Burst Coin Mining

Hello folks,

If you are already aware of mining then you must be aware lots of new platform launching based on same blockchain model. There are number of cryptocurrencies are available in this digital world and current focus of mining is provide more powerful, more secure and cost efficient solution. Competition is very high so before opting for mining, do your homework e.g. setup cost, ROI, etc.

And, if you are new in this cryptocurrency world please continue my reading to learn about mining specially, BurstCoin.

Being in IT for almost 15 years, never thought of getting into world of digital cryptographic currency but it happened and I have started my mining journey with BurstCoin.

What is BurstCoin? [Link: https://en.wikipedia.org/wiki/Burstcoin]

BurstCoin is a digital cryptographic currency and payment system based on the blockchain technology. Burstcoin was introduced on the bitcointalk.org forum on 10 August 2014 as an Nxt-based currency. Burstcoins are mined using an algorithm called proof-of-capacity (PoC) in which miners use computer storage instead of the more common energy-expensive method of permanent complex computational calculations.

The energy requirements for Burstcoin mining is minimal compared to most other cryptocurrencies making Burstcoin one of the most energy efficient within the field of proof based cryptocurrencies. The Nxt blockchain platform allows for development flexibility, ensuring developers freedom to create their own applications. In this sense, Burstcoin can be considered as a next-generation cryptographic application project (often called 'cryptocurrency 2.0') in contrast to the first generation cryptocurrencies like bitcoin.

Please visit wikipedia for more details about BurstCoin using above link.

Why BurstCoin?

After spending sometime with different cryptocurrencies, found out space mining is the cost effective and much easier to manage as chances of hardware failure are very minimum. With GPU mining, you need to burn out you GPUs at the peak to have better output whereas with space mining, just keep adding Hard Drives and improve the chances of getting more blocks.

Apart of this, initial setup for space mining is very cheap; you can start with your existing computer and keep growing with rewards whereas with GPUs, you need to have minimum of 6 GPUs which cost heaps for starter.

By saying that, I am not against GPU mining; I do myself whenever my GPU is not plotting for BurstCoin and I try lots of different currencies as well. I am planning to start ZenCash for GPU mining once my current plotting finishes.

How to mine BurstCoin?

Instead of GPUs, BurstCoin used Hard Drive space to mine the coin. Any average desktop machine will do the job with HD space available. Similar to other currencies, you need lots of HDDs (instead of GPUs) to mine more coins.

As a starter, you can join Pools for mining and once you have better setup (lots HDDs) you can start Solo Mining.

Pools Mining - When you join any Pool, you have to pay the fee (most of the Pools charges about 1%) but with Pools, you have better chances of earning coins instead of waiting for complete block. In Pool, if you manage to get the Block, you have to share with others and vice versa.

Solo Mining - This is preferable when you have better setup, I would say about 50TB available space will the better job. You can do Solo Mining on 1TB but chance of grabbing a complete block will be very slim.

Quick guide to start mining:

Desktop Machine with available space. (most of the pools required minimum of 2TB free space)
Wallet - contains blockchain and your earned coins with complete transaction details.
Plotting Tool - Xplotter or GPU Plotter
Mining tool e.g. JMiner.

For step by step guide, please visit my next blog.