How to mine Toncoin
Mining profitability fluctuates widely and depends on a number of factors, especially during periods of increased volatility such as the one we are currently experiencing. However, if you are aware of the risks and are still in the mood to mine Toncoin, we will tell you how to do so below.
Introduction to Toncoin and Open Network
Open Network is a blockchain with a self-proclaimed mission to "Unite all blockchains and the existing Internet." While they are not the only ones aiming to do this, they already have a TON-BSC and TON-Ethereum bridge with great interoperability between the chains to date.
Toncoin is an Open Network native currency whose blockchain is Proof-of-Stake. Thus, GPU mining is only available for a limited time; once all ten smart contracts, called "Givers," are exhausted, mining will stop. If the hash rate of the network doubles, the "Days till depletion" rate of the contracts should roughly halve.
How to combine Toncoin mining
Mining alone will not be profitable for most miners, so we will only cover the process of setting up mining in a pool.
Adding and setting up a TON wallet
You will need a wallet to store any Toncoin mined. You can choose a wallet that's convenient for you from the official TON app page under "Wallets", including web wallet, Chrome plugin, Windows, macOS, Linux, Android and iOS wallets.
We will use Chrome wallet:
- Select Create My Wallet and click Continue.
- Save the assigned 24-word secret key. If you lose the passphrase, your wallet will be inaccessible and all funds will be irretrievably returned.
- Add a password. After that, you will find yourself in the TON Wallet.
Find your TON address
To find your assigned TON address and copy it to your clipboard, select Get and click on the line of letters and numbers.
Sign up for TON Pool on Telegram
A special feature of TON mining pools is that they use Telegram rather than a web app to view mining balances, check hashrates, or withdraw funds.
Find the @WhalesPoolBot bot on Telegram.
Copy your TON address and send it to the bot. This will activate your address and allow you to mine in the pool.
Download Toncoin mining software
TON Whales mining pool is the largest TON hashrate pool with 0% commission. lolMiner supports Toncoin mining, so if you don't already have lolMiner or your setup is not one of the latest with TON support, download the software for your respective OS.
Set up and run the Toncoin batch file
Start by opening the file labeled mine_ton.bat in notepad or another text editor.
The POOL parameter should be set to https://server1.whalestonpool.com by default. If not, change it.
Next, enter your wallet address. Change this default value to your own. You can leave the EXTRAPARAMETERS VALUE BLANKED.
Save the file and double-click it to run it. To stop mining, simply close the window and run the batch file again to start.
How to output Toncoin, Check stats, etc.
The most common commands for the TON Whales bot:
/stats: gives you a URL that displays your mining statistics. You can also access these stats by going to tonwhales.com/mining/stats /<Your email address>
/withdraw: Initiates the withdrawal process.
/balance: Displays your balance of mined toncoins.
/recent_withdrawals: shows your last 30 withdrawals.
How to sell Toncoins
We recommend using the TON-to-BSC bridge because the gas fee in the Binance smart chain is much lower than in the Ethereum network.
Once Toncoin is connected, it will be available as a BEP-20 token (wrapped TON) in your BSC wallet. From there, it's simple: exchange Toncoin for BUSD or another CEXes supported currency using PancakeSwap. We recommend using Binance.us or Crypto.com as they both support BSC tokens.
How profitable is Toncoin mining?
It is impossible to say exactly how profitable Toncoin mining is, as Toncoin profitability depends on variable factors such as electricity costs, network complexity, price and hash rate of your own equipment.
You can use MinerStat's Toncoin calculator and enter your displayed average rate to get an idea of your current profitability.