Here is another beginners how-to guide for hobby mining enthusiasts. This is the 6th in the series, please check out the others if you enjoyed this one or if there are other coins you're interested in mining.
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.
So this time we're going to learn how to mine Ryo coin (RYO). As with Beam and Monero this coin was designed to cater to the privacy market. However, to set itself apart from it's older relative (XMR) the has predominantly focused on shoring up issues with potential privacy leaks of Monero and focused on GPU preferential mining algorithms. Indeed, one of the core developers of RYO is actually also one of the core developers for the well known XMR-STAK mining software. Currently, RYO uses the Cryptonote-GPU algorithm which aims to resolve a lot of the current mining issue there are with ASICs and FPGA, if you're interested in learning more take a look at the summary on the RYO pages here: https://ryo-currency.com/cn-gpu/
Step 1: The Wallet
The first step here is to get the wallet, in the case of RYO (particularly if you're looking to get into mining) the wallet they have created is a good example of how user/miner-friendly wallets can be. You can head over to the site, https://ryo-currency.com/wallet/, and download install the files from there. Note that if you get a warning from your virus software you may need to create an exception either for the .exe installer or for a folder where you plan to download/run the installer from.
Once the wallet is download go ahead and click 'create new wallet' and fill out the following information:
- 1 - Wallet Name (what you want it to be called)
- 2 - Add / re-add a password (make sure you note this down somewhere secure so you don't get locked out of your wallet)
- 3 - Click 'create wallet'
You'll see at the bottom of the wallet something that looks like the image below. This indicates that the wallet is catching up with the blockchain so while it does that it may be worth going onto the next steps. We'll come back to the wallet later for the address etc.
Step 2: The Mining Software
As mentioned near the beginning the developers of XMR-STAK are linked with the RYO project so it seems to make sense to start there for mining software.
Here is the miners main page https://github.com/fireice-uk/xmr-stak/releases/tag/2.10.8, if you scroll down you will see the download link. Grab whichever you're going to need and download it to a secure location. When you unzip the file double check that you see the application program below.
If you don't 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 (optional)
Now, if you're planning on solo mining then you wont need this bit of information (hence, optional) look out for my next post on solo mining RYO. One of the neat features in the GUI wallet is that there is a built in pool with the wallet. We'll look at using this as well for the solo mining element (though in the interest of not making this a novel I'll create a second post for that part). However, if you want to guarantee payouts (albeit only a fraction of a block each time) you'll want to find a pool. There are plenty out there with a variety of fees/payout levels etc. pick one that suits you. For the examples here I'll suggest one.
- Ryo Official Pool - https://pool.ryo-currency.com/#
- Fee = 0.5%
- Min Payout = 10 RYO
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.
Step 4: Mining
Right so we've got the mining software downloaded and found a pool now we just need to finish the setup and we can get started. Going back to your wallet click 'Receive' at the top of the application (1), this takes you to another page that shows a list of addresses associated with your wallet. Go head and select one of the addresses and click on the copy icon (2) to the right side of the address.
Now we just need to enter this into our miner, along with the pool info to get started. XMR-STAK has hand setup feature as well to get us the rest of the way. Just follow these steps:
- Double click the miner application, you'll be prompted for 'simple setup'. Press "y" and hit enter
- You'll then be show a list of available algorithms type (or copy paste) 'cryptonight_gpu' and hit enter
- Now the pool address goes in this is found at the top of the configuration information in this case "pool.ryo-currency.com:3333", then hit enter
- Finally paste your wallet address and hit enter, where will be one last question for now you can choose "n" on this and hit enter.
You'll see a series of information scroll down the screen as it finishes the setup and start the mining process. The window should then begin to look like the image below as you start to be sent work from the pool and submit shares. Congratulations you're mining RYO!!
Now that you are mining you can check your stats, on Ryo Official Pool site. You do this by clicking worker statistic and searching for your address on site on your favorite browser (#BRAVE). You do not need to leave your RYO wallet open all the time for pool mining 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 (RYO):