Profitable Bitcoin CPU Mining with Ubuntu 16.04
When you are looking into Bitcoin CPU Mining you will find that it is NOT profitable to mine, however what you can do to is to mine another cryptocurrency that is still profitable to mine with your CPU and trade that into Bitcoin on a Exchange. On this article I am going to walk you through the steps of configuring a Ubuntu 16.04 with a software called XMrig to mine a coin called AEON that is based on a Cryptonight lite variant 1 algorithm which is designed for low end hardware and exchange that into Bitcoin.
1. Get a AEON wallet address:
1.1 You need a wallet address to send your mined coins. This could be straight to an exchange or you download a AEON wallet.
List of Exchanges: https://coinmarketcap.com/currencies/aeon/#markets
1.2 Currently the bittrex.com is the exchange with most volume for trading AEON, so I am going to be using Bittrex for this example:
After you login on the top corner click on Wallets:
Type ‘aeon’ on the search field:
Click on arrow down right next to aeon name:
1.3 Click on New Address to create a Wallet address:
Now you will need to copy PaymentID and Base Address.
2. Select a mining pool:
It makes it very difficult to mine AEON without using a mining pool. For AEON I will be using a pool that I use to mine other Cryptonight coins with ASIC that is called SuperPools.Online.
Pool website: http://aeon.superpools.online/
3. Install and Configure a mining Software.
tar -xvzf xmrig-2.6.4-xenial-amd64.tar.gz
3.4. 1 Edit algorithm:
Modify the Pools part of this file as follows:
url -> This is the url you will get from the Pool you have select with the port. On this case we choose SuperPools.Online.
user -> This is your AEON wallet address plus your PaymentID (Base_Address+PaymentID) that you got from the first step (Bittrex Exchange)
– > On my case it will be:
3.5 run xmrig:
You should start seen “accepted” as follows:
[2018-03-05 16:39:38] accepted (1/0) diff 100 (200 ms)
[2018-03-05 16:39:38] accepted (2/0) diff 100 (202 ms)
[2018-03-05 16:39:43] accepted (3/0) diff 100 (188 ms)
[2018-03-05 16:39:57] accepted (4/0) diff 100 (268 ms)
4.2 Login to the Pool’s website with your Base wallet address and PaymentID and verify if the number of shares are increasing.
Type your Wallet_Adress+PaymentID on the Lookup field:
Now you will see the number of Total Hashes Submitted increasing. 🙂
5. Trade AEON into Bitcoin on Exchange
After you have mined enough AEONs it will be time to exchange that into Bitcoin.
Login into: https://bittrex.com/
On Markets search for AEON and Click on it.
Create your sell order:
Click on SELL:
Order type: Limit
Quantity: As many as you want to sell
ASK Price: Last (easy and fast way)
Click on Sell AEON.