HowTo: Profitable GPU Mining on the Conflux Blockchain / Tweaking your settings

‼ Update 2020–12–11: A community voting resulted in block reward reduction from 7 to 2 CFX per mined block. This means that as of current CFX mining is not as profitable as before. You can still read on to see if it’s beneficial for you! Only time can tell how that will play out.

‼ Update 2020–12–28: As I observed the profitability over the days I can say that Conflux is not less profitable than before! This is attributed to the total network hashrate that became much lower. Less participants mean more profit for you! Now compared to Ethereum, it is nearly equal right now which is not bad at all given that Ethereum lost a lot of miners due to it’s DAG growing above 4 GB in size that shuck off a lot of GPU miners with 4GB VRAM GPUs.

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Here I’m going to explain a little bit about Conflux and how you can probably mine more profitable than on any other serious blockchain right now at home or anywhere else. This is a step by step guide to help you getting started with CFX GPU Mining and maxing out your stats. There is already a lot of content on this for other cryptocurrencies, but my goal is to provide an easy quick step by step guide for Conflux. Be sure to read anything, there is no TL;DR.

⚙ What is Conflux and what is CFX

Conflux is a still young blockchain platform originating from China. Some even call it the Ethereum of China. Their Mainnet launched in the end of October 2020.
Their project has been endorsed by the Chinese government. Conflux is a highly scalable blockchain ecosystem with all features you would want in 2020. DeFi, NFT, Wrapped Tokens, cross-chain protocols and blockchain bridges, you name it!

Learn more about Conflux and join their social channels:

Website: https://confluxnetwork.org/
Twitter: https://twitter.com/@Conflux_Network
Telegram: https://t.me/Conflux_English
Discord: https://discord.com/invite/aCZkf2C
Medium: https://medium.com/@ConfluxNetwork
Github: https://github.com/conflux-chain

Conflux is secured with Proof of Work and CFX is the minable native token of Conflux. You can mine it via CPU and GPU, which means mining via CPU is rendered useless and GPU mining is thriving.
The algorithm for CFX is octopus. To quote F2Pool on Octopus:

The mining algorithm Conflux uses is called Octopus. Octopus is an ASIC-resistant memory-hard algorithm, which means you can use GPUs to participate in Conflux mining. Current Conflux mining software mainly supports NVIDIA GPUs. Please note that GPU with memory more than 4GB will be required one week after mainnet Phase III launches. This requirement will grow linearly at a rate of 1 to 1.5GB every year.

Same as ETH, CFX does not have a max supply, which means that scarcity will not be a factor for a rise in price.

At launch, there were 5 billion locked genesis token that will gradually be released in monthly intervals. Find more information about that in the whitepaper.

Check out more information about CFX:

CoinMarketCap: https://coinmarketcap.com/currencies/conflux-network/ (currently the max supply is wrong, there should be no limit)
Coingecko: https://www.coingecko.com/en/coins/conflux-token

💸 GPU Mining profitability on Conflux

Conflux as of 2020–11–23 is most profitable anywhere in the world with the following NVidia GPUs: GTX 1660 models, RTX 20xx models, RTX 30xx models. You can start mining right now at home and everywhere else. To give you a quick indication, the current achievable hashrate is nearing the numbers of ethash, but Conflux Mining as of now is more profitable.

If you have low electricity costs any Nvidia or AMD card with 6GB or more is able to mine nonetheless, AMD cards are not very efficient though.

Right now you will not find many coins that have the same profitability with the same hardware requirements and an active community, so if you have one of the aforementioned cards lying around you may give it a shot!

The current daily reward for 100MH/s is about 53.00 CFX with a difficulty of 2.42 TH/ s. That is a rough income of 6.72 USD per day excluding electricity costs. Of course those numbers are changing any other hour in the beginning of this project.

7 CFX are defined as block reward and the block time is 0.5s. To put this in daily numbers, every day there are 172,800 blocks to be mined with a total reward of 1,209,600 CFX. As bigger measurement, there should be 441,504,000 CFX distributed through mining activities per annum.

7 CFX are defined as block reward and the block time is 0.5s. To put this in daily numbers, every day there are 172,800 blocks to be mined with a total reward of 1,209,600 CFX. As bigger measurement, there should be 441,504,000 CFX distributed through mining activities per annum.

💻 Requirements for GPU Mining on Conflux

You need the following things to start GPU mining on Conflux:

  1. Windows or Linux
  2. 1 or more GPUs with at least 6 GB VRAM (make sure you have the latest official drivers installed)
  3. A Conflux Wallet
  4. Mining Software
  5. A pool or a node to mine on

👛 Obtaining your Wallet

You should create your own wallet to have a safe place where you will be able to access and manage your token. For that, Conflux Portal is currently the best choice. It’s the equivalent of MetaMask for Conflux.

Watch this video tutorial if you need assistance in setting up your wallet: https://www.youtube.com/watch?v=X_ciG3Hh37Y

💻 Choosing the right Mining Software

Currently there are 5known miners available:

  1. T-Rex, commercial
  2. NBMiner, commercial
  3. nanominer, commercial
  4. bminer, commercial
  5. cfxmine (Conflux own miner), Open Source

Currently T-Rex with version 19.5 is most effective, but that could change with a new release of any miner. You want to avoid cfxmine as it is not very efficient compared to the commercial miners. It will offer people interested in mining software a look under the hood though.

Commercial in this case means that you mine to developer accounts for a few minutes in specified intervals within the mining software. This so called dev fee ranges from 2% to 3% and you should deduct that from your profit calculation.

It’s recommended to watch all those miners for new releases to know when there is an update that will help you achieve a higher hashrate. In general you need to upgrade the mining software, otherwise you will earn less than before as others will switch.

⛏ Choosing the best mining method to mine CFX

To start mining CFX, the mining software has to connect to a Conflux node.

Either do that by connecting to a mining pool or by setting up your own full node. Most people will face too many downsides with a node so let’s focus on mining pools.

Mining pools from a user perspective differ in connectivity, stability, payout types, fees, usability of the web interface, overall pool hashrate and some other advanced features. Some require to set up an account which may not be what you want. It’s easiest to mine anonymously with just your wallet address and most pools support that out of the box.

It’s crucial to choose a stable pool that is nearest to your location to achieve the lowest possible network latency/ping. Pools usually offer more than 1 location to choose from to allow for better latency. You should at least get under 100ms or even better under 50ms. Lower is always better.

You have to decide which payout type you want to use on mining pools. Every pool offers at least one method. To know what’s best for you, there is plenty information on the internet already.

Check out this list, to see currently available pools: https://miningpoolstats.stream/conflux

There are a few tutorials set up from a few mining pools directly you can follow as well:
WoolyPooly
F2Pool
Herominers (Video)

Try the pool of your liking and if you want mine for at least 24h to see if you are really satisfied with the result. Make sure to get familiar with the webinterface of the pool as well. It should feature anything you want to know like current hashrates, earned rewards, a hashrate graph and a payout history.

It’s hard to compare values from previous days due to changing difficulty though, keep that in mind. In any case, you should get 0 or close to 0 rejected shares. If you repeatedly spot more than very few rejected shares, you should switch over to another pool location or pool at all. Sometimes it’s also helpful to ask in the mining pool community if there is a technical problem going on. There is also the ⛏ mining channel on the Conflux Discord that will help out.

Most pools will give you instructions for the miner of your choice. If that’s not the case, search the unzipped miner directory for a .bat file with a name like cfx or conflux and adjust accordingly with your wallet and mining pool replacing the default values, then start the batch file.

💲 Calculating profits

You can calculate your profit once you know the hashrate of your GPUs here: https://minerstat.com/coin/CFX

You should add up the dev fee for the mining software to the pool fee to get an accurate result.

Pay notice to the “current daily” which will indicate the 24h income and profit with the difficulty at the current time. While tweaking our GPU, we will compare those values.

💰 Tweaking your GPU for maxed out hashrates

By default your GPU may be efficient but we all want to get the most for the least effort. Now that you are mining, we also want to go the extra mile and overclock our GPU. The best way is to tweak your settings while checking the profit calculator mention above.

Overclocking for GPU computing/mining is a different story than overclocking for graphical performance and FPS. If you go down the road to maximizing your settings, you should avoid GPU intensive operations like attaching another monitor or visiting graphics intensive websites and programs. Just downclock before doing such things or create some profiles in your tweak utility to easily switch settings.

Also if your GPU has high temperature by default, you should be careful. I would recommend to not use values that will result in higher temperature than maybe 75°C. If that’s the case you should probably lower your power limit. I am absolutely no expert so I can only recommend this for a better feeling and probably longer component lifespan!

Remember that every GPU is a little different in build quality, some perform better or worse. So you should not rely on other people for their values as it simply might be too high or low for you. An opinion or comparison is totally worth it though and you can try some values. To approach the best settings for you, I recommend to follow the following procedure about overclocking and setting the power limit. It’s based on trial and error to find the best stable settings and you will run into errors like reject shares or miner shutdown. Don’t panic, that’s part of the plan!

For that, you will need to know how to tune the core clock, memory clock and power level of your GPU. For windows you can install the fitting GPU tweak tool. MSI afterburner will work for most cards regardless of the manufacturer and chipset and offers many features. You may want to extend the official overclock range for your card, but you have to keep in mind that this could void your warranty! If you want to be on the safe side you need to use an overclocking tool from your GPU manufacturer that allows overclocking within warranty limits for your specific card.

Needless to say, you are responsible if anything happens to your hardware. Chances are very slim though due to built- in protection of the GPU. It is generally encouraged to overlcock your GPU for better mining profit. Still, make sure your cat is not jumping on your keyboard before you apply settings. In worst case, the miner will stop and try to restart, but can’t or your operating system might crash in some way. In that case you should make sure to decrease your settings. If needed, restart your computer and it should be fine again.

Let’s get started once you’re ready to change the values!

Make sure to repeat this process for each GPU one by one to get a good result.

  1. Make sure anything is set to default values (+0) using the tweak tool of your choice
  2. Note your hashrate as comparison value
  3. For RTX cards, it’s probably safe to set core clock speed to +100mhz as a base for the next steps, you need to find out for yourself
  4. Raise your core clock speed in 10mhz steps until you see the miner either getting reject shares or restarting due to failure, then go below that by 20mhz and confirm it’s mining stable for a few minutes, restart the miner as well, decrease again if needed
  5. Raise your memory clock speed in 50mhz steps until you see the miner either getting reject shares or restarting due to failure, then go below that by 100mhz and confirm it’s mining stable for a few minutes, restart the miner as well, decrease again if needed. If you reach the maximum setting without any problems, that’s fine too.
  6. Reduce the memory clock by 100mhz to compare if the hashrate goes up by that, if so do that until you get the most out of it, if not just leave it as it was

You may want to keep an eye on reject shares. If you see some after hours of mining you may want to consider going down a little further.

There are reports that a few cards will perform worse with raised memory clock. If that’s the case, there is nothing you can do about it. Maybe a new mining software release will fix this in the future.

Make sure your GPU is not getting too hot. If that’s not the case, you may get there with the next step further below by reducing the power limit.

Also, if you operate a rig or several GPUs make sure all GPUs are working together stable with those settings all at once.

Now you achieved stable overclocking, that can boost your hashrate.

As comparison, my ASUS TUF Gaming RTX 3070 OC can handle the following values for best improvements: +210mhz core/+2500mhz memory

This results in roughly an increase of 17,5% hashrate at full power.

The next step is to find the right power limit for best efficiency. This will automatically also decrease the temepature of the GPU and unburden the fans to some degree so it’s highly recommended.

Again, do it one by one and make sure anything is working fine together at the end.

To do that:

  1. Note your hashrate for 100% power limit with the previously overclocked settings
  2. Check the mining calculator on minerstat and write down the profit for comparison
  3. Go down 10% in power, observe the hashrate and repeat step 2
  4. Find the most profitable power level and keep it

Voilá, you maxed out your hashrate and efficiency!

You will most likely target somewhere between 60% and 80% of your default wattage. Mind my warning about the temperature, it may be a good idea to stay under 75°C or lower your power limit further. You have to find a well balanced setting yourself in this case.

nbminer’s “efficiency per watt” display (last column)is also helpful in pursuit of a great setting.

Example of an overclocked NVidia RTX 3070 (via eGPU and Thunderbolt 2 connection) on nbminer 33.7

As new miner releases still improve the performance of cards, it can be helpful to repeat the steps when you try out a new version. Some settings just may be more efficient than others by then. Especially if raising the memory clock did not have a positive effect before.

Also there are lots of improvements, for example nbminer or T-Rex can show the efficiency per watt.

🔮 Looking into the future of Conflux Mining and CFX prices

As Conflux is not well known in the western markets yet while it’s still getting more popular of course, the possibility is still high to mine many coins before it will climb higher in the market cap rankings. The difficulty could only allow to mine a few coins per day by then. As per whitepaper the speculation is for the market to decide the price while keeping the development of the ETH price in mind. Only a fortune teller could tell you if it it will play out well. But the good thing is, you can do your part and secure the network, making Conflux more popular by getting increased attention while making some profit or holding your CFX token!

💬 Some questions and answers

While there is no perfect ASIC protection on a mining network, Conflux states that the mining algorithm Octopus is ASIC-resistant.

Not in the first 4 years. As per whitepaper:

The initial base block reward per block is 7 CFX, corresponding to rb = 8.83%.
The base block reward remains constant for the first four years. It then decreases at a
quarterly rate of 0.958, effectively halving every four years, until the base reward reaches
1.75 CFX per block.

Update: As the lowered block reward from 7 CFX to 2 CFX was enabled, those numbers will of course be changed or the decrease could even be omitted.

To tackle this, smaller mining pools should be supported or alternatively you can mine on your own network. It’s unlikely the biggest pool will take action in malicious activities but it could still get hacked by others that have bad intent. For the safety of your own and everyone else’s coins, you are encouraged to help decentralize mining activities.

Try the decentralized exchange MoonDEX that will connect to your ConfluxPortal wallet or go to a centralized exchange of your choice: https://coinmarketcap.com/currencies/conflux-network/markets/

Currently MXC has the most trading volume. I would love if you would support me with a signup through my reflink on MXC: https://www.mxc.ai/auth/signup?inviteCode=151cg

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