What is LuxCoin and How to Mine it (GPUs)
What is LuxCoin
Luxcoin is a new hybrid PoW/PoS cryptocurrency with Masternodes (requires 16120 Lux) announced on the 2nd of October on the Bitcointalk forum and was officially launched to the public on the 10th of October 2017. It features a new GPU algorithm built from; Skein, JH, Cubehash, Fungue, Gost and Echo, which has been named PHI1612. The founders claim it focuses on security, fast transaction speeds and increased efficiency (to reduce electricity bills), although at this moment in time little is known about what they aim to achieve and deliver. It is therefore still to early to judge just how LuxCoin is going to do in the long term.
I hope in the coming days or weeks that it will be clearer exactly what benefits there are to mine and invest in LuxCoin. Once more information is available I will share the update on my blog and notify my followers on Twitter accordingly (don’t forget to follow me to be notified of updates like these).
What is the max coin supply?
The max coin supply of lux is 60,000,000 coins. There is an insta-mine protection in place for the first 500 blocks, where block reward are set at just 1.
- Blocks 1-500: 1 Lux
- Block 501: 1000 Lux Bonus to whoever gets the block. If you are on a pool that will be shared among everyone on the pool of course.
- Blocks 502 – 6,000,000: 10 Lux
The total number of blocks will be 6,000,000 resulting in a max coin supply eventually of approximately 60,000,000 Lux.
How many coins are premined?
5% premine – 3 million coins. They hold these coins already.; This poses significant risk to investors as it will take time for that ownership to be diluted through public mining. Until that occurs, the owners control the future of the coin entirely, as they could decide to dump the coins at any point in time – hence why I am no big fan of premines. I’d prefer to see a PoW fee of 5% instead. This would encourage coin owners to stick through it long term.
PoS – Proof of Stake Rewards
Anyone staking their coins in their local wallet can from block 500 onwards earn 50% ROI on per year on staked coins.
For the first 100,000 blocks there is a 2x multiplier to encourage people to hold their coins rather than sell early I presume. So there is plenty of value in keeping your coins until at least block 100K. The downside is that there could be a large influx of people selling on exchange sites once block 100K has been mined.
How to mine LuxCoin through a mining pool with GPUs (AMD and Nvidia)
Due to the attention LuxCoin received early on I do not expect Solomining to be even remotely interesting for any miners, as the hashrate should increase extremely fast following launch. As a result this guide focuses only on how to mine with your AMD and Nvidia GPUs.
1. Install your GPU drivers
Duh! But you’d be surprised how many actually get that wrong and end up having issues as a result. I will update later how to find the right drivers for your GPU.
2. Download the LuxCoin Wallet
The wallet is where your coins will be stored. In the future when exchange sites does become available, you could direct them to there as well for when you are mining, although I do not recommend this.
Extract this somewhere convenient for you once you have downloaded it. I keep it on a folder on my desktop so I can easily find my wallets I have used for mining.
For you to now receive your coins, you will need to find your wallet address. So open the Luxcoin-qt wallet that you just downloaded, wait for it to sync (this can take some time depending on when you start the wallet, as it needs to catch up with the entire blockchain).
In the client you now have opened, click on the highlighted “Receive” area within the client. Then proceed to right click the address on the right hand side and press “Copy Address”.
You won’t need this quite yet, but now you know how to find it for later. It is the most crucial step because without it, you will not get the coins you are mining.
3. Download your mining software
You can use the same mining software for both Nvidia and AMD. But if you are mixing cards in the same mining rig, you will need to open two instances of the same mining software. More on that later, for now we will just focus on how to configure the mining software for each card.
Click here to download the sgminer software for LuxCoin’s PI1612 algorithm. Sgminer works for both Nvidia and AMD cards for LuxCoin.
4. Select a LuxCoin mining pool
To be able to mine the coins, you need to connect it up to a mining pool. Below I have included a list of mining pools, but to make it easy I have highlighted one that I recommend, which I will also base this mining guide on.
- https://altminer.net/ -o stratum+tcp://eu1.altminer.net:6667 -u WALLET -p c=LUX
5. Set up your SGminer software for LuxCoin
You will need to follow this step by step guide. The bat file is a file that executes and runs your mining software for you with some predefined settings. This directs you towards the mining pool that you will be part of and the account the mining will go into. So do make sure you follow this precisely!
- Find the location on your HardDrive where you have extracted your Mining software to. Go ahead and right click inside that folder (anywhere with white space) and then click on Text Document, name this “sgminer LuxCoin” for now.
- Open this newly created document, and insert the code here below:
setx GPU_MAX_ALLOC_PERCENT 100
sgminer.exe -k phi -o stratum+tcp://eu1.altminer.net:6667 -u PASTE_YOUR_WALLET_ADDRESS_HERE -p c=LUX -I 19
You may need to adjust the GPU_MAX_ALLOC_PERCENT – per default it was 70, but my cards (both GTX 1080 and Rx 480 8gb) handled 100 percent just fine.
The “-I” is to define the intensity. For my cards I had the most success with the setting -I 20, but for lower end cards you may need to lower this. If your miner is crashing, lower it.
-u stands for username -p stands for password
- Go ahead and change PASTE_YOUR_WALLET_ADDRESS_HERE to the wallet address (see step 2 in this guide).
- Leave -p (password) empty or just write x (makes no difference – it is not needed).
- Click File and “Save as…” make sure you change the file type setting to “All Files” and then name the file LuxCoinMining.bat
6. You are now ready to start mining!
Simply double click the bat file LuxCoinMining.bat you created and you should start to see it mining – it will be accepting shares.
7. Wait! I have both AMD and Nvidia in the same system, how do I mine with both of them?
This is much easier than you may think. You can use sgminer software for this. In my mining rigs I sometimes mix AMD and Nvidia cards in the same machines. To be able to use them both all you have to do is insert an extra line of code into your LuxCoinMining.bat file you created earlier: —gpu-platform 1 (this is for my AMD cards and is inserted right after the -k phi command). The number you insert here, may be different for you. It may be 0, 1 or 2. The easiest way to find out is trial and error. Make sure you have two bat files and that you have a different number in each.
This therefore means you need to have 2 bat files. One bat is for your AMD card(s) and the other bat file is for your Nvidia card(s). Once you have tested and made sure you selected the right –gpu-platform for each bat file go ahead and open both of them up and you should now be mining on both your AMD and Nvidia card(s).