Does Bitcoin Have a New Competition in The Form of Primecoin?

As the acceptance of Bitcoin is increased, it is probably going to make way for the other digital forms of money. There are various different cryptocurrencies that are comparable in nature. Bitcoin has many amazing qualities, but, one of the most interesting qualities of Bitcoin is the concept of mining. In a simple language, one can earn money by using computers.

However, mining Bitcoins with computers comes with issues. This process is not at all cost-effective to do on commodity hardware. It used to be possible a few years ago, but, now the mining demands specific software.

In case, you are among those who are not interested in mining cryptos with computers; the recent new crypto would be of your interest. Here we are talking about primecoin (XPM). At least at the present time, one is not allowed to use GPUs to mine Primecoin. This makes it more attractive in consideration of scalability. One can easily build a mining farm on the cloud.

To make things simpler for the user to begin mining, the team has made a turn-key Primecoin mining server and made this accessible in the drives library. The user can find it in all server farms under the name “Primecoin Miner.” The user simply has to clone this disk image and make a server.

Primecoind
When one starts up the virtual server, the Primecoin mining procedure will naturally first downloaded the blockchain, (which may take roughly 30-60 min) and will start the process automatically. By providing an SSH-key while creating the server, this will consequently be installed. If not, you can use the VNC secret key from the WebbApp. It goes with the default username ‘cloudsigma.’

Once this is done, a person would be able to screen the mining with the help of following commands:

[bash light=”true”] $ primecoind getmininginfo

[/bash]

It truly takes the breath away to imagine that wide acknowledgment of such monetary forms is turning the money related world on its head. People, not national banks, are the ones printing cash and affecting the cash supply.