Ethereum’s gradual transition from Proof-of-Work to Proof-of-Stake is forcing miners to look for other opportunities to earn money.
One of the alternatives was the project 0xBitcoin, which allows you to mine ERC-20 tokens on the Ethereum network. We tell you what you need to mine 0xBitcoin and calculate the potential income.
about the project
Until 2018, the only ways to distribute tokens in Ethereum were token sales and airdrops.
For this reason, InfernalToast has created a proposal EIP-918: Mineable Token Standard and the 0xBitcoin token based on it. Further development was undertaken by the project community. At the time of this writing, the number of addresses with 0xBitcoin (0xBTC) exceeds 7600…
Users receive 0xBTC as a mining reward. To do this, they calculate the values of the hash function using the SHA3 algorithm, which is written in the smart contract code. 0xBitcoin…
The token is protected from 51% attack at the network level. Ethereum hashrate crossed the mark in December 800 TH / s: to seize control of the blockchain for an hour, attackers will need more than $ 2 million. In such conditions, the attack becomes economically unprofitable.
Thanks to the ERC-20 standard, 0xBTC is compatible with DeFi services. The 0xBitcoin community develops the DAO The guild, where you can send 0xBTC for staking and receive tokens as a reward Guild Reserve…
Tokenomics 0xBitcoin
The developers of 0xBTC created the token as a means of payment and storing value in Ethereum. They compare 0xBTC to Wrapped Bitcoin (WBTC), but this is not entirely true.
WBTC is a centralized token issued by BitGo in exchange for bitcoins in a 1: 1 ratio. 0xBTC has no issuer or collateral. With the first cryptocurrency, it is associated with limited emission and decentralization of the network.
0xBitcoin is traded on a decentralized crypto exchange Uniswap… At the time of writing this review, its price was $ 3.4.
Emission of 0xBitcoin – 21 million tokens. To date, miners have mined about 8.5 million tokens… At the level of 10.5 million 0xBTC, the mining reward will be halved.
At the time of writing this review, the average block mining time is 5 minutes, and the reward for finding it is 50 0xBTC.
Mining tokens
We tried to get 0xBitcoin on a home computer with an nVidia GTX 1050 Ti graphics card.
First, we installed the application Cosmic… It is designed for nVidia video cards, when using AMD, you need to download the utility MVis…
Configured Cosmic: selected a menu item Options → General Setup, and then indicated the Ethereum wallet and the pool address mike.rs in the window that opens. Clicked the button Save Changes…
After completing the settings, we pressed the button. Start Mining… The application connected to the pool and started mining 0xBTC.
Remember Cosmic uses the default maximum number of threads on the graphics card. In our case, mining in 24 threads warmed up the GPU to 80 ° C in a few minutes.
To configure the number of streams, right-clicked on the device and selected Configure GPU…
There are two options in the settings window: a slider with the number of streams and device monitoring.
We have moved the slider from 24 to 16 threads, which means we have reduced the load by 33%. The temperature of the video card dropped to a stable 65-70 ° С.
Additionally, we have included warnings about overheating and a drop in the fan speed.
If you don’t want to slow down your mining speed, install MSI Afterburner or another application that will allow you to adjust the temperature of the device: increase the fan speed or lower the voltage on the core.
Cosmic does not display the number of mined 0xBTC – you need to check it on the pool website. To go to the site, open the list of active miners and find the address of your Ethereum wallet.
Mining profitability
In 12 hours we have mined 0.04 0xBTC. With a stable load of 50%, the video card consumed about 35 Wh and burned 420 watts of electricity.
At the rate at the time of writing, daily mining profit 0xBitcoin was $ 0.27. We took into account the energy costs and neglected the wear and tear of the video card.
When withdrawing tokens to the wallet, the miner pays Ethereum transaction fees. Poole recommends monitoring gas prices so that they do not overlap profits.
conclusions
0xBitcoin is a decentralized “bitcoin” on Ethereum that can be compared to the first cryptocurrency at the dawn of its existence.
The community of the project is small, and only enthusiasts are engaged in mining 0xBTC. However, the token is listed on Uniswap at $ 3.4.
Limited emissions and compatibility with DeFi protocols can positively impact the image of 0xBitcoin and attract new users.
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