Mining
Proof-of-Work (PoW) is not used to validate blocks on the TON network like Bitcoin. But only for a fair distribution of Toncoin tokens between users. The developers have created a special "giver" smart contract, which calculates a reward in response to the volume of recalculated hashes.
The full amount of coins from the reward will be unlocked when all 5 billion TONs are mined.
How to mine Toncoin
You need a CPU with at least Intel SHA extensions support. To compete with other miners, the processor must be 32 cores or more. Or GPU, but to configure the video card you need to make an additional setup.
TON does not allow ASIC mining, since the hashing algorithm is single SHA256.
A popular choice for mining TON is renting cloud hardware from AWS or Google (Amazon EC2 C5 and N2D High CPU 224).
Step-by-step instruction
- Install Ubuntu 20.04 for desktop or server, respectively.
- Install mytonctrl in the lite mode.
- Enter command emi in mytonctrl to see the estimated yield and make sure it works for you.
- Create address in the wallet which supporting TON.
- Assign a payout address using the command set minerAddr «…» in mytonctrl.
- Find fresh giver contract in mining section. For example kf8kO6K6Qh6YM4ddjRYYlvVAK7IgyW8Zet-4ZvNrVsmQ4EOF. And enter the command set powAddr «…» in mytonctrl.
- Start mining by entering the command mon in mytonctrl.
- Check your hardware load in the process list. pow-miner should use the maximum of your CPU.
- Expect luck when you find a block with a reward. The approximate time can be shown entering the command emi in mytonctrl.
