90% of the mined blocks, and Cuckatoo31+, which is an ASIC-friendly algo that will slowly take over Grin in the span of the next 2 years.
This means that now is the perfect time to use our GPUs to hoard Grincoins. Here’s how:
How to create a GRIN Wallet
To create a GRIN wallet I recommend to follow Lee’s tutorials from iMinerBlocks, he already created few great video for that
How to Mine Grin With AMD and Nvidia GPU
1 Best mining hardware for GRIN (cuckaroo29)
2 How to Mine GRIN with Nvidia GPU
Miners and Tools
GTX 1080 Ti Grin Mining Hashrate, Clocks and Power Draw
GTX 1070 Ti Grin Mining Hashrate, Clocks and Power Draw
3 How to Mine GRIN with AMD GPU
RX 580 8GB Grin Mining Hashrate, Clocks and Power Draw
I hope this article helped you to get an idea why Grin might be an interesting coin to mine and how does it work. That being said, make sure to do your own research before buying or mining this coin. Anything I express here is a conclusion based on own research. If you have the time to, please share yours in the comments below:
Thank you for reading. As always, your comments, suggestions and questions are welcome.
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