Peercoin was founded in 2012. It is one of the most trusted and oldest cryptocoin networks. Peercoin’s annual inflation rate was below 5% in 2014 and is continuing to fall. Peercoin, the first proof of stake coin, doesn’t require much computing power to secure its network. The Peercoin whitepaper will help you get to the bottom of the matter. Peercoins can be earned a 1% annualized reward after being held for at least 30 days.
Proof of Work mining allows for distributing new coins, while Proof of Stake minting ensures the network’s security. Peercoin security is not affected by Bitcoin mining vulnerabilities like Selfish Mining. Peercoin uses the SHA256 mining algorithm, which is also used for Bitcoin. Peercoins can be mined using any hardware that is compatible with the Bitcoin network. As the network’s computing power increases, the reward for mining blocks gradually decreases. Mining will eventually have a decreasing effect on the growth in the money supply.
Peercoin: How to get started
Peercoin is easy to use.
- Step 1: Buy a Peercoin wallet
- Step 2: Buy Some Peercoin from the best Peercoin Exchange.
- Step 3: Use your Peercoin.
- Step 4: Keep up-to-date
What is Peercoin Mining?
Users must have a hot wallet to mint new coins. Because hot wallets must be connected to the internet throughout the minting process, they are more at risk of malware stealing coins. Special minting keys in the next Peercoin version will allow users to mint coins while keeping their spending keys entirely offline. To protect itself against attacks, the network currently uses centralized checking. As the network grows, the need for such security decreases. Therefore, the next version will remove the checkpoints. The next version will disable checkpoints by default.
Peercoin’s Blockchain technology speeds up transactions. Block explorers instantly verify an incoming payment. Once the network confirms payment, it is protected by top-quality cryptography that makes it impossible for the customer ever to reverse. Each sender must pay 0.01 Peercoin to make a payment. You pay nothing as a merchant.
How to mine Peercoins
This could cause problems if you’ve never mined Peercoins. However, you can still follow these steps to verify your hardware. Double-click on the file “Mine with CPU.bat,” located in the folder “Mine Peercoins With CPU.” Your computer will start mining Peercoins if your hardware supports it. I have a test worker set up at Coinotron. However, it could take several hours for you to get your share. Although mining Peercoins using your CPU isn’t very efficient, you can still experience the process by running this file.
Double-click on the file “Mine With GPU.bat,” located in the folder “Mine Peercoins With GPU.” Suppose your hardware can handle it, and the miner that I have included correctly recognizes the graphic card on your computer. In that case, it’ll start mining Peercoins to another worker I’ve created at Coinotron. However, it could take a few minutes for you to get your share. Mining Peercoins using your GPU is much more efficient than mining with your CPU. However, it’s still not enough in a world with ASICs explicitly designed to mine coins with SHA256 algorithms (Peercoin qualifies for) and is king. This file will show you how GPU mining works.
Once you’ve tested your hardware and are confident that you can mine Peercoins correctly, you can join a mining pool. You can also change the name of my workers as well as the URL of Coinotron. This information can be found in the files “MineWithCPU.bat” and “Mine With GPU.bat.” Instead, write the names of your workers and the URL: port of the pool you have created so that you can mine Peercoins yourself. This URL: port information is provided to you when creating an account on a mining site.
This may pose a problem if you don’t know the best way to join a mining pool. These steps will help you mine Peercoins alone (which isn’t recommended as it makes it almost impossible to find a block by yourself).
Copy the file “ppcoin.conf”, found in this package, to your Peercoin work directory (most likely C: UsersYOUR NAME App Data Roaming PPCoin). Navigate to the directory you have installed Peercoin. It is most likely “C: Program Files (x86), PPCoin”), and then run ppcoinqt.exe. Wait until your network is fully synchronized.
Execute the file “Solo Mine with CPU.bat” from the folder “Mine Peercoins With CPU,” the file “Solo Mine with GPU.bat” from the folder «Mine Peercoins With GPU,» or both. Your computer resources will initiate Peercoin mining. You might not find a complete block in the first few hours. You might be fortunate and find one in a matter of minutes. It is impossible to know.
Let’s take a closer look at the mysterious third folder…
This crypto coin was designed to allow you to mint Peercoins using another method called Proof of Stake (PoS). It works in a way that I won’t go into here. You can earn 1% per annum on your Peercoin balance just by activating it. This means that you need to have coins to get this interest. To take advantage of this option, follow these steps:
Execute ppcoin.exe (from C:Program Files (x86),PPCoin). Wait until your network is fully synchronized. You can encrypt your wallet using the Options menu. You should choose a strong password but not too strong that it’s easy to forget or lose. Otherwise, you could lose all your coins. Stop the program.
Copy the file “ppcoin.conf” from the folder “Mint Peercoins With PoS” in this package and add it to your Peercoin working directory (“C: UsersYOUR NAME App Data Roaming PPCoin”)
Copy the file “Mint With Proof Of Stake.bat” and place it in the folder “Mint Peercoins With PoS” that is included in this package.
Now your computer is ready to start minting Peercoins via PoS. This will activate the method every time you need it.
Execute ppcoin.exe (c:Program Files (x86),PPCoin). Wait until your network is fully synchronized. Execute “Mint with Proof of Stake.bat,” which you have put in “C: Program Files (x86), PPCoindaemon”) just a moment ago. The cmd prompt will prompt you to enter your wallet password. Enter the password and hit Enter. The cmd prompt will then close.
If everything went well, you wouldn’t see any warnings in the lower-left corner of your ppcoin at program window. However, a message will display stating that your wallet is “encrypted and currently unlocked to block minting only.” Give the program a few minutes before you assume it’s broken.
All you need to do now is to keep the program open as long as you can. Each year, the coins will remain in your wallet unaltered, and you’ll receive 1% of your current Peercoin amount.
Note 1: The miner for CPU mining is Pooler’s cpuminer 2.3.2, while GPU mining CGMiner 3.7.2. Other miners might be more compatible with your hardware and increase your mining speed.
Note 2: Some antivirus programs consider all cryptocoin miner malware. They aren’t! They are not! Antivirus companies immediately identified them as malicious software after they were discovered.