Haven Protocol is a Prooof of Work cryptocurrency and as such requires miners to secure the network and validate transactions. Here’s a quick start guide to mining XHV and to get you started, some facts about the Haven Protocol network:
- It uses a custom algorithm ‘CryptoNight-Haven’
- 2 Minute Block time
- 10 block to complete transfers and variable for conversions.
- The emission schedule for Monero is shown below. Haven follows the same schedule with a max minable supply of 18.4 Million followed by tail emission. Haven is approx 4 years behind Monero in the emission curve.
- Because of the mint & burn function in Haven miners will not have to rely on tail emissions only for block reards. A portion of the block rewards for asset conversions go to miners to incentivise mining after supply has been mined (0.05% paid in sending asset)
- ASIC resistant, can be mined with GPU and CPU
The process of cryptographically computing a mathematical proof for a block, containing a number of transactions, which is then added to the blockchain.
Mining is the distributed process of confirming transactions on the public ledger of all transactions, aka blockchain. Haven nodes use the blockchain to distinguish legitimate transactions from attempts to re-spend coins that have already been spent elsewhere.
Haven is powered strictly by Proof of Work. It employs a mining algorithm that has the potential to be efficiently tasked to billions of existing devices (any modern x86 CPU and many GPUs). Haven uses a variant of CryptoNight Proof of Work (PoW) algorithm, which is designed for use in ordinary CPUs and GPUs.
The smart mining feature allows transparent CPU mining on the user’s computer, far from the de facto centralization of mining farms and pool mining, pursuing Satoshi Nakamoto’s original vision of a true P2P currency.
You can also watch this intro video produced by one of the Haven mining pools https://haven.herominers.com/