A Beginners Guide to Myriade Mining
What do all these strange words mean?
I will keep this as short and sweet as possible because it sucks when simple guides are too long. Also, fair warning: This is a crazy over simplification of mining to make it easier to understand. Alright, let’s get to it.
Included in this Tutorial
What is Mining?
Mining is when you connect your computer to the Monero network and compete against other miners to win a block reward (mining compensation, paid in Monero). There’s a lot more to it than that but we’re keeping it simple. There are 2 ways of mining.
- Solo Mining: where you mine alone
- Pool Mining: where you and other miners use a service (like Myriade) to team up and share your mining power to become more competitive in the mining scene as a group
The benefit of solo mining is that you will earn 100% of the Monero that your mining rig won. No fees, no sharing. The bad part of solo mining is that there can only be 1 winner of the block that occurs every 2 minutes. If your PC isn’t strong enough, it could take you months/years to be that 1 winner.
The benefit of pool mining is that you will consistently earn small amounts of Monero way more often than if you were to solo mine. Which, if you have a non super strong PC, is definitely preferable in my opinion. Eventually, your pool mining earnings will even out with your potential solo mining earnings. The bad part is that pools take a fee. Ours is 0% for the PPS pool and 5% for the FRTNE pool. We will get to what these terms mean later.
Glossary of Terms
Monero: The cryptocurrency we are mining on Myriade. Click here for more info on it. It’s worth a lookup. The ticker symbol for Monero is “XMR”.
Hashes: The unit of measurement for your PC’s mining strength. The stronger your PC is, the higher your hashrate will be and as a result, the higher your earnings from mining will be. You may also see hashes written as “hashrate” or “h/s (hashes per second)”. These all mean the same thing.
Pool Hashrate: Similar to hashes, it is the current hashrate of all the miners on Myriade at any given time added together.
Mining Credits (MC): MC is a bonus token that Myriade gives to its’ miners as a thank you for mining on our pool. You can use the Mining Credits in the Game Room to enter into giveaways that we run for fun.
Monero Wallet: A Monero wallet is a program on your phone or computer that allows you to hold onto your crypto. Think of it like an online bank account where you are the CEO of the bank. We have a detailed description of what wallets are and where you can get one that suits your needs here.
PPS: “Pay Per Share”. Essentially, for every block (every 2 minutes) you participate in, you will earn a proportionally small amount of XMR guaranteed. This is the XMR pool mining method we use at Myriade. There are other types of pools like PPLNS that do something similar but with key differences.
PPLNS: “Pay Per Last N Shares”. You only get paid when the mining pool as a whole earns a block reward. So you end up with slightly less or more XMR depending on the luck of the pool you joined. This mining payout method allows the PPLNS pools to keep their fees lower since they don’t have to pay out their miners when the pool hasn’t earned a block. We decided not to use the popular PPLNS pool for Myriade because we found that mining for sometimes days on end and seeing “0 XMR earned” isn’t a fun User Experience for our miners.
FRTNE: “Fortune Mining” is what we call mining for MC that you then use to buy tickets in the Game Room.