Welcome back Goldshell miner blogs! In this guide, we will walk you through the process of mining LBRY credits, providing a step-by-step approach for beginners.
Through the PoW mining process, you can earn LBC while strengthening the security of the LBRY network.
To mine LBC effectively, you can follow the steps below:
- Set up a wallet
- Obtain a mining Hardware
- Choosing and Configuring a Mining Pool
- Start mining
- Monitor and collect rewards
LBRY credits (LBC) offer an exciting opportunity to participate in the LBRY network, which is a decentralized content-sharing platform. Mining LBRY credits allows individuals to contribute to the network’s security and earn rewards in the form of LBC. Let’s dive in!
Table of Contents
Overview of LBRY Mining
Mining is a process where computing power is used to verify transactions on the LBRY network and add them to the public ledger (LBRY blockchain). It is also the process of how new LBRY Credits (LBC) are created as a reward for the successful miners (see details below). The process uses mining software to calculate complex mathematical puzzles in order to secure the transactions. Both CPU and GPU hardware can be used for mining, but the current market is dominated by GPU and ASIC mining. LBRY uses a mix of SHA512, SHA256 and RIPEMD hash functions in its algorithm. To put it in the most simple terms: mining enables secure and fast LBC transactions.
LBRY Credits (LBC) are mined over a 20-year Proof of Work period. Block rewards increase every 100 blocks by 1LBC, peak at 500, and decline slowly.
How to mine LBRY credits LBC
Here is the step-by-step guide to teach you how to mine LBRY credits LBC
Set up a wallet
Start by creating a wallet to store your LBRY credits. LBRY offers an official wallet called “LBRYcrd,” which you can download and install from their website.
Obtain mining Hardware
LBC can be efficiently mined with ASIC miners, e.g, Goldshell LB-BOX.
Choosing and Configuring a Mining Pool
To finish the configuration, you will need to choose a mining pool. In choosing a mining pool, you can consider pool fee, payout method & frequency, the stability of the pool, user interface, statistics / data, customer support, community channels and more.
In this guide, we will set up the mining hardware with Luxor, a US-based mining pool that operates based on the pay-per-share (PPS) payment method.
- URL: stratum+tcp://lbc.luxor.tech:700
- Worker: [LuxorUsername].WorkerName Workername can be anything, but avoid using symbols or special characters as it may be invalid.
- Password: 123
Once you have filled out the details, click Save & Apply. The setup is now complete.
Start mining
Run the mining software and let it start mining LBRY credits. The software will use your computer’s resources to solve complex mathematical problems, which, when solved, result in the creation of new LBRY blocks and credits. Be aware that mining LBRY credits requires a significant amount of computational power, so ensure your hardware is capable of handling the mining process effectively.
Monitor and collect rewards
Keep an eye on your mining software to track your progress. Once you successfully mine a block, you will receive a reward in LBRY credits. The mining software should indicate when a block has been mined and when you receive the rewards.
Remember that mining LBRY credits can be resource-intensive and may not be as profitable or feasible as it once was. Additionally, it’s essential to stay updated with the latest LBRY network developments and any changes in the mining process.
Understanding Mining Profitability
LBRY mining economics are a result of mining revenue, operating expense & capital expenditure.
For revenue, you can go to a public mining calculator to check the current profitability. At the time of writing this guide, 1TH of hashpower generates $14 in revenue a day but this fluctuates day-to-day based on network difficulty and coin price. You should estimate this revenue out for the investment horizon making sure to factor in potential increases in difficulty and any changes in block reward.
In regards to operating expenses, this is in largely determined by your cost of electricity. As of 2020 you ideally want to pay less than 7-8 cents USD per kWh.
LBC Mining Equipment
LBRY mining is dominated by the ASIC market. GPU & CPU mining is not viable at this point given the network difficulty.
Goldshell LB Box built-in self-developed high-performance chip, Hashrate is 175GH/s, and the power consumption is 162W.
It is more energy-saving and power-saving and comprehensively enhances the mining experience.
LB Box has a lighter body and a cleaner appearance. Easier to install and save space, can be easily into various environments such as homes and offices.
For home miners, Goldshell LB-Box is the best choice for mining LBC.
Goldshell LB-BOX (175 Gh/s) LBRY Credits ASIC miner
Conclusion
Mining LBRY credits (LBC) can be an engaging way to support the LBRY network while earning rewards. By following this ultimate guide, you can get started on your LBRY mining journey. Happy mining!
