One of the newer altcoins on the scene, Burstcoin is a little bit different to most coins as well as Bitcoin. It uses something called “proof of capacity” rather than proof of work or as some coins more recently use, proof of stake.
Mining something like Bitcoin or Ethereum is incredibly processor or GPU rich and incredibly power intensive. One of the nice things about Burstcoin is that it's relatively green as far as mining goes and that's because of this proof of capacity system.
Instead of using a huge amount of computing power, it uses hard disk space instead.
The more hard disk space you have available, the bigger your mining power. So instead of mining speed, it's actually capacity-based.
How to Get Hold of Burstcoin
If you’re interested in taking a look at Burstcoin, you should visit their main site, where you can download a wallet. It's got information about the coin, proof of capacity, the network and various other topics of interest.
But the first thing you probably want to do is download the wallet – there are two options here. You can either download a wallet locally, which is probably the easiest way to do, because it includes built-in mining and plotting.
If you’re just interested in buying a few speculatively, you can mine using just the online version, which is a lot quicker to get up and run. The online version lets you sign up within seconds.
There are Windows, Mac & Linux versions. They've also got an Android app. If you are going to download a wallet rather than use the online version, downloading the blockchain rather than allowing it to sync is highly suggested.
We’d say that's the same for almost all kinds of coins that have been running for more than a few months; if you download the wallet and let it sync, it can take hours, if not days.
So, if you want to download the wallet, it's an all-in-one kind of wallet that includes mining and plotting. This version is for different operating systems, but grabbing the blockchain will make your life a little bit easier.
When using the online version, you can set up your mining separately. You can set up a 25TB of hard disk space initially, and then go for another 20TB, which you can begin to plot and mine on also.
Finding Some Useful Information
Another site that is really interesting is burstnation.com. This site has a community feel with an active forum and a radio station. Coming here means you can find lots of advice, and you can ask people anything you need help with – the participants are very friendly.
There are also lots of giveaways, where you can get some free Burstcoin, which is helpful if you're just starting out. There are also plenty of useful links to Youtube videos and breakdowns of the more technical aspects of using Burstcoin.
One of the other things we’d like to mention is that Burstcoin has a built-in asset exchange. It’s also important to remember that you need a wallet in order to be able to mine. In order to plot your hard drives, you will need a burst address plus a burst I.D.
How Burstcoin Mining Works
One of the main things to consider when mining is that you assign space on a hard drive, and you essentially plot that space. Similar to hard drive formatting of yesteryear, you pre-build plots which only have to be built once and are then usable.
After plots are built, you simply point the miner to your hard drive space, where you have your plot ready to go. Every four minutes, your miner will work through all your plots and find a deadline. The shorter the deadline it finds the better.
The person with the lowest deadline to submit to the network mines the block. For example, if you have 10TB and you scan through in 20 seconds, it could find a block of 10 minutes, and then submit that to the network. If nobody else within that block has a deadline shorter than 10 minutes, when the 10 minutes is up, your block will be submitted to the network and you'll win that block.
It’s recommended to start off in pool mine. If you go back to Burstnation, you’ll find lots of people talking about pools. Visiting here, you’ll find good recommendations for pools, whether you've got half a TB, 1TB, 50TB, 100TB or more.
The reason this works so well is that it only has to run every time a new block is found. As mentioned before, there is a 4-minute block time. But because it's a variable, it can be as low as a few seconds (and sometimes can go up to maybe 10 or 15 minutes for a block, although this is very unusual to see).
Both CPU and GPU miners can be run; GPU ones are fractionally quicker. Using a CPU enables you to scan through 25TB in 30 seconds. CPU mining also yields a little more information in comparison to the GPU.
If you have a huge amount of disk space dedicated to mining, then maybe use a GPU. Ideally, you want to be mining all your plots or scanning through all your plots every time new blocks are found, in sort of 30 to 40 seconds. Any more than that and you might start to lose very short deadlines.
For example, if it takes a minute to scan through all your hard drive spaces, near the end of your plot, you might find a deadline of 30 seconds. But if somebody has found a deadline of 40 seconds and actually submitted that, and it's been accepted before you've got to your 30-second block, then you might miss out. This 30 seconds is a ballpark figure of what you want to be scanning all your hard drives in.
The Worth of Burstcoin in The Long Run
Looking out how Burstcoin has been in the past, it’s got potential to go to 5-10 cents a burst over the next few months. There are some quite interesting things going on in the community, which itself is quite active. And certainly over on Burstnation, there are some people are going out of their way to make Burstcoin known in the realm of crypto.
Even though there have been a few issues in the community between various people in competing between communities as it were, there are plenty of strides being made. Due to the activity of some of the people in these communities, Burstcoin will soon be listed on Bitsler.
Anyone that gambles online might have heard of Bitsler – it's the second or third largest online casino where you can gamble with Bitcoins, Ethereum, Doge and more. They will soon be implementing Burstcoin into one of their four or five currencies. There are also other things being developed all the time, so Burstcoin has got a future, which is quite nice because it really is decentralized.
Easy To Get Started With Burstcoin
It’s also fantastic that you can literally start with your smartphone and mine from there. There is a pool dedicated to smartphone mining. If you have 256 MB SD card, you're not really going to be mining a lot, but it can bring people into the into the community much more easily.
But if you've got a couple of old external hard drives or a couple of old internal chargers you can plug into your desktop and mine with, then you will generate some coins. And if it does go up to 10¢, you could do you pretty well out of it.
It doesn't cost a lot of electricity, you do need your machine running all the time but you can run the mining off of a laptop. If you've got a lot of discs, better use a desktop. If it’s got a graphics card, you can use that same desktop to mine Ethereum or something else at the same time.
Everything to Know About Burstcoin
All in all, Burstcoin has some great features, and its basic setup makes it easy to get started on any platform. This is a great cryptocurrency with plenty to look forward to. See how it take your fancy!