Ok, the title is a lie. What a way to start an article! LMC (LoMoCoin) actually uses POS (Proof of Stake) method so there isn’t an actual way to “mine” LMC. Proof of Stake just means you take coins you already have, store them in your wallet and don’t move them for a set amount of time. You then earn “interest” (for lack of proper term, as far as I know) from staking those coins. Also called “Minting” some times. Nice free coins for doing nothing! The only real problem here is… you have to have already have coins to start and usually the only time it’s really beneficial is if you have a lot of coins to stake.
Proof of Work is when a coin is able to be mined using either the CPU or GPU of your desktop computer (though there is a whole world of mining equipment/rigs out there). This is a great way for people without big cash investment budgets to start collecting coins with nothing more than their computers and time. But if what you really want is LMC, then you are kind of out of luck when it comes to mining. That’s where my sneaky workaround comes in!
So, for those that already have the LoMoStar app and already know about the OTC trading of coins within the app, you might have noticed some interesting opportunities for arbitrage. Meaning using inefficiencies in markets to profit off the differences. One of the biggest stand outs currently in this area is MGD (MassGrid) coin. MGD is a highly sought after coin with a limited supply, especially within the LoMoStar trading market. It’s not uncommon to see 4, 5, or 6 to 1 trade ads (and sometimes much more), meaning you can trade one MGD for up to six LMC regularly. With limited other markets or ways to collect MGD, this could be true for a while and even inflate MGD trade power even more in the near future.
So what am I getting at? Well you CAN mine MGD. MassGrid has their own mining software as well as their own standalone wallet and you can set up both on your home computer and instantly start collecting MGD. We are not talking huge money here, so don’t call your private island realtor yet, but depending on the GPU (graphics card) in your PC, you should be able to collect some meager rewards…for free. Well besides any electricity consumption costs you might have. For example, I just started and it looks like I’ll mine around 3 t0 5 MGD a day or so. Again, not huge but free and easy once set up.
But MDG isn’t LMC, what’s this article even about? Well if your end goal is to collect LMC and since you can’t mine it, you can mine the next best thing that happens to have a nice trade power in the LoMoStar app and use that make great trades for the LMC you want. That 3 to 5 MGD could easily turn into 15-25 LMC a day after trading, at current rates. So, for me, I see mining MGD as actually mining LMC and beating the system ;). Then you can also stake that LMC you “mined” to help that stash grow even more! I mean, you are HODL’ing your LMC anway…right?!
Of course, MGD is also a really cool project in it’s own right. There is a reason why there is a demand for the coin so mining MGD to collect MGD is obviously also a good option.
EDIT/UPDATE: It took me just over a month of mining on my desktop with a GTX 1060 to mine 100 MGD. That’s with mining usually 24hr/day for most of the time. I had several PC shutdowns/restarts and some entertainment time when I needed my video card for games but a majority of the time it was mining.
Here are some links to help you get started if you want to set up your own MGD/LMC mining…
—> Once downloaded and installed here is how to setup the miner/wallet: http://news.massgrid.com/massgrid-windows-mining-setup-guide/
—> Using the miner with a “pool” is a decent option to optimize your chance at collecting coins. There may be others but I’m currently using vvpool. Their setup guide is here: http://blog.vvpool.com/tutorial_en/mgd_en.html
You can download the LoMoStar app through the link below. If you appreciate the information provided here you can reward me by using my “INVITE CODE” and I’ll get a small reward. Depending on when you are reading this and what promos LoMoStar is currently running, you may also get a bonus of a handful of coins to start you off!
—>>> INVITE CODE: 15G4cv
LoMoStar app is available for both Android and Apple cell phones. You can download both from the app store of your choice, links to either from the LoMoStar official site