How to Mine IOTA in 2019 | Beginners Mining Guide
The diversity of blockchains that has spawned over the past years has also created a variety of mining protocols. A mining protocol is what allows network users to create a new block and new cryptos or tokens. But, IOTA is a very special asset in this aspect, as you will soon find out in our how to mine IOTA tutorial.
IOTA entered the crypto space back in 2015 through an ICO that raised 1,337 Bitcoin, that was around $500,000 at those prices.
IOTA is a unique crypto, as it uses a public distributed ledger that is not based on blockchain or the generation of new blocks. The asset is instead based on a directed acyclic graph technology and the Tangle protocol, which handles the consensus without requiring miners.
The project is overseen by the IOTA Foundation, a non-profit organization that manages development as well as the establishment of strategic partnerships. IOTA is partnered with top companies, such as Fujitsu, Samsung, Bosch, and Volkswagen.
The network doesnt require blockchain to maintain its security, instead of being comprised of the Internet of Things, a network counting billions of online electronic devices.
The consensus mechanism of the network is managed by the sender. Senders validate the previous two transactions on the network before they go on to confirm their own transactions. This protocol, unlike most PoW consensus-based protocols, was designed to provide more scalability, decentralization, and zero transaction fees.
Also, instead of having slower traffic and higher fees, the IOTA network grows stronger as it has more users, speeding up the transaction process.
As the consensus mechanism is incorporated into the senders protocol, IOTA virtually does not need mining.
If IOTA has no blocks, then you are probably asking how do you mine IOTA? Well, from a technical standpoint, you cant, since all of the IOTA ever made were sold when the coin was released.
In this case, why keep on explaining how to mine IOTA?
Well, there are a few things that you can do to generate MIOTA coins:
- You can run a full node and receive some MIOTA for your services;
- You can use mining platforms (faucets) that second-hand mine MIOTA.
europolHow to Mine IOTA via Faucets
- Go to the IOTA GitHub page.
- Scroll down until you find the operating system list and download the one for your respective computer.
- After finishing the download, start installing the wallet.
- You will be asked if you want to run a full or light node. Choose the light node option.
- Enter your IOTA seed phrase. The seed phrase is proof of your IOTA wallet ownership.
- Generate seed by clicking the link: https://ipfs.io/ipfs/QmdqTgEdyKVQAVnfT5iV4ULzTbkV4hhkDkMqGBuot8egfA
- Click on the Attach to Tangle button, which is set under the 3D barcode.
- Copy the generated address.
- Go to the IOTA faucet website. This ...