Cryptocurrency mining on the x11 algorithm in 2024

Bolivarcoin

Developers stopped updating Twitter and GitHub in 2020. However, the cryptocurrency continues to be traded on the Graviex exchange. The volume of transactions is rather nominal – only $38 per day. In 2023, the coin is being mined on Zergpool (62.45 GH/s) and Zpool (50.49 GH/s).

Pinkcoin

The coin is designed to support charitable and non-profit organizations, as well as reward community members. Pinkcoin cryptocurrency is secured by a hybrid consensus mechanism (Proof-of-Stake and Proof-of-Work). The X11 encryption method is used to mine the digital asset.

The digital asset has a limited issue of 500 million PINK. In 2023, 88% of the supply is mined. Pinkcoin is mined in solo mode. The digital currency can be sold on the SouthXChange exchange. However, the activity on it is insignificant. The trading volume for 24 hours is $20.

Relevance of mining on the X11 algorithm in 2024

In recent years, European regulators have opposed anonymous cryptocurrencies. Some countries (UAE) and even banned the issuance and circulation of privacy coins. Therefore, the popularity of such assets has significantly decreased. In 2023, only one token – DASH – can actually be mined on the X11 algorithm.

During the bear market, miners were able to increase the capacity of their equipment, as the prices of graphics cards and asics fell. At the same time, the complexity of cryptocurrency networks decreased (for Dash – by 2.5 times from 250 T to 100 T).

In February 2023, asset mining on an Antminer D7 asic at an electricity price of 1.3 rubles per kWh brings $660 per month. The technique can be paid off in 9-12 months.

Analysts give positive forecasts for the market. In case of correction, coin rates will not fall by more than 20-30%, because all the negative is already in the price. With the growth of quotes, the income of miners will increase, investments in equipment will be able to repay faster.

Equipment requirements

In 2023, 80% of coins on the X11 algorithm are mined on ASICs. To get a tangible profit, you need to build a farm of 2-4 asics. However, the complexity of the network is relatively low, so you can start mining on video cards. To mine DASH you will need:

• Power supply.
• ASIC (2-3 pcs.) or GPU (6-12 pcs.).
• A connector to connect the video cards to the motherboard and cables to connect the components.
• A case for the rig.

You also need to assemble a PC to manage the miners. The computer does not perform calculations, so you can use inexpensive components:

• Processor. It is better to take modern models within the budget.
• Motherboard. The main requirement is compatibility with the CPU.
• RAM. 4 GB is enough. You can take more if the difference in price is not significant.
• Hard disk. SSD is preferable, they have higher speed of data writing and reading. This affects the speed of loading the operating system. The purchase is justified if the difference in price between SSD and HDD is insignificant.

An asic on X11 can be bought for 50-150 thousand rubles. Powerful modern devices (Antminer D7) will cost 470-600 thousand rubles. Farm for 6 video cards can be collected for 250-300 thousand rubles.

Suitable ASIC-miners

X11 was developed as an asic-resistant algorithm. However, in 2016, the first integrated circuits for asset mining appeared. In the table you can find data on the performance of ASICs for Dash as of February 2023.

Algorithm principle

With the advent of ASICs in 2013, Bitcoin’s complexity has increased by 1000 times. The trend makes miners dependent on integrated circuit manufacturers. Evan Duffield saw this as a threat to the decentralization of the blockchain. The community didn’t hear him, so he created his own asics-resistant hashing algorithm.

Integer chips are created for a specific hash function. To make it harder to find a solution, X11 contains 11 algorithms:

• BLAKE
• SHAvite-3
• Keccak
• Luffa
• Blue Midnight Wish (BMW)
• Grøstl
• SIMD
• JH
• Skein
• CubeHash
• Echo.

The initial function creates a unique hash value. Based on it, the next method encrypts the data, and so on. To crack the system, you would have to find vulnerabilities in all algorithms. This is practically impossible.

X11 is one of the most secure methods of blockchain protection. It is superior to SHA-256 and Scrypt in terms of reliability.

How to start mining on the X11 algorithm

The user will get the most profit when working on modern ASICs. However, not everyone can afford it. In February 2023, the Antminer D7 costs 470 thousand rubles. Therefore, you can start mining with outdated models (FusionSilicon X7 – 39 thousand rubles) or collect a rig on video cards.

At the first stage, it is not necessary to invest significant funds. You can buy equipment with the money you earn. Mining should be treated as a business:

1. Make a business plan and calculate the payback of the equipment. It should be taken into account that the cryptocurrency mining calculator on the X11 algorithm gives income based on current quotes and the complexity of mining.
2. Prepare the room – install cooling and power cables. It is necessary to provide a power reserve.
3. Buy equipment.
4. Choose a mining pool and create a personal account.
5. Connect a wallet to receive remuneration.
6. Create a configuration of the miner.
7. Start the process.

Installing the equipment

Assembling a GPU mining farm consists of the following steps:

1. Buy components.
2. Assemble the rig. The frame should provide conditions for the placement of all components. You also need to provide space for additional coolers.
3. Install the motherboard. When connecting is inadmissible kinks. This can lead to the breakage of contacts and the board.
4. When connecting video cards, one is connected directly to the contacts of the central board, and the rest – with the help of raisers.
5. To the farm to connect the power supply and power supply, and then to it the hard disk. To do this, you will need two SATA wires from the motherboard and PSU.
6. Connect the components with each other using cables.
7. Install the OS, drivers and programs for X11 mining.
8. Connect the hardware to the Internet. Check the correctness of the assembly.

After starting mining on the X11 algorithm, it will be necessary to monitor the equipment, as well as the correct operation of the programs. Users may encounter sending a large number of delayed orbs that reach the pool after finding a block. The error is usually due to poor quality contacts (will have to check the assembly). This affects the speed of data transfer from the user’s PC to the server.

The process of installing an ASIC looks like this:

1. Take the device out of the box. In winter time, you need to wait until it warms up to room temperature.
2. Connect the power cable to the power supply.
3. Connect the internet wire.
4. Find the IP address of the miner (using the button on the device or the Advanced IP Scanner program).
5. Enter the administration panel.
6. Change the configuration parameters (the port URLs can be found on the pool’s web page).
7. Insert the wallet address into the required field.
8. Confirm the changes.

After launching, you need to monitor the operation parameters for at least 48 hours. It is necessary to monitor the hash rate and temperature of the async. If a defect is detected, you can return the ASIC to the factory within 3-6 months.

Software customization

Manufacturers of asics pre-install software for mining of their own design. You do not need to additionally customize the device. On video cards, you will need to install and optimize the mining software. Most of them are distributed for free, but some of them include a developer’s commission. Part of the profit from mining will come to the team.

The executable file is better to download from the resource of the developer or pool. Installation is standard. You need to run the file with the .exe extension and wait for the end of the process.

Popular programs for mining on GPU:

• CGMiner. Universal software is used for mining on video cards, processors and asics.
• Phoenix. A simple application with a graphical interface is suitable only for mining cryptoassets on video cards. Using the built-in service, you can overclock the GPU up to 20%.
• Cuda Miner. The program has a graphical interface, so it is suitable for beginners.

To connect the equipment to the pool and start mining, you need to create a configuration:

1. Copy the address of the reward wallet.
2. Take the URL of the ports on the pool page. For stable operation, it is better to use 2-3 servers.
3. Open the bat-file in a text editor. The document contains parameters for connecting to the pool and sending the ball correctly. You need to change the wallet and port addresses.
4. Save the configuration.

The ready file should be placed in the software folder and start mining. You can control the process with the help of remote access programs. In the personal profile of the pool user there are mining statistics and an error log.

Creating a wallet

Profits can be withdrawn to an exchange account or to a personal storage. The first method is convenient for quick exchange of rewards for fiat or steiblcoins. The second is safer for long-term accumulation.

A Dash wallet can be created, for example, in the Core wallet application (on PC or mobile platforms). The instructions are as follows:

1. Download and install the program.
2. Click on Create new Wallet.
3. A Seed phrase will appear on the screen. You need to save it. If you lose the Seed, it will be impossible to restore access to the assets.
4. Copy the address from the Wallet menu.

Mining

Mining cryptocurrency on X11 can be done independently or through pools. The code is supported by ASICs, GPUs, CPUs. To get profit, you need powerful equipment. Investments in 10-15 asics will amount to 2-5 million rubles and can bring $6-8 thousand every month. Such equipment is very noisy and warm, so it can not be placed in an apartment. It will be necessary to equip a separate room or rent a cell in the data center.

It is necessary to monitor the work of the equipment and timely maintenance. To extend the life of the async, it is necessary to maintain a comfortable temperature (no more than 80-90°C) and clean the coolers from dust. It is important to promptly respond to software errors. Equipment downtime leads to losses.

You can set up notifications of failures on your phone or by e-mail through the software, personal profile on the pool’s website or by downloading a separate application (e.g. Miner Monitor).

Special programs (TeamViewer) are also used for remote control. If the asics are placed in data centers, maintenance is included in the terms of the contract.

Technical features

Thanks to 11-round hashing, it is almost impossible to crack a cryptoasset on X11. The algorithm has other features:

• It was developed as an ASIC-resistant method. The first asics appeared in 2016.
• All algorithms in the composition are approved by the National Institute of Standards and Technology of the United States.
• Low power consumption. Compared to Scrypt code, 30% less power is required for hashing. The PC does not overheat, so there is no need to install intensive cooling.

Advantages and disadvantages

Frequent questions from users