Cryptonote.social - Full review
How to mine Monero.

Cryptonote.social - Full review


For those of you who like mining privacy coins, the mining pool cryptonote.social may be for you. In this guide I explain everything you need to know to start mining on it(In this guide Monero is used as an example).

What is mining?

Generally speaking, mining is confirming the transactions that users create while sending money to other users.

Miners include transactions sent on the Bitcoin network in their blocks.

A transaction can only be considered secure and complete once it is included in a block. This is achieved by encrypting the block and then "attaching" it mathematically to the blocks before it. This creates a blockchain-a chain of blocks that contain transactions. The only way to edit this chain is by having more than 50% of the hashing power of the entire BTC network, which is hard for an individual.

Get a wallet and mining software

Exodus is one of the best software wallets

First off, you need a wallet. I chose Exodus for mining Monero because I only have about $17 worth of crypto on it, and I do daily transactions. You can get Exodus by going to exodus.io and then clicking the Download button. The second thing you'll want to do is to set Exodus to your own currency. You can do this by clicking on Settings and then Personalize. The next thing you want to do is enable all the cryptocurrencies you're using. You can manually do that in Settings, or you can click "Enable all" on the right hand side of the Assets page in the Settings page. When you receive your first payment, you can set a password for your wallet on the left sidebar. 

Secondly, go to https://github.com/xmrig/xmrig. If you're on Windows, you can download a precompiled version. If you're on a Mac, you type the following into your Terminal(don't visit the above website, follow these instructions directly):

brew install cmake libuv libmicrohttpd openssl hwloc
git clone https://github.com/xmrig/xmrig.git
cd xmrig
mkdir build
cd build
cmake .. -DOPENSSL_ROOT_DIR=/usr/local/opt/openssl
make


If you don't have Homebrew installed, go to brew.sh and follow the instructions to install Homebrew.

Now you have to find the xmrig file. I'm on a mac, so xmrig will be in the folder "user". Ifyou can't find the file, you can search "xmrig" in the search bar and choose the "This mac" option at the top. Now you will want to head over to xmrig.com/wizard to configure your miner. The pool website is cryptonote.social and the port is 5555. For your username field, paste your Monero wallet address there and add a dot(.) and your username(this will only be for displaying your stats on the leaderboard). The password field should be in the format:

start_diff=50000;payment_scheme=pprop;email=cryptonote.social@gmail.com

Where start_diff is the difficulty of the shares you are submitting, payment_scheme is either removed or "pprop"(more on that later), and your email is your email address. Then choose "Monero" from the coin list and "rx/0" from the Algorithms list.

Then there is a page that lets you choose what device you're going to mine on. I HIGHLY recommend that you mine using your CPU, as Monero's algorithm RandomX is optimised for CPUs. Then there is a page that lets you choose how much of your computer's processing power you're going to use to donate to the developer. I chose 1% but you can do any amount as long as it is not a decimal or it is not 0%(You need to edit the source code to do that). Then you click "Finish" and you copy the configuration to your clipboard. You then find a file in the folder xmrig called "config.json". You delete whatever's in the file and paste the configuration you have on your clipboard. Now you find the xmrig executable. You click on that and wallah! You are now mining Monero.

What are the payment details?

 

There are two awesome payment methods on cryptonote.social. One is PSOLO and another is PPROP. 

PSOLO- After you complete the same number of hashes as the network difficulty, you get paid an entire block. This method of payment removes the risk associated with solo mining, where you can mine for 3 times the expected length of time and still not receive rewards. For example, the difficulty is 1,000,000. If you solve 100,000 hashes then you get 10% progress. Amazingly, even if the difficulty increases to 2,000,000 then you still get 10% progress. Your progress doesn't change depend on the difficulty later, it changes based on the difficulty when you solved that share. When a miner mines a block, it is added to the bank. Then when a user gets to 102%, a whole block from the bank is paid to that user. You need to get to 102% progress to earn the block because of a number of factors(orphans and difficulty change). You remove the payment_scheme statement in your password to mine using this feature. The full article of explanation is here.

PPROP- This has the same concept as PSOLO but this time, many users mine under a PSOLO user. When that PSOLO user earns a block, it is shared amongst all the PPROP miners based on how much they've contributed to the block. This method is better for small and medium miners who can't earn a block in a reasonable amount of time. The minimum payout is 0.01xmr(which is quite low compared to the average). Payouts are automatic. The full article of explanation is here.

This pool currently does not have any fees, but the uptime is excellent. 

Why should I mine in a small pool?

It helps with decentralisation. Larger pools have a lot of miners in 1 pool, and this centralises the whole network. By joining cryptonote.social(a relatively small pool), you're helping the stability of the network. In May 2019, BTC.TOP and BTC.com used their hashing power to edit bitcoin's blockchain. They did it for a good cause, but just letting you know that any blockchain can be centralised.

What other things are good about cryptonote.social?

You actually earn more with cryptonote.social than other pools because by the time you earn a block, it is old and therefore has more reward than a newer block. Monero's reward gradually reduces. It doesn't decrease sharply like bitcoin's halving. 

Cryptonote.social also has a realtime tracker that lets you see your miner stats.

The leaderboard is a place that shows all the active users (users that have submitted a share within the last hour). It is a way to show off your high hashrate if you have a high hashrate. It also allows any user to see the stats of any other user, providing transparency

You can also donate to cryptonote.social by simply changing your username to "donate"(without quotation marks). You can even donate to other users by specifying their username in the username field and completely omitting the wallet address. 

Cryptonote.social does not allow you to change your wallet address for security reasons. You can change your wallet address by making a new username.

Is there a profit switcher that switches between coins based on their live price and difficulty?

cryptonote.social has this feature. All you need to do to enable this feature is change your username to xmr=your-xmr-username.your-xmr-hashrate;loki=your-loki-username.your-loki-hashrate;wow=your-wow-username.your-wow-hashrate and your password to xmr=cryptonote-social.5000;wow=cryptonote-social.7000(This is an example where the CPU gets 5000h/s mining Monero and 7000h/s mining Wownero). For full details click here and then click "Get started".

How do I know the hashrate of my CPUs?

By going to monerobenchmarks.info. They have a huge list of benchmarked CPUS with all the details, such as power draw, the model of the CPU and the hashrate. One of the best CPUs to mine Monero is the Ryzen 9 3900X with its 12 cores and 24 threads and relatively low power consumption. It also has a big cache(64MB). This is important for mining because for RandomX, each thread needs 2MB of memory to mine. For example, even though my i5-8500 has 6 threads, it only has 10MB of cache so only 5 threads are actually mining. 

What's good about Monero?

It is a coin focused on privacy. No blockchain explorer or anything else can reveal individual transactions, only blocks. This reduces tracking and makes every transaction more private and secure. You can even send an optional message along with a transaction. Another big thing about Monero is that it has almost always been ASIC-resistant. On November 30 2019, Monero switched to a new PoW algorithm: RandomX. This kills two birds with one stone. Cryptojacking and GPU miners. Now CPU miners can mine in peace. This is because cryptojacking uses WebAssembly, which isn't optimised for floating-point operations, which RandomX uses.

My own experience mining on cryptonote.social

When I first tried to connect to the pool, it said that it couldn't connect. I emailed the pool operator and they were very quick to respond. Also, pool maintenance rarely happens and when it does, it only lasts for about an hour. I highly recommend this pool if you are new to crypto/want to make the most profit you can. 

After mining for about 3 days, here is my balance:

Earnings after 3 days

I mined using the PPROP payment method. As you can see, I've mined about 0.02 Monero in 3 days. 

And that's it guys! Please leave a tip if you enjoyed and remember to check out my other articles. Thanks for reading my article!

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thecryptoguy123
thecryptoguy123

Hi, I am a new blogger. I am keen to share knowledge for all of us to know.


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