Nimiq uses the Aragon2D hashing algorithm, which ensures that only CPU-based systems can mine the NIM coins, and all of this is done on the web. Although GPU-based mining software has been developed, CPU mining is safer. Nimiq gives users a browser-based payment solution with quick and easy payments. Currently, Nimiq uses the PoS algorithm “Albatross.”
Is NIM mining profitable? What is needed to mine 1 NIM? How easy is it to mine NIM? All this has been detailed in this article on how to mine NIM.
Is NIM Mining Profitable?
The profitability of mining a NIM token depends on hashrate, electricity consumption, and the cost of electricity. If the amount you invest in mining 1 NIM is lower than the price of 1 NIM, then NIM mining can be a profitable venture.
How to Mine NIM: Our Top 5 Recommendations
Choose a Wallet
Nimiq allows users to store NIM in their web-based “Nimiq wallet,” which connects you directly to the NIM blockchain. You own the keys to your NIM tokens, exactly as Satoshi intended. Alternatively, you can store your NIMs in supported wallets such as:
- Ledger Nano S
- Blockchain wallet
- Coinbase Wallet
Select A Mining Software
NIM tokens are made to be mined online using your computer’s CPU on the official web servers of Nimiq. But you can also choose to mine NIM using your GPU. It is proven and recommended that NIM should not be mined through a GPU. The CPU and GPU mining is done using two methods, both of which are official “Nimiq Miners”:
- Software mining (CPU and GPU)
- Web mining (CPU only)
Get All The Required Mining Hardware
A Microsoft Windows operating system and a high-end CPU like the Intel Core i9-13900K would be the mining hardware needed to fully utilize your power and internet bills A Ryzen 9 7950X would be more than enough for AMD CPUs.
Configure the Hardware and Software
To mine NIM, here’s how you can configure your software with hardware.
First, log in to your Nimiq account using your login file or 24 backup words. Alternatively, you can create one and link it to your wallet or use the official Nimiq wallet. Then you must go to (https://miner.nimiq.com/) and connect to the network.
You can download the official miner for either Microsoft Windows or Linux. After downloading it, open the config file in your computer’s APPDATA folder. Type ( %LOCALAPPDATA%) in your search bar to do so. Enter these values in the config file, and hit save.
address: “NQ82 3N1P UFKN Q70N 1CLG 3KDR V2FM U3UR CFHX”,
Join A Mining pool
You can choose which mining pool you want while using the official web and software miner, or alternatively, you can choose from the ones below:
Also read: Check NIM Prices Live
Popular video guides on NIM
How Does NIM Mining Work?
Nimiq uses a PoS (Proof of Stake) consensus algorithm called “Albatross,” which is a switch from their previous algorithm, which used the PoW consensus. Albatross provides a high throughput of transactions with eventual finality. PoS uses less energy, so the users can spend more energy on the currency by being validators rather than on the system.
The revolutionary thing about NIM mining is that it can be done on the web servers of Nimiq. Everything, from the wallet to the blockchain to the mining pools, is found on the official website. This design approach gives Nimiq an edge over its competitors. Nimiq doesn’t need an application, has cross-device compatibility, and offers keys to the owners instead of giving them to a third party.
How Long Does It Take to Mine One NIM?
The current NIM network hashrate is 646.80MH/s. You can calculate the time it takes for your rig to mine one NIM by providing values such as current hash rate, electricity charges, and more using these calculators:
Also Read: Where to buy NIM
How Difficult It Is to Mine NIM?
The difficulty of mining NIM depends on factors such as competition, pool attendance, hardware capabilities, and internet connection. The current difficulty rate of NIM is 10.1131 M.
What All Do You Need to Mine NIM?
You can use both Intel and AMD CPUs to mine NIM. For a profitable outcome, you must use the Microsoft Windows operating system and, if you need to, Linux. Some recommended CPUs are:
- AMD Ryzen 9 5950X
- Intel Core i9-11900K
- AMD Ryzen 9 5900X
- Intel Core i7-11700K
- AMD Ryzen 7 5800X
- Intel Core i5-11600K
- AMD Ryzen 5 5600X
- Intel Core i9-10900K
- AMD Ryzen 9 3900X
- Intel Core i7-10700K
As such, there is no need for software to mine NIM, as you can mine NIM from the official software and website, and it would take no fees as well. But you can follow these steps for cases where the user wants to mine NIM using alternate software.
Microsoft Windows and Linux are the most commonly used operating systems for mining NIM. It is due to the ease of editing the .bat files to register your wallet and mining pool addresses. Here are some of the mining software options you can choose from:
Top Wallets to Store Your NIM
Some of the top wallets to store NIM are:
- Ledger Nano S
- Blockchain wallet
- Coinbase Wallet
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Most frequently asked questions on NIM Mining
Q1. Why is Nimiq Browser-Based?
The main reason for NIM being a browser-based cryptocurrency and payments system is to make it easier for people to connect to it by being available with only a web browser. It makes it accessible to everyone and breaks down the mental and technical stress caused by complex systems.
Q2. How is NIM different from Bitcoin or Ethereum?
Nimiq differs from Bitcoin or Ethereum in that it sets out to solve problems related to payment protocols. It gives users a simple, fast, and safe system to send funds. It is easier to set up, as it is browser-based and has a light client system, which allows users to connect to the blockchain consensus in seconds and takes less memory than a song.
Q3. Can I use my GPU to mine NIM?
Unfortunately, you cannot use your GPU to mine NIM. It is due to memory-bound hashes, and the mining speed is dependent on the memory latency. The GDDR5 memory in GPUs doesn’t have good latency compared to the DDR4 memory in CPUs. Nimiq never intended to use GPUs, as it ensures inclusivity by being lightweight for its users.