Bitcoin Private is a brand new iteration of Bitcoin, the popular cryptocurrency that has made it possible for digital assets to become investment vessels and be used in everyday purchases. Today, Bitcoin Private or BTCP for short is a brand-new currency that carries on the legacy of the original protocol but introduces a handful of changes so that consumers can enjoy a slightly more rewarding experience.
At Cryptogeek we always focus on providing you with a detailed guideline as to how to mine popular tokens. Bitcoin Private carries a lot of potential and Bitcoin private (BTCP) mining is naturally an important question that we will answer.
Before we jump at how to mine Bitcoin Private (BTCP), we will take a second look at what the cryptocurrency is and why people today are interested. While BTCP still has a fairly low profile, it's being adopted quickly and this begs us to ask the question – what is it about BTCP that makes it so interesting?
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CryptoGeek Answers: What Is BTCP?
Bitcoin Private is an ambitious project that focuses on one key component of crypto, its safety. While blockchain is generally touted as an impregnable solution, recent glitches in Tron and Ethereum showed that the entire ecosystem could have been taken through a single vulnerability.
While Bitcoin doesn't seem to have such a vulnerability, the creators of Bitcoin Private are not waiting around for one to be discovered. Essentially, BTCP is a mix of Zclassic and Bitcoin, with the currency completing its first fork on February 28, 2018. At that point it became evident that many people would commit to the new currency, whether they were skeptical of BTC's prospects or just keen to join the new mainnet.
Why Should You Consider Bitcoin Private (BTCP) Mining?
As a combined fork, Bitcoin Private attempts to bring the best of two worlds. On the one hand it uses a special technology, zk-SNARKS, that is native to Zcash and allows the mainnet to avoid any interference and on the other, it is four times faster than traditional Bitcoin. That means that should BTCP ever reach the same level of popularity as BTC, it would perform much better, prove much more stable in terms of volatility and generally behave better.
How to Mine Bitcoin Private (BTCP)?
There are a fairly good number of ways you can use to mine BTCP. Regardless of which way you pick, you will always have to do some things beforehand, such as choosing the right mining software to carry out the operation for you.
That is crucial and we recommend focusing on GPUs which will carry most of the operation. Then, you need to make sure you have a stable and fast internet connection to avoid any interruptions that may set you behind.
Lastly, you want to optimize your software by cleaning up any unnecessary processes in the background and by also updating all your drivers so that the software and hardware can work at its best.
BTCP NVidia Mining
If you are keen on using an NVidia software, we recommend trying EWBF’s CUDA miner, which comes with a 2% dev fee, but still makes for a very desirable choice. The software is compatible with Windows and Linux systems making it a top choice and it follows a very simple configuration path.
BTCP AMD Mining
For those of you who prefer to stick to AMD GPUs instead, Claymore’s ZCash miner may prove the most popular option. The software has both Linux and Windows versions and you will find configuration once again easy. Setting up may take a little while to figure out, but if you follow the official documentation, there should be no problem there. The miner charges a 2.5% fee which is reduced to only 2% if you use SSL connection, which we recommend doing.
Mining BTCP in Pools
Pool mining brings you many benefits. You will be able to enjoy the low-cost that will make it easy for you to enter a competitive mining environment where the costs you incur are split adequately between all participants.Here is a list of mining pools listed directly on the BTCP’s official website:
- Son of a Tech http://equihash.sonofatech.com/
- WFMPools https://zpool.wfmpools.com/
- Coinblockers https://btcp.coinblockers.com
- Btcprivate.pro http://btcprivate.pro/
- Btcprivate.pro (solo) http://solo.btcprivate.pro/
- Vicious Miner http://viciousminer.com/
- Miningcrypto.cash http://btcp.miningcrypto.cash/
- Panda Mines http://pandamines.com/
There is the downside of having to split the revenue, but discoverability will not be an issue as you will have many fellow miners (e.g. Bitmain Antminer Z15) working for you. Before you can join a pool, though, you ought to choose a good BTCP wallet.
We recommend sticking with one of the main ones and even using cold storage and updating your cold storage frequently. Once you have this sorted out, you can connect to a mining pool. There are many to pick from, but you should focus on several factors, including:
- Server location
- Reward system
- Average fee
The closer a pool is, the less effort your mining rig(s) will have to exert and the less internet connection you will expend. While you may have unlimited internet, your connection will be much stronger and experience less distress if the server is closer to you.
As to fees, you will notice that most fees will range from 0.5% to 1% on average, which means that anything in these numbers will allow you to join a pool and account for all costs while still generating a profit.
Cloud Mining BTCP
BTCP cloud mining is a good way to save yourself some of the hassle of setting up your own network. Look, while most BTCP mining software is available as a preconfigured option, you still have to study the technical aspects of the mining process a bit.
You will need to enter the right settings and generally make sure that your software configuration is precisely what you need to carry out safe, secure and most importantly efficient mining.
When you opt for a cloud service, though, you can fast forward to revenue and skip all the setting process. You will, however, have to pay a monthly fee. The people or organization managing your cloud Bitcoin Private (BTCP) mining operation will have some say in day-to-day operations and advise you on how to act in one situation or another. You usually sign a contract with cloud services so that you can establish a clear line of communication and terms of your understanding with each company.
Bitcoin Private Mining Calculator and Cost Estimates
Naturally, you always want to have an idea of how much resources you are going to expend mining BTCP. A great calculator can help you catch yourself on everything that you need to know. Generally speaking, you need to enter several important metrics that will help you decide if your investment is worthwhile compared to what a currency is worth currently on the market.
You will have to enter the electricity usage, hash rate, price per kw/h or, if you are cloud mining, how much your contract costs. You can further enter the pool specifics, such as the distribution model and fees so that you can get a realistic picture of what you can expect in return.
By referring to resources such as WhatToMine and CoinMarketCap, you can quickly see if a coin is worth investing in. Bitcoin Private makes for an interesting investment tool as well. The currency's price is fairly low but not so low as to suggest a lack of interest.
Mining difficulty is definitely very reasonable and you can easily enter the mining game whether you decide to go for solo mining via GPUs, join a pool or opt for a cloud mining pool.
Conclusion
At the end of our guide about how to mine Bitcoin Private (BTCP) you may still be wondering – is it really worth it? Given the low cost of entering into Bitcoin Private (BTCP) mining we have every reason to believe that this is a smart investment.
Whether a coin really makes it through to the very top of CoinMarketCap will often depend on multiple factors, and not least mainnet development, institutional and private adoption and others. In the meantime, though, you can get a head start with BTCP and revisit your portfolio as you go along.