themorningcrypto

    How to Mine Polygon (MATIC) On Your PC

    Simar Marwaha
    Simar Marwaha
    Published on January 20, 2023 12:19 PM
    Polygon (MATIC) Mining: This article will walk you through using your PC to mine Polygon MATIC. Know where and how can you mine Polygon (MATIC) in 2023?
    How to Mine Polygon (MATIC) On Your PC
    Source: Freepik

    Polygon (Matic) is a cryptocurrency based on Ethereum technology. The MATIC is the money or token of Polygon. They need to be "mined" in order to increase the supply of MATICs in use. The term "mine" refers to the prehistoric practice of people excavating gold to produce more money. While other cryptocurrencies, like bitcoin, utilize the so-called proof-of-work approach, polygon mining uses the so-called proof-of-stake method.

    Proof-of-stake Explained

    Validation using proof-of-stake operates differently. Every member of the network takes part in a lottery or drawing to choose who will be in charge of discovering the next code. That way, the same code won't be attempted to be cracked by thousands of different machines. Because there is just one user/computer per block, proof-of-stake consumes less energy than proof-of-work.

    A raffle or drawing ticket is referred to as a "stake." Your odds of winning the draw increase as you place more bets. The number of coins or tokens you have determines how many stakes you have in the draw; the more MATICs you have, the more stakes you have. A gas price will be charged when a person is chosen to validate a transaction in exchange for their services.

    You cannot mine MATIC since it is not a Proof-of-Work (PoW) token. Instead, you may sign up for the MATIC network and download a validator node to start earning rewards for transaction verification.

    Also read: Polygon Recap 2022: Best cryptocurrency of the year

    Steps to Mine Polygon (MATIC)

    Step 1: Get a Metamask wallet.

    1. Visit metamask.io to get the Metamask Chrome Extension.
    2. You will notice the icon in your extensions when it has been installed. When you click the icon, a new page will load.
    3. Click "Get Started" here, followed by "Create a Wallet."
    4. Create a password for your account immediately.
    5. Note the Secret Recovery Phrase down. Using these phrases will make it simple to back up and restore your account in the future.
    6. To validate your secret recovery phrase, type it exactly as it appears on the screen. You now have a wallet.

    Step 2: Connect the Polygon network with the MetaMask Wallet.

    1. Open your browser and go to MetaMask.
    2. Select "Ethereum Mainnet" as the active network.
    3. At the bottom of the list, select "Add Network."
    4. Enter the following parameters for the Polygon Mainnet: Name of the network: Polygon Mainnet fresh RPC URL: 137 ChainID: rpc-mainnet.maticvigil.com URL: https://explorer.matic.network Symbol: MATIC Block
    5. Click the "Save" button when you are finished.

    Step 3: Download the most recent XMRig MSVC version.

    1. The most recent version of XMRig MSVC may be downloaded from GitHub source or the company's official website.
    2. Once the.zip file has been extracted, go to the XMRig folder and edit the pool mine example.cmd file there.
    3. After the -o on the second line, you can find the Pool URL. Depending on where you are, use one of the URLs below. Pick the one that is most convenient for your present location.
    4. On the third line, place the public wallet address before the dot and after "MATIC." The following format should be used for the address: MATIC: [Wallet address]. [workerID]# [Code to lower mining fee]

    Step 4: Review your Unmineable mining statistics.

    You let Unmineable know that you want to get MATIC coins and the address where you want the mined MATIC coins to be transmitted when you enter the address in the pool mine example.cmd file.

    1. Select "MATIC" as the currency to mine when you log in to Unmineable.com.
    2. Enter your address in the "Enter your address to check your stats:" box on the "RandomX" tab.
    3. You ought to be able to access your account balance and, if necessary, ask for a paymen.

    Related: DeLabs secured a $3 million grant to relocate y00ts to Polygon

    Summary

    The cost of Polygon has dramatically increased since the start of the year. It looks like MATIC is drawing more and more investors. The number of users, applications, and activity on the network are all rapidly growing, and Polygon is becoming more and more relevant on social media.

    Polygon FAQs

    Is Polygon crypto good investment?

    Depending on your financial objectives, investing in Polygon in 2023 can be a solid choice for you. Short-term traders could be more at risk and have more chances to lose money. However, Polygon is a cryptocurrency asset that might offer the potential for long-term investors to generate large gains.

    Is Polygon better than Ethereum?

    In conclusion, Ethereum would be the most reliable platform in terms of security and functionalities. However, it would be preferable to use Solana or Polygon if you're searching for prices and higher speeds.

    Who owns Polygon crypto?

    Four software developers from Mumbai named Jaynti Kanani, Sandeep Nailwa, Anurag Arjun, and Mihailo Bjelic founded the MATIC Network in 2017. The project changed its name to Polygon Technology in February 2021 and started marketing itself as a Web 3.0 and metaverse business.