When people consider mining crypto in 2020, they don't really think about how to mine Ubiq since thousands of other options could give them more in return.
Cryptocurrency mining is when transactions between users are verified and added to the blockchain public ledger. Bitcoin is the most popular and well-established example of a mineable cryptocurrency, but it is worth noting that not all cryptocurrencies are mineable.
Ubiq is a hard fork am Ethereum that's completely separate from the Ethereum ecosystem. It is a slightly modified version of the Ethereum blockchain and implements the Ethereum Virtual Machine for smart contracts and DApps.
On the off chance that you are keen on Ethereum forks, at that point, you likely caught wind of Ubiq (UBQ). It's an open-source, shared decentralized money. Like Ethereum, in any case, the intended interest group contrasts.
This coin guarantees security and focuses on sans bug redesigns. Mining UBQ is an energizing benefit opportunity.
In this article, you will locate a simple step-by-step direction on the best way to mine Ubiq.
Ubiq Mining Pool Comparison Table
|Ubiq Mining Pool||Maxhash Mining Pool|
|UbiqPool.io charges 0.5%||MaxHash current fee of 1% to 2.5% variable fee|
|Ranked 2nd with hash power||MaxHash is way bigger than UbiqPool.io|
|Maxhash also offers VARFEE system – fees are paid only when pool is profitable to mine|
|Low Fees||Recommended only to maximize profits|
What is Ubiq? And its Users
Ubiq is a ‘fairly launched’ (meaning fair for everyone, no pre-mining, no insta-mining, nor ICO) project that began in 2014. The project was originally launched under the name Jumbucks (JBS). JBS began as proof-of-work and later switched to proof-of-stake when they eventually swapped the Ethereum-chain.
With the swap came the name Ubiq and immediate forking. Now, just because it’s a fork of Ethereum doesn’t mean that it’s a copy of Ethereum.
UBQ is the first Ethereum fork that brought about consensus level changes in the form of new code, which basically means that it was majority agreed on by the developers, miners, and investors. On top of that, it also has all the advantages of the Ethereum Virtual Machine while learning from the mistakes Ethereum has made and avoid repeating them.
Possibly the best innovation that UBQ has over its predecessor is the implementation of their ‘flux difficulty algorithm.’ This is important for anyone who mines UBQ because, after completing each block, the flux algorithm will automatically retarget the difficulty of the next block.
This allows for a smooth increase in the difficulty of mining instead of the crazy, random spikes that many miners see in BTC and ETH. This smooth increase means higher accuracy and predictability of profits for miners.
UBQ generates a new block every 88 seconds using a proof-of-work system, which is the same as Ethereum and Ethereum Classic. It also has decentralized applications (DApps), which is a new building model for more scalable applications and smart-contracts that are used to facilitate and verify the performance of a contract that’s then fueled by its UBQ token as fees for transactions and computations.
It’s worth noting that smart contracts and DApps aren’t unique anymore, in fact, they’re actually quite common now, yet many projects are still failing. Many issues in the crypto world involve the development teams and what they are capable of accomplishing. A common cause of failure is a team that is ill-equipped to anticipate potential problems or fix issues that arise.
This leads to projects that end up too buggy or vulnerable that we (the consumer, miner, trader, or investor) see no long-term viability. Though bugs are generally only for newer projects, it’s also an issue that giants like BTC and ETH are dealing with involving clogged networks.
Fortunately, UBQ has a veteran development team full of individuals who have consistently contributed to the crypto-community with their innovation and creation. And to top it off, the team is lead by one of my personal favorite developers, Julian Yap.
Who is Julian Yap?
Without getting too fanboy about him or his work, Julian Yap is the Lead developer and mastermind behind UBQ. Before his time with UBQ, Yap worked on the development of Bittrex, another cryptocurrency called Decred (DCR), and blocktech, along with having a lot of great contributions on Github.
How to Mine Ubiq and Why?
Ubiq makes the bold claim of being enterprise stable with transparent governance. Ubiq is a hard fork of Ethereum. They modified the code slightly. They still have an active version of the Ethereum Virtual Machine or EVM available on their platform, and code execution is similar for both smart contracts and Dapps. Their code is open source and can be viewed.
They achieve their stability with a predictable and conservative upgrade schedule. Unlike other smart contract platforms, Ubiq does not provide constant updates or hard forks. They have focused on creating bug-free code. This is perfect for companies with a long-term vision to deploy their smart contracts in stages to create a complete blockchain environment for individual projects.
Having to redo the same project is a deal-breaker for organizations that have finite budgets. U.S. government agencies are still using Windows 3.1 multiple decades later. Banks also fall into this trap using COBOL and Fortran programming languages.
Upgrading entire systems is too expensive; the risk associated with migrating to better-operating systems and newer coding languages can’t be calculated.
The risks are why Ethereum has such massive hacks, they follow the silicon valley motto; “Move fast and break things.” In a production stable environment, like Bitcoin, this is not tolerated because it has way too much inherent value and can’t be broken on a hunch or test how the code will affect the project's operability. This is why bitcoin is also not Turing complete.
Back on track with Ubiq. They had no premine and conducted a fair launch, they also chose to do without development fees. The project didn’t even ICO. While they claim this will help them with regulatory compliance, we're not sure as tokens are securities.
Tokens are also commodities/ raw materials and are also used as inputs to generate outputs, just like using paper and ink to print a book. Ubiq UBQ is a smart contract platform based on Ethereum that is 100% Proof of Work POW.
Why mine Ubiq? Ubiq acts as a platform and has tokens too. Made possible due to being an Ethereum fork. This coin is practically built upon the proven ETH codebase. Mining for Ubiq is profitable. Also, the coin itself is easy to use and provides one-click solutions for you. It maintains a single dashboard, from which you can reach all your hives and monitor them.
Use UBQ to track your everyday performance and access maintenance features with a single click. Being hosted on a cloud, the dashboard can be reached from everywhere at any time. This coin recognizes the visitor and gives the person access to the proper network (if you are a guest, you will be connected to the guest network).
Ubiq Mining – How to Mine Ubiq
Ubiq miners have a few choices; Ubqminer, PhoenixMiner, TT-Miner, and Nanominer. We used the Claymore Miner, it's a more complex option but can be used on more coins and allows for extreme customization. Claymore Miner is also plug and play, so it’s not that bad.
If you would like to read up on Claymore Miner, we recommend BitcoinTalk. Claymore Miner is simple and easy to install. You need to pay attention to where you install the files as you need to access the start.dat file in a bit. Click next, and finish.
Unfortunately, you can’t use Claymore Miner anymore as it’s not supported, is similar to Claymore Miner, and you need to note your install directory. Additionally, to use the mining program, you have to pay a fee.
Ubiq Mining Pools
Now that everything is installed, you're almost ready to start mining. The next step is considering which pool to use. While we don’t recommend MaxHash to decentralize the network, we do recommend MaxHash to maximize profits. If you care about the project and are not in it just for the profit, look into UbiqPool.io. ?They are ranked 2nd with hash power.
UbiqPool.io charges 0.5% compared with MaxHash current fee of 1% to 2.5% variable fee.
Statistically speaking, the larger the hashing power of the mining pool, the more likely you will be rewarded for collectively mining a block. MaxHash is way bigger than UbiqPool.IO, but more on that in the conclusion.
If you're interested in other Mining pools, both Ubiq and MiningPoolStats are a good place to start your search.
Once you have selected your Ubiq miner pool, you're ready to configure the start.dat file. Open the start.dat file in notepad, and depending on the miner, setup can be as simple as one line copy and paste or as complex as hours of research to figure out each argument/input.wallet
On this page, you can find the Stratum Proxy for MaxHash. Copy the code starting with Statum and ending with a port number and place it where STRATUM_PROXY is supposed to go. Next, enter your own wallet address, remember to double-check the address.
The last step is to enter your worker name, any name will work; remember no spaces. Worker names help if you have more than one miner and need to troubleshoot problems.
Don’t forget to save the setup file. At this point, you can run the start.dat file if you run into any errors. Double-check your setup first and turn your machine off and on again, just in case. If that doesn’t work, BitcoinTalk is your best friend. Ask their community nicely, and you will be helped.
Just remember to search for a solution first. Many people have had the same problems you're experiencing. If you don’t find anything that can help, feel free to post for help. Reddit is also beneficial.
If your machine is mining, take a look to see what your hash rate is per GPU or graphics card and edit the Stratum Proxy if necessary. Next is where the real fun begins, crunching numbers for maximum profit.
Ubiq has a few ways to store your funds. If you're a gambler and love taking risks, we still wouldn’t recommend their browser-based wallets Pyrus and Sparrow (Chrome Browser Extension). The Pyrus wallet generates everything client-side and promises your keys never touch the internet.
This doesn’t mean you're not exposed to exploitations of your browser or computer. A browser is relatively easier to exploit than an operating system, but this depends on your setup and best practices. Sparrow poses the same risks but does allow you access to Dapps,
The Fusion Wallet is Desktop based. While safer, it doesn’t offer amazing risk-reward either. Unless you're doing this to learn about mining and not trying to make a lot of money doing this and want to get a feel for the game, we recommend this wallet.
The Mobile Wallet, DexWallet, offers Equal risk, and we don’t advise that either. You can also use Guarda wallets, which work on multiple platforms. You can get Gubiq (Server) for a more advanced wallet, which provides additional functionality like staking.
As always, the only thing we recommend is using your Ledger or Trezor hardware wallets. There is no substitute for this type of security. Unless you like spending hours trying to figure out a technological solution, in which case we would be happy to recommend the Glacier Protocol.
While we recommend hardware wallets, if you opt to use the Fusion desktop wallet on your mining PC, you’ll need to sync the wallet to the blockchain to avoid payment errors due to pool issues. This is better to be safe than a sorry step. Whatever wallet you choose to use, create, and memorize a strong password.
Ubiq is a hard fork am Ethereum that's completely separate from the Ethereum ecosystem. The motivation behind this proposal was increasing blockchain security. A unique mining algorithm mitigates the chances of a 51% attack using Ethash mining rig rentals. A custom algorithm furthers Ubiq's mission of separating from Ethereum and becoming an independent blockchain platform.
Hopefully, this How to mine Ubiq article highlighted mining for profit isn’t easy; it takes a large amount of time in research and capital in experimentation. For this reason, we don’t advise mining Ubiq. Rather mine a more profitable coin and use the proceeds to purchase Ubiq if that's what you want to do.
Unfortunately, we would strongly advise against buying Ubiq because MaxHash is mining more than 51% of the network. This exposes the user of Ubiq to 51% attacks, where MaxHash is the master of processing transactions. They can deny any payment or double-spend coins.
You can check out their Reddit, Twitter, Discord, BitcoinTalk, GitHub, and their Blog for more info about the project. This project is interesting to look at ranked in the high 500 by market capitalization worth $2.5 Million. They are still producing code and developing an excellent platform. While we support them in spirit, we can’t bring ourselves to own their tokens.