Haven Protocol is an untraceable cryptocurrency comprising a mix of standard pricing and stable fiat value storage backed up by a sustainable asset. Developers have built XHV with an on-chain smart contract, which controls the minting and burning of coins to facilitate user value. Let’s dive into Haven Protocol mining further.
XHV is a Proof of Work cryptocurrency based on the CryptoNight algorithm. The blockchain allows holders to put their Haven into offshore storage to get USB stablecoin, which can be easily converted back into Haven. Moving XHV into offshore storage allows the owner to avoid any unexpected price fluctuations and hide their income from others.
What is Haven Protocol Mining (XHV)
Haven Protocol mining is a process where aspiring miners use their laptops or PCs to solve mathematical problems on the Haven Protocol’s blockchain to earn XHV. Haven operates on a similar emission schedule as Monero but is almost four years behind. At the moment, XHV follows two types of emission mechanisms:
- Mining and increasing the supply of XHV over time.
- Fluctuating supply of XHV due to mint-and-burn activity.
Why Mine Haven Protocol (XHV)
Miners are responsible for maintaining a healthy flow of fresh XHV in the secondary market through their active role in solving complex problems on the blockchain. At the moment, Haven’s current block reward is almost 7 XHV per block, but this is set to decrease until 18.4 million XHV have been mined.
After miners have mined the first set of Haven Protocol, the developers will set the block reward at 0.6 XHV per block in perpetuity. However, 5% of the mining rewards are reserved for the development team that will utilize it for further development, infrastructure, and marketing of the Haven Protocol.
Profitability of Haven Protocol (XHV) Rig
While some miners are enthusiasts, others mine for business. If you’re looking to generate money from mining XHV, you need to calculate its profitability. However, there are some aspects you need to consider first. A computer’s ability to solve mathematical problems is denoted as hash rate, while electricity costs are calculated as USD per kWh.
The easiest method is to use the XHV calculator at MinterStat; start by entering your hash rate, power consumption, pool fees (if any), and electricity costs to determine the profitability of mining XHV with the current hardware. Additionally, you can use the calculator to identify the hash rate for good earnings.
Requirements to Set Up
After using a calculator to determine the necessary hash rate, it’s time to select the necessary hardware to achieve your goal. Ideally, you need a good Graphics Processing Unit to start mining. Here are some options you can consider:
- Nvidia: The GTX series from Nvidia is leading the charge in XHV mining, where veteran miners prefer Nvidia GTX 1070 or Nvidia GTX 1080.
- AMD: You can go for AMD GPUs if you’re on a tight budget or have trouble finding a good option in Nvidia. You can consider AMD R9 280x and AMD Radeon Rx580.
As for the CPU, you can use any Intel or AMD Consumer CPU to mine XHV, but ideally, you should use a GPU instead as they are more efficient and can handle blockchain problems better.
Once you’ve decided on the hardware, you need to get your hands on a Haven wallet to store your earnings. You can get one by:
- Opening this link.
- Creating a vault by entering your name and password.
- Downloading the vault file.
- Writing down your Seed Phrase.
- Verifying your Seed Phrase.
- Re-entering your password.
- Copying your wallet address.
After setting up your wallet, head to Haven Protocol’s official website, select the pool and copy its address; the usage will be covered in the guide below.
Step-by-step Guide for Haven Protocol Mining (XHV) on a PC
The most popular mining software for Haven Protocol mining is SRBMiner, which is compatible with both Intel and AMD hardware. You can start mining by:
- Updated your GPU by installing the latest drives from the manufacturer’s website.
- Downloading and installing the mining software from GitHub.
- Opening the “guided-setup.bat” file as administrator.
- Entering the mining algorithm by pressing “n” and then writing “cryptonight_xhv”.
- Entering the mining pool address.
- Entering your wallet address and password.
- Answering some questions to start the mining process.
- Opening the new file.
If you want a more detailed guide on how to set up your mining rig, click this link.
Additionally, the CryptoNight algorithm supports CPU mining as well. For aspiring miners who want to mine XHV through their CPU, start by installing xmr-stak or xmrig from Github. As far as the operating system goes, you can use xmrig on both Windows and Linux, while xmr-stak only supports Windows.
If you decide to go with xmr-stak, here are some steps you can follow to start mining:
- Entering ‘0” to determine your system’s hash rate.
- Entering Haven Protocol as the desired coin.
- Inputting the pool address you obtained previously.
- Adding your wallet address in the username field.
- Inputting your password.
- Adding TLS/SSL ports that can also be obtained from havenportocol.org.
- Starting the miner.
Then xmr-stak will utilize your CPU to solve complex mathematical problems, break XHV blocks, and automatically send your rewards to your wallet.
If you decide not to invest and purchase expensive hardware to mine XHV, you can always opt for cloud mining. You can rent hardware from mining farms that can solve mathematical problems and break XHV blocks on your behalf. These farms have multiple rigs with high hash rates to amplify the earnings, which are shared with the person who hires them.
However, you need to be sure of the integrity of the cloud mining platform before you sign an agreement, as it may be enforceable. Also, you should try to get insights into the farm’s hardware to determine its actual profitability through a calculator.
Mining XHV is secure and profitable if you use the correct hardware with a good hash rate. Therefore, you should jump into Haven Protocol mining to add good block rewards to your wallet before the pools get depleted. Follow this guide to start your mining journey.