Beam Starting Guide - How to mine Beam ?
We are pleased to announce that our Beam mining is finally open ! Thanks to this Starting Guide, you will learn how to mine Beam on Cruxpool !
In this article :
What is Beam ?
Beam is a scalable and confidential cryptocurrency. The creation of this cryptocurrency comes to the failure of anonymity and the need for confidentiality of Bitcoin. Indeed, the main feature of Beam is that users have complete control over privacy because it decides which information will be available for everyone. Transactions are confidential and anonymous, no addresses or information about the sender or the receiver of the transaction are stored in the blockchain.
Like Bitcoin, this cryptocurrency has a limited number of coins which is 262.800.000 coins and has periodic halving. The project can be glad to have launched their project without premine or ICO.
To ensure the anonymity and confidentiality of the ecosystem, Beam uses the Mimblewimble protocol.
Mimblewimble protocol was created in 2016, by an anonymous person who calls himself Tom Elvis Jedusor. The name of the protocol is also the name of enchantment in the Harry Potter books and the pseudonym of the anonymous developer is the French name for Lord Voldemort.
Mimblewimble is ideologically based on Bitcoin protocol that has advantages like scalability, privacy and confidentiality. Confidential transactions are implemented by using a cryptographic commitment scheme which has the properties to hide and bide it. Mimblewimble protocol is used on the Beam blockchain but also in the Grin blockchain.
Open a Beam wallet
Beam developers have worked on an easy-to-use and official wallet which is available on their website. The wallet is available on several platforms like macOS, Windows, Linux, iOS and Android, you can download it here.
The creation of an account is very simple. Launch the wallet and click on Create new wallet. After that, you will have to write down your seed phrase. Be sure to write it down and keep it. Do not share it. Then, you’ll need to check your seed phrase by typing the words in the correct order. After this verification, you have to set up a password which must have at least 10 characters with a minimum of one lowercase, uppercase, number. Use a complex password that you can memorize. Try to make it unique, so that it doesn’t look like any of your other passwords. After that, your account is created and you can access it.
The wallet app enables to send and receive your coins. You can also see the wallet in action in taking a small number of this cryptocurrency from the community faucet.
Set a non-expiration date wallet address
Beam uses a system of an expiration date wallet, in other words, a Beam wallet address is short-lived. This system is a little bit restrictive when you must receive your mining reward. That is why you have to create a special wallet address with no expiration date on your wallet account. Click on Receive, then press on Edit address. Name your special wallet, you can also put a tag on it and most importantly, set the expiration date to Never. Save your wallet. You can find your saved mining wallet address on the Addresses section available on the left-side menu.
This non-expiration date wallet address will be the address that you have to put on the mining software when you start mining Beam.
To receive your payment once you have reached your threshold, you must log in to your wallet to make it online. Then you will receive the payment.
How to mine Beam ?
Before we will give you the instruction to connect on our pool, it is important to share with us basic knowledge about mining Beam.
Beam uses Proof-of-Work consensus and it is, of course, miners who supported the blockchain. To secure the network, it uses a modified version of Equihash (150,5) proof-of-work mining algorithm called BeamHashII. Hashrates are expressed in Sol/s.
Beam mining is ASIC-resistant and you will be able to mine this cryptocurrency only if you have a minimum 4Gb VRAM graphic card.
GPU hashrates with Beam
As a result of the ASIC-resistant current regulations on the network, the mining is doing with graphic cards. Here is an estimation of hashrate you can have with different graphic cards.