melminter is a tool that integrates with
melwalletd to provide a convenient, CLI interface for participating in Melmint by minting DOSCs and converting them to Mel.
melminter, ensure that you have:
- An up-to-date
- Some wallet in
melwalletdcontaining Mel, perhaps created through
Starting the melminter
The easiest way to run the melminter is to first start
melwalletd, then simply run the following command:
melminter --connect <address of a full node> --daemon <where melwalletd is listening> --backup-wallet <name of an unlocked wallet>
For example, if we have a testnet wallet called
foobar and a daemon listening on
127.0.0.1:11773, we can run:
melminter --connect 22.214.171.124:11814 --backup-wallet foobar
126.96.36.199:11814 is the address of a testnet node)
This will start the melminter:
Sep 16 21:48:19.288 INFO melminter: starting worker 1 Sep 16 21:48:19.293 INFO melminter: starting worker 2 Sep 16 21:48:19.297 INFO melminter: starting worker 3 Sep 16 21:48:19.300 WARN melminter: worker 3 does not have enough money, transferring money from the backup wallet! Sep 16 21:48:19.332 WARN melminter: waiting for txhash TxHash(#<119d7d27264a1508308473a040a842528ccb8d445b092e52885ee8219de6070b>)... Sep 16 21:48:24.342 INFO melminter::worker: ** [worker-1] My speed: 943.551 kH/s Sep 16 21:48:24.342 INFO melminter::worker: ** [worker-1] Max speed: 33.333 kH/s Sep 16 21:48:24.342 INFO melminter::worker: ** [worker-1] Estimated return: 28.31 rDOSC/day Sep 16 21:48:24.342 INFO melminter::worker: ** [worker-1] Selected difficulty: 32 (approx. 4551.9198208s / tx) Sep 16 21:48:24.342 DEBUG melminter::worker: approx 4551.919714496s left in iteration Sep 16 21:48:24.391 INFO melminter::worker: ** [worker-2] My speed: 938.475 kH/s Sep 16 21:48:24.391 INFO melminter::worker: ** [worker-2] Max speed: 33.333 kH/s Sep 16 21:48:24.391 INFO melminter::worker: ** [worker-2] Estimated return: 28.15 rDOSC/day Sep 16 21:48:24.391 INFO melminter::worker: ** [worker-2] Selected difficulty: 32 (approx. 4576.538281984s / tx) Sep 16 21:48:24.391 DEBUG melminter::worker: approx 4576.538202338s left in iteration
What does the melminter do?
In Melmint, nominal DOSCs (nomDOSCs) are minted by creating a
DoscMint transaction with a proof of sequential work over its inputs. This is an inherently sequential process, so
melminter starts off by creating a bunch of different coins (in different wallets starting with
__melminter_), spending them with
DoscMint transactions with proof-of-sequential-work attached to generate nominal DOSC.
This nominal DOSC is then continually converted through Melswap into Mel, and used to pay transaction fees. Any excess is sent back to the backup wallet. All of this can be configured through
melminter command-line arguments.
TODO: document this
Minting may not be profitable
Minting nomDOSCs and converting them into mels is not always profitable. Because of the mechanics of Melmint, minting is probably not profitable unless you have a top-of-the-line CPU and cheap electricity. Transient volatility in the mel/nomDOSC exchange rate may also affect profitability.
melminter makes no attempt at guessing whether or not minting is profitable.
melminter’s workers for some reason do not have enough funds to pay transaction fees, funds are transferred from the backup wallet. This is most commonly when
melminter is started for the first time.
To transfer money successfuly,
melminter requires the backup wallet to be unlocked, and will fail if it is locked. It’s strongly recommended, however, that the backup wallet be kept locked unless
melminter is being run for the first time, so that its private key is not exposed in memory for longer than needed.