Since the inception of Bitcoin, mining has become very profitable because it is a way to earn passively. Mining is the foundation of Proof of Work (PoW) cryptocurrencies. One cryptocurrency that allows mining is Ergo.
That Ergo coin is worth $3.02 at the time of writing and has gained about 18% in the past 24 hours. The coin’s market cap is $96,232,240, and its circulating supply is 32,012,428.00 ERG.
This guide will show you how to mine Ergo coins if you want to earn extra coins mining cryptos. Before then, let’s look at Ergo and what makes this cryptocurrency special.
What is Ergo?
Ergo is a project launched in 2019, and it boasts a programmable blockchain with an energy-efficient and stable mining protocol. Furthermore, the project uses Bitcoin’s Proof-of-Work (PoW) consensus protocol to secure the network and implements smart contracts like Ethereum for its DeFi features.
Furthermore, Ergo uses a mining protocol known as “Autolykos,” a modified version of Bitcoin’s mining protocol. In addition, the Autolykos protocol is highly resistant to large mining pools and application-specific integrated circuit (ASIC) miners, making it more energy efficient. The Ergo protocol reduces the mining size of every node to mitigate the negative impacts of Bitcoin’s PoW protocol. In addition, Ergo mining is based on Autolykos, an ASIC-resistant Proof of Work algorithm written in Scala.
The vision of Ergo developers
According to its site, Ergo was created in response to the stagnation blockchain ecosystem. As a result, many developers created different technical and economic ready-to-use ideas that add value.
In addition, Ergo’s focus is to offer an efficient way to implement financial contracts, which are the most used application in Blockchain.
What makes Ergo special is the storage fee for obsolete cryptocurrencies. If a digital asset remains in the state for four years without being moved, a miner may charge a small fee for every byte kept. However, this gives Ergo different advantages. Firstly, it will allow ERG mining to be stable. Again, BTC’s maximum supply is 21 million; transaction fees will be miners’ only source of income. In this case, Ergo miners have an additional source of income.
Again, miners can return lost coins to circulation by collecting the storage fee from outdated cryptocurrencies. It also helps to prevent a significant decrease in circulating supply due to lost keys.
How to mine Ergo coins with Nanopool
To mine Ergo, the first thing you need to do is to create a wallet to send and receive cryptocurrencies. Next, you need your PC to a mining pool for your mining operation. Again, you need to monitor the GPU temperature for the safety of your machine.
Step 1: Get a crypto wallet
As stated earlier, you need a crypto wallet before you can start mining Ergo coins. A crypto wallet is like a traditional wallet where you can keep your money. Digital wallets help you send crypto coins. And they also help you check the balance; see and share the wallet address for the transaction.
But for this guide, use Yoroi Wallet. The reason is lightweight and secure. To create a Yoroi wallet, click on the ‘Download button.
Different options will be given to you. You can download it for Windows, Edge, Firefox, Android, or iOS.
If you want to use the wallet on Google Chrome – like me, then you can choose Chrome. It will be installed as an extension on your browser.
Click on the Yoroi logo from the Chrome extension bar. Then choose your preferred language, agree to the terms and conditions, and continue. Once that is done, click on ‘Simple’ wallet now.
After choosing the ‘simple’ wallet option, you can allow enabling Cardano payment URLs. Once that is done, you can connect your hardware wallet, create a new one, or even restore the wallet.
Choose “Ergo’ if you want to mine Ergo coins. And click on ‘Create wallet’ now.
Then enter your wallet name. Also, set your ‘recovery phrase’ and ensure you also keep your phrase safe because you will need it to secure any transaction you will make in the future.
So that is it. You have created your Yoroi wallet. The next step is for you to connect your hardware to a mining pool.
Step 2: Mine Ergo coin with Nanopool
There are two options for mining Ergo: a mining pool or a mining rig. For the sake of this guide, we will use a mining pool, which you can perform on your PC. Mining rigs are expensive, and if you can’t afford a mining rig, we suggest you use mining pools.
A mining pool is a collaborative group of crypto miners who combine their computational resources over a network. Each miner earns less when participating in a mining pool because cryptocurrency miners share rewards. But these returns are consistent considering how unlikely it is for solo miners (miners that use mining rigs) even to mine a single block. Payments in mining pools are regular, so we considered using Nanopool. This mining pool specializes in cryptocurrencies that mostly use video graphic cards. The pool supports the mining of these cryptocurrencies: Ergo (ERGO), Ethereum (ETH), Ethereum Classic (ETC), ZCash (ZEC), Raven (RVN), and Monero (XMR). You can also mine two cryptocurrencies simultaneously, using large farms with powerful GPUs and video cards.
So to mine Ergo with Nanopool: Go to nanopool.org and choose the cryptocurrency of your choice.
Click on ‘Quick Start’ to join the mining pool.
Download the miner in a zip file.
Extract the file from the zip folder, and save it in any folder of your choice on your PC. Then configure the miner.
Once that is done, open the file and replace the wallet address with your wallet address. Then save the information like this below.
Enter the mining rig information in the ‘confgure_ergo’ file and save.
Go to the ‘nanominer’ file, run it, and wait a bit. You have successfully mined Ergo coin on your PC without using a mining rig.
Step 3: Monitor the temperature with MSI Afterburner
You must monitor the hardware temperature so you won’t destroy your PC.
Why choose MSI Afterburner?
MSI Afterburner is used to manage GPU. You can overlock your GPU, modify your VRAM, and adjust the voltage through the MSI Afterburner. Today, many miners use the Afterburner for different purposes.
You can also use this device to monitor your CPU’s and GPU’s temperature.
Monitoring the GPU temperature with MSI Afterburner
Go to MSI Afterburner and download the file. Once you have done that, unzip the file, double-click the executable file, and follow the installation process.
After completing the installation process, please run the MSI Afterburner. Furthermore, go to the general tab to start monitoring the temperature and performance of your GPU—the highest temperature when mining should be 70oc.
How to mine Ergo with 2Miners Pool
Another simple way to mine Ergo on your PC is through 2Miners Pool. You must create a wallet (you can use the Yoroi wallet). Download the mining software. In this guide, we recommend lolMiner. You can also use nbminer, TeamRedMiner, and T-rex.
lolMiner and nbminer can work with both AMD and Nvidia GPU. TeamRedMiner only works with AMD cards.
You can get all the mining software here. The password to the archive is 2miners, with no spaces or dots at the end.
After downloading the files, edit the BAT file. To edit it, you need to replace the wallet address with yours – the Yoroi wallet you created. You can also change the rig name and replace RIG_ID with a new name containing only Latin letters, numbers, and symbols “_” and “-. “
Here is the setup for lolMiner to mine Ergo: lolMiner.exe –algo AUTOLYKOS2 –pool erg.2miners.com:8888 –user YOUR_WALLET_ADDRESS.RIG_ID
For nbminer setup: nbminer -a ergo -o stratum+tcp://erg.2miners.com:8888 -u YOUR_WALLET_ADDRESS.RIG_ID
How to mine Ergo on Miningrigrentals and NiceHash
Hashpower is applicable to the Autolykos2 algorithm. Here are the settings for popular rig rental services: NiceHash and Miningrigrentals.
Use the following setup to mine Ergo using Miningrigrentals:
Name: 2Miners ERG
Type: Autolykos v2 (ERGO)
Pool Host: erg.2miners.com:8888
Workername (-u): YOUR_WALLET_ADDRESS
Password (-p): x
For NiceHash, you can use:
Custom pool name: 2Miners ERG
Stratum hostname or IP: erg.2miners.com
How much can I earn mining Ergo?
The more users join the network to mine Ergo coins, the harder it is to find a block. Again, the hash rate constancy also affects how many Ergo coins you earn. Use ergo.nanopool.org to calculate your expected returns if you use Nanopool. Using the 2Miners pool, use this mining calculator to calculate your Ergo earnings based on your hashrate.
It is now easier to mine cryptocurrencies. You can now mine digital assets such as Ergo using easy processes/methods such as Nanopool and 2Minerspool. We have listed the steps you can use to mine Ergo coins with your PC.
You need to know that as your Ergo (ERG) price climbs, your ERG holdings will also rise. As a result, it is essential to watch the market to make your Ergo mining more profitable.