What does Monero Mining actually mean?
Monero Mining is a simple way to start mining a cryptocurrency. Monero’s cryptocurrency (XMR) is as easy to mine as Zoash or Ethereum.
Monero Mining is readily compatible with CPUs, so you can even get started on old laptops and desktops. This tutorial details the installation of the miner and its version for CPU mining.
The owners of AMD cards can chase lucrative mining opportunities aplenty, but Monero has a number of unique features – especially the level of anonymity and confidentiality involved. The cryptocurrency has many fans and there are regularly strong price increases.
The entire process of downloading, installing and configuring the miner program takes less than 20 minutes.
Here Are a Few Reasons to Start Monero Mining
With Monero mining, you can make money by buying a new top-end graphics card. Monero is easy to trade against Bitcoins.
This ensures a good way of building up the position of the cryptocurrency. Monero mining allows you to extract Monero, which in turn will replenish your bank balance.
In addition, some major exchanges allow you to exchange Monero for US dollars. Experienced and successful traders can earn a good income from price fluctuations, especially against the background of the periodically sharp price declines.
What is the Difference Between Monero and Bitcoin?
Monero uses a different hash algorithm, which is not compatible with special mining chips (ASICs) developed for the mining of Bitcoins. The Monero algorithm is called CryptoNight.
It requires a certain amount of RAM to eliminate the use of ASIC chips. Monero was deliberately designed to be the most suitable choice for mining on CPUs and graphics cards.
The Main Features of Monero
The encrypted currency uses the protocol-based ring signatures which makes it a leading anonymous encrypted currency (besides other alternatives like Dash and Zcash). The blocks in Monero’s network are created about every two minutes. Bitcoin’s blocks can take up to 10 minutes.
Hashing Speed, Complexity and Prices
The overall speed of the Monero network has been growing rapidly since its launch in the fourth quarter of 2016. Yet, despite the computing power of the Monero network constantly increasing, the calculation time of the blocks is not reduced, remaining at two minutes. The growing complexity involved is responsible for this.
Monero’s blockchain automatically adapts it to the performance of the network so that blocks are generated every two minutes. The complexity follows the power of the network. Last year it experienced exponential growth.
The obvious question is: Why does hashing speed and complexity increase at this rate? The answer is simple: the price.
The fact is that computing power of the network follows the price boom that led to the increased growth of Altcoins in the summer of 2017. In September, the Monero tokens increased by a further 350%.
The cryptocurrency has shown remarkable growth in just a few months, with the price rising from 40 to 386 dollars.
Calculation of Profitability for Monero Mining
Now that you have an idea of the blockchain and the main features of Monero, it’s time to do some economic calculations. The website whattomine.com provides the latest information about the current price, block generation time and hash speeds of the network.
Select the models for your video cards, enter their number and click ‘Calculate’. The page displays the current hash speed and profitability (choose the CryptoNight algorithm for Monero Mining). These figures will change over time.
Choice of Equipment
Experiments with different GPU options allow you to find a card with the best price-to-performance ratio. AMD cards usually outperform NVIDIA’s etashAlgo client in Ether Production. In the case of Equlhash and the EWBF Miner, AMD cards are equally productive with NVIDIA.
For the mining of Monero, both brands will fit. Also, the algorithm CryptoNight offers the possibility to add on the central processors. A powerful processor from the Intel 5 or 7 family enables anyone to participate in the cryptocurrency market and mine profitably on a CPU.
Check the following GPUs: AMD RX 470/480, RX 57D/580, R9 or HD 7990/7950. Try to find them on the second-hand market to save money, or buy player cards that aren’t sourced from other miners and preferably still fall under warranty.
Carefully compare the performance, power consumption, availability and cost of different GPUs. The AMD RX 570 with 4 GB RAM is a good budget option.
Advanced Level: Fine-Tuning the Monero Mini Devices
NVIDIA: On systems with NVIDIA cards, you should use the EWBF program miner. However, if you have a powerful processor like the Intel i5 or i7, you can use the Minergate software. Minergate software is not affiliated to the EWBF or Claymore Miners. Instead, it allows you to mine multiple cryptographic currencies in parallel.
AMD:On systems with AMC graphics cards, you can use the Claymore Miner, which has been specially optimized for the CryptoNight algorithm for the company’s cards.
Conclusion on Monero Mining
Mining the cryptocurrency market turns computer equipment into a real asset that also generates profit. In addition, the value on the secondary market is maintained at a high level and continues to grow.
The graphics cards purchased for mining in 2015 and 2016 were often sold at a higher price due to high market demands. In other words, you can make good money by mining cryptographic currency on your device. The coins you receive are a well-deserved prize.