In order to get you excited about mining cryptocurrencies in general and Solana in particular, I thought about putting together a brief guide because mining can occasionally seem too complicated for the typical computer user.
With the help of this guide, anyone can increase their knowledge of cryptocurrencies and begin mining Solana with their CPU in less than 5 minutes, regardless of their level of technical skill.!
Can I Mine Solana Tokens?
Yes, it is possible to mine Solana tokens. A decentralized, open-source blockchain platform called Solana employs the proof-of-stake (PoS) consensus algorithm to verify transactions and add new blocks to the blockchain. In the Solana network, miners are called “validators” and they play a critical role in maintaining the security and integrity of the blockchain by participating in the consensus process.
To become a validator on the Solana network, you will need to hold a certain amount of Solana tokens as collateral, which is used to deter malicious behavior. You will also need to run a full node and have the necessary hardware and software to participate in the consensus process.
You must install a validator node, take part in the consensus process by submitting and voting on blocks, and mine Solana tokens to do so. Transaction fees and a portion of the block reward can be earned by validators for each block they assist in validating as compensation for their work.
Read More: What is Solana Faucet
How to Mine Solana (SOL) With a PC?
STEP 1: Get a wallet.
I recommend using the Phantom App wallet, it allows you to turn your browser into a wallet by installing an extension on your browser.
Guarda Wallet (Good for Staking)
Binance
Phantom Wallet
You could also purchase Exodus or Atomic Wallet, which will enable you to obtain your Solana Address, which you need for Step 2.
STEP 2:
from the Github repository or the official website, download XMRig.
- XMrig.com
- Xmrig Github Releases
.zip files can be extracted into any location on your computer after being downloaded.
Inside the XMRig folder, locate a file usually called “pool_mine_example.bat” and edit it’s contents.
After editing it should look something similar to this:
cd %~dp0
xmrig.exe -o rx.unmineable.com:3333 -u
SOL:HekM1hBawXQu6wK6Ah1yw1YXXeMUDD2bfCHEzo25vnEB.wkid01#e4xd-wmzl -p x
pause
The Pool URL can be found in the line immediately following the -o, and in this case, all you need to do, depending on where you are, is use one of the following URLs (choose the one that is closest to you).
USA: rx-us.unmineable.com:3333
Europe: rx-eu.unmineable.com:3333
Asia: rx-asia.unmineable.com:3333
Then, the third line is where you will enter your wallet’s public address (copied in STEP 1), place it after the SOL: and before the first dot “.” .
The general structure of the address needs to be:
[Wallet address: [COIN].[workerID]#[Code to lower mining fee]
The workerID is any name you want to give each computer on which you are running the miner so it can be quickly recognized later on under the pool stats.
The code after the # is important because mining with that code will drop the Mining Fee ranging from 1% to 0.75 percent (it matters). You can start mining using that code e4xd-wmzl
As an administrator, run the file.
You are currently mining for Solana!!
STEP3: Let’s check your mining Stats in Unmineable
Recall when you entered the address into the XMRig configuration file?
You just need to inform Unmineable of the coin you want paid in—in this case, SOL—as well as the address to which they should send the mined coins.
Log in to Unmineable and choose the coin you want to mine to view your account balance. In this example, SOL.
Then you can select the Tab that reads RandomX and enter your address in the box that reads “Enter your address to check your stats:”.
After doing this you will see the balance on your account and you will even be able to request a payment.
Where Can I Mine Solana Coins?
The Uphold platform is the best place to “mine” or “stake” more Solana coins in order to increase your earnings. They provide low fees to buy, sell, and stake SOL tokens so you can earn 6% interest daily paid into your account. Their platform is also the safest and most trusted custodian in the world, with billions of dollars of assets secured in their vaults. This exchange is your best bet if you want to mine Solana securely.
Is It Legal to Mine Solana Tokens?
Passive rewards from the Solana (SOL) protocol are entirely legal and are regarded as an income stream. Your Solana mining or staking rewards are taxed similarly to income, but you might want to consult a tax advisor about the rules in your area.
Solana Mining Fees and Expenses
It costs nothing to mine Solana tokens on centralized exchanges like FTX or Binance. You only pay a fee when you purchase SOL tokens from an exchange. SOL can be deposited and withdrew for free into exchange staking pools to generate passive income.
What is Solana Mining
Validating transactions on the Solana blockchain is done through the Solana mining process. SOL tokens are given to miners in exchange for their efforts in processing and verifying transactions. To become a Solana miner, you must first stake SOL tokens to become a validator.
Once you have staked your tokens, you will be able to start mining Solana. The quantity of SOL tokens you receive as payment for mining will vary depending on how many transactions you process and how many SOL tokens you have staked.
What is a Solana Validator?
A miner who has staked SOL tokens to join the Solana network is referred to as a validator. Validators play an important role in the Solana network by verifying and processing transactions. In return for their work, validators earn SOL tokens as a reward. You will have the chance to profit as a Solana validator and contribute to network security.
Final Thoughts
Solana token mining is a great way to generate passive income and contribute to network security. You can quickly buy SOL tokens and begin staking them with centralized exchanges like Uphold and Binance. When staking SOL tokens on these platforms, you will be able to get up to 6% APY, which will allow you to potentially make some extra money. Before beginning, be certain that you are aware of the tax repercussions of staking tokens in your jurisdiction.
FAQs
How Much Are Solana Fees?
The average Solana fee for a transaction is $0.00025, but this value changes over time. The fees are determined by the competition for block-space, which rises as blockchain traffic does.
How Many Transactions Per Second Can Solana Handle?
In comparison to Ethereum, the Solana network is said to process 65,000 transactions per second on average for just $0.00025.
Will Mining Hurt My CPU in Any Way?
No, this procedure shouldn’t harm or otherwise harm your computer. It is recommended though to monitor the temperature of your processor with any software like “Hardware Info”.
What is An Acceptable Mining Temperature for My CPU?
Some CPUs will work without any thermo throttle under 90 degrees celsius. Make sure your processor has fresh thermal paste and a clean fan for cooling.
