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Experiments in Crypto Mining 3: Mid-range Graphics Card

The graphics card in my home PC died recently, probably related to me leaving the PC overnight which I don’t usually do (I guess it overheated). I woke to find that Windows had seen an error on it and uninstalled the driver, running it as a basic VGA card. I couldn’t fix it.

Anyway, I took the opportunity to buy a new mid-range graphics card, an Nvidia GTX 1050, to do some more experimenting with crypto mining. I didn’t want to go for a high-end (i.e. expensive) card since I have no plans to leave my PC running most of the time, or even to be mining while I was working at the PC, so a high-end card would likely never make its cost back.

A mid-range card, though, seemed like a good compromise – I needed a new card anyway, I could do some crypto experimenting, and I would get a benefit whenever I played 3D games. I settled on an EVGA card from Scan Computers as it was the cheapest version of the 1050 available – just £120 for a pretty powerful card.

Most impressive was that it didn’t need any additional power connectors to run, just making do with the power available from the motherboard slot. That implied it would use very little power – whereas the old (and relatively speaking slow) card it replaced had been using two additional power connections.

As an initial experiment I have rerun the test I did back last November using the GPU to mine for Bitcore. The procedure was much as described before (particularly following the embedded video) but with a couple of changes. Firstly, the mining app is no longer available on the Bitcore website so I downloaded it directly from the CCMiner code site. Secondly the batch file format has changed – however the download included a new Bitcore batch file so I used that, edited to include my Suprnova details as per the original post.

When CCMiner ran up the results were encouraging, showing a hash rate (mining power) of  8600 kH/s (8.6 MH/s), compared to about 1500 for the previous card.

CCMIner starting up on a GTX 1050 GPU (Image: BIUK)
CCMIner starting up on a GTX 1050 GPU (Image: BIUK)

Running CCMiner for two hours produced 0.0018 BTX, according to my Suprnova dashboard, worth currently about 4p (the equivalent of about 50p per day). The PC was using about 150W with the card running and 85W without, so the card was drawing 65W – or 0.13kWh for the two hours. At my evening rate of 14p/kWh that means the mining cost me about 2p.

Suprnova Dashboard while running a GTX 1050 (Image: BIUK)
Suprnova Dashboard while running a GTX 1050 (Image: BIUK)

So – unlike last time – mining with this card is actually profitable, though only at the rate of about 1p per hour. What was more impressive, however, was how it did it.

Firstly, the energy use by the card was much less than the old card even though it was much more powerful, and it was very quiet. Secondly, it appeared to be truly mining ‘in the background’ with no apparent slowness caused to the PC while using it for other things. So it could make a profit, with little downside to having it running in the background virtually all the time. Taken together, it would seem that there’s plenty of scope to overclock the card to improve the performance.

Nonetheless, the bottom line is that this approach is not going to make a great deal of money, so I’m moving on to try other mining methods.

Experiments in Crypto Mining 4: Cryptocurrency Mining with an Upgraded Home PC

Buy the Bitcoin Dip

Everyone following cryptocurrency knows we’ve had a big correction of late – some would say crash, but those of us who’ve been in crypto for a while know that it’s par for the course. Cryptos are volatile, get over it!

Earlier today I saw signs for a bottom in the market when the price dropped to £4300 and then hung there for a while. Following it for a few hours this evening I saw it gradually come back up and, although it dipped a few times, it never went down so low again. I think that was the lowest point, the dip.

Bitcoin price chart (Image: geralt/Pixabay)
Bitcoin price chart (Image: geralt/Pixabay)

They say ‘buy the dip’ so I put my money where my mouth is and bought from Coinbase – in fact by the time I had become sure things were going up it had already reached £5500 so that’s what I paid. As I write this it’s at £5600 but still jumping up and down. It’ll be interesting to see where it is tomorrow morning. I’m confident it will be the right side of £4300.

Meanwhile for a bit of light relief – one can spend too long looking at charts and agonising over price changes – here’s the Coin Bros with “Buy the F*#!ing Dip”. Enjoy!

Cryptocurrency Mining course

Following on the heels of January’s very sociable Milton Keynes Cryptocurrency Meetup, those who attended were invited to a Cryptocurrency Mining Course last weekend in Witney.

System & Solutions Cryptocurrency Mining Course (Image: BIUK)
System & Solutions Cryptocurrency Mining Course (Image: BIUK)

It was kindly put on, for free, by Kevin Ackland, owner of Systems & Solutions. He and Richard Owen, IT Manager, gave a broad and very interesting presentation covering cryptocurrency and Bitcoin in general, and mining on PC hardware in particular.

System & Solutions Cryptocurrency Mining Rig (Image: BIUK)
System & Solutions Cryptocurrency Mining Rig (Image: BIUK)

This was followed by a wide ranging discussion on cryptocurrency and mining. I found this particularly interesting as I am new to mining, having just dabbled in a little GPU and CPU mining. Some of the attendees have extensive experience so I learned a lot.

System & Solutions Cryptocurrency Mining Rig (Image: BIUK)
System & Solutions Cryptocurrency Mining Rig (Image: BIUK)

We then had a look at a mining rig in operation, including going through the processes of starting it up and operating it. This included monitoring the operation, and power usage, via smartphone apps. I was surprised, and impressed, at how quiet it ran (having seen YouTube videos of very noise dedicated Bitcoin miners).

System & Solutions Cryptocurrency Mining Rig (Image: BIUK)
System & Solutions Cryptocurrency Mining Rig (Image: BIUK)

My thanks go to Kevin and Richard for putting on the course and for being such good hosts. If you’re considering getting a mining rig, and you’d like one made to your specification, do consider Systems & Solutions.

Experiments in Crypto Mining 2: Cryptocurrency Mining with a Home PC

After my initial rather disappointing first foray into mining cryptocurrency (specifically the Bitcore coin using my PC’s graphics card) I didn’t pursue the idea further. It hadn’t been a great surprise as my graphics card was old and looking rather underpowered compared to the latest GPUs.

However, last week I heard about someone profitably CPU mining the Aeon coin and I decided to take another look. I followed the same process, starting by downloading the Minergate software.

I installed it (despite lots of warnings, presumably false alarms, about viruses), created an account and kicked it off. You need to create an account on the MinerGate.com website, and you then link to this from the MinerGate app.

Mining XMR using the MinerGate app (Image: BIUK)
Mining XMR using the MinerGate app (Image: BIUK)

The process began with running a benchmark. The result of this was a score for my PC of 927 – four stars! That sounded encouraging. However it then said “You can make an extra 50 USD per year with only this computer” which rather brought things down to earth.

Anyway, after running it overnight the results were that I made a few tens of pence in Monero/XMR in parallel with FantomCoin/FCN (the software chooses what it believes is the most profitable coins for you) but spent about 50p in electricity. So overall it was not profitable.

My conclusion therefore is not just that my old PC isn’t any good for GPU mining of cryptocurrency, it’s no use for CPU mining either!

My cunning plan now is to use a new, powerful gaming PC for mining that I ordered recently. Watch this space to see how I get on.

Experiments in Crypto Mining 3: Mid-range Graphics Card

How to Install a Bitcoin Core Wallet

For most casual Bitcoin owners I would recommend the Electrum Wallet to hold their Bitcoin. However, many other wallets exist and here we’ll look at the Bitcoin Core one.

Bitcoin Core, as its name suggests, is maintained by the same team as the core Bitcoin software so you know it’s trustworthy. According to their website:

In addition to improving Bitcoin’s decentralization, Bitcoin Core users get better security for their bitcoins, privacy features not available in other wallets, a choice of user interfaces and several other powerful features.

For advanced users these additional features can be useful – for example I used Bitcoin Core to access the private keys for a Bitcoin address in Segwit format, something I couldn’t do with Electrum

There is a big obstacle to using the Bitcoin Core wallet, though, that one needs to be aware of: it requires downloading the entire Bitcoin blockchain to your computer. This can take a long time (for me, about 4 days) and use a lot of storage (a couple of hundred Gb).

First download the Bitcoin Core installer from the Bitcoin.org website, choosing the appopriate one for your system – Windows 64 bit for most people. Run the installer:

Starting the Bitcoin Core Installer (Image: BIUK)
Starting the Bitcoin Core Installer (Image: BIUK)

You will get the usual options for install folder, menu folder, etc. Once installed, run the Bitcoin Core program. It will start by saying it’s loading the block index:

Bitcoin Core loading index (Image: BIUK)
Bitcoin Core loading index (Image: BIUK)

Then it will begin verifying blocks. Each of these operations can take some minutes to complete. It will then begin the synching of blocks:

Bitcoin Core synching blocks (Image: BIUK)
Bitcoin Core synching blocks (Image: BIUK)

Very roughly you might find this takes about a day per year that you are behind since the creation of Bitcoin (so of course it’s a long time the first time, but much faster the next time you open it). If you need to you can close Bitcoin Core while it’s working and it will restart when you open it again – though of course that will extend the time it takes to synch.

Note that you can toggle the synch status display by pressing the right-most icon in the bottom status bar.

Eventually it will complete and you will be at the Overview screen, and the synch status button will be a tick:

Bitcoin Core Overview (Image: BIUK)
Bitcoin Core Overview (Image: BIUK)

The wallet is now up and running and you can send and receive Bitcoin through it in much the same way as with the Electrum wallet previously described. Additional features will be covered in later posts.

How to Automatically Lend your Bitcoin

Having put your Bitcoin on a trading exchange like Bitfinex we can set it to lend out the Bitcoin for interest. Rates of interest vary widely between exchanges and coins, and over time. However, they can be surprisingly generous – for example you can currently lend Bitcoin on Bitfinex at an annual rate of up to 40%.

Cryptocurrency lending, however, is typically over short durations – for example a non-compound annual rate of 36.5% really means a rate of 0.1% per day for a certain number of days. In fact crypto loans are typically quoted as being for a minimum of 2 days and in my experience nearly always last exactly 2 days.

That could make things very inconvenient if every 2 days you had to start another loan manually. However, there are bots that you can do this for you – I always use CoinLend and I highly recommend it. Not only does it work really well – it’s an online bot with nothing to install – but it’s completely free!

Start by going to CoinLend.org and creating a new account by selecting Setup Bot. Enter your email address and a password and selecting Register. Then login.

Coinlend Home Page (Image: BIUK)
Coinlend Home Page (Image: BIUK)

You will be taken to the Bots screen where you can set up bots for three different exchanges: Poloniex, Bitfinex and Quoine. Bitfinex seems to consistently give the best interest rates so that’s the one we’ll use.

Coinlend Bot screen (Image: BIUK)
Coinlend Bot screen (Image: BIUK)

Go to your Bitfinex account and login. Then select the Manage Account (a head-and-shoulders icon) in the top right of the screen, then API. An Application Program Interface (API) is a software call that allows a third party program – our bot – to communicate with the Bitfinex exchange directly without us needing to be involved.

Bitfinex API screen (Image: BIUK)
Bitfinex API screen (Image: BIUK)

Click on Create New Key. Make sure the following permissions are ticked and no others:

  • Read: Account History, Margin Funding and Wallets.
  • Write: Margin Funding.

Make doubly sure that Write permission is off for Withdraw so that this API cannot be used (by Coinlend or some other party) to withdraw your funds. Enter a name at Label Your API Key such as Coinlend lending key. Select Generate API Key. Check your email and confirm creation of the new key.

Your new API Key, and a secret key to access it, will now be shown in Bitfinex – copy both of these somewhere safe to record them.

Bitfinex API screen with keys (Image: BIUK)
Bitfinex API screen with keys (Image: BIUK)

Copy both keys into the Bitfinex Bot section of the Coinlend Bots tab and click Save. If you’ve done this correctly you will get a confirmation message, it will display Bitfinex credentials valid, and the button will go green and say On.

Coinlend Bot screen - Bitfinex On (Image: BIUK)
Coinlend Bot screen – Bitfinex On (Image: BIUK)

Coinlend will generally start working very quickly, almost immediately. To see your loans underway just switch to the Loans tab and wait a minute or two – here it’s showing our first loan has gone out, and it’s at 16.62% (the display defaults to annual, compounded interest):

Coinlend Loans screen (Image: BIUK)
Coinlend Loans screen (Image: BIUK)

You can also confirm your loan status by going to Bitfinex and selecting Funding -> Bitcoin. Your active loans will be shown under the PROVIDED pane – click the drop-down icon to open. The interest rate shown in Bitfinex is the daily one – so here it’s 0.04214 per day.

Bitfinex Funding screen (Image: BIUK)
Bitfinex Funding screen (Image: BIUK)

If you want the interest rate shown in Coinlend to be the same then you can change this on the Settings tab – the options are Daily, Yearly, Compounded.

Tip: If you think you might want quick access to your Bitcoin then in Coinlend in the Bots/Bitfinex Bot tab under the On/Off button select Settings -> BTCExtended and switch on the option for Always lend at the minimum duration of 2 days, and then Save Settings. This setting doesn’t always ‘stick’ so check it by going back into Settings and repeat if necessary – once it has set successfully the Extended button will show orange.

And that’s it done – the Coinlend bot will keep lending out your Bitcoin until you set the Bitfinex bot to Off on the Bots tab. Your Bitcoin stake will grow, and all for free.

How to Put Your Bitcoin on a Trading Exchange

Once you’ve got some Bitcoin what can you do to make it grow? The obvious answer is to put it on a Trading Exchange. Then you have the options of Trading, Margin Trading and Lending. These will be covered in more detail later; here we’ll look at the process of getting your Bitcoin onto an exchange.

The five biggest exchanges by trading volume are Bitfinex, Bithumb, Bittrex, GDAX and Poloniex, in that order. Here we’ll use Bitfinex.

Bitfinex Home Page (Image: BIUK)
Bitfinex Home Page (Image: BIUK)

Go to Bitfinex.com and click on Sign Up. Enter your chosen Username and Email address. Enter a strong password, e.g. from Passwords Generator. Set the Timezone (e.g. to (GMT+00:00) London). This will create you a new account.

Bitfinex Welcome Screen (Image: BIUK)
Bitfinex Welcome Screen (Image: BIUK)

Find the email you’ll be sent and verify your email address. Login at Bitfinex.com. You will start in the Trading screen, likely showing a Bitcoin – Dollar chart (‘BTC/USD’).

Bitfinex Trading View - Dark theme (Image: BIUK)
Bitfinex Trading View – Dark theme (Image: BIUK)

By default it will be dark. If you prefer a lighter colour scheme go to the top right user icon and select Interface, then Theme and choose Light.

Bitfinex Trading View - Light theme (Image: BIUK)
Bitfinex Trading View – Light theme (Image: BIUK)

To transfer some Bitcoin from your Electrum wallet into Bitfinex select Deposit -> Bitcoin. You may then get a warning about there being a fee on small deposits (less than $1000) that you need to acknowledge.

On the New Deposit screen select Bitcoin. You may then get advice to set up two-factor authentication (e.g. using your mobile phone to confirm withdrawals) – it’s a good idea but for simplicity we will ignore it at this point. You will see options for Exchange Wallet (for trading), Margin Wallet (for trading with leverage) and Funding Wallet (for lending). Under Funding Wallet select Click to generate address. This will create you a Bitcoin address where you can send funds; click on the Copy to Clipboard icon next to it.

Bitfinex Deposit Screen (Image: BIUK)
Bitfinex Deposit Screen (Image: BIUK)

Sending from an Electrum Wallet

Log into your Electrum Wallet and select the Send tab; paste in the Bitfinex address. Add an optional Description (e.g. Transfer to Bitfinex). Enter the amount of Bitcoin to transfer (or press Max if you intend all of it).

Electrum Send tab (Image: BIUK)
Electrum Send tab (Image: BIUK)

If you hover over the Fee slider you can see what the mining fee will be – moving the slider to the right will speed up the transaction and increase the fee – this can usually be left at the default. Press Send, re-enter your password to confirm. You will see a brief message about signing and then Payment Sent.

Select the History tab and you will see the transaction there. Once it has been confirmed (which may take from minutes to hours depending on how busy the network is) it will show here with a green tick.

In Bitfinex select Deposit and once confirmed the deposit transaction will also show here. Initially it will be marked Unconfirmed.

Bitfinex Deposit screen - transaction unconfirmed (Image: BIUK)
Bitfinex Deposit screen – transaction unconfirmed (Image: BIUK)

Once confirmed it will show as Completed, and the new balance will also show under Funding in the Balances area of the sidebar.

Bitfinex Deposit screen - transaction confirmed (Image: BIUK)
Bitfinex Deposit screen – transaction confirmed (Image: BIUK)

Your Bitcoin is now on the Bitfinex exchange ready for trading or lending.

Experiments in Crypto Mining 1: Mining Bitcore

Like everyone involved in cryptocurrency I know that Bitcoin and other coins are produced through mining:

Bitcoin mining is the process by which transactions are verified and added to the public ledger, known as the block chain, and also the means through which new bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The participant who first solves the puzzle gets to place the next block on the block chain and claim the rewards. The rewards, which incentivize mining, are both the transaction fees associated with the transactions compiled in the block as well as newly released bitcoin.

Bitcoin Mining: Investopedia.com

I also know that in most cases Bitcoin mining is done by big organisations, mostly in China and Eastern Europe, running large farms of mining computers. It’s tough to compete against that.

Cryptocurrency Mining Farm (Image: M. Krohn/Wikimedia)
Cryptocurrency Mining Farm (Image: M. Krohn/Wikimedia)

However, in learning about my current ‘favourite’ coin, Bitcore (BTX), I found out that it can be mined on a home PC with a half-decent graphics card. I decided to give it a go.

The basic process is straightforward:

  1. You run a dedicated mining app, typically CCMiner, which mines Bitcore by maxing out your graphics card.
  2. You connect the app to an online mining pool server so your mining power contributes to a pool of other miners’ hardware and you share the coins created. I use Suprnova.cc.
  3. You connect your mining pool account to your Bitcore wallet so that payouts come to you.

The details are covered well in a YouTube video by Mod Rage, ‘How to Mine Bitcore (BTX) for Beginners (From Scratch)‘, included below. There’s another one that gives some additional useful information by IMineBlocks.

My Setup

When I initially tried running CCMiner I got the error “qubit_luffa512_cpu_init” each time. I worked out this indicated my graphics card was too old to run the latest version of CCMiner – no great surprise there – so I went back through older versions to find one that worked for me. That turned out to be the x64 version of build CCMiner v2.2.

When you start up the miner, initially not a lot happens – you just get a command window with a basic startup screen:

CC Miner Screen - startup (Image: BIUK)
CC Miner Screen – startup (Image: BIUK)

After a minute or two, however, you will likely become aware of a rising background noise as your graphics card starts to ‘take off’. You may also find your PC’s response becomes a bit ‘sluggish’. Here mine has started – the card temperature has increased from 68C to 88C, and the fan speed from 46% to 67%:

CC Miner Screen - startup 2 (Image: BIUK)
CC Miner Screen – startup 2 (Image: BIUK)

The key thing is the “yes!” message which tells us it has started to mine successfully (failure is indicated by “boo!”). Success seems to improve over time, so initially I only get occasional successes:

CC Miner Screen - early on (Image: BIUK)
CC Miner Screen – early on (Image: BIUK)

But half an hour or so after starting up each time I see screens like this – we’re up and running (the card settles at a temperature of about 95C and a fan speed of about 85%):

CC Miner Screen - up and running (Image: BIUK)
CC Miner Screen – up and running (Image: BIUK)

In parallel we can monitor the status on the Suprnova website – this shows us in approximate real-time how much solving power (‘hashrate’) we are contributing to the pool, for example:

Suprnova Status screen (Image: BIUK)
Suprnova Status screen (Image: BIUK)

To monitor the graphics card itself, which of course is now running hot, you can use various utilities. Probably the best known is MSI Afterburner – here it is (with its UI skin set to ‘Default MSI Afterburner v3 – big edition’) showing a real-time display of card temperature and Graphics Processing Unit (GPU) usage:

Afterburner Status screen (Image: BIUK)
Afterburner Status screen (Image: BIUK)

The GPU usage varies over time, but if I stop using the PC for other things it starts to settle near 100% as you would expect.

Mining Results

So is Bitcore mining profitable with my setup? I decided to work it out over the course of an evening, specifically a 5 hour period.

First I used a watt meter to work out how much energy the PC consumed. This turned out to be about 240W when mining and about 180W when not mining, so about 25% of the electricity used in that period was used for mining.

The watt meter told me I had used 1.25kWh over the period so about 0.3kWh was used for mining. My evening electricity rate is about 14p/kWh so the mining cost me about 4p.

So how much did I earn? Suprnova tells me I mined about 0.0006 BTX, which is worth somewhere around 2p. So no, my setup isn’t profitable as I ran it.

Can Bitcore Mining Be Profitable?

The result is interesting to me because, actually, it’s not as bad as I feared. After all, I am running an old PC with a graphics card that is old enough it can’t run the latest – and presumably most efficient – mining software.

(Tip: you can look up the power, ‘Compute Capability’, of your Nvidia card here. A good value is 6+, mine – a 1Gb NVIDIA GeForce GTX 560 Ti – is 2.1).

With the current setup I could:

  1. Run only at night, leaving the PC mining on Economy 7 electricity and unattended (which should get the efficiency up by 10%-15%). My overnight rate is about half the daytime rate so immediately I would be close to breaking even, and maybe even making a profit.
  2. Run only during the middle part of the day, with the PC mining just on electricity from my solar panels. It would immediately become profitable, even if only at the rate of a few pence per day. And that’s without even trying overclocking on the card.

Of course, if I really want to mine seriously I would be looking at buying new hardware – specifically a powerful graphics card, as it’s not necessarily an issue if the PC isn’t particularly fast.

Initial research implies that a current top-end graphics card may have enough power (hashrate) to mine at perhaps 30 times the rate of my current card. Suddenly Bitcore mining starts to become a realistic proposition – a profit of £1-2 per day seems achievable – so I’m going to investigate further.

Experiments in Crypto Mining 2: Cryptocurrency Mining with a Home PC

How £100 Became £1000 in a Month

November has been a lively month in cryptocurrency, but particularly for the Bitcore coin (symbol BTX). I’ve written a number of blog posts about it, but I think a summary would be worthwhile:

1. One month ago, on 22 October, I had just 2.8 Bitcore, courtesy of a free airdrop from last April. Each Bitcore was worth about $6 so the total value was about £13.

2. To get the next big Airdrop I needed to own at least 10 Bitcore, so I decided to simply buy £100 worth on 25 October. That got me 19.77 BTX, for a total of 22.6 BTX. With Bitcore at about $7 that was worth about £120.

3. Having met the threshold I received a one-off airdrop of 25% on 30 October bringing the total to 28.2 BTX, at about $8 each, so a total of £170.

4. While the one-off airdrop was nice I was actually after the weekly 3% airdrops and the first one came in on 8 November. At this point I reached 29 BTX at about $10 each so worth £227.

5. The next weekly airdrop on 13 November took me to 30 BTX at $13, so £290. This was starting to look serious!

6. On 18 November I received my Bitcoin Gold airdrop. Since Bitcore was doing so well I used the money to buy some more. Bitcore had another airdrop of their own so my end result was 51 BTX, now at an impressive $30, so worth £1100!

7. The next day I sold a small Ethereum Dark airdrop for 1.25 more BTX.

8. This Monday the next weekly airdrop came in giving me another 0.9 BT

The end result for the month – not counting at least another weekly airdrop to come in before the end of this month – is that I now have 53.3 BTX. Today their value has dropped back a little to $27 each, so their total value still hovers around £1100.

Bitcore November transactions (Image: BIUK)
Bitcore November transactions (Image: BIUK)

So, through a whole series of free airdrops, plus a big rise in the market, my outlay of £100 is now worth £1100. Just one reason why I love cryptocurrency!

To an extent it feels like I’ve earned the money, by ‘jumping through hoops’ to claim the free airdrops. Therefore the outcome is the most satisfying, despite the fact that over the same month, by doing nothing, each of my Bitcoins (BTC) has gone up in value from £4100 to £6200, so my 12.5 BTC have gone up by an astonishing £26,000 in a month. Somehow that seems less real than the BTX gains.

How to Claim the Bitcore / Bitcoin ‘2nd Snapshot’ Airdrop

I’m a bit of a fan of Bitcore (BTX) as is clear from my BTX blogging history – largely, I confess, because it has so many airdrops! Who doesn’t like free coins?!

Airdrop (Image: NMUSAF/Wikimedia)
Airdrop (Image: NMUSAF/Wikimedia)

Less than a week after the last 25% airdrop on 30 October (based on how many BTX you own), there was another airdrop on 2 November (based on how many Bitcoin/BTC you own) – both taking place in parallel with the weekly 3% airdrops. It’s raining free Bitcore coins!

Naturally I claimed it. The process is covered fairly well in the official 2nd Snapshot description on Steemit. It is effectively a second version of the airdrop back in April that gave me my first BTX.

However, getting the private key to your BTC account as required by that description can be tricky, so here I’ll explain how to do it if you’re holding your Bitcoin in Electrum as per my previous posts.

To be eligible you need to have held Bitcoin on 2nd November in a wallet you control, i.e. one to which you have the private keys, and you will get 1 BTX for each 2 BTC. Log into your Electrum Wallet go to Wallet -> Private Keys -> Export, then enter your password and wait a few moments. Look for the address containing your Bitcoin in the left column and copy the private key from that right column:

Electrum Export Private Keys screen (Image: BIUK)
Electrum Export Private Keys screen (Image: BIUK)

It’s this key that you paste into the Bitcore Wallet console as described in the Steemit description linked above. Note, as ever, as soon as you have exposed a private key you may have compromised your wallet security (you can see in the screenshot to be safe I had already moved out my Bitcoin from the wallet before making the claim). At this point, if you want to be completely safe, you should wipe the wallet before using it again.

Anyway, that’s it done – the new BTX should appear in your Bitcore Wallet straight away if it works, otherwise check that you used the correct location address for your BTC on 2nd November.

It worked for me – my 5.8 BTC gave me 2.7 more BTX, so in total currently worth about $50/£40 – not a bad freebie!

Bitcore 2nd Snapshot (Image: BIUK)
Bitcore 2nd Snapshot (Image: BIUK)