Mining Monero (Monero) in 2022 - on a video card, on a processor

Over the past two years, mining new digital coins has turned from a strange way to spend money into a serious business, and you can make good money not only from Bitcoin with Ethereum. There are also simpler options, such as mining Monero (read what kind of coin this is here).

Most articles describing how to mine Monero step by step begin in two ways: with a detailed description of the CryptoNote/CryptoNight hashing algorithm, sometimes even with mathematical formulas, which you can completely do without, or with technical details on how to choose a video card and assemble your frame for the farm.

All this will be in our publication, but first let’s look at what happens after the “On” button is pressed on the equipment.

Algorithm, complexity and block generation time

Logo.
CryptoNote has a high degree of anonymity; the protocol uses the following technologies:

• ring signatures;
• obfuscation (complicating the code in order to make it more secure).

The Monero code can be viewed on Github github.com/monero-project/monero. The blockchain uses a Proof of Work (PoW) consensus mechanism, which means that cryptocurrency can be mined. XMR emission is not limited.

According to the PoW algorithm, Monero mining can be carried out using the following computer technology:

1. CPU. Not the most cost effective option.
2. GPU Gives more profit, but also requires some investment.

ASICs for Monero have not yet been assembled.

Formula for calculating the difficulty of mining Monero.

The difficulty of mining Monero is calculated using this algorithm. And this is more difficult than learning how to mine ripple.

Differences between the Monero blockchain and the classic BTC

The CryptoNight mining algorithm used to hash XMR blocks is based on ring signature technology. Mining of the Monero cryptocurrency is possible using CPU power. The XMR architecture has a number of differences from Bitcoin:

1. Protect transactions from tracking. Transactions on the Bitcoin network do not encrypt the personal data of participants (wallet addresses and logins). Controlling organizations can reveal the sender and recipient of funds. In the case of XMR, mining encrypts information and unauthorized access is excluded.
2. Block generation time. Signing a new block in the Bitcoin network takes about ten minutes, hashing a new fragment in XMR takes two minutes. XMR mining is more profitable, users receive a high volume of coins.
3. Transaction methodology. In the Bitcoin network, users have a private and public key, the numbers are used to send and receive money. The Monero blockchain uses Stealth addresses, viewkey (viewing a specific transaction) and spendkey (confirmation of sending a payment). Participants in the chain can see only one transaction by viewkey, the list of other payments remains hidden, and a one-time spendkey is created when sending funds.

Contrary to the popularity of the BTC cryptocurrency, Monero provides better protection for users’ personal data and automatically hides addresses and transaction amounts. From a miner's perspective, XMR mining requires less cost and generates income faster.

Calculating profitability

The Monero cryptocurrency (XMR) is one of the 5 largest cryptocurrencies by capitalization and is of interest to investors.

Page bitmakler.com/Monero___mining.
Here are good Monero mining calculators and a hard drive mining calculator:

• bitmakler.com/Monero___mining;
• in-trend.biz/mayning/monero/.

The following parameters are used in the calculations:

1. Electricity costs.
2. Type and cost of equipment.
3. Hashrate, computing power.
4. Monero to dollar exchange rate.
5. The block reward is a variable parameter.
6. Mining difficulty.

In this video you can find out the profitability of mining Monero on a video card; different models are compared.

On average, the profit from mining Monero is from 200 USD on a farm of 6 top video cards.

Much depends on proper setup, so you need to carefully read the step-by-step guides and be sure to watch videos in which miners not only talk, but also show what exactly they are doing. Video reviews are more informative than text, and information from them is better remembered by beginners.

Features of XMR mining

Traditionally for PoW algorithms, profitable mining of the Monero cryptocurrency is possible on the latest AMD Radeon or NVIDIA GeForce video cards. The advantage of XMR is the anonymity of transactions and ease of conversion into top cryptocurrencies.

Earning money on Monero has a number of features:

1. Variety of mining clients. The user can install the XMR-stack program that runs on CPU, GPU and various versions of Windows operating systems. Monero is mined on other multi-currency miners Claymore's CryptoNote Miner (for AMD Radeon owners) and XMR Stack Miner (for NVIDIA owners).
2. Availability of an official wallet. getmonero.org website provides an installation file combined with a mining client. However, most users prefer to open an account on a cryptocurrency exchange and store XMR tokens online.
3. Relatively low energy consumption. The small block size (two megabytes) simplifies hashing, so the equipment heats up less during the mining process and lasts longer for the owner. When mining using Wolf's CPU Miner or Yam CPU clients, electricity costs will be minimal.
4. Coin distribution. Thanks to the system of anonymous transactions, Monero tokens are in demand on the market, making it easier for the user to choose a powerful pool for mining. For example, the DwarfPool, Nanopool and Crypto-pool pools work with the XMR coin, which have good power and a commission of around 2%.

XMR tokens are trusted by investors: in November 2022, the project ranked 11th in the list of cryptocurrencies with the largest capitalization. From a miner's point of view, CPU mining generates income with minimal investment.

How to start mining Monero?

Exmo.me.
You need to start mining Monero with the following steps:

1. Register a wallet.
2. Synchronize it.
3. Connect a video card or processor.
4. It is better to choose a pool and mine Monero cryptocurrency collectively, rather than solo.

Now let's learn more about registering a wallet.

The Exmo hot wallet is convenient for mining; you can register it here exmo.me. On Exmo you can exchange XMR for other cryptocurrencies or withdraw it to fiat. For long-term accumulation, it is better to use a cold wallet, for example, withdraw XMR to the Standard Monero GUI.

When registering on Exmo you need to enter the following data:

• login;
• password;
• email;
• captcha

After registration, the following interface will appear.

Interface.

Then you need to find out your Monero Address and transfer a certain amount of XMR.

Appearance.

Verification of the transaction will take some time, just like in any POS mining.

Verification.

The address must be copied, and the Monero mining wallet must be left open.

How Monero works

Monero officially appeared on April 25, 2014, and literally 5 months later it was subjected to a large-scale hacker attack, but mining and its popularity were not affected. Since the scammers were unable to get their hands on the issue of coins, one of the key features in this matter was specific mining. I won’t be revealing America if I say that cryptocurrency mining is gradually developing into an industrial segment, and has already completely entered the commercial arena. The same crypt is created based on the CryptoNote application layer protocol, so Monero is distinguished by significant security and anonymity. In order to mine XMR, they use video cards, processors, proprietary applications and pools, but first things first.

Mining Monero on an Nvidea or AMD graphics card

Mining farm.
Registration and synchronization of the wallet do not depend on what equipment the mining will be used on, but further actions differ for video cards and processor. How to mine Monero (XMR) on an Nvidea GTX 1060, AMD RX 580 or higher graphics card?

AMD video cards

It’s more profitable to work on AMD, so it’s worth starting with equipment from this company. The best miner program for mining Monero on AMD is Claymore Miner.

You can download the program on Github https://github.com/d3z00r/claymore10.3-no-fee

After downloading, you need to unpack the archive into the folder for system files, find the config (config.txt file), and open it.

An example of a body file with a registered pool.

You can reproduce the settings from the example and work through nanopool or put a different pool address there. You don't have to change the letter x in the password; it won't be useful. Then open the start.bat file, edit it (enter your data). Monero mining will begin.

Code.

To make sure the settings are correct, you need to look at the statistics in the pool.

Statistics.

The screenshot is xmr.nanopool.org.

Statistics.

The Monero address is marked with a red arrow; after selecting, you need to click Search. Accurate statistics do not appear immediately, but after about a day.

By default, earnings from 1 XMR are transferred from the nanopool to Exmo, but you can configure the withdrawal from 0.3 XMR.

NVIDIA video cards

Nvidia.
To mine Monero on Nvidea, use the CCminer program. You can download it here https://github.com/tpruvot/ccminer/releases.

After downloading, unpack the archive, find the file pool.bat or start.bat, open it using notepad. Write there: NsGpuCNMiner.exe -o stratum+tcp://pool address:port number -u your login or wallet -px user. Everything is lowercase. After running this file, mining begins. Statistics can be seen on your pool.

This good video shows how to mine Monero on an Nvidea video card.

Possible xmr mining options

You don't need super expensive equipment to mine xmr. To start earning money, you just need to get a video card or processor.

Mining Monero on nVidia and AMD video cards

Mining on video cards is quite productive, but at the same time energy-consuming. Thanks to the technical innovations introduced by the developers of the Monero network, including the new CryptoNightV-7 algorithm, video cards from AMD show the best results today. To get started, in addition to the video card itself, you will need ClayMore GPU-miner software.

Сcminer 2.0 cryptonight is a Monero algorithm miner program that uses all the capabilities of CUDA technology.

Those who have chosen equipment from nVidia need to download the CUDA-miner program. To maximize your performance, it is recommended to download drivers for the latest GPU model.

Note that solo mining on video cards has long become unprofitable. A lone miner can spend months or even years without ever producing a single XMR. Today, it makes more sense to mine Monero coins in collective pools, combining the power of your equipment with the power of other “miners.” With this form of work, the generation of blocks is accelerated, and the reward is distributed in proportion to the invested power and time.

There are many pools on the network that support Monero mining, let’s name the most popular ones:

• https://miningpoolhub.com/;
• https://cryptocash.guru/www.diggerhash.com;
• https://cryptocash.guru/monero.miners.pro/;
• https://minerhills.com/ru/.

The profitability of monero mining depends on the quality of the video card and energy costs. In order not to make a mistake with the choice of equipment, it is recommended to calculate the probable income in advance using an online calculator, for example, on the website https://whattomine.com/. The automatic calculation system will ask you to provide the following information:

• name and model of the video card;
• current electricity tariffs;
• mining algorithm.

After entering the information, the calculator will provide information on your estimated income in a matter of seconds. So, for the AMD Radeon RX 580 model with 8 GB of RAM, the calculator gives the following calculations:

• hashrate - 860 N/sec;
• electricity consumption - 0.12 kW/hour;
• daily profit at a tariff of $0.04 - $1.11 (0.0015 BTC).

An nVidia card of similar power has a lower yield: $0.75 (0.0001 BTC0.

Mining Monero on CPU

Intel and AMD present top processors for Monero mining.
The processor consumes less energy, but its performance is correspondingly lower. To get started you will need:

• processor with 4+ cores and large cache;
• BIOS settings for high performance;
• driver update;
• installation of Yam-CPUminer or Wolfs-CPUminer programs.

The software allows you to configure the optimal mode for consuming computing power to avoid equipment overheating, freezes, and rapid battery consumption.

As in the case of video cards, single mining on a processor is no longer relevant. The best option is to join verified pools:

• https://cryptocash.guru/dwarfpool.com/xmr;
• https://xmr.nanopool.org/.

Asic: a new generation monero-miner that turned out to be unclaimed

ASICs are specialized computing devices with high performance and low energy consumption, designed exclusively for mining.

After the release of an ASIC running on the CryptoNightV-7 algorithm, Monero executives suspected that in this way the world's largest manufacturer of mining equipment, Bitmine, wants to concentrate the lion's share of XMR production in its hands and thereby gain control over the network.

After the April protocol update (we wrote about this above), the complexity of the Monero network decreased by three times. This was, although indirect, proof that the Bitmain company was engaged in industrial mining of XMR on its ASICs and at the time of modernization controlled approximately 2/3 of the market. This is how Monero managed to maintain the decentralization of its network.

Cloud mining XMR

Cloud mining (renting capacity from large companies that own equipment and data centers) is a good option for those who are just discovering the world of cryptocurrencies. To start earning money, you don’t need to buy and configure equipment, study the principle of its operation, you just need to sign an agreement and pay the rent. In turn, the company ensures uninterrupted operation, maintenance, repair of the involved video cards and processors, and pays for electricity.

Popular Monero cloud mining services:

• Genesis Mining is a service created back in 2014. It offers two-year contracts for 1 thousand, 3 thousand and 9 thousand H/s. There is no service charge. The cost is respectively $830, $2,460 and $7,200. At the moment, the pool does not have available capacity for rental.
• MinerGate is a popular mining pool for working with various cryptocurrencies. Provides services at a price of $6.5 per 10 H/s. Recently, negative reviews about this service have appeared online (clients complain about delays in the accrual and payment of earnings).
• MiningPoolHub is a service with a hashrate of 13.5 MHS/sec. Its participants spend about 40 minutes mining one XMR block. Advantages of the pool: low commissions for withdrawal of funds (0.9% + 0.015 XMR) and stability of operation, which is very rare for cloud platforms.
• Cryptopool is a large service with two thousand active users, providing 10% of the Monero network hashrate. More suitable for large investors as the minimum withdrawal threshold here is 0.3 XMR.

MinerGate is one of the most popular pools for working with various cryptocurrencies, including Monero.
The profitability of cloud mining can also be calculated using an online calculator. True, you will get approximately the same result for all pools. The payback period for investments when working with cloud services ranges from 1 year to 14 months. As the XMR rate increases, income increases and the payback period decreases.

Browser mining Monero

There is software for mining XMR through a browser, written in the JavaScript programming language, which is actively used by website developers for the so-called. black (hidden) mining - mining of cryptocurrencies using the power of visitors to their resources without their knowledge.

It should be recognized that most of the scandals associated with illegal mining on other people’s computers are associated specifically with the Monero coin. In this regard, the creators of antiviruses began to introduce tools for calculating such sites. If you want to mine Monero through a browser, you will first need to disable script blocking in your antivirus program.

Mining Monero on CPU

Claymore CPU program.
It is not profitable to mine Monero on a CPU in 2022, but nevertheless, there are people who are interested in this, which means that all options need to be considered.

The process of downloading a wallet is exactly the same as for mining on a video card.

To mine Monero on a CPU, the Claymore CPU program is used; you can download it here https://github.com/nanopool/Claymore-XMR-CPU-Miner/releases. This version is already configured for nanopool. You can use other options (Wolf's CPU miner, Yam CPU), but Claymore is considered the best.

Examples of body files for all three programs.

After downloading Claymore CPU, you need to edit the config.

Code.

In this document:

1. -o this is the pool address.
2. -u is the wallet address.
3. -p and password, you need to leave x here.

After saving the config, you need to run the start batch file (start.bat file).

Starter batch file.

Monero mining has started, all that remains is to check the statistics on the pool.

Statistics.

In the place marked with a red arrow, you need to enter the wallet address and click Search.

Statistics.

Statistics are displayed, but they will become accurate in a day.

The parameters are listed above:

• current hashrate;
• average hashrate for 6 hours;
• balance;
• passive balance (turns into active automatically).

This useful video explains how to mine Monero on a CPU.

The body files shown in the video are not in the description, but you can copy them from here https://miningclub.info/resources/claymore-cryptonote-cpu-miner-v3-5-beta-pool.179/.

How to mine Monero

The first thing to think about is where you will store your mined coins. The currency has its own wallet, and you can download it at getmonero.org.

The interface and large number of functions can be intimidating, but there is nothing complicated here.

After downloading the file, you need to launch bitmonerod and synchronize the block chain. This is a long process and, by the way, not everyone wants to download such bulky files. Therefore, many people store their crypto money in pool wallets or on crypto exchanges. It is worth considering that in this case the security will be much lower.

Mining in the browser

We cannot recommend programs through which Monero is mined in the browser; even the most famous of them, Moneromine, turned out to be a scam.

And there is not a single example where such services did not start to scam some time after their launch. Particularly dangerous are programs that offer not just to watch an advertisement, but to download something. If you receive such a request, you should immediately close the tab and scan your computer with an antivirus, and then open the Task Manager and check the operation of the system. There are malicious scripts that stop executing when the Manager is launched, but they are not installed on browser miners; Trojans are simpler there.

Monero mining algorithm

In order to “step on the heels” of Asic, the Monero developers have already announced several times that they will regularly change the mining algorithm; there is no clear schedule, but the first fork has already been carried out. In their opinion, the CryptoNote protocol should support anonymity, decentralization, and also allow many people to mine crypto, not just owners of super-powerful devices. To me, this looks like an attempt to overcome a big conspiracy theory.

The CryptoNote algorithm for Monero, unlike SHA-256, has a number of advantages, for example, regular network forks will reduce the hypothetical pressure on miners. Secondly, reducing centralization is a key trump card in the advancement of all cryptocurrencies in the world, and Monero in particular. Thirdly, it is possible to provide passive income to many market participants, and not just sharks. Essentially Monero is based on a circular signature protocol, so it is very convenient and practical in the anonymity setup segment. The absence of the necessary deep figuration is a key feature of mining, and this opens up opportunities even for working on a laptop or desktop PC.

Best Pools for Monero Mining

Pools.

Pools.
More than 30 pools offer to mine XRM collectively. Commissions range from 1 to 5%.

The best pools for mining Monero are given in the table.

Domain	Commission	Conclusion and other features
xmr.nanopool.org	1%	The largest and most famous pool for Monero. Minimum withdrawal (default) 1 XRM, can be configured 0.3 XRM.
dwarfpool.com/xmr	1,5%	Known among Russian-speaking miners, the interface is considered convenient and understandable for beginners.
monero.crypto-pool.fr	2%	Large pool, you can withdraw money once every 2 hours.

You can see this review about good pools.

In it, the blogger recommends Dwarfpool.

Choosing a program for mining XMR

The version of the XMR block hashing software depends on the selected hardware. The universal XMR-stack application works in command line mode, the creators of the program automatically take 2% of the income received to support the project. The XMR-stack platform is compatible with Windows or Linux OS, open source files allow you to build a new mining client.

The list of universal programs for mining Monero tokens includes three applications:

1. Claymore's CryptoNote GPU. Mining client for owners of graphics adapters from AMD Radeon, the application runs in command line mode. The program is configured in the config.txt file, the application provides good power with minimal commissions.
2. Monero TSIV Miner. A utility for hashing XMR blocks using NVIDIA GeForce video cards. The application is based on CCMiner and has a built-in graphical interface.
3. Claymore's CryptoNote CPU Miner. A version of the first application from the list, adapted for mining on a central processor. The user commission is 2.5%, the utility is compatible with all versions of the CryptoNote algorithm.

The less popular XMRIG application, running in console mode, is suitable for beginners because it automatically configures system parameters. The user specifies the pool details and the desired processor load: hashing blocks on a PC or laptop begins automatically.

Cloud mining Monero

Tariffs genesis-mining.ru.
With cloud mining, computing power is rented, and this saves the miner from purchasing expensive equipment and maintaining the farm. In addition, the mining center can guarantee a certain hashrate, organize round-the-clock uninterrupted power supply and Internet, and maintenance.

The 3 best and most time-tested services for cloud mining of Monero are given in the table.

Domain	The most inexpensive tariff plan	Year of foundation	Peculiarities
genesis-mining.ru	28 USD	2013	The only negative is that there are periods when tariff plans are not available.
eobot.com/cloud	From 30% commission	2013	There are bonuses when registering.
ru.minergate.com	1-1,5%	2014	Hashrate from 39.5 MH/s

Cloud mining of Monero is inferior in terms of profitability to cryptocurrency mining on video cards, but this is an excellent option for those who do not have start-up capital.

Types of equipment

Monero can be mined on NVIDIA, AMD video cards, and modern models of central processors. Low-power computer owners on a budget can invest in a cloud mining contract to earn tokens at minimal cost.

Each method has a number of features:

1. Mining using GPU. Profitable mining of Monero is possible on budget video cards that provide an average hashrate (10–15 megahash); if necessary, you can overclock the equipment. AMD RX models of the 470–480, 570–580 generation, and the HD 7990 model are suitable for work. For NVIDIA GeForce fans, the GTX 1050–1060 models with a three gigabyte RAM module are sufficient.
2. Mining using CPU. XMR mining is carried out on central processors with several cores (at least three), a large amount of data cache (L3 standard) and support for AES instructions. For example, the Intel Core i7 8700k OEM model costs up to 32 thousand rubles. It is better to mine Monero tokens using a processor under Linux OS, which has tools for fine-tuning CPU performance.
3. Smart Mining Monero. The application from getmonero.org combines the functions of a cryptocurrency wallet and a universal miner. The user runs the program, the utility downloads the entire XMR blockchain, then starts hashing the blocks in the background. This extraction method allows you to recoup the cost of electricity and protect equipment from failure.

Cloud mining of XMR is similar to mining any cryptocurrency using rented power. In order to increase profitability, experienced miners combine mining with the purchase of a cloud mining contract.

Profitability of Monero Mining

When talking about cryptocurrency mining , the following factors are taken into account:

• Protocol;
• Mining equipment;
• Electricity consumption;
• Exchange quotes.

Since XMR is quite possible to mine even at home, and the cost of purchasing equipment is not too high, this is a plus in the positive aspects of the crypt. Secondly, profitability increases, because Monero can be listed on the exchange and, after playing on the course, you can buy other coins. The hash rate is growing rapidly, which is a good indicator. Since the XMR token is often associated with pumping, some potential miners were extremely dubious about it, but since each new block is generated approximately once every 2 minutes, the efficiency of mining is obvious. At the same time, many independent miners highly appreciate the reliability of Monero and do not even give up mining when traveling to other countries.

Since Monero mining is still more down-to-earth and accessible than Bitcoin, and a little similar, but simplified, than Ethereum, we can say that the currency can become accessible to many, and it is quite possible to earn a million with successful trading on exchanges. Since the developers plan to constantly adjust the working algorithm of Monero, mining on video cards will remain one of the main ways to obtain crypto. Traditionally, we wish you only profitable Monero mining, successful work with many cryptocurrencies and a successful exchange rate.

Author Ganesa K.

A professional investor with 5 years of experience working with various financial instruments, runs his own blog and advises investors. Own effective methods and information support for investments.