The crypto world continues to offer its users countless ways to earn profits. Crypto mining is one of the great features of the crypto world that let miners earn crypto as a reward. As a result, the crypto mining industry continues to be one of the hottest topics in the crypto world.
This CoinQuora mining article will allow you to learn many things about crypto mining, especially Ravencoin (RVN) mining. However, this article must not be taken as financial advice. Instead, we recommend that you do your own research before entering the world of crypto mining.
Now let us go deeper and discuss this CQ article about Ravencoin mining and Ravencoin mining pools.
Table of contents
- What is Ravencoin (RVN)
- Ravencoin (RVN) Price Prediction
- How to Mine Ravencoin (RVN)
- How to Mine Ravencoin (RVN) With a Computer (GPU)
- Ravencoin mining using GPU
- How to calculate Ravencoin mining Profits
- Ravencoin mining Pools
What is Ravencoin (RVN)
Ravencoin is one of the most active digital assets in the crypto world. In fact, the crypto was able to achieve a growth rate of over +263% in the past 12 months. Indeed, this amazing performance of the crypto attracts miners and potential global investors.
Regarding its technology, RVN is a cryptocurrency that runs on blockchain technology. It is a protocol fork on the Bitcoin code that enables tokens to be issued on the Ravencoin blockchain. For this reason, developers can create their own security token within minutes that can be traded worldwide.
Furthermore, RVN provides a safe way for traders and investors to transfer digital assets seamlessly. In other words, RVN peer-to-peer blockchain enables its users to send funds across borders efficiently with the highest level of security. In this way, the network users can confidently send money anywhere with peace of mind.
Meanwhile, traders and investors that are interested in the cryptocurrency can purchase RVN in different crypto exchanges. This exchange includes Bittrex, FinexBox and HitBTC to name some. Best of all, some of these exchanges offer Ravencoin mining pools, where traders can stake and earn RVN as a reward.
Ravencoin (RVN) Price Prediction
The market status and the price of the cryptocurrency are one of the most important factors to consider in mining cryptocurrencies. Here in this article, we will discuss not just Ravencoin mining but also the price forecast of RVN. In this way, miners and crypto holders will both have an idea about Ravencoin mining and price prediction.
Furthermore, the RVN price prediction of RVN based on the analyst and expert of the crypto world could reach $.14 in 2021. Best of all, if the bullish market continues to favor RVN, the crypto might hit $.17 in 2022. Truly, this is a price level that could boost Ravencoin mining activities in the crypto world.
Moreover, RVN continues to develop its network despite the market ups and downs. For this reason, we can say that RVN is a crypto that has a good market potential in the years to come. Indeed, this is a piece of good news that brings excitement to the Raven community.
How to Mine Ravencoin (RVN)
Ravencoin is one of the favorite cryptocurrencies by miners due to its technology and reward system. Best of all, the Ravencoin network offers flexibility in mining its token. It can be mined by a solo miner or in a Ravencoin pool.
For users that prefer to join Ravencoin mining pools, the chances of confirming transactions are high since a group of users shares their computing power. In this way, the rate of earning rewards is high which will be divided to all the pool users equally.
On the other hand, the miners who choose to mine solo must extend their patience to earn reward. This is because of the competition that the solo user might encounter in mining blocks.
For this reason, miners may earn their reward in a span of one week or sometimes a month. However, the advantage in solo mining is that miners don’t have to share their earnings with anybody.
As a starter in the Ravencoin mining, it is recommended to join the Ravencoin pool. In this way, rewards can be received in a much faster phase compared to solo mining.
Also, in a Ravencoin mining pool, beginners can learn many strategies from seasoned miners about Ravencoin mining.
How to Mine Ravencoin (RVN) With a Computer (GPU)
In Ravencoin mining, miners must remember that the technology of RVN prohibits ASIC miners from mining the crypto. In this case, miners should use and choose GPU in Ravencoin mining. In addition, the volume of rewards that the miners could earn in Ravencoin mining will depend on the type of mining hardware that miners will choose.
However, before we start let us make sure that you have all the necessary requirements needed in Ravencoin mining.
1. A good, uncapped Internet connection
A good and reliable internet connection is one of the most important things that you need in Ravencoin mining. Also, you have to ensure that the internet connection in your place is unlimited. Of course, you don’t want to be cut out in the middle of mining which will also cut your profit potential.
For slow connection, consider upgrading your internet speed. Yes, slower internet speed will result in poor communication with the network, decreasing your chance of getting block rewards.
2. Electricity capacity
Ravencoin mining could require high electricity capacity. With this, you must ensure that the supply of electricity at your place is sufficient to handle the mining activities.
3. Ravencoin wallet
A Ravencoin wallet is important because this is where your reward automatically goes. There are many platforms in the crypto world that offer Ravencoin wallets. It is recommended that you do your own research to get the best wallet that fits your needs.
4. Heat management (e.g. cooling system, fans)
Last but not least, make sure that you have proper cooling management at your mining place. Mining equipment can be very hot as it runs, so you need to have a proper cooling system to avoid overheating.
Now that you already know the basic requirements needed in Ravencoin mining, let us now learn how to mine Ravencoin.
Ravencoin mining using GPU
For Ravencoin mining, you have to consider the right mining hardware to maximize your profit return. Also, always remember that a profitable mining hardware must have at least 4+GB RAM.
Alright, now let us start the Ravencoin mining procedure using GPU.
Choose the mining hardware that suits you best.
First, choose the mining hardware of your choice. After that, connect your GPU’s to windows or Linux using PCI slots and install the latest GPU drivers.
In installing Nvidia drivers to windows, go to the official Nvidia driver installation page, then download the driver that’s right for you. On the other hand, for Linux, you should click the nine dots and search for Software and Updates.
After doing it, click the Additional Drivers, from there, you will see the list of recommended drivers. Choose the one that suits you best; usually, it’s good to click the one on the top.
Connect to the mining pool
For windows (T-Rex as the mining software)
The first thing to do is download T-Rex from their GitHub, extract and navigate to the file named RVN-ravenminer. After finding the file, right-click and select edit. Replace the insert_mining_pool with the mining pool’s URL ( depending on what mining pool you choose).
Also, look for the insert_RVN_wallet and replace it with your preferred public wallet address. Then, click save to successfully perform the Ravencoin mining.
For Linux (T-Rex as the mining software)
The procedure is almost the same with windows, you have to download T-Rex from their GitHub then extract it. Furthermore, it is best that you extract it into a folder called T-rex ( choose one T-rex folder).
After that, navigate to the T-rex folder by using either cd to the directory or by simply right-clicking and clicking the open in terminal section. This section is located in the lower-left corner of the screen.
Lastly, in the terminal section, replace the insert_mining_pool_URL with the mining pool’s URL of your choice and replace the insert_RVN_wallet with your public wallet address. Then hit save.
How to calculate Ravencoin mining Profits
As a miner, of course, you should know how to compute your mining profits. For this reason, we have provided you the step by step procedure on how to calculate your RVN mining profits.
Step 1: Go to https://whattomine.com/
Step 2: Click on Coins
Step 3: Search for Ravencoin or RVN as your keyword
Step 4: Input your hash rate, power, fees, and electricity cost
Step 5: You will see an estimate of how much profit you will earn each hour or day
Ravencoin mining Pools
The crypto space is home to different kinds of mining pools. For this reason, miners can now freely choose their desired mining pool that suits them best.
However, not all pools are the same, as they have different unique features and functionalities. Therefore, it is important to do in-depth research about mining pools to be able to maximize the mining profits.
For Ravencoin mining, the mining pools such as 2Miners, Nanopool, and Supernova are some of the recommended mining pools for the crypto. This is because of the unique technology and features that these mining pools possess.
Based on the achievements and developments of the RVN network, we can say that it’s a good crypto to mine.
Ravencoin mining can be done using GPU since it is an ASIC miner resistant.
Yes, the 4gb GPU is the recommended starting GPU to earn decent mining rewards.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.