minerstat mining tutorial #24: Profit switch with icemining

This time, we will show you how to set up profit switch on icemining.

About icemining

icemining supports various algorithms: BCD, Lyra2z, X16R, Scrypt, Skein, X22i, C22s, Allium, Phi2, X16s, Argon2AD, HMQ1725, Merit, Cuckoo, X11, and Renesis.

The standard fee for mining on the icemining pool is 1%. The payouts are sent out every 2 hours for balances greater than 0.1 for all coins except BCD, which is paid out when the balance is greater than 0.5 BCD. On Sundays, all balances greater than 0.01 or 0.05 for BCD are paid out.

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 or Windows mining software for your rigs and ASIC node or ASIC hub for your ASIC machines. 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 contains the pools and wallets address book. Along with other pools that you already have defined, you need to define icemining addresses for the algorithms you want to mine. We suggest you use tags that will help you easily distinguish between icemining addresses and other addresses. For example, IM-SUQA for the SUQA pool address at icemining.

In today’s case, we will set up profit switching for mining with six AMD RX 580 GPUs. The coins that we are interested in are BCD, SUQA, and RVN.

The pool addresses need to be defined as stratum+tcp://stratum.icemining.ca:PORT where PORT is the port for mining that coin. For our case, we will use:

  • BCD: stratum+tcp://stratum.icemining.ca:8433
  • SUQA: stratum+tcp://stratum.icemining.ca:4200
  • RVN: stratum+tcp://stratum.icemining.ca:3636

Please note that you should only select the coins that you are interested in - having too many coins in the profit switch might slow down the reward payout time and you will need a wallet for each of the coins you include in the profit switch

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 you want to include in the profit switch. Make sure to select a correct corresponding pool, wallet and to type in the correct pool fee (for icemining this is 1%).

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.

For this example, we will add the following values:

  • BCD: 8.4 MH/s
  • X22i:4 MH/s
  • X16R: 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.

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. For coins with longer block times, such as BCD, you may wish to increase the minimum mining time to >1hr.

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.

  1. Open your workers’ config page.
  2. Select the same target as you did in profit switch.
  3. Scroll down to Profit switch.
  4. Click on the grey square to make Profit switch option checked and included in the update.
  5. Select Enabled from the drop-down.
  6. Scroll at the bottom and click on Save changes.
  7. 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 icon and toggle Profit switch option to enable it.

You can check your balance on the icemining by adding it to your pools balance monitoring or by tracking your statistics directly from the icemining’s website.

Happy mining!

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