Mining

Mining in the context of cryptocurrency such as smartcash refers to the process of searching for solutions to cryptographically difficult problems as a method of securing blocks on the blockchain. The process of mining creates new currency tokens as a reward to the miner. Mining is possible on a range of hardware. smartcash implements an algorithm known as keccak, which the miner must solve in order to earn rewards.

The simplest and most general hardware available for mining is the general purpose CPU present in every computer. A CPU is designed to be versatile but offers less efficiency than a GPU, which is designed to rapidly calculate millions of vectors in parallel. While specific CPU instruction enhancements related to cryptography such as AES or AVX can provide a decent boost, GPUs offer a significant performance increase due to their multiple pipelines capable of processing the predictably repetitive calculations associated with cryptocurrency mining. Finally, ASICs are relatively inflexible and can only process the specific function(s) for which they were designed, but at an even faster rate than the more general purpose GPUs and CPUs. The result is a currency which is more secure against brute force attacks on the smartcash blockchain.

The profitability of mining is determined by the hashrate of your mining device, the current network difficulty and the costs of your hardware and electricity. The following links provide up to date information:

SmartNodes vs. Mining

smartcash, like Bitcoin and most other cryptocurrencies, is based on a decentralized ledger of all transactions, known as a blockchain. This blockchain is secured through a consensus mechanism; in the case of both smartcash and Bitcoin, the consensus mechanism is Proof of Work (PoW). Miners attempt to solve difficult problems with specialized computers, and when they solve the problem, they receive the right to add a new block to the blockchain. If all the other people running the software agree that the problem was solved correctly, the block is added to the blockchain and the miner is rewarded.

smartcash works a little differently from Bitcoin, however, because it has a two-tier network. The second tier is powered by smartnodes (Full Nodes), which enable instant transactions (InstantPay). Because this second tier is so important, smartnodes are also rewarded when miners discover new blocks.

The smartnode system is referred to as Proof of Service (PoSe), since the smartnodes provide crucial services to the network. In fact, the entire network is overseen by the smartnodes, which have the power to reject improperly formed blocks from miners. If a miner tried to take the entire block reward for themselves or tried to run an old version of the smartcash software, the smartnode network would orphan that block, and it would not be added to the blockchain.

In short, miners power the first tier, which is the basic sending and receiving of funds and prevention of doublespending. smartnodes power the second tier, which provide the added features that make smartcash different from other cryptocurrencies. smartnodes do not mine, and mining computers cannot serve as smartnodes. Additionally, each smartnode is “secured” by 100000 smartcash. Those smartcash remain under the sole control of their owner at all times, and can still be freely spent. The funds are not locked in any way. However, if the funds are moved or spent, the associated smartnode will go offline and stop receiving rewards.

Mining Pools

Mining smartcash in pools is more likely to generate rewards than solo mining directly on the blockchain.

Official Pool 0%Fee

Other pools are also available and may be advantageous for different reasons such as ping latency, uptime, fee, users, etc.:

DISCLAIMER: This list is provided for informational purposes only. Services listed here have not been evaluated or endorsed by the smartcash developers and no guarantees are made as to the accuracy of this information. Please exercise discretion when using third-party services. If you’d like to be added to this list please reach out to hoangton@smartcash.cc

In addition to joining a pool, you will also need to create a smartcash address to receive your payout. To do this in smartcash NodeClient wallet, see here.

CPU Mining

Please note that the prevalence of GPU and ASIC miners mean that unless you have free electricity, this is highly unlikely to be profitable!

Tips

Reduce the number of threads for added desktop usability and heat reduction. If the CPU temperature is too high, consider fitting a new fan and check that the heat sink thermal paste on the CPU is adequate. Tweak the processor clock speed for added performance using a motherboard controller like AI Suite for Asus motherboards. Reduction of CPU core voltage will result in lower temperature but increased instability.

Try to select a pool that is nearby to reduce network latency. If the node appears slow, switch to another location. Please distribute the hashing power globally to different pools to avoid forking.