Up and Running with Peercoin - 13 Proof of Stake Minting - YouTube

So one of the things I like about

Peercoin, is that you can actually earn

coins just by holding them, and that's called

proof-of-stake minting. So to learn a bit more about that and how to set it up

you can google.. Peercoin proof-of-stake setup guide..

And that should return.. the first entry is this entry here which is on the

peercointalk.org, which is a forum regarding Peercoin

subject and matters and that will then refer you to this

thread here.. PPCoin Proof of Stake Minting Setup Guide.. which

shows you how to setup your

local software client wallet in order to be able to mint.

At the moment, if you have your

software client open, you'll see that

because we've locked our wallet and encrypted it with a password,

we've got the lock here on the bottom right and it says wallet is encrypted

and currently locked and that's what we did in an earlier video.

On the bottom left-hand corner you can see that it says..

Info: Minting suspended due to locked wallet.. And this basically is an issue where

due to us having a locked wallet, we can't mint at the same time. So to get over that,

and to set up this software to be able to mint,

which you might well want to do, you can go through this guide.

Basically, the first part of this guide is..

we'll need to close this down.. so

let's close that client down.. So we need to create

a file.. it says here.. step 2..

in our AppData folder.. and create a file called..

ppcoin.conf.. So I'm going to go to that location on my computer

and here it is.. my user.. AppData..

Roaming.. PPCoin.. and it's the same location as the wallet.dat

that I discussed earlier.

So in here, I'm going to create a new text file,

following those instructions, called

ppcoin.conf and get rid of the txt extension.

Am I sure..

I want to change the extension? Yes. And then

to edit it, I'm going to click on that and.. open..

And then, as there's no program that's

defaulted to open .conf files, I'm going to select

just notepad. Any text editor will do to

to be able to put this in.

And then it's just about copying this section here

from the forum, copying that and putting it in

this file. So the only thing we need to change

is.. there's a bit here it says.. rpcuser.. and we need to provide a user..

and rpcpassword.. and you need to provide a password..

So for the user and the password

it's suggested that you don't use your actual user..

sorry, your actual password from

your wallet password. So don't use that.

So for here, I'm just going to put for user..

roots.. and for password..

I don't know, concretejungle..

Save that. OK. So that's the first bit that we have to

do to be able to get that up and running.

The second bit is.. it says here that wherever the

ppcoin-qt.exe is,

we need to create another file called

mint.bat.. mint.bat.. And in it we need to

paste these instructions here.

So it's going to be within the daemon folder.

So that's going to be here. This is the location of ppcoin executable..

.exe for executable.. And that's in Program Files, on my computer anyway it's on Program Files..

PPCoin.. and there it is. And there's that daemon file..

folder, sorry.. Where it says to create the

mint.bat file. And what a bat file is, it's short..

bat is short for batch and it's basically a file which

will execute a load of commands on your computer and these are the commands.

What it actually will do is

it will echo for you to enter a password.

Then it will set your password and then use that password

with this program here, called ppcoind which stands for PPCoin daemon.

You don't really need to know that but just to let you know what's happening..

It's that program that's

inside the daemon folder. So it's going to excecute that with some

parameters. But don't worry about that. All we need to do is create this file.

So inside this daemon folder..

I'm going to go to new.. text document..

mint.bat.. get rid of this..

txt again. And, yes, I don't mind the extension.

Now, don't open this file or double-click on it because that will

try and run it as an executable. Instead, we're going to try and run it as..

edit it.. so go to edit.. with a text editor.

Any text editor again. And then I'm going to copy that bit

from here.. copy..

paste it in here.. save that..

And then close.. OK, so basically all the steps are done now. We've got the..

inside the AppData\Roaming.. We've got the ppcoin.conf.

And inside the daemon folder, inside the

PPCoin folder, we've got this mint.bat, just copied from there.

So the next stage is to run the actual

client again..

And so that's now opened up. You can see in the bottom right-hand corner

it's got the lock because the wallet is encrypted and currently locked

And again, you've got that.. Minting suspended due to locked wallet..

We can't mint

and make coins

just by holding them.

And now, we can go to the mint.bat

that we created and just double-click it.

That should open up a command prompt in Windows.

And then you put in the password for your

wallet.

So in here.. my password..

for the wallet. Not the password we entered in that conf file but just your

actual wallet password.

Press enter.. That should then just go away.

And in your client, just watch this left-hand bottom corner.

That should, after a while, once the daemon is up and running.. and

it should go away. And there you go, it's gone away. So now

it's minting. It does mean that your

wallet isn't password protected.. I believe.. as far as I understand it's not

password protected whilst you're minting. So you might not want to have it

like this all the time.

And from generally reading around, I was trying to work out how much you could

possibly make

and how long you'd need to have it running

and I couldn't really find out. I imagine, especially for a small amount of

coins like I've got, it would be really small amounts

but for larger amounts of

coins, if you're holding larger amounts, it might be a good amount.

And I found out also that people are suggesting that every 30 days or every 90 days

open up your client, run it as minting, for like.. overnight.

And then hopefully that should make you some

coins and that should then come up in this stake bit there..

your proof-of-stake minting.. So that's how you do it. The

ppcoind daemon, which you've

basically called up by running this..

double-clicking on this mint.bat file. If you know anything about commands..

command line, there's some other things that it can do as well.

So to show you that, you can just open up a command prompt

by going into.. start.. and command prompt..

cmd.. typing that in.. clicking on that..

open it up.. Now to run this ppcoind program you need to, obviously,

navigate into that directory

So you do that by doing cd, for change directory, and then it's in

C:\Program Files

(x86). Obviously it might be in a different folder

on your computer.. PPCoin.. and then

daemon.

OK I'm just going to do dir, to list what files are in there, to check.

So it shows you that in there there's the mint.bat file and this is the

file we're going to call up. And there's 2 useful things that it can do.

You can call ppcoind

and then put in.. getmininginfo..

And that will give you something about the mining

that you can do.. I don't really understand it, but it might be useful to you.

And the other thing is ppcoind

getinfo.. so just getinfo.. ppcoind getinfo..

And this will show you things like the version of the client,

the wallet version, the balance of your

wallet, how much stake,

blocks.. Stuff like that. So that might be useful. And the last thing that it can also do

is if you want to close the client

from the command prompt, you can also do..

ppcoind stop.. And that will close everything down.

So those last commands from the command prompt, you don't need

to do the proof-of-stake minting. I just showed those in case you wanted

extra information from those.

But the important thing is to create the conf file

inside the AppData folder.. So, that one there..

And copy in the information from the forum. And the

second thing is to create that mint.bat file

with a text editor, copy the bit from the forum and then double-click it once

your client is running.

And then it should get rid of that message saying that you can't mint

and it should mint for you. And then, like I said, run it every

30 or 90 or something days.. I think you need to

at least have 30 day's worth of holding your coins.

So hopefully that's a bit useful to let you know how to

mint with Peercoin.