How to mine ADA (Cardano) coin
An average computer user may find it complicated to start mining. However, the situation is different with Cardano ADA. Whether technically skilled or not, you can start mining this 2017 cryptocurrency on your PC in under 5 minutes. This article explains how to increase your crypto knowledge and mine ADA coin to earn passive income with your PC.
What is Cardano?
Charles Hoskinson (Ethereum co-founder) and Jeremy Wood created a new blockchain network Cardano in 2017. ADA is the network's native token to facilitate transactions and deliver a better overall experience than Ethereum and Bitcoin.
According to CoinMarketCap, ADA has a circulating supply of 33,313,246,915 ADA coins and a max. supply of 45,000,000,000 ADA coins. At the moment of writing (28 November), the live Cardano ADA price is $1.47. The 24-hour trading volume makes up $1,492,823,437. The currency ranks 6th on the CoinMarketCap, with a live market cap of $49,098,035,528.
The structure of the ADA coin is similar to Ethereum's. The currency's network uses the Proof-of-Stake consensus mechanism. The project emphasises its plans to bring revolution to the financial and cryptocurrency worlds.
How does Cardano work?
Unlike Bitcoin and Ethereum that use the Proof-of-Work system, Cardano ADA is PoS-based. In the PoW system, miners get rewards for solving difficult mathematical problems to mine a new blockchain block. On the contrary, in the PoS system, the coin holders are responsible for verifying and generating new blocks on the blockchain network.
PoS is generally considered to be an eco-friendlier alternative for blockchain networks. The mining process doesn't require brute coin hashing, and the blockchain development is independent of the hardware used for mining.
The essence of the PoS blockchain is staking pools consisting of users who come together and use their coins to validate blocks on the blockchain network. The process of staking cryptocurrency is considered a safer alternative to mining since it doesn't expose users to any risks. In the PoS system, users are rewarded with the native blockchain asset.
The Cardano ADA blockchain network is easily scalable due to the two-layer design.
- CSL, or Cardano Settlement Layer, performs and records transactions on the blockchain;
- CCL, or Cardano Computational Layer, proceeds automatic transactions.
Besides its general ease of use, the Cardano blockchain performs faster transactions at lower rates. It also represents a major balance between speed, security and decentralisation that many other networks aim for.
The Cardano Initial Coin Offering (ICO) happened a few years ago. The price per token was set at $0.02. Since then, the ADA token has raised around $60 million.
The Cardano ICO generated hype around it for the following reasons:
- The big name of the token's co-founder C. Hoskinson in the cryptocurrency world. It was assumed to have a significant impact on its potential customers due to the impressive success of Ethereum and its other projects.
- Besides, Hoskinson is well-known as a goal-oriented mathematician who aims to revolutionise how blockchain technology works. As part of the whole development and advertising process of the Cardano, Hoskinson brought special emphasis to research and innovation, making the token the first of its kind in the market.
- Cardano was advertised to be a revolutionary cryptocurrency that would change the way transactions are handled. The main point of discussions around Cardano ADA was the possibility to maintain the balance between security and transaction speed, which would still be part of the fully decentralised network.
In most cases, people feel sceptical about developers promising ground-breaking technologies before and during the ICO. However, the situation is different with Cardano due to the reputation of the currency's co-founder.
The public sale of 25.9 billion Cardano AD tokens started in September 2015. A further 5.2 billion ADA tokens were issued and shared between the three entities that marketed and developed the Cardano protocol, namely:
- Input Output Global (IOG) was issued 2.46 billion tokens
- Emurgo was issued 2.06 billion tokens
- The Cardano Foundation got 648 million tokens.
When the token became publicly tradable, the ADA's price was $0.02. During the 96 days after the first public trades, the token's price skyrocketed to $1.31 in 2017. Like the prices of other assets, the ADA price fell to $0.02 in November 2018.
Two years later, the ADA price returned to $1.31. It continued to climb, and in May 2021, the token's price hit $2.46. As of September 2021, ADA reached a new all-time high of $3.10. The current Cardano ADA price is $1.49.
Cardano Price Prediction
The Cardano ADA price started at $0.18 at the beginning of 2021. Today, it trades at $1.49. It's forecasted that the ADA price will be set at $2.07 by the end of 2021, which is a 1,046% rise from the beginning of the year.
In the first half of 2022, the Cardano price is predicted to climb to $3.00. In the second half of the next year, the token's price would add $0.18. The token is expected to close the year at $3.18.
Cardano Prediction 2023-2027
The Cardano price is expected to increase during these five years significantly. More specifically, Cardano will start 2023 at $3.18, then climb to $3.90 within the first half of the year, and finish 2023 at $4.60.
Cardano Prediction 2028-2032
It's expected that Cardano will start 2028 at $9.47, then climb to $10.08 within the first half of the year, and finish 2028 at $8.71.
How to mine ADA coin
Now that we have discussed what Cardano is, let's look at how to mine Cardano ADA coin.
Cardano cannot be mined since it's not part of the PoW consensus. You can only stake it by simply keeping your Cardano wallet (like Daedalus) online. You'll get a certain percentage of your already owned ADA coins as payment. It's a common method used by PoS systems, where transactions are confirmed via the already existing coins rather than by using hardware.
What do you need to start mining ADA coins?
It's super easy to mine Cardano ADA coin for several reasons.
- You don't need to worry about mining methods because there's no cloud mining, CPU or GPU mining.
- The mining process is so easy that a beginner can easily handle it. You can get passive income while simply keeping your wallet online. The more Cardano coins you own, the more income you receive.
Cardano developers also promise to release constant updates and features regarding the token during the "Reward Era". Stake pools will emerge, and those who don't hold many ADA coins but participate in the transactions will receive greater rewards.
ADA mining software
Although you can mine Cardano on your PC, investing in the ASIC mining setup is also recommended.
The best way to mine ADA coins is the GPU. If you feel like mining ADA on your PC, the major advice is to join some miner pools.
How to mine ADA on PC
Step 1. Get a Cardano wallet like Daedalus Wallet, Yoroi Light Wallet for Cardano, Exodus or Atomic wallet. After that, copy your public Cardano address.
Inside the XMRig folder, locate a file usually called "pool_mine_example.cmd" and edit its contents the following way:
xmrig.exe -o rx.unmineable.com:3333 -u
ADA:addr1qy42ygwlj6ucm4ytq797tj0wq58umquvgnkwga403wf5ufpskt9grwjm26j7ucsu8tldt8yk33yjvkhrth3e6mfxhu8qurassa.wkid01#e4xd-wmzl -p x
The -o in the second line of code includes the Pool URL. All you have to do is to use one of the following URLs, depending on your current location (select the one closest to your area):
- USA: rx-us.unmineable.com:3333
- Europe: rx-eu.unmineable.com:3333
- Asia: rx-asia.unmineable.com:3333
Enter the public address of your Cardano wallet in the third line, place it after the ADA: and before the first dot (.).
- The general address structure should look like this:
[COIN]:[Wallet address].[workerID]#[Code to lower mining fee]
- The workerID is any name you'd like to give to the PC you're mining with.
- Start mining using the code e4xd-wmzl placed after the #. It lets you drop the Mining Fee from 1% to 0.75%.
- Run the file as an administrator.
That's all. You're already mining Cardano on your PC.
How to mine ADA on Android or iOS
To start mining ADA on an Android smartphone or tablet, install the MinerGate app. Once installed, create an account, and you're ready to mine ADA on Android.
It's currently restricted to mine ADA on iOS because it causes damage to hardware.
ADA mining profitability
The profitability of mining ADA varies from one person to another. It depends on taxes, the cost of a mining setup, electricity costs, etc. The best way to decide whether mining Cardano ADA coins is profitable for you is by checking out the Cardano profitability charts, price charts and predictions. Based on this knowledge, you can suggest how profitable it's to start mining Cardano in your location.