Bitcoin Interest - a project that started in May 2018, and initially worked on the Equihash algorithm, but after it was captured by ASIC, the coin switched to the algorithm on which it works to this day - ProgPow.
A quick guide on how to mine Bitcoin Interest cryptocurrency:
- Step 1 – Get Bitcoin Interest digital wallet address (on the exchange, or install a cold wallet from Bitcoin Interest)
- Step 2 – Download the mining program
- Step 3 – Select a mining pool
- Step 4 - Start mining!
There is quite a lot of interest in the project, connected with two directions. Firstly, this is interest from miners, since quite often the coin can be seen in the whattomine online calculator in the top 5 coins by profitability.
The second direction is investors. There are many rumors that ProgPow was developed with the participation of Nvidia, and therefore many believe in the future of this algorithm and the coins associated with it.
If you are interested in the mining process and setting up this coin, then this article will answer all your questions regarding Bitcoin Interest (BCI).
What is Bitcoin Interest
Total coins – 22300000
Algorithm – ProgPow
Product status : Completely ready
Bitcoin Interest (BCI) is a cryptocurrency focused on three key areas: technology, community and deposits. The blockchain project has a new integrated deposit technology that allows users to securely deposit their BCI coins and earn interest for it.
The developers have found a new way to receive interest payments to reward users through “Enhanced Proof of Work” using the new ProgPoW algorithm.
In short, register your wallet address and transfer any amount of coins there to start receiving weekly and monthly interest payments. This is something between betting and a masternode.
ProgPow algorithm
The ProgPoW algorithm is based on Ethash, but has the important prefix “Prog”. Thanks to "Prog", the mining operation is not associated with a precisely defined set of actions. The algorithm is constantly changing, so creating an ASIC is quite difficult.
ProgPoW regularly changes the mining problem and uses almost all available GPU resources.
If the Ethereum community ever approves the implementation of ProgPoW, then ASICs will not have any advantages over GPUs.
Only GPU mining can provide true decentralization. Eventually, even users with average graphics cards will be able to use them to mine ProgPow.
The design of the ProgPoW algorithm is designed to meet the requirements of conventional GPUs, so if someone wants to build an ASIC for it, there will be little room for improvement in efficiency (hash rate) compared to a conventional GPU.
All this means is that, in theory, the ProgPoW algorithm will not support ASIC hardware due to the lack of ability to achieve much higher speeds than what the GPU is capable of delivering. Essentially, this means that ProgPoW should theoretically be a truly ASIC-resistant PoW algorithm.
BTC mining process
Let's take a closer look at how Bitcoin mining occurs and why this process is so complex.
The principle of Bitcoin mining is based on solving mathematical problems using computers
To generate a new block, all computers participating in the network try to find a hash value that matches all new transactions and the secret key. The difficulty is that there are millions of such possible combinations, but you need to find just one hash.
An example of what the hash looks like: 067f8e487c8a89ef95tm7a4321a0
When the correct hash is found, a new block is created in the blockchain. The miner (or group of miners) who extracted it receives a reward and begins generating the next block.
It takes an average of 10 minutes to create a new block in the Bitcoin network.
Each hash of a new block consists of 3 required elements:
- Hash of the previous block;
- The total hash of the user's operations over the last 10 minutes;
- A random number that constantly changes so that the result of the calculation meets the conditions set by the system.
The security of the mining process is ensured due to the absence of a control center and distribution between all network participants .
We hope you now have a better understanding of how Bitcoin mining works. ✅
How to create a wallet
You can store Bitcoin Interest coins on official cold wallets for the following operating systems:
- Windows
- Linux
- Mac
wallet can be found on the official website.
You can download both Core Wallet and Electrum Wallet .
You can also use a web wallet.
This type of wallet is much more convenient than a cold wallet, since there is no need to synchronize or download. However, it is less secure since it is just a website, which means it can be hacked and coins will be stolen.
If you do not want to install and synchronize a wallet, you can register on the exchange where this coin is traded and get a digital wallet on it to mine BCI directly to the exchange.
The coin is traded on 6 exchanges.
| # | Exchange overview | Pair |
| 1 | STEX | BCI/BTC |
| 2 | Exrates | BCI/BTC |
| 3 | TradeSatoshi | BCI/BTC |
| 4 | HitBTC | BCI/BTC |
| 5 | Bitfinex | BCI/BTC |
| 6 | Fubt | BCI/BTC |
Mining profitability (how much can you earn?)
As we have already found out, modern miners have to deal with rising costs and falling mining profitability . How to make money in such conditions? Is it profitable to mine Bitcoins in 2022?
Is it realistic to calculate mining profitability?
The creators of the first cryptocurrency put several algorithms into the network consensus to prevent inflation, which also affect the profitability of coin mining:
- maximum emission of 21 million BTC coins;
- regular review of network complexity;
- Reward halving every 210,000 blocks.
The limited emission gave a great advantage to early miners, who began to mine bitcoins in conditions of low total network power. At the same time, the reward for mining bitcoins was initially 50 BTC (!) for each block found.
Analysis of the first blocks of transactions states that from January 3, 2009 to January 25, 2010, only one person . During this period, about 1 million bitcoins were mined, most of which were never spent.
When calculating mining payback, you also need to take into account:
- network complexity;
- coin value;
- energy consumption of equipment;
- cost of electricity.
The profitability of classic mining directly depends on the power of the equipment , while in cloud mining it depends on the purchased power . In addition, most cloud mining services offer the use of an online profitability calculator, with which you can calculate the profit from purchasing a specific cloud contract, taking into account the current complexity and cost of the cryptocurrency.
The best equipment for mining Bitcoin Interest (ProgPow algorithm)
Video card: Nvidia 10 series and higher
Motherboard: ASRock H81 PRO BTC R2.0
Processor:Intel Celeron G1840 (the cheapest one will do)
RAM: Kingston HyperX Fury 4 GB, 1333 MHz, DDR3
Power supply: for GTX 1070 2x Corsair 750 W, for GTX 1080/1080 Ti 2x Seasonic Prime Ultra Platinum 1000 W
SSD: Silicon Power 120GB SSD
Adapter for two power supplies: ADD2PSU
USB risers: VER 008S, 6 pcs.
Frame
Video cards from Nvidia are best suited for BCI mining: the newer the model, the better the mining. It is also possible to mine BCI on AMD, but the profit will be slightly less than if you mine algorithms tailored for “red cards”.
How to mine with video cards
Block Reward : 10.76 BCI
Block time : 10m
Total coins: 22300000
If you already have a mining farm and you have received a digital coin wallet, then next you need to download the mining program and select a pool.
List of pools
| 1 | bci.suprnova.cc |
| 2 | pool.bitcoininterest.io |
| 3 | bci.altpool.pro |
| 4 | bci.coinblockers.com |
| 5 | bci.luckypool.io |
| 6 | bci.progpool.io |
| 7 | pool.whibbit.cn |
After you have chosen a mining pool that is convenient for you, proceed to downloading the program (miner).
Detailed guides for setting up miners are given in the table below. In it you will find a step-by-step guide, advanced configuration options, troubleshooting and much more.
Current types of Bitcoin mining
The consensus of the Bitcoin network includes a mechanism that prevents inflation in the value of coins and facilitates a gradual increase in the difficulty of their mining. And if in 2009 it was possible to mine bitcoins using the computing power of the processor, then in 2022 the rules of the game have become significantly more complicated. The requirements for equipment have changed, and new ways to mine the coveted Bitcoin have emerged.
But difficult does not mean impossible. There is a chance to receive Bitcoin exactly until the last coin out of 21 million is released.
Today, Bitcoin mining at home is unprofitable due to huge factory-sized mining farms that produce cryptocurrency on an industrial scale. Nevertheless, miners continue to make money from mining. How do they do this?
Bitcoin is a cryptocurrency that requires enormous mining power. And if other coins can still be mined using video cards, processors, hard drives, etc., then specifically for Bitcoin the number of types of mining has been reduced to a minimum.
In 2022, only ASIC mining and cloud mining are profitable
ASIC mining
ASIC (from the English application-specific integrated circuit) is a special-purpose integrated circuit.
Unlike general-purpose integrated circuits, ASICs perform strictly limited functions in a specific device, specific to that device. The result is faster and cheaper execution of functions.
In mining, ASICs also perform one type of work - decoding a specific algorithm . For Bitcoin it is SHA-256. Thanks to their mono-tasking capabilities, ASICs provide significantly more power than those suitable for all algorithms.
What is this device? Inside the ASIC there are working chips, memory with a software component, and fans for cooling the equipment.
What does an ASIC look like for cryptocurrency mining?
From the point of view of energy consumption, mining on ASICs is more profitable than assembling a farm of video cards that will provide the same power. Moreover, thanks to ASIC, mining has become more secure : the equipment provides protection from hacker interference and guarantees the operation of long block chains.
As Bitcoin mining continues to become more complex and hardware requirements increase, ASICs have also undergone changes.
If at first these were small devices that could be connected to a computer via USB, now they are distinguished by more impressive dimensions, noise levels and power (especially industrial ASICs).
Today, entire model lines of ASICs have been developed that provide incomparably greater performance.
ASIC miners for Bitcoin mining from the famous Chinese company MicroBT
To gain even more power and increase mining speed, miners combine multiple ASIC devices into one powerful mining rig . The main advantage of such a farm is its high profitability. And huge costs as a disadvantage: for equipment, cooling systems, electricity, etc.
Cloud mining
At some point, mining bitcoins on your own equipment became less and less profitable. Other methods were needed that could increase the efficiency of the process and its profitability.
cloud mining services appeared on the market , offering to mine cryptocurrency using rented equipment. Thanks to them, users were able to mine bitcoins without having to spend money on equipment, electricity, etc. and take part in the technical part of the process.
Cloud mining - renting power for cryptocurrency mining
You just buy a cloud contract, top up your account and withdraw the mined coins.
Of course, the commission of the company that owns the cloud service must be subtracted from the proceeds.
The popularity of Bitcoin cloud mining is associated with a low entry threshold. A cloud contract can be purchased for a couple of hundred dollars, while other methods require an initial capital of several thousand dollars.
Simply put, the user is investing in the process rather than mining directly. At the same time, he can diversify his investments by purchasing contracts for different coins.
As for profitability, the profit from cloud mining directly depends on the amount of investment. An important point is also the choice of cloud service. Work with reliable and trusted sites that offer favorable contract conditions and regular payments.
✅ Top services for cloud mining in 2022:
| Name | Address | Status | |
| #1 | Binance Pool | https://pool.binance.com/ru/ | Pays |
| #2 | Okex Pool | https://www.okex.com/pool/ | Pays |
| #3 | Hashing24 | https://hashing24.com/ | Pays |
| #4 | NiceHash | https://nicehash.com/ | Pays |
| #5 | BitLuck | https://bitluck.com | Pays |
| #6 | Genesis Mining | https://genesis-mining.com | Pays |
| #7 | IQ Mining | https://iqmining.com/ | Pays |
| #8 | MinerGate | https://minergate.com/ | Pays |
| #9 | Cryptouniverse | https://cryptouniverse.io/ | Pays |
| #10 | Hashmart | https://hashmart.io/ | Pays |
Programs
In order to mine the BCI coin, you need to download a miner. The following are suitable:
| Program | Series | Setup and download |
| PhoenixMiner | Nvidia+AMD | |
| TT-Miner | Nvidia | |
| ProgPOW Miner | Nvidia+AMD |
Extract the archive, there you will find already fully configured and ready Bat files of the BCI coin for different pools. All you have to do is enter the address of your digital wallet received from the exchange, or the address of a cold wallet downloaded from the official website, and launch it. The mining process will start automatically.
If you want to set up a batch file yourself, in the articles about each miner, you will find a detailed description of setting up the coin.
Overclocking
The ProgPow algorithm is less video memory overclocking than Ethash.
For example, on Nvidia 1060 video cards we reduced the memory overclock from 1100 to 500 without losing performance (hashrate).
Core overclocking
On the contrary, the kernel on ProgPow needs to be overclocked. We increased the stats from -100 to +100 in the farm and got a big boost in productivity.
Power Limit
ProgPow requires more electricity than Ethash. We increased the Power Limit from 80 to 100. At the same time, the increase in hash rate was obvious.
As soon as new coins or command line options appear on ProgPow, we will immediately update this manual.
What is Bitcoin mining
11 years after the advent of cryptocurrency, everyone has heard the word “mining” . But not everyone knows what it means.
Mining - what is it in simple words? We tell you how bitcoins are mined and what is unique about the mining process of the most popular cryptocurrency.
Mining is the extraction of encrypted and limited quantity of cryptocurrency program code, on the basis of which mathematical calculations are carried out by selecting many numerical variations.
Its essence lies in solving complex mathematical problems using special software installed on users’ PCs. In this case, computers can be located anywhere in the world, and the mining process is distributed among all participants in the network.
Mining is a process aimed at extracting cryptocurrency
The result of these calculations is the generation of new blocks of the chain - blockchain .
Blockchain (from the English block (block) + chain (chain) is a chain of blocks where all transactions are recorded for the entire existence of the Bitcoin network.
For each block found, the network pays miners a reward in the form of crypto coins. It is currently 6.25 BTC.
Thus, new bitcoins are mined with each new block during the mining process. At the same time, Bitcoin mining also means supporting an entire infrastructure designed to ensure the functionality of the entire network.
