How to Mine MonaCoin
MonaCoin (MONA) is the first Japanese cryptocurrency and one of the first Litecoin forks. Its network offers great features based on improvement, swift transactions and ASIC resistance. The creators had made sure that mining MONA in the network as it is, will stay decentralized in order to keep the safety and profitability within the blockchain. In this article we will cover the main aspects of how to mine Monacoin and become a successful miner. …more
- How to choose the best MONA mining hardware?
- Which are the best MonaCoin mining pools?
- How to perform the setup and configuration correctly?
In case you don’t want to deal with all the setup we’ve mentioned so far, there is always “paying the third party” option. In the crypto world this is known as cloud mining and we’ve given a more in-depth explanation later on.
Why you should mine MonaCoin
Monacoin is designed to hold its price stable during hectic periods. It is widely accepted as a payment method and even approved by Japan’s Financial Services Agency so, you can use it freely and easily. Plus, it is supported by many exchanges, which makes it wanted by both miners and traders.
In combination with it being really useful, MONA is also ASIC resistant, as mentioned earlier. It’s highly valued and it’s gaining more and more popularity with each day. Once you start mining MONA, you become part of the system and contribute towards making it better. Your voice matters in this crypto society. Become one with the Japan mining community and take advantage of all the perks that MonaCoin offers – safety, speed and anonymity of both sender and receiver.
Best way to mine MonaCoin
MonaCoin’s algorithm, Lyra2REv2, requires fast processing speed by graphics processing units. That’s the reason why MONA mining is done via GPU cards. Don’t worry if you don’t know which one to choose. In the mining hardware section of our article, you will find the top suggestions of the most profitable GPUs and where to get them.
Another really important thing to consider is the way you mine – we recommend mining Monacoin in a pool. You will have a steady income with frequent payouts. Why we don’t recommend mining alone? Well, solo mining is like winning from the lottery. Sometimes you can find a block faster and sometimes it can take up to months or even years without payouts. So, it’s safe to say that the best way to mine MonaCoin profitably is by pool mining. We have added a table comparing the best mining pools for MONA coins a bit further in the article. Get your rigs and let’s earn some money!
What you need to start mining MonaCoin
To mine MonaCoin (and any other mineable coin), you need matching algorithm hardware. Mining itself requires a lot of electricity. Moreover, all of this won’t be happening if you’re not connected to the internet. The connection must be reliable and steady, so you can access the blockchain without any interruptions. What is more, each device needs about 500MB data transfer per month, in order to be able to solve new blocks fast enough. Last but not least, you need to have a wallet. We recommend the official MonaCoin wallet. This software gadget is helping you receive and store your coins. Wallets have more functions useful in the mining world, which you can check our detailed wallets page here.
Let’s sum it up:
- Hardware – the best choice is Nvidia GTX combined with ccminer software
- Internet – 24/7 blockchain access, with no connection collapses plus 500MB data transfer per rig per day
- A wallet – needed for storing your coins
- Power capacity – consider your electrical grid and the rig’s
What Else You Need to Consider?
Here we will point out few things, that are important and many of you might be forgetting, when it comes to mining. For starters, MONA GPU mining rigs come in different shapes and sizes and can host numerous graphics cards fitted in special boxes. While mining MonaCoin, they are producing noises sounding like thousands really loud vacuum cleaners. What is more, the heat coming out while working, needs your attention. Don’t worry, if you don’t know how to handle that, we have a whole page with suggestions and tips on dealing with such issues and even better – how to prevent them from happening in the first place, just click here.
Your internet connection is the next thing in line. It is advisable to have a low latency connection with unlimited traffic, so you won’t miss out on the potential rewards. Low latency guarantees you win the reward for a block, in the case that someone else sends their result at the same time as you. Let’s sum all of this up:
- Low latency
- Unlimited traffic – 500mb/per rig/per day
- How to plan the whole process – to plan, calculate and setup the mining equipment with power consumption, cooling and noise
Which mining hardware to buy?
In this section we will explain which parameters to look for, when choosing MonaCoin mining hardware. In the table below, we point out the key factors, that will formulate the best GPU choice. These cards must be assembled in rigs, because used as a single unit won’t do profitable mining job.
What you need to look for in a GPU card is the hashrate, power consumption and of course, price. When you invest in some gear, it is good to do it with a thought for the near future – can you resell it and be on profit, will the price you pay for purchasing it be covered by the mined MonaCoins and is the power consumption worth it.
To make your choice easier, we have given our specialists the task to take all the above into consideration and come up with the best GPU for mining MonaCoin profitably. That is the Nvidia GTX 1080ti. The 60Mh/s will assure you mining prices, which makes the 700$ refundable on a later reselling stage.
In case you want to calculate the income from mining a coin, you can use the info from the table to fill in the calculator’s required fields.
Hardware and software configuration
- Ccminer for Nvidia
- Sgminer for AMD
We will guide you through the configuration for Windows of ccminer with miningpoolhub.
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01. Choose a Mona mining pool
Here is a table with some of the best MonaCoin mining pools:
Supernova
.Server locations:Reward system: PROPAverage fee: 0%ASICpool
.Server locations:Reward system: PPLNSAverage fee: 1%LApool.me
.Server locations:Reward system: PPLNSAverage fee: 0.5%You should pay attention to their reward system and pool fee. The reward system defines the way a pool splits the earnings from each new block found among its members. We have specialized page for rewards systems, where you can keep track of what is what and if there are any changes occurring. The other key point is the fee. Some pools have different policies, where you can start month trial for free and then start paying a fee. This should be part of your decision making. Mining pools require creating an account, worker registration and wallet configuration on their webpage.
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02. Go to pool webpage and register your username and workername(s). Also enter your payment address in the Wallet section of your account.
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03. Download the needed software – ccminer
In the folder, you are required to create a new batch file, by simply opening new txt file. In this new file copy/paste the following line and save it with extension .bat:
ccminer-x64 -a lyra2rev2 -o stratum+tcp://hub.miningpoolhub.com:20593 -u USERNAME.WORKERNAME -p x
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04. Run the batch file you have just created/saved to start MonaCoin mining software with the right parameters
You should see something like this:
In this window you will see if your GPUs are detected by the system and the hashrate you’re working with.
MonaCoin Cloud Mining
This section is for those of you, who would rather pay a service provider, than deal with hardware and software configuration. Pin points to watch out for are hidden fees for examples. Some MONA mining pools offer few months fee free usage of the service and then add one. Also, terms and conditions must be well read and understood, in order to avoid unpleasant outcomes. We have pointed every detail on our page. Here are the top MonaCoin cloud mining providers are Mining Rig Rentals and Genesis Mining.
MonaCoin Calculator
Our calculator is at your service anytime you’re wondering how much you can earn hourly, daily, weekly, monthly or yearly when mining Monacoin.
There are only a few simple steps to follow when using it. You just have to enter the following parameters:
- The hashrate of your devices
- The power consumption and cost
- The pool commissions
Disclaimer: Please note that your profitability depends on the network difficulty and the coin price which are always fluctuating. The result output of the calculator is a very rough estimation of what you’re can win and applies only for the current moment.
FAQ
How long does it take to mine 1 MONA?
It depends on the GPU card you are using. For example, if using a Nvidia GTX 1080 ti, it will take you 2 days in average to mine 1 MONA.
How many Mona coins you can mine in one day?
If taking into consideration the last question, close to 0.5 coins per day.
How can I calculate if it’s profitable?
Check out the link for the Mining calculator.
Is it legal?
MonaCoin mining is legal, considering its mining regulations, which are the same for all cryptocurrencies, but the usage differs. In some countries like Algeria, Bolivia, Nepal, Ecuador, Bangladesh and Macedonia there are general restrictions. By that we mean mining, buying, trading or anything crypto related is banned. In places like Indonesia, Thailand and Vietnam you can do anything, except using crypto as a payment tool. The rest of the world is opened to both using and mining MONA plus all other coins.
Can I mine via my phone?
It is possible but it’s not profitable at all and you risk overheating and damaging your device.
About MonaCoin
Monacoin (MONA) has appeared on the market officially in 2014 and started as a hard fork of Litecoin. The core idea of the coin is to give power to everybody in its ecosystem and be preserved by them. The developmental team keeps the coin up to date with all upgrades to SegWit, Lyra2REv2 and Lightning Network.
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