CredaCash Mining using the Exchange
CredaCash currency can be mined by anyone. The purpose is to ensure the currency goes to users who support the project and help grow the community.
Two billion units of CredaCash currency (20% of the total minted) has been allocated to mining. The mining is geometric, with half (one billion units) scheduled to be mined in the first 3 years, another quarter (500 million units) in the next 3 years, another eighth (250 million units) in the following 3 years, etc.
Mining is accomplished by using the CredaCash integrated peer-to-peer exchange to trade Bitcoin Cash (BCH) for CredaCash. It is designed to be as easy and predictable as possible. A simple buy request submitted to the peer-to-peer exchange is eligible for mining if:
– The buy request matches a sell request.
– The miner completes the trade by paying the seller in Bitcoin Cash.
– The amount of the match is neither too small nor too large, specifically, if it is between 5% and 200% of the running average.
– The exchange rate required by the request is greater than the running average.
The CredaCash software includes a script to make the above steps easy to accomplish. Once these are met, the match automatically mines an amount of CredaCash proportional to the match amount. The current multiplier can be obtained using the wallet command “cc.exchange_query_mining_info”. Using this information, a miner can determine in advance approximately how much CredaCash each match will mine.
The mining script creates matches by making matching buy and sell requests (wash trading), so that the miner’s Bitcoin Cash wallet balance should remain roughly constant, while the CredaCash wallet balance grows through mining. The wallets may need to be manually rebalanced from time to time however if the buy and sell requests don’t always offset.
Mining Testnet CredaCash
The following step-by-step instructions describe how to mine testnet CredaCash.
1. Download the CredaCash software from https://credacash.com/software/ and unzip the software into a convenient folder.
2. Run the CredaCash node software by double-clicking on the file __start_testnet_local_node.bat
3. Run the Bitcoin Cash node software by double-clicking on the file _start_bitcoincash_core_testnet4.bat
4. Wait for the Bitcoin Cash node to fully synchronize, which is indicated when the new block announcements state “progress=1.000000”.
5. Obtain a Bitcoin Cash address by double-clicking on the file “_bitcoincash_testnet4_getnewaddress.bat”. Highlight the generated address and press return to copy it to the clipboard.
6. Obtain Bitcoin Cash currency from the testnet4 fountain at https://tbch.googol.cash/. Before clicking Submit, make sure to click the testnet4 button (testnet4, not testnet, and not chipnet). If successful, the fountain should indicate that it sent approximately 0.101 tbch-testnet4.
7. After 10 to 20 minutes, the tBCH should appear in your wallet. You can check for this by double-clicking on the file _bitcoincash_testnet4_getbalance.bat
8. Wait for the CredaCash node to fully synchronize, which is indicated when the node software’s new block announcements reach a small value for age (the far right column).
9. Open the CredaCash wallet by double-clicking on the file __start_testnet_wallet_via_local_node.bat
10. In the CredaCash wallet, mint CredaCash testnet currency using the command “cc.mint”. It is suggested that “cc.mint” be used 8 times to mint 8,000 units of testnet CredaCash.
11. Within a minute or so of using “cc.mint”, the currency should appear in the wallet. The wallet command “getbalance” can be used to check.
12. Double-click on the file _start_exchange_autopay_testnet_bitcoincash_core.bat to start the Bitcoin Cash autopay script. When this script detects a buy match on the CredaCash exchange, it will pay the seller in Bitcoin Cash on the Bitcoin Cash blockchain using the Bitcoin Cash wallet.
13. Double-click on the file “_start_exchange_mining.bat” to start mining CredaCash. This script will first test that the autopay script is working, and will then submit offsetting buy and sell trade requests to the CredaCash blockchain. Within an hour or so of starting this script, after an exchange match has been made and the payment on the Bitcoin Cash blockchain has been confirmed, the mining script should report that CredaCash currency has been mined.