This guide has now been retired due to the algorithm change from Beamhash II to Beamhash III.
Please check my newer guide here: BEAMHASH III Edition
Before I begin there are a couple of things to remember; Firstly unless you have an extensive mining setup you're unlikely to get rich (or break even) and Secondly I take no responsibility for any issues you run into if you try this at home (be smart download mining software at your own risk).
This is for informational and fun purposes only; I don't claim to be an expert. If you're reading this and you are more experienced and spot any issues, by all means point it out in the comments and I'll try make the necessary updates.
Right, on with the article. This time we're looking at the mining of BEAM. Beam is one of a variety of coins aimed at putting user confidentiality at it's forefront. Indeed the tagline used on the main site is "Scalable confidential cryptocurrency" which sums up what they are about. However, as well as privacy they go a step further and have implemented features that allow for regulatory compliance and audibility that sets it apart from other blockchains. As it isn't the scope of this article I'll not go it more detail here, if you want to learn more then come back to the mining here is an excellent post that is well worth a read What is Beam (BEAM)? [A Comprehensive Guide to Understanding Beam]
Step 1: The Wallet
The first step here is to get the wallet, for BEAM it is worth using the main wallet found here: https://beam.mw/downloads/mainnet-windows. The reason I say it is worth going with the main wallet is because it actually has some additional neat features built directly into the wallet to facilitate running your own node and support the blockchain further. The setup is pretty self explanatory but here is a brief summary of the steps
- 1 - Click 'Create new Wallet'
- 2 - Click 'Generate Seed Phrase' (make sure you take a note of this full seed phrase and save it somewhere secure)
- 3 - Enter six of the 12 words from the seed phrase (where the number represents the relative position in the phrase)
- 4 - Enter/re-enter a password and click start using wallet (this password you'll use each time you want to open the wallet)
- 5 - Afterwards you'll be asked if you want to connect to a node or run one of your own locally (pictured). I'd got for the recommended option, integrated node.
- 6 - Wait until it catches up on the blockchain this could take some time so lets move the the next step
Step 2: The Mining Software
There are a few miners out there however for this article I'll highlight just a couple. Gminer, predominantly for Nvidia Cards and lolminer which is gear toward AMD. Note that both of these miners should actually work for the other brand of card, however, the recomndations are that they are best for one or the other.
- Lolminer (AMD): https://bitcointalk.org/index.php?topic=4724735.0
- GMiner (Nvidia): https://bitcointalk.org/index.php?topic=5034735.0
Go ahead and grab whichever suits your setup. I've got an AMD card so will be running the remaining steps using lolminer. Download the zipfile and unzip it in a secure location.
If you don't see the application file above then it is likely your antivirus software has intercepted it and put it into quarantine. To avoid this go into your antivirus and add an exception for the folder where you intend to unzip the miner (and all subfolders).
Step 3: The Pools
Wallet....check. Miner...check. Next up is the pools. First off the bat I'll say, as always, there are a lot of pools out there with a variety of fees/payout levels etc. pick one that suits you. For the examples here I'll suggest a couple that don't require registration it would be silly to go to the trouble of mining a privacy coin and then readily volunteer your personal details to a mining site.
- 2Miners - https://beam.2miners.com/en
- Fee = 1.0%
- Min Payout = 3 BEAM
- LeafPool - https://beam.leafpool.com/
- Fee = 0.5%
- Min Payout = 1 BEAM
For hobby mining I always go with the low fees and low min payout options since it means I can chop and change mining and have a go at a few things while not having to commit my hashing power for months before I can cash out.
If your hashrate is feeling up to it, or you're just feeling lucky you can also Solo mine.
- 2Miners (Solo) - https://solo-beam.2miners.com/en
- Fee = 1.5%
- Min Payout = 3 BEAM (though a block reward is currently 40 BEAM so if you get lucky you go over that immediately)
- There is also the option to mine to your own node through the wallet (I plan on making another article that covers this in the future but as this one is aimed at beginners I didn't want to get too technical here).
Step 4: Mining
First thing we need to do is go fetch our wallet address we plan on mining to. You can do this as follows:
- 1 - From the wallet main screen click on receive (this will take you to the next page with a new address)
- 2 - On this page lets click the drop down that if left on deletes the address after 24 hours and select 'Never'.
- 3 - Finally lets click copy the transaction address
- 4 - In case you already click close you can go find the address or delete old address from the address book screen by clicking on the icon on the left side.
With your address copied to the clipboard now go to the folder where your miner is stored and look for "mine_beam.bat" (or something similar). Right click the file and select edit, this should open up in notepad (if it doesn't just choose notepad from the recommended list of applications). Once open we need to replace 3 bits of information in the .BAT file.
- 1 - The pool address
- 2 - The port
- 3 - The wallet address (on our clipboard)
Save and close the .BAT file and we're ready to go. Now all you need to do is double click the .BAT file and a command window should open up that looks like this. Congratulations you're mining BEAM!!
Now that you are mining you can check your stats, on LeafPool's site. You do this by searching for your address in the top right corner of the site on your favorite browser (#BRAVE). You do not need to leave your BEAM wallet open all the time but I recommend opening it every few days so it can catch up on the blocks.
If you want to check your profitability on other coins/algorithms then go ahead and look at either:
Hope you enjoyed the guide, good luck y'all!
Donations Welcome (BEAM):