4 October, 2018 seen 223Yesterday I got an email from Poloniex.com informing that they are delisting following coins: AMP, EXP, and GNO AMP was…
A couple of days ago I shared a quick tutorial on how to mine ETC (Ethereum Classic) with SMOS (Simple Mining OS), as there is an upcoming ETC Callisto airdrop happening, the idea to pre-mine couple of ETC's sounded tempting to me.
Now, as I've been using a mixed AMD + NVIDIA mining rig, to get most of it, I'm left using Claymore's dual miner, which just recently released version 11.0 , and I decided to test it with some new coin, after a quick google search I found a quite a few Ethash based coins (good for Claymore's miner) and this time my attention got the EXP (expanse) coin. Reason is quite simple, EXP is listed on Poloniex.com exchange, which means following - I don't need to look for a wallet (I should but for the purpose of this experiment I don't), and since the coin is already listed on a well-known exchange - there shouldn't be problems to exchange EXP to BTC.
As I had some nice ZEC/BTC trade on Poloniex, I exchanged some small amount of BTC to EXP, before going deeper.
Now, before getting into technical stuff on how to mine EXP with SimpleMining.net, let's find out more what do we know about EXP.
Expanse.Tech™ was created as the first stable fork of Ethereum. Expanse was built as a community-based project without an ICO, (Initial Coin Offering), and is blockchain agnostic. The idea is to use cutting-edge blockchain technology to build anything the community and team can imagine—using a Decentralized Autonomous Organization, (DAO), with a self-funded design to keep it truly decentralized. This way, the Expanse community can evolve and grow while rewarding holders, partners, and investors.
The Expanse platform now has a two-year history of consistent growth and stability. Starting out small, but with big ideas, the team is growing and other projects are now coming on board to help make the dream a reality—limited only by the imagination and talent of all the diverse people around the world involved in the journey. Each new community member and partner brings new ideas and visions for the future. Expanse.Tech plans to be one of the top blockchain projects in the world.
Goals for Expanse are to create the most advanced forms of identity, governance, charity, commerce, and equity. All the services Expanse create will work together to form the EXP.DAO. Each DAO module can also act as an individualized service.
Learn more at https://www.expanse.tech
How to mine EXP coin with SMOS (SimpleMiningOS)
Things you will need:
- Account at Simplemining.net (just obliviously you will need to have a mining rig)
- EXP address (You could get one from Poloniex.com)
Now, once you are ready, log in to SimpleMining.net, from the left pane choose Rig Groups - > Add group
Give it a nice name, for example, EXP miner, select claymore-eth-v11.0 and in the options box fill in following:
-epool eu.expmine.pro:9009 -ewal <Your_EXP_Address> -eworker RigName -epsw x -allcoins exp
Make sure to change <Your_EXP_Address>> with your actual EXP address
Save the group and reload the miner. Check if everything is fine here like you can see mining speed, temperatures and so on.
Next, visit https://expmine.pro and paste your EXP address into the search bar to check your actual mining stats:
Mining EXP coin
Cool, seems everything is working and now let's see how much we could actually make by mining EXP. To get some rough estimate I will use an online calculator from WhatToMine
EXP mining profitability calculator
If there is some valuable lesson I've learned in the short time I've been into mining - these calculators are nice estimates, but it's not advisable to make any future forecasts (longer than a week) based on results you get from them. Crypto space is volatile, prices go up and down, so does mining difficulty. But yes, for rough estimates - they are great.
Now, it doesn't look very profitable mining $36/mo with ~60MH/s (current cost for my mining rig is $1,661), and if using rough estimates, to get back ROI from EXP mining it would take me 46 months (that's little less than 4 years), while mining Ethereum with the same hash power would give me ROI in about 19 months. Now as stated these calculators doesn't mean much, just to give you some basic understanding.
If you are for a quick buck EXP won't make you very rich overnight, but if you are willing to experiment, probably to mine some EXP in the hopes that in the future it could appreciate in value, sure go for it.