In this tutorial, we will show you how to set up profit switch for mining on a multi-algo pool called Mining-Dutch.
About Mining-Dutch
Mining-Dutch is a pools service that supports a wide range of coins and algorithms. Their servers are located in the Netherlands and France with a direct connection to the US and the rest of Europe and Russia. Mining-Dutch offers direct coin mining as well as multi-algo mining. The general pool fee is 2% with some exceptions that can be found on their official page. There is no fee on the altcoin transactions as it is included in the pool fee. However, for some currencies, there is a network fee for withdrawal.
You can convert coins to other cryptocurrencies of your choice for the fee of 3%. The conversion is available on your wallets page after you log in.
You can read more on how to start at Mining-Dutch here.
About minerstat’s profit switch
Profit switch is a special feature that allows you to define coins and pools between which you want to switch for each or all of your workers. It is used remotely through your minerstat dashboard. To start using it, you will need to register a new account at minerstat and install the minerstat software on any of your mining devices. You can use Linux based mining OS, Windows mining software, and ASIC hub. You can check this tutorial if you want to see how to start with minerstat.
Address editor
When your worker or workers are set up and running, your first step to set profit switch will be the address editor. Address editor is pools and wallets address book. Along with other pools that you already have defined, you need to define Mining-Dutch addresses for the algorithms you want to mine. We suggest you use tags that will help you easily distinguish between Mining-Dutch addresses and other addresses. For example, MD-X16R for X16R pool address at Mining-Dutch.
In today’s case, we will set up a profit switch for mining with mining rig with six AMD RX 580 GPUs. The algorithms that we are interested in are Lyra2z, NeoScrypt, and X16R.
The pool addresses need to be defined as stratum+tcp://LOCATION.ALGORITHM.mining-dutch.nl:PORT where ALGORITHM is the algorithm name, LOCATION is the location of the server (empty for Europe, asia for Asia, and americas for North America) and PORT is the port for mining that algorithm. For our case, we will mine on European servers and use:
- Lyra2z:
stratum+tcp://lyra2z.mining-dutch:6675 - NeoScrypt:
stratum+tcp://neoscrypt.mining-dutch:9991 - X16R:
stratum+tcp://x16r.mining-dutch:6664
You can add other algorithms in the same way. If you check our hardware list you can browse the list of algorithms and coins that are supported by your mining device. For example, this is the list of coins and algorithms for RX 580.
After the pools are set, we also need to define the wallet - at Mining-Dutch the wallet address needs to be defined as the username you used on their pool. So for example, if you registered with a username u53rn4m3, you need to add a new wallet with this value.
Profit switch
After we have defined all pools and wallets in the address editor, our next destination is profit switch.
Target
First, select the workers to which you want to apply the profit switch. You can select one or more workers or one or more groups.
Coins
Select the coins/algorithms you want to include to the profit switch. Make sure to select a correct corresponding pool, BTC wallet and to type in the correct pool fee (for Mining-Dutch this is 2% or something else if defined at their website).
If you prefer to use a mining client of your choice and/or with custom settings, select the miner and edit its configuration. Otherwise, you can leave it at Autoselect. If you will select a custom configuration, make sure to include the right pool and wallet tags as with custom configuration it won’t be automatically replaced with your selection.
Hashrate and consumption settings
For a profit switch to work, we need to define the speeds the worker reach on certain algorithms. If you haven’t tried mining all algorithms yet, you can browse the internet to find some default values and then update them after you first switch to this algorithm and you will be able to see the exact speed.
Our rig with six AMD RX 580 reaches the following speeds on mining OS:
- Lyra2z: 2.7 MH/s
- NeoScrypt: 4.9 MH/s
- X16R: 40.7 MH/s
Optionally add power consumption and change the overclocking profile.
Dual mining
We won’t be dual mining in this case so we can skip this section and leave values at 0. If not, the procedure is the same as with typing speeds and power consumption for other algorithms.
Electricity costs
Enter the amount you pay for kW/h. In our case, this is 0.11 EUR for kW/h.
When to switch?
Enter the percent of the minimum allowed difference to switch on a new coin and the minimum mining time before profits are calculated again for comparison.
Reward method
Select the reward method you want to use. The “normal” method will select the reward as it is, the “ignore outliers” method will replace outliers with the mean value, and the “apply penalties” method will penalize all rewards in regards to how dispersed are the rewards in the last 4 hours.
Save changes.
Activate profit switch
After you have saved changes, you have only saved the configuration that will be used for profit switch. To really start profit switching, you will need to activate it for your miner.
- Open your workers’ config page.
- Select the same target as you did in profit switch.
- Scroll down to Profit switch.
- Click on the grey square to make Profit switch option checked and included in the update.
- Select Enabled from the drop-down.
- Scroll at the bottom and click on Save changes.
- This will activate the profit switch and within 10 minutes your first profit switch selection should be active.
If you have a smaller number of workers you can activate profit switch directly from workers page. Click on Switch miner and toggle Profit switch option to enable it.
You can check your balance on Mining-Dutch by logging in.
Happy mining!
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