Gridcoin FAQ
I am an active member of the Gridcoin telegram group. Me and many others help new and old users with their Gridcoin problems. Recently the same questions have been asked again and again, which I try to answer with this FAQ.
Is it normal for my magnitude and RAC to be so low?
First of all, if your RAC is low, your magnitude will be low too. The magnitude depends on the RAC. The RAC value (and thus the magnitude) takes about a month to grow to its final level. So it is normal that the values are low at the beginning. The values also depend on how powerful your computer is and how long you let it crunch BOINC work units.
Can I run multiple wallets on multiple devices
First of all, the question is why you want to run several wallets. Even if you run BOINC on multiple computers, the wallet only needs to be installed on one computer. On this computer, however, all projects should be registered in BOINC so that they all get the same CPID. However, you can pause the tasks if you do not want to run BOINC on the Wallet computer. Running multiple wallets with the same configuration (wallet. dat, gridcoinresearch. conf) at the same time can cause them to be banned from the network. That should not be done!
What's the difference between solo and pool-mining
There are two types of "mining": solo and pool mining. Both types have their advantages and disadvantages.
Pool-mining
Advantages
- You will receive the reward as soon as the minimum is reached (1 GRC i. e. after one to a few days)
- You can add projects to a computer directly from a web interface
- You have graphical statistics about RAC + MAG from all computers available
- You don't have to buy gridcoins to get your reward
- You can also use a web wallet (e. g. Holytransaction)
Disadvantages
- A (very, low) fee must be paid for each withdrawal (0.005 GRC)
- You lose the right to participate in the votes in the Gridcoin wallet.
- Your BOINC work units will be submitted under the name of the pool and you will not be able to track your statistics with Boincstats. com.
Solo-mining
Advantages
- You can track your statistics using Boincstats.com
- You can take part in votes in the Gridcoin wallet
- 100% of your reward goes to you
Disadvantages
- You need 2000 Gridcoins to get your reward regularly
- You have to let the Wallet running
- When suddenly more users run the wallet, it takes longer to get your reward
What devices can I use to "mine" Gridcoins?
Basically, you can use almost all devices with an x86, x64 or an arm processor. There are differences, however, which projects you can run. You can find a list of projects with their supported betirebsystems and CPU architectures here: list.
Why isn't my wallet synchronizing?
If the wallet is synchronized, this means that it has loaded the complete block chain onto the computer and has connections to other computers. This is necessary to send payments or receive interest. Downloading the blockchain only from other computers takes a long time. Therefore, there is a snapshot that speeds up the process. To do this, click on Advanced->Download Blocks in the wallet. This downloads about 90% of the block chain. The rest has to be downloaded in the usual way. The display may get stuck at 99%. This is normal, you just have to wait until it is finished. If the wallet reports that it is not synchronized, you only have to look at the number of blocks. If it increases, the wallet is still downloading parts of the blockchain. Just be patient!
Tutorials
Blockexplorer
gridcoinstats.eu
gridcoin.holytransaction.com
I was also thinking about compiling such a list. We should have (longer and periodically updated) one in several places including pinned / or side link on reddit.
I think we should use the wiki for this. Some information there is old and outdated...
Great post, thanks indeed.
More than 20 years ago I ran the Seti application to let the Seti project use my spare computer power for their research. I believe gridcoin is somehow related to that Seti initiative. Can I, somehow, get gridcoins from those processing hours? Can I resurface that account?
Thanks again fro your great input.
Always cool to see those old, long-term BOINC users on steemit :D
Sadly this is not possible. Gridcoin rewards computation based on RAC and not on credits.
If you still have a RAC you could earn Gridcoin for this. Otherwise I'm sorry to say that you can't claim your well deserved coins.
So here is one question that has been puzzling me ever since i started.
Lets take two projects for example. (this is in pool mining at this point)
LHC and SRBase : While SRBase has in general a 10-20 minute per task requirements LHC has a massive 3-4 hours requirements. SRBase for that reason has a far more number of contributing members compared to LHC. Now by general logic of low member == quicker high stats i went with LHC however after 4-5 days SRBase even with higher users looks more lucrative. Am i making decisions too soon or should i be waiting for a whole month to come to a fix conclusion.
also another worrying bit according to my understanding is lack of more pools. Existing BOINC users will avoid pool but new users would prefer pool to start with and besides rewarding GRC for existing BOINC user we are also acting as a conduit to bring in more compute power to BOINC.
Any thought?
This is hard to say. It not only depends on the member count but how much computing power do you donate compared to the others. It is best if you test it out. But I'm not an expert. I only run WCG and never optimized my systems.
There is only one pool at the moment, but it is largely open source and thus can be cloned relative easily.