Requirements – What do you need to start mining Monero today?
To start mining a cryptocurrency, you will need hardware and software, or you can join a mining pool. When these are done, you can easily dismantle XMR with access to cheap electricity. The following subsections will tell you which hardware and software are best for Monero, as well as recommended mining pools.
Popular hardware and mining rigs for Monero
Unlike Bitcoin or similar networks, you don’t need an ASIC to mine Monero.
For clarification, note that Bitcoin’s SHA-256 algorithm or Litecoin’s Scrypt support application-specific integrated circuits. Monero’s CryptoNight consensus algorithm remains ASIC-resistant despite various attempts to introduce one.
Hence, miners in this privacy-focused cryptocurrency network are using Central Processing Units (CPUs) and Graphics Processing Units (GPUs) instead of ASICs. This has made Monero a very attractive coin for beginners or anyone looking to mine but without having to invest in very expensive hardware.
With this knowledge, you can now choose the best mining hardware to start mining XMR.
Before you proceed, however, consider the following three very critical factors that should influence your choice of Monero mining hardware.
- Hash rate: You need a powerful rig that can give you the most processing power. The higher the better.
- Memory: GPUs with higher internal storage are the best, with popular ones being 6GB or more.
- Electricity: You need to keep electricity bills down or it can mean little to no profit.
CPU or GPU?
While you can degrade XMR with either, a GPU rig is on the top in terms of performance, but more expensive.
Nvidia and AMD are the leading GPU cards for mining, and two of the most popular mining hardware tools for Monero come from these two companies.
Below are three of the best XMR miners available. The first two are GPUs while the third is for CPU mining.
1. GeForce RTX 2080 Ti
GeForce RTX 2080 Ti.Source: Amazon
The GeForce RTX 2080 Ti from NVIDIA offers up to 1450 H / s per graphics card, 1 GB GDDR6 memory and 300 W power consumption.
2. XFX AMD Radeon VII
XFX AMD Radeon VII. Source: Amazon
Mine Monero with this super-fast AMD Radeon VII graphics card that offers a hash rate of 1700 H / s and a power consumption of 300 W. This efficient GPU works well with the XMR-Stak mining software.
3. AMD EPYC 7742
EPYC 7742. Source: Gigabyte.com
AMD’s EPYC 7742 has 64 CPU cores and hashing performance of over 44,000 H / s.It is an efficient device that draws 225 W from the wall. But be careful, this is quite expensive, although the quality makes up for all the money you are going to pay.
software
The right mining software is also required for mining cryptocurrencies. This needs to be compatible with your hardware and mining pool. The software helps you to connect your hardware to the Monero blockchain and to configure other settings that are important for the process.
You can either use desktop software or opt for mobile options. Some products offer cross-platform functionality. Note that a desktop version works from your computer’s desktop, while a mobile version can be accessed anywhere using a mobile device.
While finding the right software version for your rig is easy, you should always check compatibility. We emphasize this because non-compatibility is as good as wasting your power with mining equipment running but you are not going to mine at all.
What software is used to mine Monero?
You will find that you can choose from several different types of Monero mining software, all of which are tailored for CPU and GPU mining.
The Most Popular Monero Mining Software In Use Today Include:
- CC miner–You need this if you are using Nvidia GPU cards
- XMR stack –XMR Stak supports both CPU and GPU hardware
- Speleologist Coin–The best software for CPU mining on the Monero blockchain
Can I dismantle Monero with my PC?
Technically, you can mine Monero with your PC as XMR mining supports CPU mining. However, this must be a high-end computer such as the one designed for gaming, or an i5 or i7 processor. This allows you to break down negligible amounts of XMR.
If you are serious about going with a CPU, you may need to switch your PC to a setup that is convenient for making profit.
First couple your PC with a CPU that supports crypto mining. For the most part, they are Intel Pentium processors and are easy to get hold of. You can also take a look at the Ryzen Threadripper 1950X or the Ryzen 7 1800x from AMD, among others.
Once those are sorted, you’ll need RAM, a dedicated GPU, motherboard, and solid state disk (SSD) to add speed to the mining rig. This is a great way to put together a powerful mining setup that will run Windows, Linux, or Mac OS on your PC to start the system.
To use the CPUs and your PC to mine XMR, you can use Minergate. After creating an account and downloading the mining software, follow the guidelines to start Smart Mining.
Technical knowledge required to dismantle Monero
Mining can be a complex activity, especially if you are a beginner. Part of the problem is the difficulty in grasping key terminology. Although you will get a good grasp of it at some point, here is a simple explanation of some of the technical terms related to Monero mining.
- ASIC-resistant: An algorithm that makes it difficult for miners to provide specially designed ASIC miners. Monero has upgraded several times and revised its CryptoNight consensus algorithm to keep this hardware off the network.
- Hash rate: This is a measure of how much processing power a mining device has. It refers to the speed of mining, i.e. how many hashes per second can the hardware device handle?
- Block reward: This is what miners earn after finding a new block and adding it to the blockchain. The reward includes a defined number of new coins and all transaction fees attached by users.
- Mining difficulty: This examines how difficult it is for a miner to get a new block with the intent of such a metric to keep the time used to compute hashes within the estimated block time. The difficulty is readjusted from time to time to make sure it does, although different blockchain platforms adjust their mining difficulty differently.
- Hard cap: A certain number of coins that can ever be minted or exist according to the protocol of a blockchain network. This is the case with Bitcoin, which has a fixed supply of 21 million coins. Moneros is a little different as new coins continue to be minted indefinitely but at a fixed price.
- Tail emission: The new coins that Monero Miner generates will be generated once all 18.4 million XMR are mined. The new coins are created at a rate of 0.3 XMR per minute or 0.6 XMR per block time of 2 minutes.
Joining a Monero Mining Pool
Before you start mining Monero, decide whether you want to build my mine on your own or join a mining pool. As explained earlier, Monero mining uses hardware that may not be as expensive as that used for Bitcoin. This means that with considerable capital, you can assemble powerful GPU rigs and try solo mining.
However, you might run into trouble as the mining industry is highly competitive and you would still be up against mining pools. Pools allow miners to combine their computing power and mine it as one, greatly increasing your chances of finding a block and earning a reward.
The reward is shared among the miners according to the hash rate contributed by an individual miner. For example, if your hash rate is 3% of the total processing power of the pools. You will receive 3% of the 1.14 XMR as a block reward.
As you increase your contribution, you increase the potential reward rate. It’s that simple. Be aware, however, that some pools have joining or pool maintenance fees that are derived from the pool reward.
You will also need to do your due diligence when choosing one.
To give you a head start, here is a list of the best Monero mining pools.
- MineXMR.com
- SupportXMR.com
- xmr.nanopool.org
- monero.crypto-pool.fr
Monero cloud mining
You can also consider Monero Cloud Mining as an alternative if you don’t want to run the mining hardware. With cloud mining, you can get a mining contract from a cloud service company. The company will rent you computing power from its large data centers that can be used to mine XMR. Once you’ve paid a fee, you can start earning mining company rewards.
Advantages and disadvantages of cloud mining:
advantages
- You don’t have to buy any mining hardware
- You don’t have to monitor mining machines
- You can mine any coin you want
- Regular payouts
disadvantage
- The terms of the contract are set (no opt-out)
- Risk of disreputable / fraudulent providers
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