Monero is a privacy coin which currently lies around the top 15 of Cryptocurrencies by market cap. Mining Monero can be a lucrative undertaking due to its cryptographic algorithm which is immune to ASIC’s mining. This indicates that anyone with a CPU or GPU can mine Monero. This guide will tell you what software programs you require, and how to mine Monero.
Monero Mining Profitability
First step is to calculate the mining profitability, by using whattomine.com, which gives up-to-date information on the current price, block time, and network hash rate (as estimated in KH/s—indicating thousands of computations per second). Now, begin by filling in your cards’ information at the top row and click on the GPU model number.
Next, click CryptoNight so it will calculate as per the appropriate algorithm and click ‘calculate’. It will display the hashing and profitability information.
Select a proper hardware
An ASIC miner, or Application-specific integrated circuit, is a good option for mining hardware in 2019. These small light computer chips have been developed with the single goal of decoding blocks, and greatly exceed their CPU and GPU equivalents. For selecting a proper hardware read this post.
MoneroSpelunker is a Windows GUI for the traditional Wolf CPU miner. Download the zip file here, and unzip it. Then run the monerospelunker.exe file and fill your Monero wallet address where you would like to be compensated for your mining. Enter the mining location of the pool you have preferred, then click ‘start mining’.
To examine how much Monero you have made through your mining ventures, enter your wallet address into the “Lookup” box at the mining pool website. It will display you how much you have made, and how much has been given out so far.
Note that every mining pool has a payment gate, which keeps on transaction charges by only giving out once you have mined a definite amount of Monero. Be ready for it to take days or weeks to accept your first return, depending on the activity, speed of your computer hardware.
Note that with some pools, your Hash Rate will be listed as zero for most of the time, till you quickly present a ‘share’ to the pool from your mining endeavors. You will momentarily notice your Hash Rate listed, after which it will revert to zero. This is common for some pools, and you do not require to bother that something is not operating perfectly. As long as after a while you see the “total hashes submitted” value increase, then your mining structure is running.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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This article is a guest contribution written by Thomas Glare from our friends at The Odyssey Online.
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