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How to Create a Mineable Cryptocurrency

How to create a mineable cryptocurrency

What is Cryptocurrency

Cryptocurrency is digital decentralized money that is not controlled by a government and can be used over the internet. Bitcoin was the first cryptocurrency that was created in 2008, It is still the biggest and most well-known cryptocurrency. Bitcoin is a cryptocurrency that is most valuable and it is based on blockchain technology and cryptography. In the past ten years, Bitcoin and other cryptocurrencies, such as Ethereum, have become popular cryptocurrencies. Privacy, Security, Portability, Transparency, and safety are the major features of cryptocurrency. Do you know how to create a mineable cryptocurrency for free? Read the steps for creating cryptocurrency for free.

What is a Mineable Cryptocurrency

A mineable cryptocurrency is a crypto coin that can be created and can be acquired through the mining process while simultaneously validating the existing transactions. Cryptocurrencies based on blockchain are highly secure where each transaction can be reflected on the entire crypto blockchain also it became more complicated as the algorithm expands over a period of time when increase in mining and transactions. Here we are discussing the major steps involved in the process of creating a mineable cryptocurrency.

Top Mineable Cryptocurrencies

  • Bitcoin (BTC)
  • Vertcoin (VTC)
  • Monero (XMR)
  • Ravencoin (RVN)
  • Grin (GRIN)
  • ZCash (ZEC)
  • Haven Protocol (XHV)
  • Ethereum Classic (ETC)
  • Bitcoin Gold (BTG)
  • Dogecoin (DOGE)

How to Create a Mineable Cryptocurrency for Free – Step by Step Process

1. Objective of Creating a Mineable Cryptocurrency and Block-chain

You should have a strong vision in your mind to start your own mineable cryptocurrency, it’s like starting your own startup, the idea, innovation, and creativity are important for this stage. You may have several objectives for creating a cryptocurrency maybe you would like to create a digital economy to buy and sell goods and services using cryptocurrency or you may have other visions based on your mindset and objectives.

2. Plan Your Cryptocurrency

Planning your cryptocurrency is the next important stage in the process of starting your own mineable cryptocurrency. You have a proper and achievable objective-based plan for your dream cryptocurrency. Here you have to plan several parameters to create your mineable cryptocurrency. You have to name the coin also you have to select the symbol of the coin. The maximum number of coins of the cryptocurrency and the mining rewards for the miner are important parameters. 

3. Choose the Blockchain mechanism and Identify the Source Code

Actually, there are several methods of creating a new cryptocurrency they are, you can create your own blockchain to create the cryptocurrency, and several online services are providing no code-required blockchain development. Or if you are a confident skilled programmer you can create your own blockchain. 

Change the Code of Existing Blockchain Technology

You can create the blockchain by changing the code of existing blockchain technology, it’s very easier than building the blockchain from the scratch, you will get a proper structure and source codes online from Github and it helps you to build your own mineable cryptocurrency. 

Create Cryptocurrency on an Existing Blockchain Platform

This is a less technical method of creating a cryptocurrency, Ethereum blockchain is the most commonly used blockchain platform for creating a new cryptocurrency based on blockchain. 

So in this stage, you have to choose the method of creating the blockchain and after that, you have to choose the blockchain mechanism and find the source code to create the coin.

4. Generating Genesis Block of Blockchain application

Genesis Block is the first block of your blockchain application, Main Net, Test Net, and Regression Test Net are the three genesis blocks required for any blockchain application. Python script and C++ source code can be used to create the genesis blocks.

5. Coding – How to create a Mineable Cryptocurrency

After creating or developing the three Genesis blocks you can embed the genesis codes to the existing source code of Litecoin, Ethereum, or Bitcoin.

6. Compile the Code using the C++ Compiler

The next step in the process of creating a mineable cryptocurrency is compiling the changed source code using the C++ Compiler using a set of commands. Ubuntu server is mainly used for compiling and mining cryptocurrency. These commands are the same for litecoin and Bitcoin the step-by-step process of compiling the source code and creating the crypto coin is given below.

Step 1: Install the prerequisite

Step 2: Install BerkeleyDB using the commands (If not already Installed)

Step 3: Build the Cryptocurrency

7.  Develop a Quality Crypto Currency Explorer

Crypto Currency Explorer is the UI of the cryptocurrency, where it brings transparency to the value, and transactions of the cryptocurrency, mainly the cryptocurrency explorer has been developed using Node.js several basic cryptocurrency explorers are available on Github.

8. Mining of Cryptocurrency

Types of Cryptocurrency Mining 

  • Solo Mining
  • Mining Pool

Solo mining is mostly used when the mining difficulty is low and when the cryptocurrency is new in the market. In this type of mining, the mining hardware is connected directly to the daemon of the cryptocurrency. A mining Pool is mostly preferred when the mining difficulty is very complex.

9. Cryptocurrency Desktop Wallet

To monitor the send, receive, and other transactions we have to develop a cryptocurrency desktop wallet.

10. Application Programming Interface of Coin 

A coin API is necessary for every cryptocurrency, to integrate the merchants, business owners, and exchanges with the cryptocurrency Application Programming Interfacing is necessary.

11. Develop a Mobile and Web Wallet

A mobile application level wallet is the easiest and simplest level of the cryptocurrency wallet which can be accessible on Android and iOS devices.  

Frequently Asked Questions on Creating a Mineable Cryptocurrency

Can I create my own cryptocurrency?
Yes, it is possible to create your own cryptocurrency. However, it requires a significant amount of technical expertise and resources to develop and launch a successful coin. It’s important to consult with experts in the field before starting the process.

How much does it cost to create a cryptocurrency?
The costs associated with creating a cryptocurrency can vary widely depending on factors such as the complexity of the project, the number of developers involved, and the resources required. Costs may include expenses for development, testing, marketing, and maintenance. Additionally, it may be necessary to pay for legal and regulatory compliance, which can be substantial.

What is the easiest crypto to mine?
The easiest crypto to mine can vary depending on factors such as the current network hash rate, the mining hardware and software available, and the overall network difficulty. Some cryptocurrencies that are often considered to be relatively easy to mine include Monero, Litecoin, and Dogecoin.

Is creating a crypto token profitable?

Creating a crypto token can be profitable if done properly and if the token solves a real-world problem and creates value for its users. A successful token can generate revenue through transaction fees, appreciation in value, and the sale of tokens. However, it is a highly competitive market and many tokens fail to gain traction and become successful. It’s important to conduct thorough research, have a solid business plan, and consult with experts in the field before creating a token. Additionally, it’s important to be aware that crypto markets are highly volatile and subject to significant fluctuations in value. There is no guarantee that a token will be profitable and it’s important to weigh the potential risks and rewards before investing in any crypto-related project.

What are the 4 types of tokens?
There are several different types of tokens, but generally they can be grouped into four categories:

Utility tokens: Tokens that give holders access to a specific product or service, such as using a token to pay for network fees or access to a platform.

Security tokens: Tokens that represent a financial security, such as equity in a company or a share in a real-estate investment trust.

Asset-backed tokens: Tokens that are backed by a tangible asset, such as gold or real estate.

Payment tokens: Tokens that are intended to be used as a means of payment, similar to traditional fiat currencies.

About author

Visal Vadayar is a passionate Digital marketing professional from Kochi, Kerala. Highly experienced SEO and content marketing professional with 6+ years of experience.
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