How to mine Qitmeer

    Qitmeer Network is a new generation of blockchain dedicated to enhancing financial inclusion and creating social impact. It adopts a classic PoW consensus and UTXO data model and applies a BlockDAG protocol to achieve high throughput while maintaining strong security and decentralization.

    With support from the HLC Foundation, Qitmeer’s research and development began at the beginning of 2018. The open source code was published on GitHub on June 30, 2019. It is currently in its second stage, the Qitmeer Medina Network. PMEER is the native token of the Medina Network, and all PMEER tokens will be mapped to the Qitmeer mainnet, projected for launch in 2021.

    What is Qitmeer mining?

    General overview

    Qitmeer adopts a hybrid consensus model called MeerDAG that combines SPECTRE and GHOSTDAG, both BlockDAG protocols.

    Like Bitcoin, Qitmeer uses a UTXO (Unspent Transaction Output) model, in which each transaction spends an output from a prior transaction and generates new outputs that can be spent in future transactions.

    To keep the block creation rate stable, Qitmeer adjusts the mining difficulty about every 30 minutes.

    Basic information

    Items info
    Website Qitmeer.io
    Block explorer Explorer
    Total supply 200,287,810 PMEER
    Mining algorithm Keccak256
    Consensus Proof of Work
    Block time 30 seconds
    Current block rewards 120 PMEER
    Mining device FPGA
    Mining channel Official channel
    f2pool mining community Reddit channel
    f2pool address Server address

    The economics of mining

    PMEER, the token of the Qitmeer Medina Network, has a maximum supply of 200,287,810. The average block time of the network is about 30 seconds, and the block reward is 120 PMEER.

    Qitmeer network was rebranded from HalalChain, which issued 1 billion HLC, an ERC20 token. HLC will undergo a token burn as part of the transition. 20% of the PMEER supply will come from 20% of HLC tokens. After the mainnet launch, PMEER along with the unburned HLC will account for 20% of the Qitmeer mainnet token, MEER.

    What hardware do I need to mine Qitmeer?

    ✅ Qitmeer can be efficiently mined with FPGA machines.

    ❌ Qitmeer cannot be efficiently mined with CPUs and GPUs.

    Check out the f2pool Popular Miners page for detailed information such as hashrate and power consumption for Qitmeer mining devices.

    How do I set up the software and create an account?

    Step 1: Create a wallet address

    Creating a wallet address is always the first step when diving into a new blockchain network. You’ll need a wallet address to check and receive payouts to mine Qitmeer with f2pool.

    You can choose to run a full node as a wallet or use another wallet solution. We recommend using official wallets. You can also choose an exchange such as Hotbit or Bithumb. Note: You should always do your due diligence when choosing a wallet provider or exchange.

    Step 2: Create an f2pool account

    You’ll need to create an f2pool account before mining Qitmeer. If you don’t have one yet, please click here to register.

    Set a username. This will be required for configuration. You are free to create multiple subaccounts to monitor your workers/miners.

    Now add your Qitmeer wallet address created in Step 1 and add enter it in the payout settings. You can set a payout threshold and check hashrate changes and your rewards once you start contributing mining power.

    You can add or change your payout address in your Payout Settings. f2pool distributes mining revenues daily to every user who reaches the payout threshold.

    Step 3: Configuration

    Now that you have a wallet and an f2pool username, you can proceed to configure your mining device.

    FPGA miners are easier to use compared to GPUs and CPUs, which are not profitable for mining Qitmeer. No mining software is required to be run on your computer. All you need is the proper electricity set-up to meet the power consumption requirements and a reliable internet connection.

    Please note that your FPGAs should have a wired connection to your local network and that your computer and your FPGAs should be on the same network.

    Use any modern browser that accesses the IP address of your machine, then connect to an f2pool server. You’ll need to enter the following information into your mining device:

    URL: stratum+tcp://pmeer.f2pool.com:6900

    Username: miningAccountUsername.workerName

    Password: Enter a password of your choice

    Please note

    1. Your miningAccountUsername is provided in your Account Settings.

    2. workerName is optional, but we recommend labeling each of your mining devices with a separate workerName for more efficient monitoring.

    FPGAs take just a few steps to configure. Once you’ve configured your device and saved your settings, you’re ready to start mining and earning rewards. You are not locked into f2pool and can enter and exit the pool freely at any time. However, you will only earn mining rewards from f2pool while connected to an f2pool server.

    How do I check my rewards?

    Now that you’ve started mining, you can calculate the revenue your devices are generating. We’ll also give you an overview of how fees and payouts work with f2pool.

    Check the block reward on-chain

    Visit the Qitmeer block explorer to get a better understanding of the decentralized world you’re powering with your hashrate. Input your wallet and transaction details to find on-chain information, such as payouts from f2pool.

    Calculate what you can earn

    f2pool calculator tool

    You can use our calculator tool to easily estimate your potential revenue from popular mining machines.

    Verify your payouts from f2pool

    Once your device has started mining and submitting data to the pool, you can access real-time reward records from f2pool.

    View your records

    As long as your miner is submitting your hashrate successfully, you will receive payouts from f2pool.

    To view your real-time Qitmeer mining payout records, visit the f2pool website and sign in to view your records.

    The f2pool app is also a convenient option for checking your rewards.

    How f2pool calculates rewards

    f2pool calculates rewards using PPS (Pay Per Share) and charges 3% from your rewards as commission. When the coins in your account reach the minimum threshold of 10 PMEER, you will receive a payout within 24 hours.

    Details about our payout method and fees can be found here.

    Start mining today!

    Now that you have all the info you need, it’s time to start securing the network!

    If you run into any problems mining Qitmeer, please feel free to reach out to our customer service team at support@f2pool.com, open a support ticket, or start a conversation on Reddit.

    To stay updated with the latest Proof of Work news and developments, follow us on Twitter!

    Happy mining!