Monero Mining: Hashrate| GPU & CPU | Sofware | Calculator | Profitability – How to mine Monero effectively? Learn all about Monero Mining’. In the highly competitive cryptocurrency market, Monero (XMR) has created a place for it. Launched in April 2014, today is the 10th mo largest cryptocurrency with a market capitalization of $ 3.26 billion .
Monero has become a favorite with investors and miners, due to its powerful performance in recent years. It went from $ 10 in January 2017 to $ 494 in January 2018, delivering a return of about 4800% to investors, isn’t that amazing?
So, if you are thinking of mining Monero , you are not alone. The growth that Monero has experienced in the last year, attracted the attention of Monero mining .
Mining Monero can be confusing and you may have a lot of questions in mind, for example: How does it work? What kind of software or hardware do I need? How do I start? How long would it take to mine Monero XMR?
But here’s the good news; Today I will answer all these questions and many others related to Monero mining. Therefore, at the end of this guide, you will acquire a clear and detailed understanding of what Monero mining is.
Although, before we dive into mining, it is important that you know what Monero is and what makes it so special.
So, let’s get started!
Mining Monero: What is Monero (XMR)?
Monero, like Bitcoin, is a digital currency that can be used to send and receive payments. Carl wants to pay $ 100 to Ava and they agree to make the transaction in cryptocurrency. Carl will make the payment using Bitcoin, Litecoin, Monero or any other similar cryptocurrency.
So why would Carl use Monero?
What are the differences between Monero and Bitcoin?
If Carl and Ava want their transactions to be kept private, then Monero is the best option.
Let me explain it to you in detail:
If Carl sends Ava some money using Bitcoin, the transaction will be visible to everyone on the network. Everyone can see who is the sender and who is the recipient. This means that the transactions sent in Bitcoin are public and can be seen by everyone.
Although Bitcoin is a decentralized currency, it is not private. Monero, on the other hand, is both decentralized and private. Monero’s technology allows all transactions to remain 100% private and untraceable.
If the transaction is made using Monero, then Carl and Ava will be the only people who will know about this transaction. There is no one else on the Monero network who can find out what kind of transaction took place.
The privacy that Monero provides is what has made it so popular. Because some people are somewhat uncomfortable letting others know what they are spending their money on.
In addition to complete privacy, here we will show you some other unique features of Monero:
Monero is fungible
Sound complex? Well, it isn’t. In fact, it is a fairly straightforward concept.
Fungible, it simply means that this unit of currency (Or material) is interchangeable. For example, a $ 100 bill can be replaced by another $ 100 bill or even two $ 50 bills. This is what makes commonly used currencies (USD, EUR, JPY etc.) fungible.
In contrast, Bitcoin is not fungible. This is because anyone can refuse to accept a Bitcoin, which could be used in an illegal transaction. This is possible, as everyone can see the transactions that occurred within the Bitcoin network.
Therefore, a unit of Bitcoin may not be interchangeable with another Bitcoin, but this is not the case with Monero. Because no one can know the previous transactions of that Monero coin, they are all considered equally to each other.
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Mining Monero does not require an ASIC
An ASIC, (Acronym in English for “Application Specific Integrated Circuit”) is a special type of hardware used to mine Bitcoin . An ASIC can cost anywhere from $ 600 to $ 1000, which has made Bitcoin mining unattractive to anyone except professionals.
Fortunately, Monero mining does not require an ASIC purchase. Instead, Mining Monero can be done using your computer’s CPU / GPU. This has made Monero a great option for beginners and others who do not want to invest large sums of money to start mining.
So now that you know a little more about Monero and its differences from Bitcoin, it’s time to answer your next question, what is Monero mining ?
Monero mining: What is Monero mining?
As of this writing, there are a total of 15,829,795 XMRs in circulation. This number will continue to rise until 18.4 million Monero coins are in circulation.
So, how are new Monero coins generated?
The answer is very simple, Monero mining !
Monero miners perform two important tasks:
- In the example above, let’s say Carl sends Ava $ 100 via wire transfer. In this particular scenario, it is the bank’s job to make sure that Carl has enough money to make the $ 100 payment to Ava. After the bank has confirmed the transaction, they record it for future reference.
Now if Carl will send $ 100 to Ava using Monero, then who will validate this transaction? The answer is: Monero miners! This eliminates the need for banks to confirm transactions.
- The question that usually arises is: What do the miners get in return? Well, they are rewarded with XMR coins, every time they verify a transaction on the Monero network. Every time they use their resources to validate a group of transactions, (called blocks) they are rewarded with new Monero coins!
Reward for mining Monero
The current reward of verifying (Minar) 1 transaction block revolves around 4.99 XMR, plus a transaction fee of 0.06573 XMR .
So what happens to the miner’s reward after 18.4 million mined Monero coins have been reached?
Here’s the good news: after hitting 18.4 million XMR coins, new coins are added to the system at a flat rate of 0.3 XMR / minute. These new coins will be used to reward miners and keep them incentivized to continue mining.
Do you know how long it takes to mine a Monero coin?
A block is mined every 2 minutes and we know that the current reward per block of mined transaction is 4.99 XMR. So, just by performing a simple mathematical calculation, we know that 1 XMR is mined every 24 seconds.
Now that you know what Monero mining is and why it is necessary, it will be much easier for you to understand how to mine Monero .
Monero mining: How to mine Monero
As I mentioned before, you don’t need to buy specialized hardware to mine Monero . Anyone with a computer can mine Monero . But with that said, the more powerful the hardware, the better.
There are several ways to mine Monero , but before we dive into this topic, you should know what Monero miner pits are.
Monero miners pit
Before you start mining, you have to decide whether you want to mine Monero on your own or with the help of a Monero Miners Pit.
In a miners pit, a group of Monero miners work together combining the potential of their hardware. This gives them a better chance of verifying transactions (Yes, the competition is tough!) The rewards they receive are divided among the pool of miners. Most mining pits charge you a fee, which is generally around 0-2% of the profit.
Imagine that you contribute 5% of the hardware capacity, into the miners pool to which you belong … This means that you will also receive 5% of the total rewards generated by said miners pool.
Independent mining is not recommended for beginners. Independent mining will not grant you any type of rewards, unless you are willing to invest a large sum of money in mining equipment.
You can choose from the vast number of Monero mining pits on the market. You will be able to find a wide variety of Monero mining pits in this list.
- Well Fee: 1%
- Number of Miners: 32157
- Well Fee: 0.6%
- Number of Miners: 10339
- Well Fee: 1%
- Number of Miners: 30132
- Well Fee: 2%
- Number of Miners: 2191
Ways to mine Monero
The most important part of mining is having the proper mining hardware. In conjunction with the hardware, you will need the Monero mining software to help you connect to the mining pits.
As I have mentioned above, you don’t need specialized ASIC to mine Monero . It can be done using your computer’s CPU or GPU. But before proceeding, you will need to know the two most important factors when it comes to choosing your hardware.
You should consider the following:
- High Hash Rate: Consider the Hash rate as the processing power of the hardware.
- Low electricity consumption: Electricity is the biggest cost of mining.
Here are the three most popular hardware and software options:
Central Processing Unit (CPU) Mining
You can choose to use your current CPU or buy a completely new one. If you are planning to buy a new CPU, then the AMD Opteron or the Intel Xeon are the two that I would recommend.
- Cost – $ 50
- Hash Rate – 415 H / s
- Cost – $ 150
- Hash rate – 130 H / s
Once you have your CPU you will need to download the Monero mining software. You can consider using XMR-STAK-CPU, as it is the most popular Monero mining software on the market, you can download it HERE
If you are using Windows then you should download xmr-stak-cpu-win64.zip (Bottom photo) XMR Stak charges a 2% development fee, unless you can compile the source code yourself.
If you already have your CPU, then it will only take you a few minutes to start mining! Just install the software, join a miners pit and you are good to go.
Mining with a graphics processing unit (GPU)
If you are serious about mining Monero , then using a GPU is your best option. Although, it requires a higher investment, it provides a significantly higher hash rate.
AMD graphics cards are an excellent option to consider when mining Monero with GPUs. Consider buying an AMD R9 280x or go for one of the newer AMD Radeon Rx 580s.
- Cost – $ 140
- Hash rate – 500 H / s
- Cost – $ 300 / $ 400
- Hash Rate – 575 H / s
Once you have installed your graphics card, follow the same steps as when installing a CPU.
The best software for mining Monero using an AMD GPU is also XMR-STAK-AMD. You can download its latest update here: https://github.com/fireice-uk/xmr-stak-amd/releases/download/v1.1.0-1.4.0/xmr-stak-amd-notls-win64.zip.
After you have installed the software on your computer, you will need to change the pit settings so that you can join the desired mining pit.
Mining with an Nvidia GPU
Using an Nvidia graphics card to mine Monero is also a very popular method. There is a wide variety to choose from, it all depends on your budget. You should consider choosing one of these:
- Cost – $ 400 / $ 500
- Hash Rate – 505 H / s
- Cost – $ 550 / $ 650
- Hash rate – 600 H / s
Regarding the software to use, XMR-STAK-NVIDIA is one of them but CCMiner is considered a better option. You can download the latest version of CCMiner HERE . Make sure to download the ccminer-x64-2.2.4-cuda9.7z if you are a Windows user.
These are some of the best methods to mine Monero using a combination of Monero mining hardware and software. But, there is one last factor to consider before you start mining, setting up your Monero wallet.
There are not many options when it comes to choosing your Monero wallet. Hardware wallets (which are considered much more secure) are not available for Monero coins.
Two of the most popular wallets, you can find them on the official Monero website :
- MyMonero online wallet: Just head over to their website and create an account to start using it.
- Monerujo: This is a mobile wallet only available for mobile devices.
On their official website, they have announced that the Monero community has founded a Dedicated Hardware Wallet , which is currently in operation. The Ledger Nano S is also working on integrating Monero into its hardware wallets .
So, let’s hope this happens soon!
You should now have a detailed understanding of all the aspects surrounding Monero Mining . However, you may be wondering, should I start mining Monero XMR or not?
Should you mine Monero?
You want to mine Monero to generate income, right?
Well, although Monero mining can be really profitable, it all depends on many factors, the most important of which is:
- Hash Rate: How powerful is your hardware
- Electricity consumption: How much electricity your hardware consumes
- Cost per KWh: How much your energy costs per unit
- Pit Rate: The rate of the mining pit you will join
- Initial hardware setup cost
You could try using a Monero Calculator ! We recommend CryptoCompare, Monero Calculator .
The profitability of mining also depends on the Monero price . The price of cryptocurrencies can rise or fall really fast and these Monero price changes could have a huge impact on your earnings.
Although, it all depends on you if you want to start mining. Consider the Monero ticker factor and use the Monero Calculator wisely before making a decision. Just remember, the more you invest, the more likely you are to be rewarded.
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Mining Monero: Last Words
Now, you already have a detailed knowledge of what is mining Monero and how it is different from Bitcoin. You also know what Monero mining is and the different ways to carry it out.
Mining Monero , may or may not be profitable, it all depends on these factors: Hash rate, cost of electricity, cost of hardware, etc.
If you think mining is your thing, then you can use the information in this guide to get started mining!
So, will you start mining Monero ? Tell us!
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