Several cryptographic initiatives and blockchain-based systems have evolved since the advent of cryptocurrency and blockchain technology a few years ago. In fact, over 9,000 additional cryptocurrencies were in the market as of March 2022, with over 70 having a market capitalization greater than $1 billion. However, new projects are still emerging by the day.
There have also been a number of blockchain-based systems that aren’t entirely focused on decentralized money. A few of these projects, like Handshake, Unstoppable, and Ethereum domains, have been more particular about a decentralized version of the internet. However, Ethereum and Unstoppable domains only allow you to purchase second-level names and are primarily used to connect cryptocurrency addresses to a single human-readable domain name. This means that, while they pursue a decentralized internet, they do not do it on a broader scale. These projects do not have their own tokens as well.
Handshake, on the other hand, effectively satisfies the goal of decentralizing both the internet and money. Just like ICANN which is the leading central entity that governs the internet by issuing top-level domains and managing domain root servers, Handshake also issues TLDs and decentralizes the root server, with the aim of creating a decentralized internet. Handshake also has its own token (HNS). It is, therefore, safe to say that Handshake successfully decentralizes the internet on a general scale and also decentralizes money through its digital token (HNS). In this article, we will cover how to mine the Handshake (HNS) token, but first, let us be clear about what Handshake is.
What is Handshake (HNS)?
Handshake is a blockchain-based permissionless and decentralized naming protocol that seeks to eliminate the internet’s need for a centralized body of control. It aims to construct a decentralized version of the internet that is secure, autonomous, socially beneficial, and resistant to sybil attack. It is simply an improvement over the ICANN-managed web system, which is susceptible to hacking, corruption, and censorship.
The Handshake coin (HNS) is the Handshake community’s native token. Participants use the HNS token to bid on top-level domains through an auction-based system as well as transfer, register, and update names on the internet. The value of the Handshake token is derived from the network of users.
How to mine HNS
Crypto mining is one major means of acquiring digital currencies and assets. For HNS tokens, mining is done through a Proof of Work (PoW) mining process, which requires miners to expend effort in trying to solve an arbitrary mathematical challenge to mine the token. The approach is commonly used in crypto mining, particularly for new cryptocurrency. It is also used for validating transactions. Before mining the HNS token, it is crucial to first have a Handshake wallet address. Bob wallet is a good choice for obtaining one. To mine HNS, follow the methods outlined below:
Generate a Handshake Address
The first and one of the most important steps is to generate a Handshake address which will serve as your pool payout address. You can generate this on Namebase or by using Bob wallet. You can also generate an address with a full handshake node (HSD), which can be used to register, update, transfer, and resolve Handshake domain names. It can also be used to make blockchain payments.
Generating your Handshake address using a Handshake node is one of the best ways, as it lets you have complete control over the private key. Using Bob wallet and Namebase is relatively easier as they are open-sourced. However, generating with Namebase comes with the burden of not having control over your private key.
Register a Mining Pool.
A mining pool is a network of cryptocurrency miners who work together to mine crypto blocks by combining their computational capabilities to increase the likelihood of successfully mining for cryptocurrency. These mining networks simply mine together and divide payouts based on each entity’s input to the pool.
When mining crypto, joining a mining pool is usually a good idea. Especially if you are a small lone miner, it may be quite difficult to locate a crypto block on your own.At the moment, four notable mining pools support Handshake mining. They include:
Each pool has peculiar features, so you can opt for any of them based on your preference. Once you have signed up with a mining pool, you must add your generated Handshake payout address. You get paid automatically to the generated Handshake address, once the payment threshold is met.
Purchase an ASIC Miner
The most efficient way to mine HNS is to use a purpose built miner. Goldshell miners come in many different sizes ranging from the HS Box to the HS5 miner. The different in miners and cost really comes down to two things, GHS and power consumption. The HS box mines at a rate of roughly 235GH/s and the HS5 mines at a rate of 2700GH/s (slightly over 10x of the HS box). Currently the HS Box is selling on eBay around $275 (some have power supplies, some do not). The HS5 is currently selling between $2000 – $9000 USD. I am currently mining with several HS Box miners but considering an upgrade to a HS5 miner. On average at the current complexity I am earning roughly 15 HNS per HS Box miner per 24 hours. When crypto winter ends and Handshake really starts to take off, I anticipate a run on Handshake miners similar to the rush for Helium miners however I do anticipate the demand and interest to continue to grow for HNS miners unlike Helium miners.
Install a mining software
There are different mining software available for different operating systems. Some of the most popular ones include HandyMiner, GMiner, SRBMiner, 6miner, and NB Miner. For Linux and Windows operating systems, Handy miner can be a good option. However, you can also use 6miner and NBminer. Handy miner is also available for the Mac OS.
GMiner and SRBMiner are mining software that also supports Handshake mining. However, they are not usually preferable because they include built-in fees. Overall, installing mining software supported by your PC’s operating system is essential.
Configure Handshake Miner with Handshake pool information
Each mining software comes with a configuration file that can be edited to let it easily communicate with your preferred Handshake pool so that you can get credited for your efforts. This configuration can be completed by simply inputting the pool’s information or by opening the configuration file in your preferred editor.
The configuration method varies depending on the mining software and operating system. For example, you can configure your HandyMiner on Mac or Windows by opening the dashboard.mac.command for Mac and dashboard.windows.bat command for windows and entering the pool’s information where appropriate. As soon as you’re done with the appropriate configurations, you can then begin to mine HNS.
Crypto mining is one of the ways to accumulate cryptocurrency and other digital assets. You can follow the outlined steps in this article to mine the Handshake token (HNS) through a mining pool. However, you can also independently conduct the mining process, although solo mining does not offer the same income as mining pools.