Monero is highly popular and incredibly profitable right now. Its technology attracts miners and investors, making its price rise and snowballing into one of the top cryptocurrencies in 2021.
In this article, we will talk more in-depth about all of this, and also how you can mine this coin.
Can you mine XMR with GPU?
Yes, you can, although you can also mine with a CPU. Monero is amazing starting right with the fact that it can’t be mined with ASIC, thus making it accessible to many miners around the world.
Even though Monero can be successfully mined with a CPU, this method only brings a profit of a few dollars monthly.
This is already mindblowing since many coins can’t be properly mined with a CPU, and sometimes if they can, you only lose money.
Now, if you want to genuinely make some money out of mining Monero, having a dedicated GPU to do this is optimal.
As you might already know, plenty of miners have mining rigs with multiple GPUs, and this generates immense profit.
Acquiring GPUs is certainly an investment not everyone is ready to make out of the blue, but the mining eventually pays for the equipment, and after that, you start to earn.
Is XMR worth mining?
There is a thing with cryptocurrencies that they are volatile, meaning that their prices fluctuate. This sometimes is a matter of insecurity for wannabe miners and investors.
This is completely comprehensible, but understanding the functioning of a certain coin might give a better view of whether it is worth buying or mining.
Monero is a type of cryptocurrency that obscures user data on the blockchain. The result of this is data being difficult to trace.
The tech employed to do the job is called Ring Signatures. It mixes your digital signature when you make a transaction with the signatures of other users, and records the transaction on the blockchain.
By doing that, it becomes impossible to know who made which transaction.
Since its birth, Monero tried different numbers of signatures involved in the mixing. At one point, users could specify how many signatures they wanted to mix.
Right now, though, developers have decided that adding 10 signatures to a transaction is good enough.
Ring Signatures is not the only technology employed at making transactions anonymous.
Stealth Addresses is another tool developed by Monero, allowing users to publish one address that creates several one-time accounts for each transaction. Owners then can use secret “view keys” to find their newly received coins.
Finally, RingCT (Ring Confidential Transactions) is the technology introduced in 2017 to make amounts in transactions hidden from anyone that looks at the blockchain.
RingCT allows transactions to have several inputs and outputs while protecting users’ location and general data and preventing double-spending.
Once someone transfers you Monero coins, you should get a notification on your e-wallet within 20 minutes.
As opposed to other common cryptocurrencies, Monero doesn’t require super-specific hardware to get mined.
It is possible to mine Monero blocks on an average computer without the need for ASIC (application-specific integrated circuits), for example.
ASIC is expensive for people who are only getting into the cryptocurrency business, so Monero is more accessible. On its site, you can find a list of supported hardware.
Monero’s fabulous technology has attracted many people to the network, as well as investors that buy plenty of coins for a variety of reasons.
So, is it worth mining XMR
As long as the blockchain keeps working steadily (and there is no sign that it won’t), it is worth mining, buying, and trading it.
It is one of the biggest names in the crypto world, so with Monero, you can go very far.
Can you mine 1 Monero a day?
More than 1 XMR is mined each day. Every 2 minutes a new block is mined, and the reward is 4,99 XMR.
This, however, doesn’t mean you will receive all this amount of XMR when you mine. Unless you solo mine the block. But this is a difficult task.
Mining requires processing power, and if everyone mines solo, only a few people would get the rewards, making the activity profitable only for these miners.
Miners, then, join mining pools. When you are mining in a pool, your machine is all the time actively mining, and you get steady rewards. To know how much you will earn, you need to enter your hash power, electricity cost, power consumption, and pool fee on Cryptocompare. Most pools have a 1% fee, but others charge a bit less.
How To Mine XMR?
First, you need to decide if you want to make a profit that can turn into a passive income to help you financially, or if you want to do this as a hobby to help secure the network.
If it is the first option, you should consider getting a GPU with nice hash power. We are talking about Nvidia and AMD GPUs released in the past few years.
If you already have that, you need to download a mining software, create an account at a wallet where your XMR will be stored, and choose a mining pool. We will help you with those.
Step-1: Download a mining software
Any of them should be easy enough to install and get ready to start mining. All you have to do is pay attention to what is written on each page.
Step-2: Create a wallet
This is step is essential. If you don’t have a wallet, you can’t start mining because then where would your rewards go to? You can choose between the following wallets:
Step-3: Join a mining pool
There are great mining pool options to mine Monero, as it is very popular and almost everyone wants some for them.
It is usually advised that miners get into mining pools with an already high hash rate, and the highest hash rate is found at MineXMR.
However, the concentration on this pool is so high that it actually has 30% of the total Monero network.
Since crypto’s goal is decentralization, we also encourage you to seek other pools and help the network stay healthy. So let’s check which are the best options.
With around 18% of the concentration of Monero’s network, SupportXMR is a popular option because of its low fees (0,6%).
You can choose any mining software and any Monero-supporting wallet, input the necessary information on the pool and start mining.
Since the pool is large, you can get payments steadily. Make sure to ping the pool and check if the latency is low for your location.
If the latency is above 100ms, you risk getting stale shares. In that case, check if all is right with your setup, and if the problem is the pool severs’ distance, choose another pool.
If you are using VPN, choose one that is suitable for mining.
This one is a Chinese pool with less concentration of miners but still enough to make a profit if you join it.
Since it has servers located in Asia, it is great for miners living in the continent, but it can also be good enough for miners living in Oceania (in case closer servers are down).
There are no fees to use c3Pool, and the minimum payout is 0.003 XMR.
Alternative coins to mine with GPU
If you’ve got a nice mining rig and want to know what else you can mine with it, we selected a few coins which you more than should consider mining.
ETC can still be mined using a GPU, but you need a good one (say 3GB, at least). ETC is a hard fork of ETH, aiming to keep it working as it worked initially.
It still supports DApps and smart contracts and was launched in July 2016.
ETC has a high market capitalization, meaning that there is no error when you choose to mine it knowing that you won’t lose money paying for electricity. Make the calculations on Cryptocompare and if the numbers are good, you can go for it.
In the face of super specialization in mining, developers of Ravencoin wanted to create a coin that brought a feeling of genuine decentralization.
This is why Ravencoin can be mined by anyone at home with a true profit.
It is fine to mine Ravencoin with a CPU, but great results only appear with a GPU doing the job. If you have a good mining rig, this blockchain will make you some dollars.
Even easier than Ravencoin is Dogecoin. Its algorithm called Scrypt is less complex than many other coins, making it attractive for miners with less powerful machines.
Even so, it retains a huge market capitalization.
Its popularity is probably due to its name, as “doge” is a meme. Creators really had a vision here and transformed their technology into a source of money.
How many XMR are left?
More than 90% of all Monero supply has already been mined, which means 16,659,407 XMR out of the 18.4 million XMR.
As the mining goes on, the process slows down because of halving. Even so, miners are close to mining all available blocks.
After that, Monero will still generate a small reward of 0.6 XMR per block.
Monero is one of the best coins a crypto miner can mine right now. It is easy and profitable to mine, with unquestioned value and assured use for trading and buying things online.
Learning how to mine it isn’t a complicated process, so you can start making a few dollars right away.