Cardano is the Proof-of-Stake blockchain platform from which the ADA cryptocurrency originated. It is the first blockchain platform to emerge from a scientific methodology and a research-driven approach. The blockchain platform is named after the Italian polymath Gerolamo Cardano, and the ADA currency pays tribute to Ada Lovelace, a 19th-century mathematician.
Cardano is founded by Hoskinson, who’s also the founder of Ethereum. According to him, Ethereum was not ready for the widespread use and has not been designed to handle large amounts of traffic. And this was demonstrated when the Ethereum-based game Crypto Kitty drew massive crowds, crashing the network.
Hoskinson left the Ethereum project because of this and due to a dispute with the other Ethereum founders. In 2015, he launch Cardano as a research project known as IOHK. And Cardano’s native cryptocurrency, ADA, was first released in 2017. Surprisingly, despite not having a finished product, the initiative acquired substantial traction.
But what makes Cardano unique compared to other coins? Cardano offers a wide range of advantages. And here are three of the most significant ones compared to competitors in the cryptocurrency industry.
- Atala Prism – (built on the Cardano blockchain). The importance of digital identity cannot be overstated. Atala Prism is a decentralized identity solution that introduces a new approach to identity management in which users own their identities and have total control over how their personal data is used and accessed.
- Smart Contract Assurances – A smart contract based on the Cardano blockchain might be used to represent crowdfunding campaigns with transparency and the certainty that funds would be returned to contributors if specific requirements are not satisfied.
- Low fees – Because Cardano uses a POS mechanism, it only charges a few cents per transaction on its network. On Cardano, the typical transaction costs roughly 0.16 ADA, which is about a couple of cents.
Now, in the following tutorial, you will learn how to mine Cardano for passive income or just for the sake of understanding how mining works.
Luckily, Cardano mining (ADA) is pretty straightforward, and UnMineable is the most convenient way to mine Proof-of-Stake coins, one of which is Cardano. The site allows you to mine cryptocurrencies that would otherwise be impossible to mine. So, let’s take a look.
How does Cardano (ADA) Work?
The Cardano Blockchain uses the Ouroboros Proof-of-Stake (POS) consensus system. When compared to Proof-of-Work (POW), POS is more environmentally friendly and offers quick transactions at a low cost.
Cardano’s development team created Ouroboros from the ground up. It employs mathematics based on peer-reviewed research to create a permissionless, provably secure protocol that assists the worldwide distribution process.
The purpose of any blockchain is to generate blocks that include verified transactions. The Ouroboros Praos protocol, which has been evolved since the project’s beginnings, is presently used on the Cardano blockchain.
Why is Cardano So Popular
Cardano is being regarded as one of the top cryptocurrency investment possibilities due to the following characteristics…
The Cardano ledger can handle a huge number of transactions without slowing down the network.
2. Energy-efficient consensus protocol
Cardano’s creators picked the Proof-Of-Stake variant because they wanted to ensure that mining blocks would be done in an energy-efficient manner, without the need for any expensive or heavy computational equipment.
Interoperability with centralized financial bodies is critical for ensuring legitimacy and ease of usage. And Cardano aims to provide the most multi-functional environment possible for financial, business, and commercial processes by allowing users to communicate with many currencies across several blockchains.
4. Double-layered character
Cardano uses two layers further to develop and fix the operation of its blockchain. The first layer is responsible for recording and processing all platform transactions. The extra functions, such as blockchain smart contracts, are handled by the second layer.
Pool mining Cardano ADA coins with a CPU
With this guide, anyone can start mining Cardano on any computer, regardless of your technical skill level. Let’s get started.
Step 1: Get yourself a wallet
Let’s take a look at Daedalus Wallet as an example of how to acquire a Cardano Address.
To get started, go to https://daedaluswallet.io/ and download the Daedalus wallet.
- Start Daedalus Mainnet.
- Click the Create button to create a new wallet.
- Fill in the following fields by entering your Wallet name and password, then click the Create Shelley wallet button.
- Click Continue and write down your Recovery Phrase and confirm that you have written it down. Then, enter your Recovery Phrase again for verification and click Confirm. Read the following phrases, check the boxes, and click Confirm.
- Now to copy the wallet address, click on the Receive tab. In this tab, you will see several addresses. Select an address and then click Share and then click the Copy Address button.
- That’s it. Copy the address (you will need it later).
Step 2: Get the MSVC version of XMRig
Download the MSVC version of XMRig from the official site or Github source. Extract the.zip file to any directory on your computer, locate a file called pool_mine_example.cmd in the XMRig folder and change its contents.
It should look something like the following after modification.
cd %~dp0 xmrig.exe -o rx.unmineable.com:3333 -u ADA:addr1qxtzvwxhx60dmt0ev5fd3n4pxd3f8pw9qpaghtzj48p4w54znmuydu0x8zalzvvu2zmt8nn24ky9gh7fynhgvtqlaa9ss9600e.wkid01#qdo6-at3t -p x pause
The Pool URL can be found in the second line, in between
-u. Replace it with one of the following URLs, depending on your location. Choose the one that is closest to your location/region.
Then, you need to insert the public address of your wallet (copied in step 1), place it after
ADA:. The general structure of the address should be:
ADA:[Wallet address].[workerID]#[Code to lower mining fee]
The workerID can be any name you wish to assign to each computer where the miner is operating so that it can be readily recognized afterward in the pool metrics.
The referral code following the # is important since it reduces the Mining Fee from 1% to 0.75 percent when used (it affects the outcome). You may begin mining with the
Run the file as an administrator.
Now you are ready to mine Cardano.
Step 3: Check your mining statistics in Unmineable
Unmineable.com is a mining pool that pays you in whatever coin you want for mining with your CPU utilizing RandomX. When you set up the address in the XMRig config file, you’re informing Unmineable that you want to be paid in ADA coins, as well as the address where they’ll send the mined money.
To look into your mining statistics, do the following:
- Log into Unmineable and then select ADA as the coin you want to mine to check your balance.
- Go to the RandomX Tab and type your address into the box saying “Enter your address to check your stats:“
- Once done, you’ll be able to examine your account balance and even request a payment.