Monero (XMR) mining is pretty simple. Good news – you can mine this type of cryptocurrency on your CPU and even a powerful laptop can succeed in earning coins.
We will review some various ways to get Monero, as well as some key facts about the coin itself and reasons to mine it.
- Mining Monero from home can become a good reason to buy an additional GPU (or two, or three)
- Traders willingly change Monero for Bitcoins, so this might be a nice step towards collecting BTC
- Monero has a high volatility and you can increase your profit significantly when the price pumps
- Monero is a popular coin among the darknet users, therefore can be sold for a high price
- Mining XMR uses less electricity than Ethereum, Ethereum Classic or UBQ – this can save your GPU from high temperatures and therefore lengthen their life
Monero’s algorithm differs from the one that Bitcoin uses, which makes it significantly easier to mine XRM from your computer. In a word, this coin is best suited for CPU/GPU mining. In addition, Monero’s main feature is complete privacy and therefore it uses a special anonymous protocol known as ring signatures. The Monero’s blockchain generates coins roughly every two minutes, while Bitcoin has ten-minute intervals.
Ways to mine Monero on your PC
First, you have to decide whether you want to mine coins on your own, or join a pool. If you choose the second option, you will become a part of a mining team and contribute your hardware powers to a general process. The competition is high and you will receive a part of income according to the contribution you have made. So if you contribute 4% to the total power, you will also receive 4% of the reward. In addition, a mining pool service will charge you with a fee.
However, this mining option is recommended to the newcomers, since solo mining requires investments into hardware.
- CPU mining
You may use your old CPU or buy a new one. Make sure to buy a powerful one, since this will increase your chances for better income.
Once you have a CPU, you have to download Monero mining software (like XMR-STAK-CPU). To use your CPU for Monero mining, you may also register at the platform known as Minergate. This website offers an ultimate application for mining that suits for the needs of a wide audience. The other similar website that provides mining software is CryptoNote (more links can be found right here).
Minergate allows you to mine other currency and customers mostly use it for Ethereum. However, Monero is strong currency with great perspectives, and therefore it seems an amazing mining option today.
The downloading and setting up process won’t take you more than 15 minutes.
With a CPU and a downloaded program, you can just install it and join a pool right away.
- GPU mining
If you have serious plans about Monero, then using a GPU is the best option. Yes, GPU requires a larger investment, still it offer a higher hash rate.
AMD graphic cards are perfect for Monero mining, so you have to consider purchasing one.
Once the graphic card is installed, you have to follow the same steps as if you were launching CPU mining. The only difference is that you should change the pool settings so that you can join the one you need.
Nvidia graphic card is one of the most popular ways to mine XMR. They have various models to offer, so you can choose the one that suits your budget.
These are the best options for XMR mining, but we would like to stop on one last thing before you start – Monero wallet.
There are not many choices when you need to get a Monero wallet. Unfortunately, hardware wallets (the safest ones) are not available for XMR now.
As for the hardware wallets, Ledger Nano S is currently working on integrating Monero into their system and Monero community is working on the advanced hardware wallet for XMR. We hope, this will happen very soon!
There are different ways to mine Monero and you may choose the one that suits your needs. Be sure to estimate all nuances that influence your potential income. These nuances include electricity cost, hash rate, hardware cost and so on.
If you believe that Monero is a coin for you, then use these tips and start mining. Good luck!