Monero (XMR) has created a place for itself in the very elevated competition of currencies of the market as it is the 10th largest cryptocurrency with a market capitalization of $3.26 billion. Because of its strong performance last year, Monero becomes the favorite miners’ direction giving a gain of approximately 48%. Monero mining might seem confusing, that is why this article provides a clear understanding of what Monero mining is, what makes it special and whether one should do it or not.
1-Monero Mining: What is Monero (XMR)
Monero, like Bitcoin, is a digital currency that may be utilized to send and receive payments. Transactions can be done in any cryptocurrency using Bitcoin, Litecoin, Monero or any other similar cryptocurrency.
So, why would the user utilize Monero?
2-How Monero is different from Bitcoin?
Monero mining is a guarantee that the transaction remains untraceable and confidential. It is the best option.
The difference between Monero and Bitcoin, for example, is that when using bitcoin, the transaction is visible to everyone on the network: the sender and the receiver are both visible, the computation is public.
Monero and bitcoin are both decentralized, however, Monero is private but bitcoin is public. The technology of Monero permits all computations to continue 100% untraceable and the non-public.
Once the computation is done utilizing Monero, then the sender and the receiver of the transaction are the only two people who will learn about this computation. Therefore, the privacy offered by Monero is what has made it so successful.
3-Get the best Monero mining hardware:
a-Mining With Nvidia GPU:
Monero mining can be done Using Nvidia graphics card, it is very successful and well-known method to invest Monero. There are multiple models that the user is able to choose from, it is all based on the budget. One should consider utilizing one of the following:
Nvidia GTX 1070:
Cost – $400 – 500
Hash Rate- 505 H/s
Nvidia GTX 1080:
Cost – $550 – 650
Hash Rate- 600 H/s
The user is recommended to download the latest CCMiner release and make sure choosing the ccminer-x64-2.2.4-cuda9.7z if the user is utilizing a Windows operating system.
Those mentioned above are some of the best ways to invest in Monero utilizing a combination of Monero mining hardware and Monero mining software. Anyway before one begins mining, he/she must set up their Monero wallet.
b-Mining With an AMD Graphics Processing Unit (GPU):
Monero mining can be done by Utilizing a GPU, it is a better option if one is interested in mining Monero. Although it demands a bigger investment, it suggests an importantly more elevated hash rate.
AMD graphics cards are an excellent choice to consider for GPU Monero mining.
One must consider purchasing an AMD R9 280x or go for the more recent AMD Radeon Rx 580.
AMD R9 280x:
Cost – $140
Hash Rate- 500 H/s
AMD Radeon Rx 580:
Cost – $300 – 400
Hash Rate- 575 H/s
If the user has installed the graphics card into their PC, then he/she must follow the same steps as they would if they were CPU mining. The best Monero mining software when utilizing AMD GPU hardware is also XMR-STAK-AMD. Downloading their latest release here is a great option: https://github.com/fireice-uk/xmr-stak-amd/releases
After installing the software onto the computer, one will have to change the settings of the pool to be able to engage in their chosen pool.
4-Get a Monero Wallet:
To mine Monero, there aren’t enough choices when one has to choose a Monero wallet. Hardware wallets are not available for coins of Monero.
Two of the most popular wallets, which are also listed on Monero official site is:
1-MyMonero web wallet
3-the ledger Nano S.
The first is a website in which one simply create an account to have its wallet.
The second is a mobile wallet only available for devices with Android system.
And the third is also working on integrating Monero into their hardware wallets.
5-Monero Mining Pool:
To mine Monero, one needs to decide whether he/she is going to invest Monero on their own or will engage in a Monero mining pool Before one begins mining.
In a mining pool, many Monero miners combine powers of their hardware. Which offers them a better chance of verifying computations. The mining compensation they receive is a split too between the mining pool. Mining pools often charge miners a pool fee.
Supposing that the miner contributes 10% to their mining pool total hardware power, they will also receive 10% of the total compensations gained by the Monero mining pool. Solo mining is not advised for fresh miners.
The latter will not earn miners any compensation unless the user is ready to invest a lot of money into mining hardware. Miners may choose from the many Monero mining pools in the market. The top Monero mining pools are mentioned below:
Pool Fées: 1%
Number of Miners: 32157
Pool Fees: 0.6%
Number of Miners: 10339
Pool Fées: 1%
Number of Miners: 30132
Pool Fees: 2%
Number of Miners: 2191
6-Download free Monero mining software for your computer:
To mine Monero, the following is a list of methods to invest Monero: AMD Cards, Nvidia Cards, CPUs (Intel/AMD).
The software to use when mining:
XMR Stak is a good software that has lately come out with an update which permits to miners to simply download one installer without considering the hardware that they plan to utilize.
That is why one is recommended to utilize XMR Stak as it usually has good results. To be secure, one should always verify that he/she is downloading from the official source.
The latest version of XMR Stak makes it so simple to set up.
Users are recommended to use for this Windows, but Linux and MacOS versions are available too.
One will have the choice to begin smart mining after opening and installing the setup. MinerGate automatically detects equipment of miners and chooses the most profitable cryptocurrency to mine based on one’s hardware, market price, and difficulty.
For most computers this will be Monero, so one can click “Start smart mining”. The user is able to choose how many cores he/she wants to utilize in their CPU and GPU once one has one.
If smart mining takes the user to another cryptocurrency, the miner can always choose Monero manually. That’s it. It is so easy!