Special Magi (XMG) Guide For New People In The World Of Cryptocurrency. Mining Your First Cryptocurrency, A Beginner's Guide
“Mining your first coin” an absolute beginners guide
So you want to feel the experience of mining but you are just an average Joe with just a normal computer? Notice, this tutorial is for windows users (sorry, I don’t have any Mac).
WARNING: before you go any further into reading, this is not a “get rich quick” guide, in fact most probably you will have to pay more in electricity costs. This is a guide to help you make the first steps and give you a window to this exiting new world of crypto-currencies, do your calculations before keeping your computer open for months. (time to refresh this boring math classes from school times).
I am assuming that you have all heard that mining Bitcoin with a normal computer is impossible, that’s true but if you are new in Crypto you probably think that you can mine any other altcoin which valued 0.0000something over Bitcoin. Unfortunate that’s not the case, since most of the alternate coins are also difficult to mine without a super powerful graphic card. So what do you do if you have a normal computer without a 300+ USD graphic card but you want to mine a coin, to feel the thrill of your computer generating some coins, to learn how to sent and receive or to experiment with trading?
Hopefully for you there are some coins out there that you can mine only with a CPU so anybody with a normal computer that can operate any modern operating system can participate in the digital coin revolution. The most stable and with the biggest community, CPU only coin, is the Coin Magi (Currency Code: XMG). In the following steps i am going to explain you, step by step, how to start mining Magi and i will also supply a bunch of links to read more and also how you could get more Magi for free, are you ready? let’s start mining…
Step 1: You need to have a Magi coin address in order to register to the pool and receive the coins that you mine, so the absolute first step is to download the Magi Wallet. In crypto world you have to be extremely careful and download executable files only from trusted sources, download your wallet in the official website.
Step 2: Once the download finish, you will have a file “m-wallet-latest-win.zip” in your downloads or anywhere else you saved it. Unzip the file and click in the bin folder, here you will find two different versions and you have to choose according to your operating system, if you don’t know if you have a 32 bit or 64 bit operating system, you need to find it, for Windows XP, Vista or 7 and for Windows 8. Now that you know which operating system version to use, copy the folder 32 or 64 to your “Program Files” directory or anywhere else at your convenience and rename it to something relevant like “Magi”. Now open the folder, right click on the file “magi-qt.exe” and click on “Send to” -> “Desktop (create shortcut)”.
Step 3: Now that you have Magi installed in your computer, open the wallet using the link at the desktop. It might take some time to open, don’t worry, it didn’t freeze, just give it some time and it will open. At this point you will need some patience, the wallet will start downloading the blockchain (think about it like the database of the coin), it can take a couple of hours depending on you computer and your internet speed. You will know that you are downloading normally as long as you see the block(s) remaining on the bottom bar working,click here to check how your wallet will look like during this process. You will know that you finish the synchronization when your bottom bar will be fully black and a green tick icon will appear on the bottom right, this indicates that you are fully synced, click here to check how your wallet will look when you will be fully synced.
Step 4: Now that you are fully synchronized you are ready to grab your address and register to the mining pool. In your wallet open the “Receive coins” tab, here you see your XMG address called no label. Double click on the (no label) and name it “Mining Pool” or create a new address, keep in mind that you can have as many address you want in a wallet and it’s always a good idea to separate your addresses in order to keep control of the payments. After you choose which address you will use open the mining pool registration pagehttp://pom.m-hash.com/index.php?page=register and complete the form. Fill a username, add the address that you wish to receive the payment (you can copy from your wallet, right click -> copy address), your password (remember to keep it different and strong), your emails and a PIN that you are going to need to make any changes in your account.
Step 5: If you successful register to the pool (i don’t remember if you need to confirm your email, check it out anyway), you should be able to login at http://pom.m-hash.com/index.php?page=login using your email and your password. After successfully login you will be redirected in your dashboard where you will find your mining performance (your Hashrate is your mining speed counted in KH/s), how much is your balance and many information’s and statistics about the pool and mining Magi in general. Don’t get yourself worried if all this looks very complicated, with time you will be familiar with most of these numbers. The next task is to create a worker, in the left bar click to “My Account -> My Workers” and then add a worker name and a worker password and click the button “Add New Worker”. Note that you can have multiple workers under one account, for example you could call one worker “desktop” and another one like “laptop” or “office” (I am not responsible if they found you and get you fired :P).
Step 6: And now we go to the “juicy” part, download the latest version of the Sweetspot at the address http://xmg.makejar.com/. At the moment of writing the newest version is the 1.0.1 (direct link here). Unzip the file, move it to a location of your convenience and open the included file “sweetspot.exe”. The first field is a drop-down menu to choose the pool, this is an easy one, just choose the first option “mining.m-hash.com:3334” (you are free to try any other mining pool but for the shake of simplicity my guide is assuming that you follow the step 3 and you have an account at pom.m-hash.com). At the second field you have to fill your username (the one that you open the account in the mining pool at step 3) then a dot (.) and the worker name that you choose at the step 4. The final result should be like that “username.workername”. Third field is the worker’s password, fill the password that you select on the step 5 (not your account’s password but the one that you select for the worker at “My Account -> My Workers”.
WARNING: At this point it’s important to notice that you need to make sure that your CPU is clean of dust and with new glue, if you are not sure if your CPU can handle high volumes of work at long time then it’s wise to download a tracking temperature softwareand google your CPU and your temperatures to make sure that you are in the normal limits or don’t go more than 50% use by selecting the relevant option (Max CPU) in the Sweet Spot Magi Miner.
At this point i am sure that you can’t wait any more, select Don’t Limit at the CPU Target, set the Max CPU at a safe limit like 60% or 70% and fire it up by pressing the button “Start Miner”. If everything goes fine you should be watching something like that.
Step 7: After a couple of minutes the Dashboard on the pool’s page should start getting some data, if you see the box “My Hashrate” having a different value than 0.00 KH/s then i finish my job, you are hashing successfully! From this point and on you probably need to dig deeper and explore all the different options on Sweet Spot. If you wish to maximize your hashing rate first think that you need to check is the amount of Threads in the Multitasking field, find your CPU, google it and check how many cores (Threads) it has, your best friend in finding the optimal settings is any tracking temperature software or the Windows Task Manager. Try to avoid thinking how you can “melt your computer” running it at maximum performance 24/7 but finding the optimal comfortable level. Check out the following video that demonstrates how to use Sweet Spot.
You want some free Magi?
try the following faucets and earn some XMG’s for free