How to monetize Conflux Tokens (CFX) ?

Conflux Network

Conflux Network is an open protocol for a new world of DApps (decentralized apps), finance and Web 3.0. As a fast and secure public blockchain, Conflux Network combines Proof of Work and Tree-Graph structure to power a new generation of decentralized trading. For more info I refer you to https://everipedia.org/wiki/lang_en/conflux-network-cfx and https://confluxnetwork.org as I am not going to write about the technical outline of CFX but the practical payout of the mined up coins.

Newer Nvidia graphics cards give good results in minning CFX and so, for example, a single card RTX 3060 ti gives the result of about 50Mh/s on a power consumption of 145W which allowing to mine of about 420 CFX per month which gives about $100. After subtracting about $20 of the electricity bill is about $80. Such a moneybox. Having several such cards you can of course double or triple the profits.

But to the point. I have mined CFX coins and what can I do with it ? You will need two verified accounts on cryptocurrency exchanges. One on gate.io and the other on coinbase.com. After creating and verifying an account on gate.io go to the “Coin Deposit” tab and choose the CFX currency. A unique address will be generated to which you can transfer your tokens (you can also use it in miner). For CFX you need 2000 confirmations from conflux network for the funds to be visible on gate.io account. In the next step you can trade your CFX for USDT tokens (fixed value; 1USDT = $1) or for Etherum. The gate.io exchange does not allow you to withdraw the funds from your cryptocurrency wallet to your bank account, only from one cryptocurrency address to another. You can try play trading as there are many cryptocurrencies on gate.io. Therefore, if you want to withdraw CFX to a bank account you will need an another account on the other popular cryptocurrency exchange at coinbase.com.

Unlike gate.io coinbase.com offers for verified accounts fast PayPal or bank account withdrawals. On coinbase.com you can generate addresses for Etherum and transfer coins from gate.io in this form. After transferring funds from gate.io you can also play trading (buy cheap, sell more expensive etc.) – or therefore, withdraw crypto’s to a bank account, linked debit card or PayPal account. If you have a verified PayPal account, the whole withdrawal operation takes about 24 hours.

Usefull things:

To create a CFX wallet visit https://wallet.confluxscan.io.
Open a Coinbase account and receive $10 for free --> affiliate link
Open a Gate.io account and get 20% commission reward --> affiliate link

System requirements for GPU Mining on Conflux:

  • Windows or Linux
  • One or more GPUs with a minimum of 6GB vRAM (and current drivers)
  • Conflux wallet

Happy mining!