Mining Primecoin - how to choose a pool and miner

Andrey Primula 09/14/2018

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This cryptocurrency is one of the oldest along with Bitcoin and Litecoin. Appeared in 2013.

The coin is unique in its own way, as it uses special cryptographic principles and is controlled by a decentralized miner market.

True, the basic operating principle was taken from Satoshi Nakamoto.

From the history of Primecoin

At the time of the creation of the project, there were, in fact, only two leading cryptocurrencies - Bitcoin and Litecoin.

But the problem was that extracting them was already quite difficult and costly in terms of capital investment.

Naturally, the appearance of an alternative in the form of Primecoin in 2013 found its admirers. But this is not even what attracts such interest to the coin. The fact is that, unlike Bitcoin, in Primecoin, calculations are made not only to confirm transactions, enter them into blocks and maintain network security. Calculations are also used for scientific purposes, as will be discussed below.

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What is Primecoin (XPM) cryptocurrency?

Primecoin cryptocurrency is a digital currency created in 2013, which has a number of differences from the main cryptocurrency of our time - Bitcoin. On cryptocurrency exchanges, the cryptocurrency has the trading ticker XPM. The creation of this cryptocurrency took place in the year when the process of mining major cryptocurrencies became quite a costly process, so the Primecoin team developed a system that was “easier” for computers.

Main features, Primecoin technology

Primecoin is one of the first cryptocurrencies and is usually compared to Bitcoin.

Primecoin has a number of important features that you should pay attention to.

First of all, the confirmation system in the Bitcoin network is based on hashes created using the SHA-256 algorithm.

The search for solutions, as noted above, is aimed solely at maintaining the functionality of the network.

Primecoin performs useful calculations as it operates. The confirmation system is based on searching long Cunningham chains.

When it comes to block creation speed, Primecoin has a clear advantage here.

BTC protocols are configured in such a way that each block appears no more than once every 10 minutes. For XPM, this figure is 1 block per minute, that is, 10 times faster.

When considering transaction confirmation, Primecoin is also ahead of the first cryptocurrency, and by about the same amount as the system is faster at creating new blocks.

Difficulty changes more smoothly than in Bitcoin, where this indicator changes every 2020 blocks. In Primecoin, the difficulty changes every minute.

The approach to calculating remuneration is also interesting. On the Bitcoin network, the number of coins issued is gradually decreasing.

This results in reduced rewards as difficulty increases.

In the Primecoin system, the reward amount for miners is calculated depending on the complexity of operations and corresponds to the formula 999/difficulty.

Finally, Primecoin has no emission limit. On the one hand, this is a minus, since there is no deflationary scheme. On the other hand, today many are arguing about what will happen if most of the coins are lost (as you know, the Bitcoin network will end up with not 21,000,000 units, but several million less).

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Primecoin

Most modern users know Primecoin as a peer-to-peer electronic payment system that uses the cryptocurrency of the same name. As for the advantages, they mainly highlight the particular simplicity of calculations.

On the Internet you can often see the symbol Ψ , which users use to denote currency; it can also be abbreviated as XRM . Just a few years ago, the price of one primecoin reached 70 cents. In total, about thirteen million coins have been issued today.

The system constantly requires confirmation and at the same time constantly produces pseudo-prime numbers, which are necessary as a parameter indicating the correct operation. The creator of Primecoin is a user whose online nickname is Sunny King. This user is also known for his work on the development of another cryptocurrency – PPCoin. The source code of the program is distributed under the MIT/X11 license.

Rate as of 08/14/2020

• Rate:
  0.053204 USD
• Symbol:
  XPM
• Rating (CMC):
  957

Features of the payment system

The main advantage is Proof of work, also known as confirmation, this is work based on hashes, where the SHA-256 algorithm was used at the development stage. It must be said that when using a hash, absolutely all the computing power is aimed exclusively at maintaining the economy. In turn, Primecoin can also use useful calculations when operating the system. It should also be said that Proof of work is designed to look for long Cunningham chains.

Operation speed

The payment system has a high generation speed. The purpose of the Bitcoin protocol is to keep the maximum speed at a certain level, in this case one block per ten minutes. In the same system, a completely different generation rate is specified, and this is one block every 60 seconds.

Considering the speed of Primecoin generation, it is not difficult to come to the conclusion that the confirmation of money transfers in the payment system is much higher when compared with its analogue and competitor Bitcoin. The speed advantage is approximately ten times greater.

In the Bitcoin mining system, the difficulty changes once every fourteen days, after 2020 blocks, while in Primecoin the changes occur on every block, that is, after 60 seconds.

There is no premine in the Primecoin system, since the protocol entered into active operation without prior generation of blocks. This happened back in the early summer of 2013.

As for emission restrictions, there are none at all. While Bitcoin controls the emission, and there are limits of 21 million BTC, Primecoin did not fix the final volume of the currency. But in turn, he adjusted the volume by Moore’s law through the features of mining equipment and updating algorithms. According to the developer, this method is as close as possible to reality in simulating the need for gold.

Proof of work

This system works on the principle that any user can check the operation of the network as a whole. But to do this, the size of the numbers must not exceed certain limits set by the developer.

Confirmation of the Primecoin payment system has the following characteristics:

• The absence of Mersenne numbers is explained by their very large values.
• Chains of pseudo prime numbers arise due to the operation of the network.
• Exponential increase in difficulty of finding a chain of prime numbers. The complexity directly depends on the size of the chain itself.
• At each network node you can easily check the correctness of the chain of numbers.

XPM cryptocurrency capitalization

In exchange listings, the Primecoin cryptocurrency is designated as XPM.

On the first day of trading, the market capitalization reached $54,274.

In the same 2013, it grew to $10 million . Then came a long-term correction, which ended in 2017.

At the time of writing, this figure is just over $14 million.

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Mining cryptocurrency Primecoin

Unlike Bitcoin, Primecoin does not use a hash system in the process of mining a new block. Instead, useful calculations are applied.

To create new blocks, the computer performs calculations of varying complexity.

At the same time, the numbers themselves that are used in the calculation process do not appear randomly.

They are of some interest to the scientific community.

Accordingly, mining new Primecoin (XPM) comes down not only to ensuring the operation and protection of the network, but also to making a contribution to world science.

Taking into account the fact that the calculations for Bitcoin and Primecoin are different, in the first case, video cards and ASICs are used, and in the second, a central processor.

The Proof of Work system is configured in a slightly different way. Each participant checks the operation of the entire network. Accordingly, the size of the numbers should not be large. As a result of the work, chains of pseudo-prime numbers appear. Moreover, only three types of chains of prime numbers are accepted as proof of work.

Mining can be done either independently or within a pool.

To do this, you need to have an already created wallet, where all profits will be transferred.

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Reliable investments on the Internet

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The world is moving to a new platform. The motto of this platform is life online. But online life, just like real life, has its own rules, its own work and, of course, its own currency. Since the creation of the very concept of “cryptocurrency,” a huge variety of such currencies have appeared. They are popular for a while, then they become irrelevant, disappear and new ones appear. These currencies are: Bitcoins and Litecoins. This currency is already outdated, its mining is becoming irrelevant due to the large number of workers who mine the currency on this platform. It may well be that this currency will soon collapse or simply give way to a newer and more innovative currency, for example, primecoin. What kind of currency is this, what is it and on what principle does it work? Let's try to figure it out together.

The history of primecoin

A few dry facts about the appearance and principle of operation. The primecoin cryptocurrency (primecoin, Ψ or XRM, not to be confused with the format of graphic sites!) was born in 2013. Its father and creator, so to speak, was a certain user under the nickname SunnyKing. He also launched the PPCoin cryptocurrency.

He put the currency into circulation without even generating blocks, as in the formation of such currencies. Therefore, the total number of coins is limited only by Moore's law. For now, there is a looming threat that this law will be broken and the difficulty of blocks may drop in the future. But this approach, according to experts, is more realistic when simulating a shortage of gold.

The peculiarity of this currency is that its function is to create simple chains of numbers that have weight for research in the field of mathematics. Basically, these are numbers over a million. Ten million, one hundred million, billion.

It is also worth noting another feature of this cryptocurrency. If you want to start mining primecoin, then you need to be prepared for the fact that the processor will be loaded. Unlike mining of previous currencies, where only the video card was loaded.

Exchange rate

So far, nothing can be said for sure about the ratio of primecoin to the dollar. Such a currency pair is not yet in sufficient demand. Therefore, the value of Primecoin can be calculated using its ratio to Bitcoin.

In fact, the cost of this cryptocurrency is not that high. It fluctuates between the price of Peercoin - rate as of December 2016 = $0.24, and Dogecoin - rate at the same time = $0.000217.

According to the ratio of primecoin and bitcoin = 0.00006297bitcoin.

Mining primecoin

As already mentioned, the primecoin function is quite useful. It helps mathematicians and other scientists in various fields by calculating prime numbers and Kunninggram sequence (sequence of prime numbers).

To start mining primecoin, you need:

Download and unpack the special archive;

Change the wallet address to your own and run the file.

There are several different programs for mining this cryptocurrency. And the cryptocurrency itself can be bought or sold in a variety of exchangers, abundantly represented on the Internet. In addition, Primecoin is confirmed in one minute, which is ten times more efficient than Bitcoin. And this is one of its advantages.

This cryptocurrency is quite young, so it's worth getting your hands on it before it becomes more influential and difficult to mine. Another advantage of the currency is that a weak processor will do for mining primecoin. And if you use the money you earn to buy a stronger processor, then you can earn some good money.

Work confirmation system

In fact, checking the operation is extremely simple and is designed so that one user can check the operation of the entire network, provided that it is not loaded with numbers.

Let's look at the characteristics of proof of operation of the primecoin network:

Due to the appearance of large numbers, Mersen numbers are excluded

The result is the creation of a chain of pseudo-primes

The larger the chain, the greater the difficulty in finding a chain of prime numbers

Using the Fermat test, where a equals two, you can easily check the correctness of a chain of pseudo-primes at any node in the chain

Three types of prime numbers are accepted as proof of work:

First row Cunningham sequence;

Second row Cunningham sequence;

Double chains of twin primes.

Relative to the hash of the chain. It is multiplied by an arbitrary natural number, as a result of which it becomes the first number in the chain of prime numbers.

Difference between Primecoin and Bitcoin

Let's start with the proof-of-work system. In the Bitcoin currency, it is based on hashes created through an algorithm. At the same time, all the computing power of the system is aimed exclusively at maintaining the currency economy. While primecoin is based on useful calculations and is aimed at searching for Cunnigamma chains.

The speed of block generation will also differ significantly. If in Bitcoin this is one block per ten minutes, then in Primecoin it is one block per minute.

Mining difficulty. In Bitcoin it changes every 2020 blocks (approximately once every two months), and in Primecoin on every block. That is, once a minute.

The reward in bitcoins depends on the number of coins, and in primecoins on the difficulty of finding a block.

As a result, I would like to say that there are now quite a few ways of mining and free distribution of primecoins on the network. You should take advantage of this while interest in mining this cryptocurrency remains low (approximately ninety requests per month). Who knows, perhaps over time this currency will get back on its feet and will cost quite a bit of money. In the end, you have nothing to lose by trying yourself in this path.

How to earn more on cryptocurrency. Cryptocurrency exchanges.

Investments in cloud mining.

Investments in ICO projects

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How and where to buy Primecoin cryptocurrency

The coin is offered on many exchanges, including Gatecoin, CoinEx, btcltc, Vircurex, Wex, Poloniex, Cryptopia, Bit-Z, Bleutrade and other platforms.

To withdraw to fiat, you will need to exchange it for bitcoin, and then go to any exchange or exchanger, where bitcoins, in turn, are exchanged for fiat money.

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Advantages and disadvantages

PROS:

• Mining is carried out using the power of the central processor, and not expensive video cards or ASICs.
• Cryptocurrency is one of the oldest and is in definite demand among investors.
• Mining new Primecoins involves calculations useful for science. Each user makes a certain contribution to the development of world science.
• Higher speed of transactions and their confirmations compared to Bitcoin. The block formation time is about 1 minute.
• A smoother change in the complexity of the mining algorithm, which is recalculated every minute.
• The formula for calculating rewards is different from that of Bitcoin, which takes into account the benefits brought by the miner.
• A large number of exchanges on which cryptocurrency is traded. This greatly simplifies the process of transferring electronic money to fiat or purchasing primecoin for the purpose of settlements and investments.
• There is your own wallet, which you can download on the official website of the project.

CONS:

• There is no information about the project team. What is known is that XPM was developed by cryptography specialist Sunny King.
• The project does not have specific goals. Carrying out calculations for science is a positive thing, but the project does not set itself any other tasks.
• Despite the relative simplicity of mining, it is not profitable to mine primecoin on your own. The user will still have to access the services of various pools.

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Forecasts and prospects

At the time of writing this review, Primecoin has recovered somewhat.

For quite a long time, the price of cryptocurrency, as well as capitalization, were at their minimum values.

Perhaps, with the growing interest in cryptocurrencies in general, some miners have turned their attention to Primecoin as an opportunity to mine on a CPU. This led to the coin “reviving” again in 2020.

At the same time, as noted above, the project does not have any specific tasks and goals other than scientific calculations. Accordingly, its prospects remain unclear from the point of view of the practical application of the cryptosystem. There is no innovative technology behind Primecoin. At the same time, the transaction speed, which is almost 10 times higher than that of Bitcoin, is still not a record by modern standards.

Some modern blockchain payment systems allow more than 1000 transactions per second.

Most likely, interest in this cryptocurrency in 2020 arose precisely in the wake of the popularization of the blockchain and widespread interest in it from novice miners and investors.

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Primecoin: cryptocurrency to ruble rates

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