Mining Software

Mining PegNet (PEG) Tokens With Your Spare CPU Resources

The miners in the PegNet network act as oracles for the pricing data of the PegNet assets. Miners are responsible for fetching the latest pricing data, and reporting the prices to the Factom Blockchain. Their prices will be submitted in a specific oracle chain on the Factom Blockchain. After each block is published, all of the entries within it will be analyzed by the miners and the reward will go to the miners that have given the most authoritative answers. Each entry that is published as part of the mining process must contain the Oracle Price Record (OPR). This allows the miners to give the PegNet network real-time price information. The OPR includes the full list of the PegNet assets as well as their current price in PEG. The hashing algorithm employed by PegNet is designed to be RAM access bound. CPU or GPU hardware has less of an impact on the overall performance of the hashing challenge. The PegNet provides a static 5000 PEG reward with every block with 10 minute block time with the reward distributed evenly among the top 25 graded OPRs (200 PEG each).

The only available pool at the moment for PegNet PEG mining is ORAX Pool that combines all the hashing power of many users in order to get more winning OPRs and then splits the award among all of the miners using it. Since every round the number of OPRs from the pool can vary the total block reward distributed among miners will be variable as well and in rare cases it can even be zero (no winning OPRs and no rewards). Going for solo mining PEG with little hashing power will make it harder for you to get among the winning OPRs, though if you do it would mean that you will get 200 PEG as a reward. So our guide here is for pool mining on the ORAX pool and not for solo mining.

To start mining on the ORAX pool you need to first download their client application orax-cli as it is being used both for registration on the pool as well as for mining. You need to run "orax-cli.exe register" on the system you are going to be using for mining and the first time you do so to select to create a new account, when running on the second and so on mining rig you can just select to use existing account and login with it. When registering you need to provide email address (login ID) and password for the pool as well as payment address, each mining rig will get a unique ID generated and you can set an alias to know which miner is which in the pool stats. The easiest way to obtain a wallet address is to use one of the exchanges that support PEG trading – Citex, VineX or Qtrade which should be fine as long as you will be mining and trading only, for holding PEG tokens it would be better if you go for local wallet.

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