How to mine Monero
Monero (XMR) is a veteran in the crypto world that offers unmatched privacy. If anonymity is a main concern of yours, you’ve made the perfect choice. Mining Monero is easy and profitable thanks to the cryptographic algorithm it uses. We’ve prepared a detailed guide for you, which best explains how to get started and maximize your profits. It includes: …more
- Which Mining Hardware to use
- Configurations of your Equipment
- Mining pool for Frequent Earnings
How to mine Monero has one more aspect, preferred by many due to the lack of hardware and electricity bills hassle. At the section cloud mining we will discuss this alternative in detail.
Why should you mine Monero?
It would be safe to assume that you’re into crypto for making profit. But which coin should you choose, which is the best one for you? If you’re concerned with your privacy, then look no further – mining Monero is the answer to your woes. By contrast to Bitcoin, Monero has an amazing set of privacy features when speaking of transactions. Even if someone sends you Monero coins, you’re not able to check the source of the transfer. The same applies for the opposite: if you send somebody coins, he or she won’t know that it was you, unless you tell them. In fact, if you don’t know a person’s address, there’s no chance to find out how “rich” they are. Pretty cool, isn’t it?
What’s the best way to mine Monero?
Monero mining is done by solving complex puzzles with your central processing unit (CPU) or graphical processing unit (GPU). What’s great news is that you can still mine XMR coins with your CPU, so notebooks and desktop PCs can earn you coins as well. To maximize your profits however, we recommend going the GPU route (AMD). In the upcoming paragraphs you’ll find detailed information on which are the best cards to mine with and what their performance is. As with most other currencies, mining Moneo in a pool proves to be the most beneficial way as you can expect regular income and high chance of completing blocks. Said in few words, pooled mining combines the hash power of all participants and boosts the speed with which a new block is found. To prove our point, we would like to give you a glimpse at mining XMR on your own. When you try to find the missing element of each new block’s equation, you are running against the thousand times faster pool hash power. This way you leave your reward in the hands of luck. There you have your answer, the best way to mine Monero is with GPU AMD cards in a pool.
What do you need to start mining Monero?
Basic requirements for mining XMR are related to your hardware equipment, which we are about to explore in detail in the following Hardware Section. To achieve the best results, you’d need to setup a custom GPU mining rig. Even though desktop PCs and Laptops can also be used, they aren’t as effective. You also need a Monero wallet to receive your coins, the download of the official wallet you can find at the Monero website. Below, we have summarized all other requirements to start mining for Monero:
- Hardware – assembled GPU rigs, using AMD or Nvidia card models.
- Monero Wallet: this combination of public and private keys help you maintain a ledger of all your transactions and keep a track of all your earnings.
- Reliable Internet Connection: You need a 24/7 connection to the Internet and 15GB per day per unit.
- Capacity of power line: Get familiar with the consumption (in Watts) of the hardware you choose and the capacity of line you will connect it to.
What else to consider before you start mining Monero?
We will start by saying, that every piece of machinery working with electricity can cause bills, noise and heat side effects. When mining for Monero, your GPU rigs will do exactly that. Our team of experts dedicated to keep up with the working troubleshooting ideas, maintain our specialized webpage. Check it out and keep your mining gear up and running for longer period of time. Don’t worry, all aspects are explained.
Which lead us to another element worth your attention. We will explain about the latency of your connection. Imagine you and one more miner find a block at the same time. In order to be rewarded for that, the information should be sent to the blockchain for approval, that you are the one, who found it first. In case your latency is higher than the other miner, his information will reach the ledger first. This way you will have been mining for nothing. So, you need faster response from the Monero mining pool (low latency) and at least 500MB per device per day.
In the upcoming section of the article, we’ll get into the nitty-gritty of mining Monero (XMR). Fret not, we’ll go into detail and give you step-by-step advice on how to get started.
Which Monero mining hardware to buy?
In the tables below, you can see our suggestions for choosing GPU and CPU mining hardware. The key parameters to look for when choosing hardware are listed in the table below:
Recommended Monero CPU Mining Hardware
Recommend Monero GPU Mining Hardware
Setup hardware and software / Configuration
We will guide you through the required steps of configuring your hardware and software in order to mine for Monero and be profitable:
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01. Download Mining Software
You need to download the latest version of xmr stak github release page. There You’ll find versions from fireice-uk and psychocrypt. Currently though, the latest version for CryptoNight v7 is 2.4.2.
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02. Install the Software
Download the .zip file on your computer. Once it’s ready, unzip it to a directory of your choice. Be aware, that your Windows antivirus program may tag or block your miner, because it can detect it as a threat. It’s standard and you have nothing to worry about. Just add exclusions for the miner on your Antivirus software and you are good to go.
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03. Check for the File xmr-stak.exe
Once extracted, inside the folder you’ll find a xmr-stak.exe along with 4 other files.
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04. Join a Mining Pool
Next step is joining a mining pool. It provides you with benefits like regular payouts, but you also need to pay a small fee for the services.
Here is a table with top 5 Monero mining pools and their fees and reward systems:
supportxmr.com
Server locations:
Reward system: PPLNSAverage fee: 0.6%Our choicenanopool.org
Server locations:
Reward system: PPLNSAverage fee: 1.0%dwarfpool.com
Server locations:
Reward system: RBPPSAverage fee: 1.5%moneropool.com
Server locations:
Reward system: PPLNSAverage fee: 1.9%minexmr.com
Server locations:
Reward system: PPLNSAverage fee: 1.0% -
05. Configure the xmr-stak.exe
Now it’s time to configure the miner. It is simple – run xmr-stak.exe (configuration wizard); then enter the step by step information in the window as it follows:
Configuring XMR-STAK
.Run xmr-stak.exe and the first thing you’ll notice will be “Do you want to use the HTTP interface?”. Simply type 9999 or any other number, then enter (this creates a config.txt file). For more of its use, read on.
.Now choose the currency you would like to mine. Enter the name and hit enter. In case this coin is not listed, type in the name of its algorithm. Here is an example with Monero7, as they have recently hard forked the Cryptonight v7.
.Then enter the pool address and port number for the currency you have chosen.You can find this information in your pool’s getting started page. The choice of the address and the port of your hardware depends on your location. Enter the pool URL address in the command window and hit enter to proceed with the next step.
For example: pool.minexmr.com:7777.
.A reliable pool – the most vital step. We hope that you will find the right one because almost every CryptoNight based pool looks similar to the others.Next, type your username (your wallet address). Enter it and press the enter button.
You should see an empty password field. What is more, the Rig identifier for the pool’s side statistics is usually optional. Next step for you is to enter port support option (TLS/SSL) for the chosen pool – enter the following command: n. Nicehash; definitely No. Multiple pools; No. Once this list is complete, your miner will connect to the pool of your choice and will start mining the cryptocurrency you have picked. In addition, it will create 3 more files in the folder. They will be cpu.txt, nvidia.txt or amd.txt and pools.txt.
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06. Monero Miner Startup
Open your system’s start up folder. Drag and drop a shortcut to the software‘s .exe file. Remember, this should be done in your miner’s folder. This is needed, if you’d like it to auto-start mining when your Windows boots up. Here is the path to the system startup folder in Windows 10: Start > Run and entering ‘shell:startup’.
Monero cloud mining
Cloud mining enables you to immediately start mining without the need to purchase hardware, pay electricity bills and mess with cooling and ventilation.
Some of the cloud mining advantages are:
- No excess heat to deal with.
- No excessive noise from constantly running fans.
- No electricity costs.
- No pre-ordered hardware that may not be delivered on time.
What are Cloud Mining Disadvantages?
- Possibility for scams or fraud.
- Low incomes – the middleman cover its expenses.
- Mining contracts – may cease operations or payouts, in case the mining becomes unprofitable.
- Lack of possession of the mining equipment.
To jump into cloud mining, you “only” have to identify reputable provider and choose the algorithm and the amount of power you want. Key things to look for are:
- Reputation of the provider
- Contract length
- Algorithm
- Amount of hash power.
Some of the well-known cloud mining providers are:
Monero calculator
Generally, if you want to use our Monero mining calculator, all you need to do is to enter the necessary information, such as the hash rate and the power consumption of your device(s). If you are mining in pool also enter pool’s fee inside the calculation.
After filling all the necessary information, you will receive detailed information of your daily, monthly or yearly profitability.
Disclaimer: Remember that these results are based on factors like network difficulty, block reward and current coin price and they’re also taken into consideration when calculating. Your profitability can go in any direction if some of these values changes in the future.
FAQ
How long does it take to mine 1 Monero?
If you use a processor, for example AMD’s FX 8320, mentioned in this article with 330 H/s, you will need 1 year to mine 1 XMR coin.
Can I mine with raspberry pi?
It’s possible, but not profitable.
Is it worth it?
Depends on your expectations, but you can easily verify how much time is needed for a reward.
What’s the profitability?
You can check it out using our Monero mining calculator.
Is mining Monero legal?
It’s perfectly legal.
Can I mine for free?
There are different types of mining, some pools have lower fees or none whatsoever, but as it goes in life, nothing comes free.
Can I mine with my iPhone?
It is possible, but not recommended because it’s less effective and you might overheat your phone.
Is it safe?
You should always pay attention to the small details.
Which are the best countries to mine in?
Companies comparable to the Canadian Hashchain Technology Inc., have stable and booming startup market, supported by the government. Businesses in Iceland take advantage of the freezing climate to gain an upper hand. BitFury and all of its competitors have perfect tax situation and an established blockchain market in Georgia.
Why should I mine?
In order to gain a certain amount of money every day.
How to make my own Monero pool?
Full information in the ReadMe.md file at https://github.com/UNOMP/unified-node-open-mining-portal
About Monero
Monero (XMR) is an open-source cryptocurrency, which primary focus is on the user’s privacy and decentralization. Not everything works as planned. Example is the unwanted hackers and lawbreakers’ attention, that was unfortunate consequence from the heightened privacy features of the coin. Nevertheless, every unit of the currency can be replaced by another one. This gives XMR a significant advantage over the other cryptocurrencies, such as Bitcoin.
Monero has made several large improvements since it has been launched. One of them is the blockchain migration to a different database structure. This was done to provide greater efficiency and flexibility. The setting of minimum ring signature sizes was the next extra step, that granted all transactions to be private by mandate. Moreover, the transaction amounts are hidden, thanks to the RingCT. Roughly all improvements have increased XMR’s both security and privacy. Monero continues to develop its goals of confidentiality and protection on the first place, and the ease of use and efficiency on second one.
Monero Team
The crypto coin XMR is a successful open source project. There is no centralized organization or company involved in its existence. Most developers interested in the project, actually join and contribute for free. Nevertheless, there is a system (FFS), which tolerates anyone to suggest ideas in need of funding and that the community is free to support: https://forum.getmonero.org/#category-2
Monero hashing algorithm
XMR uses CryptoNight as its mining algorithm. This hashing function comes with a few features that are worth being considered. Most notably, it is particularly memory bound algorithm, depending on the speed between processing and memory modules. This caused the decrease, considered as advantage, that GPU mining brings over CPU, compared to other algorithms.
In attempt to protect the cryptocurrency against ASIC miners, Monero developers successfully completed the migration to a version 7 of CryptoNight algorithm.
Proof-of-work consensus
The fundamental flaw that they all overlooked is that the algorithm involves two distinct elements. Both, Bitcoin and CryptoNote, tried to fulfill those requirements with a single cryptographic algorithm. I.e., the actual work that must be done, and the proof that the work has been done. However, the crypto hashes are only good for one proof – to digitally verify, that a piece of data is authentic.
What’s a Monero fork?
The ongoing protocol upgrades to the process, which Monero goes through once in every six months. Several new useful features were introduced thanks to the latest hard fork. That includes bigger and private resource-intensive transactions, multi-signature transfers, Ledger Nano S support and many more.
The last Monero hard fork also initiated a tweak to the CryptoNight hashing algorithm. This change made all existing ASIC machines useless.
The fork was inspired by the launch of Antminer X3, product of the Chinese company Bitmain Technologies in March.
Riccardo Spagni, XMR’s creator, commented on GitHub, that the adjustment of the coin’s strategy aimed to make it more ASIC-resistant. His argument rests on the fact, that Monero employs extensions, boosting CPU’s mining status. Thus, giving them an orchestrated unfair advantage. Spagi’s creation would adopt a less hostile attitude toward ASICs, if similar extensions were widely implemented, in order to make the hardware more democratic.
Monero regulations
Check the table below to know which regulator covers your country and what protection does it offer.
| Regulator | Countries Covered | Protection Offered | Additional Protection Offered |
|---|---|---|---|
| Financial Conduct Authority (FCA) | UK, Ireland and Germany | All client funds are held in a segregated client bank account | Financial Services Compensation Scheme (FSCS) may cover up to £50,000 |
| Cyprus Securities Exchange (CySEC) | Andorra, Argentina, Austria, Bahrain, Belgium, Bulgaria, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Gibraltar, Greece, Hungary, Iceland, Isle of Man, Israel, Italy, Kuwait, Latvia, Liechenstein, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Monaco, The Netherlands, Norway, Oman, Poland, Portugal, Qatar, Romania, Saudi Arabia, Slovakia, Slovenia, Spain, South Africa, Sweden, Switzerland, United Arab Emirates and Uruguay. | All client funds are held in a segregated client bank account | The Investor Compensation Fund may provide up to €30,000 |
| Australian Securities & Investments Commission (ASIC) | Australia, New Zealand and South Africa | All client funds are held in a segregated client bank account |
Sources
https://cryptovest.com/education/monero-mining-guide-how-to-mine-xmr-cryptocurrency