Table of Contents
Introduction
This guide focusses on how to mine Cardano from your PC and phone. We will begin with some fundamentals like what cardano is, what is cardano mining and then jump straight to how to mine cardano.
Please note that this guide is not about Cardano staking (I will write another article on that) and how to do it. It is about Cardano mining using the Unmineable pool. Lets begin.
What is Cardano?
Cardano is a blockchain platform like Bitcoin and Ethereum. Though it is much more energy and environmentally sustainable than Bitcoin or Ethereum.
Charles Hoskinson (Ethereum co-founder) and Jeremy Wood created Cardano in 2017.
It is also worth mentioning to not to confuse between Cardano and ADA. Cardano is the blockchain platform, whereas ADA is the cryptocurrency which fuels the Cardano blockchain platform. Just like Ethereum is the blockchain platform while Ether is the cryptocurrency.
When we refer Cardano mining, we actually mean ADA mining. We will be using the phrase “Cardano mining” and “ADA mining” interchangeably in this guide.
What is Cardano mining?
Cardano (ADA) cannot be mined. Shocked !!!!
Please note that ADA is a Proof of Stake cryptocurrency. That means ADA cannot be mined, instead it can be staked to earn interest which is a percentage of the ADA been staked (locked).
| Proof of Stake: It is similar to the bank fixed deposit. You deposit your fiat money (stake) in the bank. The bank invests your money and earn interests. In return you are also paid a percentage return. Similarly you deposit or stake or lock your ADA in Cardano. You can stake ADA individually or contribute to a staking pool. You become a member of the Cardano blockchain and contribute to the verification and addition of the next block. In return you earn interest which is a percentage of the total ADA staked. |
We will be covering Cardano staking in some other guide.
But there is one way out. We can use the Unmineable pool.
Unmineable is a mining pool which allows you to mine with your computer CPU using RandomX algorithm and pay you in any coin you select.
Unmineable allows you to mine using the XMRig miner and RandomX algorithm for your CPU. Unmineable converts your payouts in ADA which you get after mining.
Let us see the steps to mine Cardano (ADA) using your computer.
How to mine Cardano?
Cardano mining is super easy and is not as difficult as Bitcoin mining is. One can mine Cardano using his PC or phone. It is advisable to join a mining pool if you are going to mine Cardano in your PC.
Cardano mining in your PC
Before we see the detailed steps, a summary of the process of mining ADA (Cardano) is given below.
Cardano mining from your laptop or computer
Step 1: Buy Cardano
You need to buy Cardano to be able to stake them in a mining pool or an Exchange.
Step 2: Get a wallet and get connected to the Cardano blockchain
You need to get a wallet to be able to keep your ADA in it and connect to the Cardano blockchain for staking your ADA.
Get a Cardano wallet like Daedalus Wallet or Yoroi Light Wallet or Exodus or Atomic wallet.
Daedalus and Yoroi are the two official wallets of Cardano. Daedalus is used for PC or laptop, while Yoroi is the lighter wallet which can be used as Chrome extensions and in Android phones.
Step 3: Download and configure a Mining Software
Download and configure a Mining Software program like XMrig or NBMiner. It is the mining software program will do the mining for you.
Step 4: Connect to the mining pool namely Unmineable
Unmineable is a mining pool which will help you to mine ADA using your CPU and in return get paid in ADA. It will also show the status of your ADA holdings.
Now let us see the detailed steps using the Daedalus wallet.
Detailed Steps to mine Cardano in your PC using Daedalus wallet
Now let us see the detailed steps using the Daedalus wallet.
Step 1: Buy ADA from an exchange.
You can use any Exchanges to buy ADA.
Some of the popular Exchanges are Coinbase, Binance
Step 2: Download Cardano wallet Daedalus.
Simply go to https://daedaluswallet.io/
Click on “Download”.
You can download the Daedalus wallet for Mac, Linux or Windows as per the Operating system you are using. See below.
Download and follow the steps, to download the wallet in your PC.
Note: Please securely store the password, recovery phase and private key with you. You can write it down in a piece of paper and store it in a locker. Anyone who has access to the private key will be able to access your cryptocurrencies (ADA in this case).
The Daedalus wallet will take some time and get synchronized/connected to the Cardano blockchain.
Step 3: Copy and securely keep your public key or address derived from the Daedalus wallet.
Write it down in a paper or in some secure file. In order to get your public key follow the steps below.
Once the Daedalus wallet is installed you will be able to open the Receive page as below.
Click on the first receiving address that is listed. The below pop up will open.
Click on the “Copy Address” to copy the Cardano address (public key).
Step 4: Get a Miner-a software program for actual mining.
XMrig MSVC is a good option, and you can download it here or here in GitHub
If using GitHub, please go down until you find the section named “Assets”.
Download the version you need to have for Mac, Linux or Windows.
Download the .zip file and extract it at some location in your computer.
Under the downloaded XMRig file folder locate the file usually called “pool_mine_example.cmd”.
You will get to see something like the below.
Now let us edit few things.
Edit the second line: The -o in the second line should be followed by the mining pool url.
The mining pool urls for USA, Europe and Asia are given below.
- USA: rx-us.unmineable.com:3333
- Europe: rx-eu.unmineable.com:3333
- Asia: rx-asia.unmineable.com:3333
As per your location please copy and paste the pool url after -o in the second line.
Edit the third line: The third line has the following structure.
[COIN]: [Daedalus wallet address copied in Step 3].[Any name you want for your machine]#[Code to lower mining fee]
First, paste the public address you copied in Step 3 in the third line after ADA:and before the first dot [.]
Then give a name to your machine which should come followed by the dot [.] after the wallet address.
Then use the code e4xd-wmzl placed after the # in the end. It lets you drop the Mining Fee from 1% to 0.75%.
Run the file as an administrator.
That’s all. You’re already mining Cardano on your PC.
Step 5: Check the mining status
You can check the status of the ADA mined on the Unmineable pool.
Unmineable is a mining pool which allows you to mine with your computer CPU using RandomX algorithm and pay you in any coin you select.
Please note that ADA is a Proof of Stake cryptocurrency. That means ADA cannot be mined, instead it can be staked to earn interest which is a percentage of the ADA been staked (locked).
But the Unmineable pool allows you to mine using the XMRig miner and RandomX algorithm (for CPU). Unmineable converts your payouts in ADA which you get after mining.
Go to https://unmineable.com/coins
Click on the coin you want to be paid in, in this case scroll down to select Cardano (ADA).
In the next page click on RandomX.
Remember in Step 4 we pasted “ADA” and “wallet address” in the second line. This was to tell Unmineable to pay you in ADA and in the given wallet address.
Now paste your address in the space provided.
This will take you to the page to show your current ADA holdings.
A page something like below will open.
Cardano mining in your phone
One can mine Cardano in Android or tablet using the MinerGate app.
Are Cardano and ADA the same?
No. Cardano is the blockchain platform whereas ADA is the cryptocurrency that powers the Cardano blockchain. This is similar to the fact that Ethereum is the blockchain platform while Ether is the cryptocurrency.
What is the difference between mining and staking?
In mining, members of a blockchain (who wish to participate) use their computational power or CPU power and electricity to solve complex algorithmic problems. The one who solves the problem first, gets the chance to verify and add the next block of transactions in the blockchain. In return the miner is rewarded, generally with the cryptocurrency been mined.
In staking, members of the blockchain platform, stake or lock their cryptocurrency holdings in a pool or wallet. The one member or usually the group with highest crypto staked gets the chance to verify and add the next block in the blockchain. In return the members are rewarded with a percentage of the crypto been staked.
What are some popular Cardano wallets?
Daedalus Wallet or Yoroi Light Wallet or Exodus or Atomic wallet.
Daedalus and Yoroi are the two official wallets of Cardano. Daedalus is used for PC or laptop, while Yoroi is the lighter wallet which can be used as Chrome extensions and in Android phones.
What is the Daedalus wallet?
Daedalus is the official wallet of Cardano. Yoroi Light Wallet is another offcial wallet of Cardano which is the lighter. Daedalus is used for PC or laptop, while Yoroi the lighter wallet which can be used as Chrome extensions and in Android phones.
What is the price of Cardano?
You can always check the current price of Cardano here.
Where can I find Cardano calculator?
In Cardano calculator you can calculate the ADA you will earn by staking a certain amount of ADA in the Cardano blockchain. Please find the official Cardano calculator here.
Please note that this calculator will give you an approximate figure. The earnings are subject to some network wide parameters like the number of ADA tokens participating in staking at the time and the configurations of your staking provider.
Is there a minimum amount of ADA required to stake?
There is no minimum amount of ADA required to be staked.
When you stake by delegating your wallet to a staking pool: When you move your ADA to a wallet from an Exchange, there will be some transfer fees which is generally 1 ADA. Also when you delegate your wallet to a staking pool there will be registration fee associated, which is generally refundable.
When you stake directly from an exchange: There will be some transaction fee associated if you decide to stake ADA directly from your Exchange.
Conclusion: There is no minimum ADA required to enter the staking process. But there will be associated costs. Always calculate your returns using the staking calculator.
Generally speaking if you are going with lesser amount of ADA (like below 100 ADA) then stake your ADA using an exchange. However for greater amount of ADA you can transfer your ADA in a wallet and join a staking pool yourself.
What fees are there associated with staking?
When you stake by delegating your wallet to a staking pool: When you move your ADA to a wallet from an Exchange, there will be some transfer fees which is generally 1 ADA (for example in Coinbase and Binance-please recheck the current rates). Also when you delegate your wallet to a staking pool there will be registration fee associated, which is generally refundable. There will also be a transaction fee when the delegation happens.
When you stake directly from an exchange: There will be some transaction fee associated if you decide to stake ADA directly from your Exchange.
Will mining hurt my CPU in any way ?
How much do you make staking Cardano?
Generally earnings are in the range of 1.9% to 7% annually of the amount of ADA been staked. The earnings are dependent on factors like the staking pool you choose, the number of tokens participating in staking.
Conclusion
By now we know what is Cardano, Cardano mining and how to perform Cardano mining from your PC or phone. We also got some FAQs cleared around Cardano staking. We will dedicate another article on Cardano staking some time soon.
