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Getting started with Minerd

As of 2014 CPU mining is not cost effective but you might find that for a beginner it is an easy way to get introduced to crypto coin mining without any expensive hardware investment. Please be advised that running your CPU at 100% can raise the power consumption by 100 watts or more and can be a great way to melt down a laptop. A quad core computer may get around 20 KH/sec and take a couple of days of time (varies depending on luck) to get a block of HoboNickels at the time of this writing.

The easiest way to get started is to setup an account with a mining pool such as The Blocks Factory and then get a copy of Minerd for your operating system from source forge at Source Forge or build the executable from the source code located on git at github. It is a bit confusing but cpuminer is the name of the program and Minerd is the file name for it. This single file can be installed basically anywhere on your system, just remember where you put it so you can run it from the command line.

Sample usage:

./minerd -o stratum+tcp://hbn.theblocksfactory.com:3336 -u yourUserName.1 -p yourPassword

Sample output:

[2014-01-03 21:53:16] Stratum detected new block

[2014-01-03 21:53:16] thread 3: 103536 hashes, 5.28 khash/s

[2014-01-03 21:53:16] thread 2: 91392 hashes, 4.66 khash/s

[2014-01-03 21:53:16] thread 1: 68748 hashes, 3.51 khash/s

[2014-01-03 21:53:16] thread 0: 89592 hashes, 4.57 khash/s

[2014-01-03 21:53:23] thread 2: 32532 hashes, 4.47 khash/s

[2014-01-03 21:53:23] accepted: 1/1 (100.00%), 17.83 khash/s (yay!!!)

Once you have some coins in the pool you will need to get a copy of the HoboNickels wallet application for your operating system and transfer your earned coins in larger blocks to it. Once you have earned some coins if you leave them in the wallet application for at least 10 days they will begin to earn coins through Proof of Stake (PoS). Through PoS mining you can earn additional coins and help safeguard the network without melting down your computer and wasting lots of power.