Gridcoin setup flowcharts
I created the following images to help explain the differences between solo and pool mining in Gridcoin. The charts provide a general overview of how your wallet and BOINC hosts fit into Gridcoin/BOINC ecosystem.
- Communication between programs/websites are in grey
- Transfers of GRC are colored green
- Beacons cost a small amount of GRC and register your CPID with the Gridcoin network
- Gridcoin wallets are in purple
First up we have the diagram for a pool miner:
Next the diagram for a solo miner:
Last we have the diagram for an investor (for completeness):
If there is anything that is incorrect or unclear and you want it changed, let me know.
Also, feel free to make a modified version.
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Hi @nexusprime can you have more than one wallet? I loaded the Gridcoin research wallet on two separate computers but the the grcpool is going to send it to only one wallet. I was going to use the other wallet as a secondary wallet to send GRC for long term storage. Will this be a problem? I just started yesterday so very new at this. Sorry for the naive questions. But I have been reading lots and Steemit has an incredible amount of information (btw I found out about Gridcoin on steemit).
Cheers!
Ian
Yes, you can absolutely do this. Keep in mind though, if you keep your coins online and staking you can receive 1.5% annually on your coins on top of your pool rewards.
Also do no run the same wallet files in 2 wallets at the same time, but it sounds like you're not doing this so you're just fine!
Thanks for your reply @noah-blaker. When you say keep coins online do you mean just keep them at the grcpool website and not have them transferred to your gridcoin wallet address? Is it simply just not supply a wallet address or changing when the deposit to your wallet is made? Sorry for these noob questions. I only found out about gridcoin and started yesterday.
cheers!
ian
By 'online' I mean in one of your open gridcoin wallets, connected to the internet, unlocked, and staking. Unlocked meaning if you encrypted your wallet (you really should if you haven't) there should be an unlock button in the bottom left, and Staking meaning that little up arrow on the side is green.
Feel free to ask any more questions if you have any!
Hey thanks for the reply. I have encrypted my walled and chose unlock from settings menu but not sure how to make the staking arrow turn green. Here is a screen shot, and should it say investor or "pool" for the project?:
Thanks for your help!
If you put your mouse over it, it will tell you why it isn't staking. I believe you need a minimum of 1 coin to stake, so that's probably why.
It is supposed to display as investor, because from the wallet's perspective you're just an investor and you receive coins sent from the pool.
Ok I will will wait until I see what happens when I get 1 GRC. When I mouse over the arrow it says "not staking". The lock icon is a bit confusing. right now it show shows a close lock and if i hover over it it says lock wallet so i assume it is unlocked. I needed to input my pass phrase to unlock it. Is this correct?
Yes, that is how you unlock your wallet.
You got stake weight of 15 (bottom line). That means you are staking. The staking icon lags up to 30 seconds. Minimum to stake is 0.08 GRC in any UTXO.
Ok thanks I just checked and it green now but it says estimated time to earn a reward is 1678 days! lol over 4.5 years ha ha. Not really sure what that means though.
Now that I have the staking icon green should I go back and lock and unlock the wallet again but have the box ticked "for staking only" or should I keep the wallet fully unlocked at all times?
Cheers!
Ian
it does not matter
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STOPClean and simple, I really like it! Thank you :)