Binance Coin (BNB) is a popular crypto coin issued by the Binance exchange platform, which, as of August 2022, is the largest cryptocurrency exchange in the world. Binance also has a huge user base with over 30 million active users, all of which can use the Binance Coin (BNB) to lower their fees or stake the coin for monetary benefits.
Binance Coin (BNB) was initially based on the Ethereum blockchain with ERC 20 standard but later transformed into a native coin for the Binance platform. It is available for trade on over 30 exchange platforms, including Binance, Crypto.com, and several others.
This article will provide you with a detailed guide on how to mine Binance Coin (BNB) for complete beginners even with no prior knowledge of crypto mining.
What is Binance Coin (BNB) mining?
Binance Coin (BNB) runs on a blockchain network that works without an intermediary body, such as a bank or other financial organization supervising each transaction. However, you still need the transaction to be validated to ensure that users do not make the same transaction multiple times and take advantage of the system. That is where mining comes in, as it is a consensus to validate a transaction and also add a new block to the Binance Coin (BNB) network. Without miners, the network will not be validated, and the entire system will come to a halt. Therefore, miners are rewarded with a percentage of the coin they generate, which can then be stored or converted into your local fiat currency, e.g., USD.
A step-by-step guide to Binance Coin (BNB) mining
Step 1: Prepare your mining rig: Binance Coin (BNB) requires a powerful system to compete against other miners to mine and add blocks to the network. However, Binance Coin (BNB) is less competitive than bitcoin and Ethereum mining, so you can get started even with a moderately powerful system.
Step 2: Create a wallet: Next, you will need a blockchain wallet and a public address to receive rewards for the coins you mine, which in our case is Binance Coin (BNB). The most popular options are Atomic Wallet and Trust Wallet, but you can create anyone you like.
Step 3: Configure your system: Download XMRig from the official site and extract it on your computer. It is software that will facilitate Binance Coin (BNB) mining and is required for mining.
Note: Inside the XMRig folder, locate a file usually called “pool_mine_example.bat” and edit its contents. It should look similar to the image below.
Now, in the second line after the -o you can see the Pool URL. Depending on your location, you have to edit it with your specific codes:
- For the USA: rx-us.unmineable.com:3333
- For Europe: rx-eu.unmineable.com:3333
- For Asia: rx-asia.unmineable.com:3333
After entering the appropriate code, move on to line 3 and enter your wallet’s public address, which you should find in step 2.
Now save the file and run it as administrator by right-clicking on the file and selecting “run as administrator.”
Step 4: Join a mining pool: You can now join Unmineable.com, which is a mining pool that allows you to mine with your CPU using RandomX and pay you in any coin you select. You have to connect the address inside the XMRig config file with Unmineable.com and choose the coin you want to get paid in.
Step 5: That’s it; you can now mine Binance Coin (BNB) and can track your earnings by logging into the Unmineable.com dashboard.
An easier way to mine Binance Coin (BNB)
The method mentioned above involves tweaking some code that may not be so intuitive for a beginner. So an easier alternative is to install a pre-configured version of the mining program from the link below:
You may also take an entirely different approach to use a cloud mining platform. Cloud mining is a more effortless and cheaper alternative to creating your own mining rig. Cloud mining works by paying someone else to mine for you instead of using your own hardware. You can then rent their computational power and get a percentage of the reward. Because you do not need to invest in hardware upfront, it is a popular option for beginners. However, not all cloud mining companies work the same way, so check out our top picks for the most reliable cloud mining companies.
Binance is by far the most popular cryptocurrency exchange in the world, and their native Binance Coin (BNB) is not a slouch either. You can use the BNB coin to pay transaction and trading fees on the Binance exchange as well as using it on PancakeSwap. This allows you to exchange the coin for other assets running on the Binance Smart Chain. However, Binance Coin (BNB) mining requires some initial investments, so make sure you understand all the risks associated before starting mining.