Greetings Adventurer. I see you eyeing my pickaxe. Yes I've just come from the Bitcoin mines. But let's keep that between ourselves shall we? Never know who's listening in. What's in it for you?? Well, how about I teach you how I've done it? Very well!
To be clear, there are many reasons for mining and many aspects to mining that I do not claim to be an expert on. You should decide for yourself why you are mining, what equipment you are mining with and so on. To learn about all of these things, I suggest the Home Mining Wizards telegram channel and the Ungovernable Misfits PlebMiner Month website. What I will teach you friend is how to set up your miners with Lincoin Pool using a Paynym to receive those precious, sovereign satoshis. We will use Lincoin Pool because they are the only mining guild as of yet that will allow you to be paid to your Paynym. What's a Paynym?? Oh adventurer, have you not read my other articles? (I sometimes wonder why I even bother with young adventurers.) You will find links to those writings below but the important point is:
[Bip47/Paynyms]allows the generation of a new address for your customer to pay to you each time, but they don't have to wait for you to send it to them. The experience is akin to the arcane concept of "contacts" that you can pay to. As of right now it does require an initial notification transaction prior to payments which is why it is more prudent for recurrent customers than one time acquaintances. This is available from Samourai and Sparrow Wallets for now, with the hope that more will adopt this in the future.
The process is not hard, per se, but there are a number of steps and it can seem a bit tedious at times. Here is the overview.
- Create an account with Lincoin Pool and point your miners to Lincoin
- Set up 2-Factor Authentication on Lincoin
- Set up a Samourai Wallet Dojo, RoninDojo, etc., if you do not already have one
- Add Paynym to Lincoin and initiate notification transaction
- Set up automated withdrawal
- Enjoy your bitcoin
Now that you know the basic plan, let us commence. I highly suggest creating an entirely separate identity for mining purposes. Create a new email, either something private like ProtonMail or a throwaway address like GuerillaMail. Use this email to create a new account on Lincoin.
From the main Dashboard page, you should see the first area called Worker Status. At the bottom of this block should be a button that says Connection Guide. Click this and you will see Lincoin's three recommended pool addresses that you can point your miner's to depending on your geographic area. If you wish to change your region, that option is in the upper right-hand corner. I assume you know how to access your miners on your network. Copy these Lincoin addresses into your miners, and depending on your firmware, reboot your miners. Now they will begin mining for Lincoin pool and you will begin accruing sats.
You will now be anxious to attach your Paynym to this account, but wait! You will need 20,000 sats in order to initiate the notification transaction from Lincoin to you. So while we wait to build up 20,000 sats, let us get some other things in motion.
Lincoin requires 2 Factor Authentication for withdrawals, so let us set that up now. From the three-line menu on the left side of the page, click Settings > Profile > 2 Factor Authentication. This will bring you to the page for setting up 2FA.
Active and you will be presented with a QR code for pairing with your 2FA app. This page will have links for official apps from Google Play and iOS, but I recommend FreeOTP or one of the other the FOSS apps found at https://sovrnbitcoiner.com/foss-android-apps. Pair your app to the Lincoin 2FA by scanning the QR and then entering the temporary code that appears on your device. Good now that's out of the way.
Dojo and Paynym
If you don't already have a dojo set up you can follow John Galt's guide or you can also use a standalone RoninDojo. Either will do the job.
Once you have your Dojo running and have been presented with the .onion address for pairing a wallet you are ready to set up a new Samourai Wallet and a fresh Paynym.
You can use a new device or use an app like Insular which allows you to have multiple, separate instances of an app on your device. Create a new Samourai Wallet in one of these ways and during setup, pair it to the dojo you created.
Add Paynym to Lincoin
After you have finished setting up your wallet, you will be prompted to create a Paynym. Follow the prompts; Samourai has made this part simple. Now go back and check your Lincoin account. Do you have 20k sats yet? If not skip to the bottom of this article for some more things you can do whilst you wait. If you have mined 20k sats, go to Finance > Paynym. Click
New Paynym +.
If you are accessing Lincoin from the same mobile device as your Samourai Wallet, click the
+ in the bottom right corner and then
PayNyms or your Paynym bot avatar in the top left of the main screen and your Paynym name.
Then click the share icon in the upper middle, between the scan and menu icons.
This will display your payment code and the corresponding QR. Tap the payment code to copy it to your clipboard. Then return to Lincoin and paste it into the
Paynym Code section. If you like you can write a description and choose a subaccount to associate it with. Now click
If you're accessing Lincoin from a desktop, navigate to your bot's Paynym.is page by adding
+yourbotname to the url
https://paynym.is/. This will show your payment code and corresponding QR, like what you saw in Samourai Wallet. Copy the payment code over into Lincoin and create the association.
The bip47 notification transaction will now be initiated. You will see
Pending on the Paynym page while Lincoin waits for the payment channel to be established. This shouldn't take much more than half an hour.
Once it is confirmed, this will change to
You're doing well Adventurer, we're almost there! Now on the left-hand menu select Finance > Auto-Withdraw. You will be presented with a number of labeled entry fields. You are clever enough to figure these out but you will choose a withdraw threshold (minimum 0.001BTC), a wallet or Paynym, and a withdrawal frequency (daily, weekly, monthly). You should be able to select the Paynym you added from the dropdown menu and then fill in the other fields.
Now here's a clever bit that you might not have considered. If you add more Paynyms, you can also automate percentage-based payments to each Paynym from this screen, meaning if your favorite organization, service or employee expects recurring payments and has their own Paynym, you could set those up from Lincoin, assuming you have sufficient hashpower to do so. Remember that you'll need at least 0.001 BTC per address and the minimum time frame before the withdraw will be triggered.
Well Adventurer, there you have it. Mining to your Paynym from Lincoin isn't as hard as you thought is it? As I said, there's much more to mining and I cannot recommend the resources below enough, but hopefully this will help you along your journey. Until we meet again!
If you're still waiting for those initial 20k sats, I suggest you take a look at Lincoin's automated Telegram bot, Boty McBotface. You'll find it under Settings > Alerts > Telegram bot guide.
Another thing you could do while you wait is listen to the Pleb Miner Month interview with Lincoin co-founder Medi Naseri.