Monero XMR is a cryptocurrency focused on the anonymity of transactions. The currency was launched in 2014 and works under CryproNote technology, this technology offers anonymity to its users, because the chain of commands during transactions remains hidden from the eyes of other people.
For this reason, Monero has become one of the favorite cryptocurrencies for investors and miners in the industry.
Another positive point about Monero mining is that it does not require an Integrated Circuit for Specific Applications [ASIC]. Unlike Bitcoin mining [BTC], mining Monero [XMR] can be done efficiently using the CPU or GPU of computers.
Factors to consider before mining Monero [XMR]
Before one decides to mine Monero, it is advisable to consider whether to join a Monero mining pool or do it on your own.
In a mining pool, a group of miners generally meet and combine the power of their hardware. Since mining competition is very tough, this gives them a better chance of verifying transactions.
For beginners, solo mining is not recommended. It usually does not produce rewards unless large amounts of money are invested in mining hardware.
In a mining pool, the reward received is divided among all the miners involved. For example, if a miner contributes a total hash power of 5%, it will receive 5% of the total rewards earned by the Monero mining group.
Other important factors that must be determined before mining Monero [XMR] or other cryptocurrencies, include things like the hash rate (which is basically the power of the hardware), the power consumption, the amount of electricity the hardware will use, the rate of the mining pool to which it intends to join and the cost per KWh (cost of electricity used).
Next we will explain these points in detail.
How to mine Monero XMR?
The first thing to think about before starting to mine is where you will store your extracted coins, for this you can choose any of the wallets shown below, which are a selection of the best valued by the community.
Once downloaded you must run the “monero-wallet-gui” file and the installation process will begin.
In the first window, you can create a new wallet or restore the one you already had, if you are creating a new portfolio do not forget to point the generated seed, as it will be necessary to restore the wallet.
The next step will be to create a password that will allow you to access the wallet in the future, after that choose an automatic connection to the network and you will be ready to use your walet.
The first thing to do is to synchronize the wallet, this will start automatically and it is a long process, which is why many users decide not to use this type of wallet, and choose other lighter ones, as the ones listed below:
CAKE Wallet is an open source wallet of iOS for Monero.
Monerujo is a Monero wallet that runs on Android smartphones.
My monero is a web wallet where you can save your XMR for free.
You should never use a wallet over which you do not have control over private keys.
Hardware to mine monero
After choosing the place to store the profit obtained with mining, you must proceed with the choice of the mining equipment and the software necessary for the extraction. To start, in addition to the software, you need a mining equipment.
There are three ways to mine monero:
- Using CPU: a way to extract the cryptocurrency in any modern processor with x86 architecture
- With GPU: production in NVIDIA and AMD video cards
- Cloud Mining: These platforms make it easier for users to rent mining power (Hash) to mine cryptocurrencies
To get information on which are the best equipment, which are the most powerful or which are best suited to your needs, you can visit the page https://monerobenchmarks.info/ where you will get information on the performance of the best equipment to mine Monero XMR.
You can mine alone or in a mining pool. The fact is that now through mining alone it is practically impossible to obtain a benefit, because it is a very long procedure, and it is very difficult for a single miner to win in the block generation race. Therefore, in this article we will focus on mining in pools.
The best Pools to mine monero
Among the best pools to perform XMR mining we can highlight 2, which are Nanopool and minexmr.
This particular mining pool operates at a robust speed of 350 megahashes per second, ranking among the top performers. The minimum payout threshold is relatively high at 0.1 XMR per transaction, accompanied by a reasonable 0.6% mining fee.
Ideal for newcomers, supportxmr offers a user-friendly experience with an integrated chat server on the site. Miners can engage in conversations with peers, seeking and obtaining answers to any queries they may have.
Nanopool stands out as an early and highly reputable Monero mining pool. The platform not only specializes in Monero but also provides access to numerous diverse cryptocurrency mining pools
- The commission rate is 1%
- Payments several times a day
- The default minimum payment is 1 XMR
MoneroHash, established in October 2014, stands among the pioneering Monero mining pools. Despite a relatively higher mining fee of 1.6%, the pool offers a unique advantage by allowing direct mining to exchange wallets, thereby avoiding additional transaction fees.
With a minimum payout set at 0.5 XMR and a hashrate of 1.46 MH/s, MoneroHash caters well to miners with a long-term perspective, particularly those with moderately powered mining rigs. The pool has maintained a robust 99.92% uptime.
After selecting the group, you will proceed to download the mining software for monero. The software can be configured for each processor and specific models. Exact configurations will significantly increase the hashrate and, therefore, receive more rewards. But the newcomers still need to start with the universal miners.
MinerGate is one of the largest mining pools currently. This international group is aimed at users from different countries. This is evidenced in a large number of language versions of the site.
XMR mining software
- Claymore’s miner
- Claymore’s miner
Once we have chosen a wallet, a mining pool and a mining software, should be configured with the data of the chosen pool.
Genesis Mining is a cloud mining service that offers users the rental of cryptocurrency mining equipment.
Genesis is one of the largest companies in the world of cryptocurrency and block chain, along with giants such as HashFlare, BitFury, Kraken, BitLicence and others.
Important: Genesis Mining is currently not accepting new customers
- Unlike bitcoin, there is no limited fixed emission, but decreases slowly over time
- The blocks are generated approximately every 2 minutes
- You can use both graphics cards and a processor
- High profitability
If you want to be informed about everything that happens with this project, visit our Monero News section [XMR].