It makes perfect sense if you have decided to mine monero, and looking forward to learn how to mine monero. It is among the easiest cryptocurrencies to mine, and does not require you invest heavily on your mining rig. All in all, it is a profitable cryptocurrencies that requires less effort and investment compared to many other currencies. It is also among the top 12 in terms of market cap.
How to Mine Monero?
First, you need to learn about the basics of this cryptocurrency.
The cryptographic algorithm it uses is resistant to ASIC’s mining, which allows you to use both CPU and GPUs to mine monero. Even when you can mine some cryptocurrencies using a PC like monero, it is always better to use a mining rig for better results.
So, we advise you to begin with building a mining rig, that requires you to buy a mining frame, a motherboards, GPUs, PCIe risers, CPU, and power supply.
The two most important components are GPU and CPU.
Which GPU is the Best for Monero Mining?
The two most popular brands used in GPU mining rigs are AMD and NVIDIA, but they are also expensive due to high demand. However, with monero, you can also choose from the other cheaper options, like the one we discussed in our previous post, the Sapphire Radeon Pulse RX 580.
Which CPU is the Best for Monero Mining?
You can choose from the two best brands, AMD and Intel.
Installing Software for Monero Mining
You can choose to install from different options when it comes to the software you can use for monero mining, but it depends on the hardware you use.
For example, if you are using AMD GPUs and CPU, Wolf’s Moner and XMR Stak are the best software. If you are using Nvidia GPUs, CC Miner can also work fine.
So which one is the best?
We recommend XMR Stak as the newer and updated version works with all types of hardware. It is also comes with a user-friendly interface and offers better results than many other software.
You can download the latest version from here. The updated version is very easy to install, as there are separate versions available for Windows, MacOS, and Linux.
The process is very straightforward.
Download > Unzip > Execute File.
Which Mining Pool to Join?
Once you have the GPU in running condition with updated software, next step is to join the mining pool.
When you run the software, and choose monero, it will ask you to provide the pool address.
So what are the good options available?
First, keep in mind, that pool mining is recommended for monero as solo mining is not profitable. You may have to pay small fees to join the pool, but it is very low.
Some popular mining pool options are:
Out of the above options, we recommend MineXMR as it is the most popular one with around 25,000 connected users, charging only 1% pool fee, and servers based in France, Canada, and Germany.
The location of the servers will really help if you are in North America or in Europe, as the closer the server to your location, the better for you.
The next few steps in the process include providing moero wallet address, and setting up CPU Config File, in case you want to mine with the help of CPU.
This is it. This is all the answer of the question, how to mine monero? If you have followed the process, you are now all set. Happy mining!