A complete guide for anyone looking to mine Monero

What you will see in this article:

• How to mine on video cards
• Mining on Nvidia
• Mining with AMD
• Processor mining
• How to install monero wallet
• Mining pool Monero
• Profitability of Monero
• Conclusion

Monero is a popular cryptocurrency and payment system of the same name. It is based on the CryptoNote algorithm. Thanks to this algorithm, transactions in the system can be carried out safely and anonymously, which cannot be fully said even about bitcoin, where the user’s financial transactions can be tracked. It is enough to know the wallet number. Monero remains one of the most popular cryptocurrencies in the market today. Makes it attractive and the opportunity to earn money in this system. Therefore, many people are now asking the question of how to start mining Monero.

How to mine on video cards

Monero Mining on video cards is not the most efficient way to mine. As in the case with other cryptocurrencies, coins are mined here by generating a block according to a given algorithm. 

And most importantly, there is no need to install an expensive farm here, which reduces costs and stabilizes income.

Mining on Nvidia

This type of mining is suitable for both the processor and the video card. To work, you need to download the new Nvidia drivers from the official website, and then install and run the appropriate software. 

This can also be done through a bat file. The correctness of the installation is checked by opening the console window and new pop-up balls.

This miner helps to increase mining speed and increase efficiency by 10-15%. Therefore, such mining of Monero on an Nvidia video card is the most profitable. To make things easier for themselves, experienced miners additionally use the EWBF program and the Minergate pool.

Mining with AMD

Confidentiality and stable trading rates have become the main reasons why AMD has chosen to mine Monero. It takes half an hour to install and start the process. The profitability can be judged by the fact that within a month the miner can afford to buy an improved graphics card.

For mining you need:

• Download and install a special miner.

• After saving, unpack the program and, if necessary, restart the computer.

• Choose a pool after analyzing the commissions and methods of work in advance.

• Enter the worker’s name and wallet address into a special field.

• After changing the algorithm and network code, it is imperative to add the symbols “pow7 1” to the Claymore gpu-miner configuration.

Processor mining

This mining method involves the use of equipment that consumes less energy and has a lower productivity. To get started, you need:

• update drivers,

• get a 4-core processor with large cash-memory,

• configure the BIOS for high performance,

• install the Wolfs-CPUminer or Yam-CPUminer software.

• To prevent overheating of equipment, rapid power consumption, freezing, you need to configure the software for the optimal power consumption mode. Single Monero Mining is no longer relevant. It is more profitable to mine coins if you join proven pools.

How to install monero wallet

Today, many services have been developed for storing Monero, adapted for Windows, Linux and MacOS. The most popular of these is My Monero, a service where you can store small amounts. To do this, an account is created and a passphrase is entered, which will be needed in case of reinstalling the operating system or losing the password. Withdrawal fee here is 0.01 XMR.

Mining pool Monero

Unlike Bitcoin, you can mine Monero on your own. It just requires a memory size 8 times the size required to mine bitcoin. However, even if you have such a powerful computer, you can try to look for a special pool. According to expert reviews, 99% of miners mine coins on such platforms.

When choosing a pool-site, you should evaluate:

• number of players,

• performance,

• the principle of award distribution,

• commission fee,

• stationary costs,

• minimum withdrawal amount, etc.

Popular pool platforms for Monero mining include MinerGate.com, Monero.Crypto-pool.fr, Moneropool.com, NiceHash.

Profitability of Monero

When choosing a cryptocurrency for mining, you should evaluate:

• protocol,

• the level of electricity consumption,

• parameters of the required equipment,

• quotes of cryptocurrency exchanges.

• Based on these factors, mining Monero is recognized as the most convenient, since this cryptocurrency can be mined at home from a laptop or stationary PC. If you go to the exchange and play on the course, you can buy another cryptocurrency. Taking into account the hash rate, the mining efficiency is obvious.

The profitability of Monero is due to the availability and simplicity that distinguish it from Bitcoin, Ethereum or other cryptocurrencies. To get the most profit, it is better to mine coins on video cards.

Conclusion

So, we learned how to mine monero on various devices. Now let’s summarize.

Monero is a cryptocurrency, the peculiarity of which is increased anonymity. Its developers have shown concern for users by granting the privilege of mining on a processor, video cards or cloud services. An additional advantage is economical energy consumption.

The XMR cryptocurrency was created 6 years ago and endowed with the potential that will allow it to survive for many more years. If the creators work on security, improve resistance to hacker attacks, then, taking into account anonymity, Monero will attract more players and gain a foothold in the market.