An average computer user may find it complicated to start mining. However, the situation is different with Cardano ADA. Whether technically skilled or not, you can start mining this 2017 cryptocurrency on your PC in under 5 minutes. This article explains "What does ADA mean in crypto?" and how to increase your crypto knowledge and mine the ADA coin to earn passive income with your PC.
What is Cardano?
First of all, let's find out "What does ADA mean in crypto?". Charles Hoskinson (Ethereum co-founder) and Jeremy Wood created a new blockchain network, Cardano, in 2017. ADA is the network's native token to facilitate transactions and deliver a better overall experience than Ethereum and Bitcoin.
According to CoinMarketCap, ADA has a circulating supply of 35,274,117,686 ADA coins and a maximum supply of 45,000,000,000 ADA coins. At the moment of writing (15 November 2023), the live Cardano ADA cost is $0.3634. The 24-hour trading volume makes up $418,302,2507. The currency ranks 8th on CoinMarketCap, with a live market cap of $418,302,250.
The structure of the ADA coin is similar to Ethereum's. The currency's network uses the Proof-of-Stake consensus mechanism. The project emphasises its plans to bring revolution to the financial and cryptocurrency worlds.
Register Now
How does Cardano work?
When it comes to ADA mining, it's important to note that Cardano utilises a Proof-of-Stake (PoS) consensus mechanism, unlike Bitcoin and Ethereum, which use the Proof-of-Work (PoW) system. In the PoW system, miners get rewards for solving difficult mathematical problems to mine a new blockchain block. On the contrary, in the PoS system, coin holders are responsible for verifying and generating new blocks on the blockchain network.
Proof-of-Stake
PoS is generally considered to be an eco-friendlier alternative for blockchain networks. The ADA mining process doesn't require brute coin hashing, and blockchain development is independent of the hardware used for mining.
The essence of the PoS blockchain is staking pools consisting of users who come together and use their coins to validate blocks on the blockchain network. The process of staking cryptocurrency is considered a safer alternative to mining since it doesn't expose users to any risks. In the PoS system, users are rewarded with the native blockchain asset.
The Cardano ADA blockchain network is easily scalable due to the two-layer design.
- CSL, or Cardano Settlement Layer, performs and records transactions on the blockchain
- CCL, or Cardano Computational Layer, proceeds automatic transactions
Besides its general ease of use, the Cardano blockchain performs faster transactions at lower rates. It also represents a major balance between speed, security, and decentralisation, which many other networks aim for.
ICO
The Cardano Initial Coin Offering (ICO) happened a few years ago. The price per token was set at $0.02. Since then, the ADA token has raised around $60 million.
The Cardano ICO generated hype around it for the following reasons:
- The big name of the token's co-founder, C. Hoskinson, in the cryptocurrency world. It was assumed to have a significant impact on its potential customers due to the impressive success of Ethereum and its other projects.
- Hoskinson is also well-known as a goal-oriented mathematician who aims to revolutionise how blockchain technology works. As part of the whole development and advertising process of Cardano, Hoskinson brought special emphasis to research and innovation, making the token the first of its kind in the market.
- Cardano was advertised to be a revolutionary cryptocurrency that would change the way transactions are handled. The main point of discussions around Cardano ADA was the possibility of maintaining the balance between security and transaction speed, which would still be part of the fully decentralised network.
In most cases, people feel sceptical about developers promising ground-breaking technologies before and during the ICO. However, the situation is different with Cardano due to the reputation of the currency's co-founder.
Trade Cardano
Cardano price
The public sale of 25.9 billion Cardano AD tokens started in September 2015. A further 5.2 billion ADA tokens were issued and shared between the three entities that marketed and developed the Cardano protocol, namely:
- Input Output Global (IOG) was issued 2.46 billion tokens
- Emurgo was issued 2.06 billion tokens
- The Cardano Foundation got 648 million tokens.
When the token became publicly tradable, the ADA cost was $0.02. During the 96 days after the first public trades, the token's price skyrocketed to $1.31 in 2017. Like the prices of other assets, the ADA price fell to $0.02 in November 2018.
Two years later, the ADA price returned to $1.31. It continued to climb, and in May 2021, the token's price hit $2.46. As of September 2021, ADA reached a new all-time high of $3.10. The current Cardano ADA price is $1.49.
Cardano ADA's 2022 journey started at $1.36 in January, peaked at $1.63 on 18 January 2022, and hit a low of $0.2973 on 21 November due to market uncertainties, including the FTX exchange collapse and global events. Despite fluctuations, including a recovery to $0.4362 on 5 November, the ADA cost faced challenges throughout the year.
Closing 2022 at $0.2465 with an 80% annual loss, ADA experienced a subsequent market recovery, reaching $0.4192 on 16 February 2023. However, challenges persisted, leading to a dip to $0.2985 on 10 March, followed by a fluctuation between a high of $0.4606 on 15 April and a decrease to around $0.4435 on 17 April 2023.
Cardano Price Prediction
Cardano ADA's price started at $0.18 at the beginning of 2021. Today (on 15 November 2023), it trades at $0.3634. It's forecasted that the ADA price will be set at $2.07 by the end of 2021, which is a 1,046% rise from the beginning of the year.
In the first half of 2022, Cardano's price is predicted to climb to $3.00. In the second half of next year, the token's price would increase by $0.18. The token is expected to close the year at $3.18.
Cardano Prediction 2023-2027
Cardano's price is expected to increase significantly during these five years. More specifically, Cardano will start 2023 at $3.18, then climb to $3.90 within the first half of the year, and finish 2023 at $4.60.
Cardano Prediction 2028-2032
It's expected that Cardano will start 2028 at $9.47, then climb to $10.08 within the first half of the year, and finish 2028 at $8.71.
Trade Cardano
How to mine ADA coin
Now that we have discussed what Cardano is, let's look at how to mine Cardano's ADA coin.
Can ADA be mined? Cardano cannot be mined since it's not part of the PoW consensus. You can only stake it by simply keeping your Cardano wallet (like Daedalus) online. You'll get a certain percentage of the ADA coins you already own as payment. It's a common method used by PoS systems, where transactions are confirmed via the already existing coins rather than by using hardware.
What do you need to start mining ADA coins?
It's super easy to mine Cardano's ADA coin for several reasons. Here's how to start ADA mining:
- You don't need to worry about mining methods because there's no cloud mining, CPU or GPU mining.
- The mining process is so easy that a beginner can easily handle it. You can get passive income while simply keeping your wallet online. The more Cardano coins you own, the more income you receive.
Cardano developers also promise to release constant updates and features regarding the token during the "Reward Era". Stake pools will emerge, and those who don't hold many ADA coins but participate in the transactions will receive greater rewards.
ADA mining software
Although you can mine the ADA coin on your PC, investing in the ASIC mining setup is also recommended.
The best way to mine ADA coins is the GPU. If you feel like mining ADA on your PC, the major advice is to join some miner pools.
How to mine ADA on PC
If you look forward to mining ADA on your PC, take the following steps:
Step 1. Get a Cardano wallet like Daedalus Wallet, Yoroi Light Wallet for Cardano, Exodus or Atomic wallet. After that, copy your public Cardano address.
Step 2. Download the XMRig MSVC version from XMrig.com or GitHub. After you download the .zip file, extract it to any folder on your PC.
Inside the XMRig folder, locate a file usually called "pool_mine_example.cmd" and edit its contents the following way:
cd %~dp0
xmrig.exe -o rx.unmineable.com:3333 -u
ADA:addr1qy42ygwlj6ucm4ytq797tj0wq58umquvgnkwga403wf5ufpskt9grwjm26j7ucsu8tldt8yk33yjvkhrth3e6mfxhu8qurassa.wkid01#e4xd-wmzl -p x
pause
The -o in the second line of code includes the Pool URL. All you have to do is use one of the following URLs, depending on your current location (select the one closest to your area):
- USA: rx-us.unmineable.com:3333
- Europe: rx-eu.unmineable.com:3333
- Asia: rx-asia.unmineable.com:3333
Enter the public address of your Cardano wallet in the third line, and place it after "ADA:" and before the first dot (.).
The general address structure should look like this:
[COIN]:[Wallet address].[workerID]#[Code to lower mining fee]
The workerID is any name you'd like to give to the PC you're mining with.
Start mining using the code e4xd-wmzl placed after the #. It lets you drop the Mining Fee from 1% to 0.75%.
Run the file as an administrator.
That's all. You're already mining ADA on your PC.
How to mine ADA on Android or iOS
To start mining the ADA coin on an Android smartphone or tablet, install the MinerGate app. Once installed, create an account, and you're ready to mine ADA on Android.
It's currently restricted to mine ADA on iOS because it causes damage to hardware.
ADA mining profitability
The profitability of mining the ADA coin varies from one person to another. It depends on taxes, the cost of a mining setup, electricity costs, etc. The best way to decide whether mining Cardano ADA coins is profitable for you is by checking out the Cardano profitability charts, price charts and predictions. Based on this knowledge, you can suggest how profitable it is to start mining Cardano in your location.
Register Now
