With cryptocurrencies getting into the limelight alot of people are interested in making money with it. While some like to invest and make money with trading, some like to use cryptocurrency faucets, there are many who like to mine monero in order to make some bucks.
In the recent times, mining cryptocurrency has become a hot trend among young tech enthusiasts and many of them have made fortune out of it.
So, I thought why not share a detailed article on how you can easily mine monero and grab your share of profits.
What is Monero?
Monero is a cryptocurrency created in April 2014. Its main characteristics are privacy and decentralization and is able to run on all the different platforms such as Windows, Linux, and even Android.
It is currently the 9th best cryptocurrency based on capitalization, with a lot more investors every passing minute.
Why is Monero getting popular?
It is a cryptocurrency which displays strength in its very private characteristics which help transactions be anonymous. The untraceable nature is unlike most cryptocurrencies, with the special technology called ring signatures which makes it impossible to identify users. Ring Signatures shuffles the user’s public keys in a manner which creates confusion.
The greatest asset of Monero is the specific protocol which makes the receiver’s balance unseen as a unique one time address is generated. Therefore Monero as a whole is unlinkable.
A wallet of Monero is so safe, that a hacker would feel so in confident after trying to steal your Monero coins. The algorithm is tremendously powerful along with cryptographic security.
Don’t try to use a block explorer to crack the analysis of a Monero transaction as there is the generation of multiple one-time public addresses which can only be made simpler by the receiver.
The Mining of Monero
Monero is mined just as in Bitcoin but it is in a more egalitarian process which means a fairer way of mining to everyone. The best part is that it is a Proof of Work cryptocurrency which means with simple computational power from a CPU or GPU it can be mined. There are no ASICs which further removes the barrier of complicated gadgets and devices needed.
Anyone with a computer can start mining Monero right away. There are two ways to mine- Solo or on a Pool. Ofcourse, both have its advantages and disadvantages and so Coinscage brings you the simplest and most efficient method to do both.
Before proceeding to the next step, ensure that you have a Monero Wallet Address, from where the mined Monero can be deposited into. You don’t want your investments and hard work going into vain, right?
Solo mining is ideal for those who have a high hash rate and can find a block once per few days.
The most official way to do this is by visiting Monero downloads page.
Download the official GUI based on your operating system, and run Setup. It will synchronize with the network. After synchronizing successfully, click on the advanced Tab where you will see the Mining sub tab.
Click on this sub-tab. Start mining after changing the threads to mine with, which is your CPU’s cache divided by 2. If you are not sure of your CPU’s cache, you can check on the website of your CPU’s company. If you are confused and unsure, leave the number of threads at the initial number seen which was 1.
Click the ‘Start Mining button’, and voila you are now mining with the network. To stop mining, simply click the ‘Stop Mining’ button.
Do it full time, your CPU is on by running the daemon in the background while getting a thread or two running.
The best Graphics Cards for mining is AMD or Nvidia which will help you gain the most profit from their outstanding specifications. Pool mining with these Graphic cards, will establish a consistent income with a small price to pay as fees.
Popular Monero Mining Pools are:
Let’s take a look at MineXMR, which is the most popular and with the least fees.
Once on MineXMR, you will need to input the application the server you wish to use along with the port number.
Enter your wallet address into the application, and hit enter. Automatic switchovers can be enabled in case a mining pool switches off. The config file is the heart of the operation in mining Monero and so everything can be changed on this.
Simple letters on the keyboard, are shortcuts to important results. For example, ‘h’ is for hashrate, ‘r’ is for results of your hashes and ‘c’ for verification to the pool.
An Example of Mining Monero – Windows 10
Most people use Windows 10, and so I would like to give a brief on the best way of mining Monero using Windows 10 is.
There are a few adjustments needed before you start so that the best is got when mining.
Steps are as follows for running from your CPU:
1. Create a folder called Mining on your hard drive – This is to extract all the files needed n this folder so it’s more organized and time-saving.
2. Download xmr-stak-cpu – It is a zip file so you will need to extract into the folder called Mining.
3. Run the extracted file called xmr-stak-cpu, which will give you text to add to the config text file.
4. Run xmr-stak-cpu again
Steps are as follows for running from Nvidia GPU:
1. Download the latest release of CCMiner
2. Duplicate RUN-SIGT-YIIMP and rename it. This same duplicated file which is renamed has to be edited with a certain code which is-
ccminer-x64 -a cryptonight -o stratum+tcp://pool.usxmrpool.com:3333 -u <monero receiving address> -p x
3. Ensure you add your Monero Payment Address in the above code
With a Nvidia GTX 750 you will get around 200 h/s a second with it.
An important point to note is Antivirus applications such as Windows Defender will block xmr-stak-cpu. The main reason is the botnets being used to mine, which is not familiar with such software. So you will need to mark it safe.
Here is another way to mine monero, however an unethical one. You can secretly mine Monero using other people’s computing device. This is by people visiting a website with the planted bug that mines Cryptocurrency. This is called in browser cryptojacking.
Monero Mining tools such as Coinhive and Crypto-Loot are ideal for turning unsuspecting victims into your new revenue streams. Moreover, We have already covered everything about cryptojacking which you must have a look at.
Profitability in Mining Monero
You might be wondering, okay I got a computer I got a good Graphic card…now will it be profitable enough? In order to know your profitability, you need use a mining calculator.
You need to input your values such as:
- Hash Power (You can choose between H/s,KH/s,MH/s,GH/s or TH/s
- Power Consumption (w)
- Cost per KWh ($)
- Pool Fee (%)
After inputting the values, you will see Statistics such as:
- Profit ratio per Day
- Profit per Day
- Profit per Week
- Profit per Month
- Profit per Year
Conclusion on Mining Monero
Monero mining does not depend on very expensive and hard to use hardware. Instead, it can be done using any CPU or GPU, with ofcourse certain benefits if it is of great technology.
Monero mining algorithm does not favor ASICs and hence the little nodes are what is needed.
It is much easier for a person to mine Monero than Bitcoin, with Bitcoin having a 1 MB block cap and Monero having no size limit. Hence the untraceable nature, faster transactions (since they are small) and normal computers being able to handle makes Monero mining a common and popular type of making revenue.
If you are willing to get started with mining then don’t forget to go ahead with: