How to mine NEXA?
Nexa s a new blockchain that uses Proof-of-Work and offers rewards in NEXA coins to anyone who helps secure the chain.
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NEXA is one of the rare cryptocurrencies that can be mined using NVIDIA and AMD graphics processing units (GPUs) with third-party software. It is currently ranked among the top 5 coins in terms of mining profitability on these cards. Despite this, the current price of NEXA is only $0.00002584.
The mining profitability ranking for graphics processing units (GPUs) as of April 2023. Source — whattomine.com
As of 2023, adding a block to the NEXA blockchain earns a reward of 10 million NEXA, which decreases by half every 4 years. Around 720 blocks are currently added to the chain per day. The max supply of NEXA is capped at 21 trillion coins, which would take approximately 140 years to mine.
Creating a NEXA cryptocurrency wallet
To start mining NEXA, you will first need a cryptocurrency wallet that supports this particular coin. You can download the available options from the Nexa website, under the ‘Key Info – Ecosystem' section. These options include various applications developed by Otoplo, a software development firm focused entirely on the Nexa blockchain.
Out of the various crypto wallets available, there are three types that offer non-custodial storage (meaning only you have access to your assets and control your private key) and have open-source code: desktop, web version, and mobile wallet for Android devices (iOS version is currently being developed). These wallets don't need a full node to be run and operate through mining pools. They are secured by a 12-word seed phrase.
Choosing software, pool, and graphics Card
For beginners, it's better to mine Nexa using pools, where users combine their computing power to process data and share profits depending on their contribution.
However, experienced miners can mine the cryptocurrency solo. To do this, you need to download the full node with a built-in wallet that does not provide a mnemonic phrase for recovery. The user manages the node and receives all the profit for the mined block.
Suitable operating systems for mining include Linux, Windows, and the specialized platform Hive OS. On your PC, you'll need to install one of the following software programs:
- BZminer (the best option for self-supported security)
- LOLminer
- Rigel
- Wildrig
Regarding NEXA mining pools, WoolyPooly is ranked first on the Mining Pool Stats website with a commission of 0.9% and a hashrate of 7.80 TH/s. Other good choices include Vipor, Rplant, and Kryptex.
The rating of NEXA mining pools. Source — miningpoolstats.stream
he best graphics card for mining NEXA are:
- Nvidia RTX 4090 (0.75 Mh/W);
- Nvidia RTX 4070 TI (0.75 Mh/W);
- Nvidia RTX 4080 (0.67 Mh/W);
- Nvidia RTX 3090 TI (0.61 Mh/W).
The profit from one Nvidia 4090 graphics card per day can be $1.59 without accounting for electricity expenses, and around $0.86 with them. In that case, the monthly mining income is approximately $25.
Creating a bat file
A bat file is a text document with the .bat or .cmd extension that contains a sequence of operations for the command interpreter. It is used for the automatic execution of repetitive scripts or for sequentially running a group of tasks.
After downloading the required software, extract the archive and create a .bat file for NEXA mining, specifying your wallet address and pool link in it.
A ready-made text file for BZMiner:
bzminer -a nexa -w nexa:nqtsq9d4khcax7msvaj7lo38w3638xen3phssk4pa0kxlq7y -p stratum+tcp://pool.woolypooly.com:5084 -r NAME_RIG –nc 1
An example configuration for LOLMiner:
lolMiner.exe –algo NEXA –pool pool.woolypooly.com:5084 –user nexa:nqtsq9d4khcax7msvaj7lo38w3638xen3phssk4pa0kxlq7y.NAME_RIG –watchdog exit –apiport 8020
A configured bat file for WildRig:
wildrig.exe –algo nexapow –url stratum+tcp://pool.woolypooly.com:5084 –user nexa:nqtsq9d4khcax7msvaj7lo38w3638xen3phssk4pa0kxlq7y –pass x -w NAME_RIG
Please note that it may take several years to recover the initial investment. Therefore, many miners mine this cryptocurrency in the hope of future price growth in order to sell it profitably.
Links to software, pools, profitability calculators, and other auxiliary tools can be found on the Nexa website under the Mining section.
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