![]() For Monero, the two best right now are XMR-STAK-RX and XMRig.Īny of them should be easy enough to install and get ready to start mining. There is plenty of mining software out there for you to choose from, no matter the coin you wish to mine. If you already have that, you need to download a mining software, create an account at a wallet where your XMR will be stored, and choose a mining pool. We are talking about Nvidia and AMD GPUs released in the past few years. If it is the first option, you should consider getting a GPU with nice hash power. How To Mine XMR?įirst, you need to decide if you want to make a profit that can turn into a passive income to help you financially, or if you want to do this as a hobby to help secure the network. Most pools have a 1% fee, but others charge a bit less. To know how much you will earn, you need to enter your hash power, electricity cost, power consumption, and pool fee on Cryptocompare. When you are mining in a pool, your machine is all the time actively mining, and you get steady rewards. Mining requires processing power, and if everyone mines solo, only a few people would get the rewards, making the activity profitable only for these miners. ![]() This, however, doesn’t mean you will receive all this amount of XMR when you mine. Every 2 minutes a new block is mined, and the reward is 4,99 XMR. It is one of the biggest names in the crypto world, so with Monero, you can go very far. So, is it worth mining XMRĪs long as the blockchain keeps working steadily (and there is no sign that it won’t), it is worth mining, buying, and trading it. Monero’s fabulous technology has attracted many people to the network, as well as investors that buy plenty of coins for a variety of reasons. ![]() On its site, you can find a list of supported hardware. It is possible to mine Monero blocks on an average computer without the need for ASIC (application-specific integrated circuits), for example.ĪSIC is expensive for people who are only getting into the cryptocurrency business, so Monero is more accessible. Once someone transfers you Monero coins, you should get a notification on your e-wallet within 20 minutes.Īs opposed to other common cryptocurrencies, Monero doesn’t require super-specific hardware to get mined. RingCT allows transactions to have several inputs and outputs while protecting users’ location and general data and preventing double-spending. Owners then can use secret “view keys” to find their newly received coins.įinally, RingCT (Ring Confidential Transactions) is the technology introduced in 2017 to make amounts in transactions hidden from anyone that looks at the blockchain. Stealth Addresses is another tool developed by Monero, allowing users to publish one address that creates several one-time accounts for each transaction. Ring Signatures is not the only technology employed at making transactions anonymous. Right now, though, developers have decided that adding 10 signatures to a transaction is good enough. At one point, users could specify how many signatures they wanted to mix. Since its birth, Monero tried different numbers of signatures involved in the mixing. It mixes your digital signature when you make a transaction with the signatures of other users, and records the transaction on the blockchain.īy doing that, it becomes impossible to know who made which transaction. The tech employed to do the job is called Ring Signatures. The result of this is data being difficult to trace. Monero is a type of cryptocurrency that obscures user data on the blockchain. This is completely comprehensible, but understanding the functioning of a certain coin might give a better view of whether it is worth buying or mining. This sometimes is a matter of insecurity for wannabe miners and investors. There is a thing with cryptocurrencies that they are volatile, meaning that their prices fluctuate. Now, if you want to genuinely make some money out of mining Monero, having a dedicated GPU to do this is optimal.Īs you might already know, plenty of miners have mining rigs with multiple GPUs, and this generates immense profit.Īcquiring GPUs is certainly an investment not everyone is ready to make out of the blue, but the mining eventually pays for the equipment, and after that, you start to earn. This is already mindblowing since many coins can’t be properly mined with a CPU, and sometimes if they can, you only lose money. Monero is amazing starting right with the fact that it can’t be mined with ASIC, thus making it accessible to many miners around the world.Įven though Monero can be successfully mined with a CPU, this method only brings a profit of a few dollars monthly. Yes, you can, although you can also mine with a CPU. Final Thoughts Can you mine XMR with GPU?.
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