How to Mine Ada Coins (Cardano)
What is ADA Cardano? An Overview
Cardano or the ADA is one of the most popular crypto coins in the market Cardano was launched in 2017 as a proof of stake cryptocurrency by Charles Hokinson, the same person who was part of creating Ethereum and BitShares.
The Crypto market has been mostly dominated by Bitcoin and Ethereum since the outset but now the crypto market is changing with many more proof of work and proof of stake cryptocurrencies emerging on the horizon.
While Bitcoin pioneered the crypto space, Ethereum emerged as a platform for hosting thousands of ERC20 protocols that moved the crypto industry forward.
Cardano was created as a next-generation platform, built completely from scratch by individuals from academia, crypto experts, and Ethereum co-founder to act as a fast global payment platform bridging crypto and traditional finance worlds.
ADA coin Price
Ada Coin Price is approximately 2$ as of Aug 21. The Price of the Ada coin remained approximately around 0.5$ in the year 2020 but has been on the rise in 2021.
Is Cardano a good investment?
Cardano has been built with a strong foundation and is a very good investment. Cardano has been created by a group of experts and reviewed by academia. Cardano is an open-source project and has been created to facilitate peer-to-peer transactions.
Hawkinson who also co-created Ethereum regards Cardano as a third-generation blockchain.
So, basically, Cardano has a strong base. Cardano promises to be a very good investment. Some of the strong points that strengthen the idea that Cardano is here to stay are as follows:-
- Cardano is an open-source project.
- Ada Cardano has a high speed of transactions. ADA in a test in 2017, was able to 257 transactions per second whereas Bitcoin can process 4.6 TPS and Ethereum 1.0 has approximately 20 TPS.
Is Cardano Mineable?
ADA coin, Cardano is not a proof of stake coin and does not offer proof of work. ADA is a pre-mined coin and can not be directly mined. So, it can not be mined directly on a fancy machine having GPUs or ASIC miners. Rather you have to adopt alternate methods to mine ada coins or earn ADA coins.
How to earn ADA coins
So, if we can not directly mine Cardano then how we are going to get it. Cardano ADA coin is a popular cryptocurrency and you can easily buy it on all major crypto exchanges. So, to earn ADA coins there are two legitimate ways:-
- Mine Ethereum and Get paid in ADA coins as a reward.
- Staking ADA coins to earn rewards in ADA coins.
How to start mining ADA coins?
Cardano is a proof of stake cryptocurrency which means it is not directly Mineable on mining rigs. You can mine ADA coins or earn ADA coins with two methods. You can mine Ethereum and get paid in ADA coins. You can also convert your cryptocurrency to ADA and earn more money by staking them on crypto exchanges.
We are not going to directly mine ADA coins rather we are going to mine Ethereum to get rewards in ADA coins.
Roadmap Mining ADA coins
We are going to follow the following steps to earn ADA coins
- Get a Cardano Wallet
- Cardano Miner Download
- Configure Cardano miner
- Run the Cardano mining app and start mining ADA coins
Step-1 Get a Cardano Wallet
There are many wallets that can be used to store ADA coins. Some of the options of getting a Cardano wallet are as follows:-
- Major crypto exchanges like Binance and Coinbase offer ADA Crypto wallets.
- Yoroi Wallet which is a browser-based wallet. You can run it as an extension inside the chrome browser. We have a complete tutorial on how to get a Yoroi wallet for free.
- You can get a hardware wallet like Trezor Wallet.
- An offline open source Daedalus wallet.
Binance Cardano Wallet
If you have a Binance account, simply go to your wallets. Search for ADA and then click deposit. Make sure that you click on Cardano Network and then generate a wallet address.
Yoroi Cardano Wallet
If you have followed our Ergo coin mining tutorial and already have Yoroi extension installed, you can create a new Cardano wallet.
Create a new Cardano Wallet
Open your Yoroi chrome extension. Go to your wallet. Select add a new wallet. Choose to create a wallet and then select Cardano as the cryptocurrency.
Now name your new Cardano Wallet as something you can remember and choose a strong password for your ADA coins wallet. Yoroi will ask you to remember a security phrase. Make sure to write it down somewhere as it will be your recovery ticket to your wallet.
Get the wallet receive address
Click on receive section of your wallet. And you can see your receive address. This address will be used to receive the ADA coins you earn as a reward.
Step-2 Cardano Miner Download
Now once you have got a wallet by any of the methods discussed above, the next step is to download a Cardano miner. We are going to use NB miner for the tutorial. Just go to the official GitHub site of NB Miner and download the windows version of the miner which is approximately 10 MB in size.
Step-3 Configure Cardano Miner
Now once we have downloaded the miner. We need to configure it a bit to ensure that we get the reward in ADA coins in our wallet. Extract the zip folder. Now we need to set a few things.
Edit the start_eth.bat
We need to edit only one file to configure our miner. Just right-click the stat_eth.bat and open it in notepad to edit. Replace all the text in a file with the following text without quotes:-“nbminer.exe -a ethash -o stratum+tcp://POOL_ADDRESS -u COIN:ADDRESS.WORKER pause”
Here you need to set a few things:-
- Replace the worker with any name you want like I changed it with cavemenTech.
- Replace the address with the actual address of your wallet you received from Yoroi or Binance.
- Replace the coin with ADA. This will tell the miner that you want to get paid in ADA coins.
Join a Cardano Mining Pool
Now, only one thing is left to do that is to join a mining pool. Go to unmineable and select Ethereum. Here you can copy the address of the Ethereum pool and paste it in the notepad file at the pool location.ethash.unmineable.com:3333
So, we are actually configuring our miner to mine Ethereum and telling it that we want to get paid in ADA coins.
So, our final configured file will look like this.
Step-4 Start Mining ADA coins
Now, we have configured our miner Now just double click the start_eth.bat. It will start the Nanominer and it will start mining.
You can check your Cardano mining progress by checking it on unmineable. You can enter your address and check the progress.
You get a payout once you get 8 ADA coins.
Always monitor the temperature of your GPU with free tools like MSI afterburner and GPUz. Make sure it stays below 75 degrees at all times to avoid any damage.
Bitcoin Mining has been around forever which is becoming tougher and tougher each day. Ethereum 3.0 is also around the corner. Mining other strong cryptocurrencies are becoming the next trend. People are becoming more interested in Ergo mining and Dogecoin Mining as well which is expected to be more profitable.
Cardano has a strong foundation and has a strong chance to take off soon. Mining Ethereum and getting ADA coins as a reward is one of the ways to earn Cardano.
Is Cardano mineable?
Cardano is a proof of stake cryptocurrency which means it is not directly Mineable on mining rigs. You can stake cardano to earn profits instead of mining.
Who created Cardano?
Cardano was co-created by Charles Hokinson who was also a co-creator of Ethereum.
How to earn ADA coins?
There are two methods of earning ADA coins. You can mine Ethereum and get paid in ADA coins. You can also convert your cryptocurrency to ADA and earn more money by staking them on crypto exchanges.
How to get a Cardano Wallet?
You can get a Cardano wallet from crypto exchanges like Binance or Coinbase. You can also get a hardware wallet from Trezor or a browser-based wallet from Yoroi.
The Post is only the views of the author and should not be taken as legal or financial advice.