How to mine IOTA

[johnnycash70]

Hi

i am just wondering if its possible to mine IOTA coins.

And if it is profitable regarding the missing fees.
thanks

[bathrobehero]

It's not mineable, all the IOTA is in existence now.

[johnnycash70]

ok,
i just read something at reddit regrding IOTA:
If you want to do a transaction you have to process two other transaction. That means every sender will be a little miner.

Please correct me if i am wrong.

[fapar]

ok,
i just read something at reddit regrding IOTA:
If you want to do a transaction you have to process two other transaction. That means every sender will be a little miner.

Please correct me if i am wrong.

You can buy IOTA on the exchange - so they will appear in your wallet. But to transfer them to another purse, you will need to do the work - serve the other two transactions.
In principle, then you can call yourself a miner/masternode/server.

[johnnycash70]

that sounds pretty cool.

We never know what will happen with the massive electricity which bitcoin miners consume. Maybe some goverments will put a law, sanction what ever on the mining process to cut the electricity waste.

Than IOTA would be the green coin.

[fapar]

that sounds pretty cool.

We never know what will happen with the massive electricity which bitcoin miners consume. Maybe some goverments will put a law, sanction what ever on the mining process to cut the electricity waste.

Than IOTA would be the green coin.

Then the PoS algorithm (proof-of-stake) can be called such a "green" nonvolatile one. We need only any computer with Internet access, on which a synchronized wallet will be launched - this is called the masternode. You earn new coins by confirming transactions on the network.
There can be of course both PoW/PoS or as IOTA own unique PoW.

[johnnycash70]

Is there any incentive to offer capacity?

[fapar]

Is there any incentive to offer capacity?

I didn't understand the question. So can't recommend. If there is a desire and a certain amount of free money you can try. But first read the main thread about IOTA https://bitcointalk.org/index.php?topic=1216479.0 There are have problems not solved in 2015.

[IGCGamers]

So if we transfer iota to another wallet, we will act as the miners. Is my understanding correct? If yes, do we get rewarded for each transaction?

[pbuva]

that sounds pretty cool.

We never know what will happen with the massive electricity which bitcoin miners consume. Maybe some goverments will put a law, sanction what ever on the mining process to cut the electricity waste.

Than IOTA would be the green coin.

Then the PoS algorithm (proof-of-stake) can be called such a "green" nonvolatile one. We need only any computer with Internet access, on which a synchronized wallet will be launched - this is called the masternode. You earn new coins by confirming transactions on the network.
There can be of course both PoW/PoS or as IOTA own unique PoW.

So, i can just install wallet on all my Windows based rigs and i can get some coins from network this way?

[Mutant_Event]

Sorry, but I am still not quite getting this. So all coins are in existance. Sop we still have POS. So we can set up an online active wallet on our PC, which is a master node and we get coins for this. So what are we actually doing here?