Tron (TRX) was founded in 2017 by entrepreneur Justin Sun’s non-profit organization called the Tron Foundation.
TRX was built with the aim of creating a free and global digital content entertainment system that allows for easy and cost-effective sharing of digital content. Despite facing its share of controversies, Tron (TRX) has grown into one of the world’s largest cryptocurrencies. At the time of writing, Tron is ranked as the 17th largest cryptocurrency with a total market capitalization of almost $1.1 million.
How do you mine a TRON coin
While you may not be able to mine Tron, you can still get TRX through mining. A way for miners to get involved in Tron is by mining Ethereum on your GPU and then being rewarded in TRX.
Mining with GPUs is considerably more efficient than mining on your CPU. One way of mining TRX is to head over to Tron mining. The platform allows Tron mining indirectly by mining two different algorithms, giving you the choice between Ethash, an algorithm used for encrypting Ethereum, or CryptoNite, an algorithm that has been used on more privacy-focused coins like Monero.
The process works by you mining Ethereum as you normally would, the platform then takes the Ethereum rewards and uses them for their mining pool, before exchanging it and paying it back to you in TRX.
In getting your Tron mining started, you’ll want to download some GPU mining software like Claymore’s Dual Ethereum Miner.
Once you’ve downloaded the mining software, open the batch file labeled “start_only_eth.”
Then, head over to tron-mining.com and copy the Ethash algorithm, it should look something like “ethash.unmineable.com:3333.” This will get your miners focusing in the right direction.
Highlight the text in the text document that reads “eth-eu1.nanopool.org:9999” and replace it with your receive address.
Next, you’ll need your Tron address. Navigate to your wallet, copy your receive address and paste it over where it says “your wallet address.” Then, type in “allpools 1” at the end. This will allow the miners to switch between various coins without breaking. It’s recommended you change the name of the BAT file from ETH to Tron to better identify it.
Once you’ve done that, close the text files and get your miners up and running. Wait some time and you should start seeing some accepted shares messages letting you know you’re now mining. You could always navigate back to the website and paste your receive address to calculate your potential earnings.
Step one in staking is to buy some TRX from your exchange of choice. Once you’ve bought some, you need to transfer it to your wallet. Staking TRX is quite a straightforward exercise and can often be done straight from your wallet. If using Atomic wallet, simply navigate to the staking tab, click on Tron, and select the stake option. You should then be presented with all the relevant information. Enter the amount you want to stake either in US dollars or in TRX. Double-check everything is correct, click stake, and enter your password. That’s it, you have now staked your TRX. You will be able to unstake TRX and claim your rewards after three days of staking.
If you decide that Staking TRX is the way to go, you should consider joining a staking pool. Functioning in a similar way to mining pools, but instead of being grouped with other miners, it’s a group of coin holders who consolidate their resources to increase their chances of validating blocks to get the rewards.
The rewards are shared proportionally to their contributions. Maintaining a staking pool requires a lot of time and resources. As such, many pools will charge a small fee from the distributed staking rewards.
Additionally, pools provide a layer of flexibility for individual stakers as staking generally requires your coins to be locked in for a fixed period and usually includes a waiting period for withdrawals. There is also usually quite a substantial minimum balance required to stake in order to discourage malicious behavior. By comparison, staking pools require a lower minimum balance and impose no withdrawal times, making staking pools ideal for newcomers.
Tron mining FAQs
Can Tron be mined?
Cryptocurrencies related to Bitcoin don’t exist if they aren’t mined, whereas coins like TRX can’t be mined. So the short answer is no, you can’t mine Tron. All the coins have already been mined in the sense that they already exist.
This is because Tron uses a Proof-of-Stake (PoS) algorithm to validate new TRX coins. This differs from the process used with Proof-of-Work (PoW) models. With cryptocurrencies that function on PoW like Bitcoin, mining is required for the generation of new coins with additional miners strengthening the network.
However, on a PoS system, there is no mining at all. Instead, new coins are produced and validated through the process of staking. This requires validators to store their crypto so they can be randomly selected by the protocol to create a new block.
This allows for the generation of new blocks without the expensive equipment like ASIC mining machines. Typically, the more cryptocurrency you have staked, the greater your chances of being selected. So, while PoW requires miners to invest in hardware, PoS requires an investment in the cryptocurrency itself.
Can Tron reach $100?
There is no easy way to answer this question. The cryptocurrency market is extremely unpredictable, so it’s not impossible for Tron to reach $100. Taking Bitcoin as an example of the volatility, it began 2017 trading at around $800 and by the end of the same year, the asset was worth almost $20,000. By the following year, the price had fallen to about $6,000.
However, there are many in the space who argue that TRX has immense potential, so while Tron is currently trading on the market at around $0.015 at the time of writing, the possibility exists where we’ll see the day Tron crosses $100, though it’s unlikely to happen anytime soon.
So, while Tron mining isn’t possible, there are ways you can get some while still contributing to the overall wellbeing of the network. And with that, you should now have everything you need to know to start earning some TRX. Good luck and happy hodling!