What is MinCoin?

MinCoin, or ‘Minimalist Coin,’ is a peer-to-peer crypto-currency based on the memory-heavy SCRYPT algorithm.


This particular algorithm affords enhanced protection against ASIC devices like the ones currently dominating the Bitcoin network.

Fast block time – Although they both utilize the same SCRYPT algorithm, MinCoin’s block interval of 1 minute is a full 2.5 times faster than Litecoin, and a full 10 times faster than the SHA-256-based Bitcoin. This means lightning-quick transactions and a more secure network.

Low Cap – Only 10 million MinCoins will ever be created, compared to 21 million total Bitcoins and 84 million total Litecoins.

Features of MinCoin – MinCoin will have a total of 10 million generated units.

MinCoin has one (1) minute block targets, which is 10 times faster than Bitcoin and 2.5 times faster than Litecoin! Each MinCoin block is worth two (2) new coins. Difficulty is retargeted with every 720 blocks.

MinCoin (MNC) – a minimalist version of Bitcoin optimized for CPU mining using scrypt as a proof of work scheme.

*Only 10 million coins total will be generated

*1 minute block targets for ultra fast transactions

*To encourage early adoption block values for first 3 days are :- 500 MNC, 100 MNC, 50 MNC

*After first 3 days block value will be 2 MNC per block until all coins mined which will take roughly 10 years

*Retargets 2 times a day

Mining started at 12:20 GMT April 3 and was announced on IRC and the WWW not long after. There is no premine!

Help getting started

Solo mining:

Run mincoin.exe or compile the source from github. It should close down immediately after not finding a valid config file.

Go to %appdata%\mincoin directory and create a file called mincoin.conf . In this file add two lines

rpcuser=user

rpcpassword=pass

Then save the file. Or you can download the file from here and place it in the same directory:-

https://dl.dropbox.com/u/36733610/mincoin/mincoin.conf

Now run mincoin.exe again.

Run CGMINER or REAPER and point it to http://127.0.0.1:9335 with the username of “user” and password of “pass”

If you use CGMINER set the flag “–expiry 1″ option to make sure you avoid stales, ie

cgminer –scrypt -o http://127.0.0.1:9335 -u user -p pass –expiry 1

source: http://minemincoin.com/ and http://www.min-coin.org/ and http://www.freebitcointips.co.uk/mincoin

What is MinCoin?