Monero cryptocurrency (XMR) is a coin on the decentralized blockchain platform of the same name. It arose after the ByteCoin network fork, when the main chain split. The developers of the coin set out to create a cryptocurrency with the maximum level of anonymity and security. The use of unique proprietary technologies ensured high anonymity of user accounts and transactions. Monero mining is carried out using the POW consensus algorithm using video cards or a central processor.
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:
- CPU. Not the most cost effective option.
- 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.
a brief description of
Monero (XMR) appeared on the cryptocurrency market in 2014 and was able to win the hearts of cryptomaniacs due to a very attractive feature from a user’s point of view - the ability to carry out transactions anonymously. In addition, Monero is often used as a currency in MMORPG games (for example, World of Warcraft) and online casinos. Although some experts periodically question the level of real anonymity of Monero, this did not prevent it from taking a stable position in the TOP 10 most popular and profitable cryptocurrencies on the market.
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:
- Electricity costs.
- Type and cost of equipment.
- Hashrate, computing power.
- Monero to dollar exchange rate.
- The block reward is a variable parameter.
- 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.
Technical aspects
First, it’s worth revisiting the complexity. Today it is approximately 54.5 G (according to bitinfocharts) and is growing by 2% every day. Consider that six months ago the daily growth rate was 7.5%. On the one hand, this indicates a decrease in the activity of miners. But on the other hand, specific equipment will be effective much longer if complexity does not grow so quickly.
The second point is the frequency of solving blocks. It directly depends on the complexity and reflects the correctness of the algorithm. With the average time to solve a hash function, there should be about 30 blocks per hour, and about 700 per day. Bitinfocharts reports that the first indicator is 31 blocks, and the second - 745.
That is, the network copes a little faster, but the adjustment works without failures. This is a very positive feature for equipment, because with this algorithm functioning, the load will be uniform. Accordingly, there will be no errors or sudden overheating of the system.
How to start mining Monero?
Exmo.me.
You need to start mining Monero with the following steps:
- Register a wallet.
- Synchronize it.
- Connect a video card or processor.
- 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.
Wallet
Monero Wallet and the “demon” are one file, and you can download it from the official website getmonero.org. The Monero online wallet has a non-standard design and interface, but you can quickly adapt to it, and navigation will not be a problem.
To create a wallet, after downloading the file, you need to open the bitmonerod file and synchronize the block chain, and to speed up the process you should connect blockchain.bin. After downloading the file, copy it to a directory. The wallet address in the system is specified during installation, but by default it looks like %AppData%/bitmonero.
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.
Profitability calculator
To make it easier to calculate your profits, you can use a mining calculator, for example, https://whattomine.com/coins/101-xmr-cryptonight. He will calculate the profitability of XMR mining on your system, taking into account all PC parameters.
This requires a “idle” launch of the miner to see how fast the problems are solved. The more powerful your system, the more coins you will receive. For greater efficiency, you should build a PC taking into account the features of the Monero algorithm.
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:
- -o this is the pool address.
- -u is the wallet address.
- -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/.
Choosing the right equipment
But in this case, the question arises: how to correctly select each component of a computer or farm in order to achieve maximum efficiency? Moreover, how to achieve good compatibility?
Well, if the video card is not so important here, then let's immediately start about the CPU. A good CPU for mining is one that has many cores, threads, and a high clock speed. But the main thing for XMR mining will be the amount of L3 cache, which is responsible for storing those same volumes of data. In other words, the larger the cache, the more data blocks it can store and will cope with mining faster.
The best in this regard are the Xeon line of central processors from Intel. Most of them have 32 and 64 megabytes of L3 cache. To make it more clear to a beginner, it’s like an iPhone with 128GB and 256GB of internal memory, respectively. They also add AMD Threadripper 1950x, which has 32MB.
However, if Xeons are sold for 3-4 thousand dollars (we are talking about the best copies), then AMD can be found on the market for only a thousand. At the same time, it consumes 20-30W less electricity, which is very important when calculating profitability. Also, CPU i3, i5, i7 will be a cheaper option, but they noticeably drop in efficiency because they have few threads.
As for the choice of RAM, here you need to act according to the principle: the more, the better. Again, in simple terms, the more processor cores, the more RAM you need. So, if the CPU has 2 cores, then you need 2 times more memory, if 4, then 4 times. That’s all the mathematics.
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.
conclusions
Monero is a cryptocurrency that does not require powerful ASICs to mine. A $400 gaming video card is enough. But you shouldn’t expect big earnings here either. You can increase your profits by using a farm of 5-6 video cards. But its creation will require about $2,000. If you are interested in the topic of mining, read our articles on how to start mining zcash and how to mine dash.
What books about cryptocurrency do market experts recommend reading? Read about this in our separate article.
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.
Eobot
The service was developed in 2013. In fact, it is a combination of everything that can be done with cryptocurrency. There is a pool, cloud mining, wallets, and even faucets. Moreover, the service supports more than 30 cryptocurrencies, including Monero.
Users unanimously claim that this is an honest service. The results of the test work showed that you will actually get your profit from renting capacity. There will be no hidden fees or delays in payments. If you calculate the approximate income using a calculator, then by the end of the contract you will receive this amount. The only exception would be a strong drop in the market level.
However, Eobot has a huge drawback: the site is not designed for humans. The devil will really break his leg on it. Tabs are scattered and inconsistently designed, which means you have to constantly search for the information you need. Something like a quest in a labyrinth. The only way to put all the elements together and not get lost is to pull the red thread behind you.
Monero cloud mining is presented here only in the form of user choice. This is actually a good thing, since most often clients choose their terms based on budget. Such a system does not distract you from thinking about which package is more profitable to take.
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.
Hardware aspects
The choice of equipment is extremely important when starting mining. Firstly, it should not be too expensive, secondly, it should consume little electricity, and thirdly, it should be quite productive. It looks like “build a house quickly, cheaply and efficiently.” Many will say that this does not happen, but statistics say otherwise.
The algorithm was conceived as a new freedom for miners and cutting off ASIC oxygen. The idea was successfully translated into reality. All ASICs are focused on increasing computing power, but for Cryptonight it does not play a big role. This algorithm requires exactly the speed of access to the memory of the equipment. Central processors and RAM possess such data.
When mining on SHA-256, the miner simply looks for a single value by searching through all possible ones. It is different for each block, so there is nothing to remember. The selection happens differently every time.
But in Cryptonight this system works a little differently. In simple terms, each network block allocates a small amount of data. By maintaining this amount, solving the next hash function will require less performance. The size of this volume is defined as 2 megabytes for each block. This amount of information is much more efficient to store than to constantly calculate. This is explained as follows:
- ideal for storage in processor cache;
- 1 megabyte of such memory is too much for an ASIC;
- a significant increase in the memory block will entail vulnerability to DDoS attacks.
By the way, in connection with the last point, the developers came up with a “punishment” for every miner who tries to send a memory block to the network that is much larger than the previous 100.
GPUs and ASICs are not capable of storing large amounts of data for a long time (2 minutes and 2 megabytes are considered high in this case). However, RAM is originally designed as a random access device, and CPUs are capable of this thanks to cache memory. Thus, they are able to mine blocks on the Monero network much more efficiently.
