XMR Mining Essentials and Profitability Calculator
Before starting to mine, you need to find out if it is profitable. To date, home mining Monero remains relevant. You can still mine it using a regular PC. However, it brings some risks. One of them is the fact that the Monero rate may drop. Thus, hardware and electricity expenses may turn to be higher than mining profitability itself.
The complexity of mining is also in the fact that you won’t be able to earn much on this cryptocurrency. Earnings will be about $1-1.5 per day even with a powerful video card, while the average cost of a video card is about $400. So it will take more than a year to recoup the equipment. Also , thebest payout casinosites have hundreds of games that you can play. But many of these are drawn from a small number of game types . For more information visit https://onlineslotsx.com/au/best-payout-casinos/ .
How to mine Monero?
The advantage of the Monero network over Bitcoin is that you can mine at home, and it does not require expensive equipment. A computer with a good central processing unit or video card is quite enough.
Many people know that ASIC devices are used for mining most cryptocurrencies – they are special processors created to solve specific problems. They are several times more expensive than video cards but perform high mining speed. The peculiarity of Monero is that it is ineffective to use ASIC to mine the coins of this network. The creators of Monero do their best to combat the use of these devices.
With the advent of ASIC, the hash rate of the network will increase significantly. This will lead to a monopoly of large mining farms, consisting of hundreds and thousands of ASICs, which will push small miners out of the system. This is exactly what cryptocurrency developers are trying to prevent.
They fight against large farms by performing frequent updates, as a result of which the mining algorithm slightly changes. Central processors and video cards easily adapt to the new algorithm. But ASIC, as a highly specialized device, cannot cope with this and becomes inappropriate.
The best option for mining XMR is a graphics card. The fact is that the GPU is more efficient at solving many simple tasks compared to the CPU, designed to solve a small number of complex tasks. Since the mining process is enumerating a large number of combinations to find the correct block, a video card copes with this task faster. However, a video card suitable for mining costs more than a CPU.
The profitability of Monero mining
The Monero mining calculator allows receiving approximate profitability. To calculate, enter the following parameters:
- The computing power of the equipment.
- The amount of electricity consumed.
- Electricity cost.
- Pool commission (if you are a member).
Based on these data, the site will automatically calculate the profitability of mining. For conversions, it’s better to use the XMR to BTC calculator.
How to mine Monero: step by step guidance
- Select equipment for mining.
- Install software.
- Connect to the pool.
- Configure software according to the pool instructions.
- Restart your computer and start mining.
Monero mining software
Cryptocurrency mining requires special software. They use the Claymore CryptoNote GPU Miner program for mining on video cards and Claymore CryptoNote Windows CPU Miner for mining on central processors. Setting up Monero mining does not require any special skills.
Mining Monero: guidance for installing the program
- Download program.
- Specify the pool name, wallet number, and log in.
- Restart the miner and start mining.
You can also use programs created by hardware developers. For example, the best Monero mining program for an AMD GPU is XMR-STAK-AMD. For Nvidia video cards use XMR-STAK-NVIDIA.
The difficulty of Monero mining
An indicator shows how difficult it is to find a block on the network and get a reward for it. The more equipment involved in a network, the higher its complexity. The indicator also demonstrates the level of popularity of cryptocurrency mining. As of the end of February 2021, the difficulty of the Monero network was 237.115 GH/s.
It is impossible to get such a hash rate on one device. To profit, a miner must join a pool or organize a farm.
How to mine Monero on a processor?
This requires a fairly powerful CPU, for example, AMD Opteron 627. It costs $50, and its hash rate is 415 H/s. The Xeon L5640 will suit as well.
Although CPUs possess a lower hash rate than graphics cards, they use less electricity. Therefore, beginner miners sometimes bet they can make as much money on a CPU as on a video card. However, this is just a theory. In fact, mining Monero on a video card is much more profitable.
Mining Monero on a video card
It is better to use GPUs by AMD since they are more productive for mining. Such cards cost between $150 and $400 and provide a hash rate of up to 575 H/s. Models from Nvidia are more expensive (GTX 1070 and GTX 1080), with declared computing power up to 600 H/s. As a matter of fact, AMD cards perform better, as user reviews on the network show. Perhaps, it is due to better optimization.
A Monero mining farm consisting of several video cards will help increase the chances of getting a reward. Usually, you need 5-6 cards.
Conclusion
Monero is a cryptocurrency that doesn’t require a powerful ASIC to mine. A $400 gaming graphics card will be enough. However, you shouldn’t expect big earnings. To increase your profit, use a farm of 5-6 video cards. Its creation will require about $2,000.