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How to Mine Monero Coin – Monero Mining Pools 2021

How to Mine Monero Coin - Monero Mining Pools

You may have heard the term mining cryptocurrency in general. But it isn’t entirely obvious what it means in that context. Mining in the crypto world is the method of holding blockchain data in check. It includes hard work performed by computers and results in slow growth of resources – just like mining for minerals.  Let’s take a look at Monero coin and Monero mining pools.

Although mining is not for everyone, anyone can become a miner. Over 70% of crypto mining happens in China, where dirt-cheap electricity makes running mining computers extremely profitable.

What is Monero?

Monero (XMR) is a CryptoNote protocol cryptocurrency, an application layer protocol. Moreover, this protocol deploys one-time ring signatures to provide anonymity. Initially, this protocol aims at transaction privacy.

Besides, Monero is a blockchain-focused on transactions privacy and censorship-resistant. Mainly, cryptocurrencies are using transparent blockchains, so all the information about transactions is open and accessible for everyone on the internet. The Monero blockchain works differently.

For Monero, the transaction amounts and hides all the addresses. At the same time, all the transactions are always private, which means others can not tell where you have received Monero from, where you have sent it, or the amount involved.

Also, this is great because you do not have to think about where you used your Monero before coming into your possession. You do not have to consider if it was associated with some illicit sources or not. However, Monero creates outputs in such a way that only the intended recipient will recognize them.

Monero Price Prediction

Monero started in 2014 as a Bytecoin fork. Besides, the original price of Monero was about $2.47 when it became available for trading on an exchange. XMR hit its all-time high of $495.84 about three years ago, in January 2018. Monero’s price reached its lowest of $0.2130 in January 2015.

As per the monero price prediction article:

At the time of writing, the XMR price is $274.29, according to CoinGecko. The trading volume of Monero is $240,712,338. Currently, the market capitalization of XMR is $4,868,099,420, which makes the coin 28th in the rank of cryptocurrencies. One more important indicator which is helpful for investment decision-making is the Return on Investment (ROI).

Monero’s ROI is about 5887%. This means, if you had purchased XMR at the initial price today, you would have gotten 5887% more in dollars USD. At this moment, there are 17,923,016 XMR on the market.

On the other hand, Monero is a private blockchain that is not always awesome. A few days ago, a famous exchange, Bittrex, announced the decision to delist Monero and some other private currencies, such as Zcash and Dash. The reason for a decision has not been revealed, but it might be caused by regulations in the crypto sphere and the pressure from the FATF.

After this announcement, the XMR price has dropped from $169 to $95. But now, the XMR price is already gaining strength. Currently, the top crypto exchanges for XMR are Binance, Huobi Global, OKEx, HBTC, and Dsdaq.

Now, let’s take a look at the XMR technical analysis for 2021.

How to Mine Monero Coin

At the time of writing, there are currently just over 17.9 million XMR coins in circulation. These will continue to increase until a total of 18.4 million are mine. Once reached the said number, the new coin will still be minted at a fixed rate of 0.3XMR/minute.

Monero mining pools rely on the tried and tested Proof-of-Work (PoW) mechanism. Besides, this is the same mining system utilized by top cryptos, including Bitcoin. In essence, it uses the computational power of miners to solve increasingly complex equations to come to a consensus and validate transactions.

However, miners are responsible for ensuring the integrity of the Monero blockchain and for creating new blocks. For their effort, they earn newly minted XMR coins as rewards.

Here’s are the three option on how to mine Monero (XMR) coin:

Monero (XMR) Mining Alone

If you want to start mining Monero alone, you need to do all this:

  1. Buy the necessary tools to set up your rig.
  2. Download the mining software.
  3. Set up a Monero wallet where you can store your XMR coins.
  4. Start the mining software.

Monero Mining Pools

The steps to start mining Monero applying a pool are similar to those required to mine alone. These are:

  1. Look up various mining pools and relevant rig requirements.
  2. Once you have settled on a pool, open an account with them.
  3. Purchase the necessary rig equipment.
  4. Download the mining software provided by the pool.
  5. Set up a Monero wallet where to store your XMR coins.
  6. Start mining Monero.

Monero Mining Cloud

Unlike the previous two ways of mining Monero, using cloud servers is fairly more accessible and faster. All you need to do is:

  1. Locate a suitable Monero mining cloud.
  2. Open an account and choose how much you will invest.
  3. Set up a Monero wallet where to store your XMR coins.
  4. Pay the cloud server fees.

How to mine Monero with PC?

The excellent service of the mining platform is that you can use it on Windows or Mac. Plus, you can mine including a CPU, GPU, or both (dual-mining). So it has a low wall to enter for a broad audience. If you own AMD cards, then mining Ethereum is usually the most profitable choice.

However, diversification of your mining sources can be a very productive strategy as you wait for that specific coin’s price to spike to empty some of your mining earnings. Monero is a stable coin that’s focused on privacy, and it has a large following. The walk-through will be on a Windows 10 computer.

But note that you can also mine Windows 7 or 8 and Linux and Mac. The entire process of downloading your miner, configuring devices, and getting going should take less than 20 minutes. The most remarkable part of mining is to have the proper Monero mining hardware. Along with the device, you also require Monero mining software to help you connect with the Monero mining pools.

Monero Mining with CPU

You can use your current CPU, or you could buy a new one. Once you have your desired CPU, you need to download Monero mining software. You could recognize it by using XMR-STAK-CPU as it is one of the most popular Monero mining software.

Mining With an AMD Graphics Processing Unit (GPU)

If you are focused on Monero mining, then using a GPU is a better choice. Even though it requires a higher investment, it offers a significantly higher hash rate. AMD graphics cards are an excellent choice to consider for the GPU Monero mining pools. Consider acquiring an AMD R9 280x or buy the more recent one.

Once you have connected the graphics card to your PC or laptop, follow the same steps as you would if you were CPU mining.

Mining With an Nvidia GPU

Utilizing an Nvidia graphics card is a conventional way to mine Monero. There are several forms that you can choose. It all depends on your funds. As far as software is involved, XMR-STAK-NVIDIA can be used, but CCMiner is deemed as a better option.

How to Calculate Monero Mining Profits

Every feature of our Monero mining calculator has been improved for miners by miners. It is simple and easy to quickly calculate Monero mining pools profits by adjusting the mining hash rate values. Also, by selecting one of the Monero mining hardware devices from the Monero miners list. The Monero mining pool information is updated continually with the current block mining information.

With the data and our backend hash rate calculator, you can determine your XMR mining profits, providing valuable and strategic profitability information allowing you as the miner to make better-informed decisions about Monero mining.

Step 1. Go to https://www.coinwarz.com/mining/monero/calculator

Step 2. Input your hash rate, power fees, and electricity expense

Step 3. You will observe an estimate of how much profit you will earn each hour or day.

Each XMR mining calculator input has been preloaded with the best Monero mining pools hardware hash rate and energy consumption in watts, average electricity costs, as well as the current Monero price, Monero block reward, and Monero difficulty.

Monero Mining Pools

Now, you have a brilliant idea of everything you need to be looking for in a Monero mining pool. We can compile a list of some of the most important Monero mining pools currently in the market. Of course, this is not an exhaustive list, and as with anything cryptocurrency-related, you should do your research.

Minergate

Minergate has been a prevalent Monero mining pool choice due to its ease of use. It has 99.7% uptime, which is pretty good, and its mining pool fee is just 1%, which is standard among mining pools. Minergate also has a meager minimum payout of 0.01 XMR so that most people will get daily payouts.

Finally, you can execute web mining with Minergate, which is very comfortable and has contributed to the popularity of the pool. Minergate contributes roughly 16 MH/s to the world hash rate, which is approximately 460 MH/s.

Nanopool

Nanopool is another common option for Monero mining pools. It has the standard 1% mining fee, but there may be some concern when looking at uptime. Over the past week, the uptime was 99.99%, but it was just 92.74% over the past month. It’s probably an isolated incident, but worth noting.

The minimum value is 0.3 XMR, and Nanopool has several payment rounds per day. One reason to avoid Nanopool is that it currently has the highest hash rate of any pool at 103 MH/s.

MineXMR

MineXMR will hit you with the equal 1% fee as the above Monero mining pools, but when it comes to minimum payout, MineXMR is a low 0.004 XMR, which means pretty much anyone should be getting daily payouts. Uptime is outstanding 100%.

One similar matter to Nanopool is the unique hash rate at MineXMR, which is currently over 95 MH/s. Besides, it is 25% less but worth keeping an eye on if you choose mine here.

Monero Crypto Pool FR

Monero Crypto Pool FR has been a popular option for European-based miners, but recently their uptime hasn’t been good. Over the past month, they show an uptime of just 81.79%, which is simply unacceptable.

In addition, they have a pretty high mining fee of 2%. However, the least withdrawal is 0.3 XMR, which is also a bit high compared with competing sites. As for hash rate, they are at 1.59 MH/s.

MoneroHash

MoneroHash is one of the most incredible pools for Monero, having been started in October 2014. They have a bit of a high mining fee at 1.6%, but they also allow you to mine directly to an exchange wallet, so you avoid transaction fees.

There’s a comparably high minimum payout of 0.5 XMR, so study that as well, especially if you don’t have a powerful mining rig. The hash rate at MoneroHash is 4.32 MH/s, and uptime over the past month was a solid 99.92%.

Support XMR

Support XMR mines only Monero, while the previous mining pools can mine other coins. In addition, it collects a low fee of only 0.6% and a minimum payment of 0.1 XMR, bringing them one of the best in financial terms. Likewise, it allows you to monitor the performance of your rigs on the hash rate chart per worker.

SupportXMR pays their miners every two hours, and they allow you to set your payment thresholds for standard and exchange wallets. It’s traditional, as you can tell by their 82.89 MH/s hash rate. Also, they are one of the best, with 100% uptime over the past 30 days.

XMRPool.net

XMRPool.net is another Monero only mining pool but is far smaller than Support XMR. Like Support XMR, they have a low fee of 0.6%, but the minimum payment here is 0.3 XMR. You can see how small the Monero mining pools are when you look at the hash rate, which is just 607.27 KH/s. Uptime is excellent, though, at 100%.

Unipool.pro

The Unipool Monero mining pools are less than all of the other mining pools above. Moreover, Unipool is a pool operator who has just started its new website. However, this can be beneficial when it comes to blocking rewards and decentralization. The total pool charge for mining XMR is 0.5%.

FAQ

What is Monero’s algorithm?

Monero has an algorithm called CryptoNight, classified as a memory-hard algorithm to make mining difficult less for the miner.

Is ASIC mining compatible with Monero?

You cannot mind Monero using ASIC due to the CryptoNight algorithm. So, Monero supported CPU miners over other types of mining. All they require is mining software or join a Monero mining pool to start mining.

What are the hardware specifications for the Monero wallet?

The wallet is just like your bank account. In this case, you require a 64-bit operating system and 4 GB RAM.

How long does it take to mine 1 monero?

As per Bitdegree, it will take 24 seconds to mine 1 XMR.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.