Monero (XMR) is an open-source cryptocurrency with a primary focus on privacy and decentralization. While providing peace of mind for your average investor, the heightened privacy features have unfortunately attracted illicit use from hackers and lawbreakers. New monero is created through monero mining, while the monero already out in circulation is kept track of by means of a public ledger (15 million units are currently in circulation). Monero is fungible, meaning that every unit of the currency can be substituted by another unit and this gives Monero a significant advantage over other cryptocurrencies like bitcoin.
Monero has an opaque blockchain, providing privacy in three ways; ring signatures, stealth addresses, and RingCT – thus making it untraceable. Monero mining is a profitable venture today but it can also be purchased on exchanges like Poloniex, Bitfinex, and Kraken. Users are advised to store their cryptocurrency in cryptocurrency wallets to ensure safety and prevention against hacking.
A cryptocurrency wallet is a software that allows you to easily store and manage your public keys (a public digital code associated to a certain amount of currency) and private keys (a secure digital code known only to you and your wallet). Before choosing a wallet to use, a few things must be kept in mind. Basically, a cryptocurrency wallet is a secure digital wallet used to send, receive and store digitized currency. Great care must be taken while choosing a wallet – a good wallet is easy to use, provides security and backup, is constantly updated and allows you to control your private keys. Once you secure a wallet you can begin to mine for your Monero!
How To Mine Monero
Choose A Miner
Monero mining is easy – CPUs can be used so this makes the use of laptops possible for mining. It is a profitable venture as it makes use of cryptographic algorithms, which are resistant to ASIC’s mining. This essentially means that CPUs and GPUs can be used to mine on an individual basis, or in tandem. Miners like ‘minergate.com’ offer added benefits. It can run on multiple platforms and can be used with either Windows or Mac operating systems. The entire process of downloading a miner, configuration, and getting started takes around 15-20 minutes but the periodic hikes in profit make the ordeal worth the effort! AMD cards and nVidia cards can be used for mining purposes as well. Other popular miners include ‘moneropool.com’, ‘supportxmr.com’, ‘minexmr.com’ and ‘monero.crypto-pool.fr’. It is essential that users don’t use the same miner and spread out the mining activity across several miners to ensure no traffic problems. Let’s take a look at mining with MinerGate.
Create An Account On MinerGate
Creating an account on MinerGate is simple. A significant advantage for cryptocurrency enthusiasts is the fact that it is the first pool which provides service for merged mining. This means that different cryptocurrencies can be mined simultaneously without a decrease in hash rate for the major coin. A few of the other popular supported cryptocurrencies are Zcash, Bitcoin, Ethereum, and Litecoin. MinerGate allows users to easily mine by using CPUs, GPUs, a combination of both or a laptop. For a user to begin mining on MinerGate, he/she must register. A user must authenticate his email address and create a secure password. The next step is to download the miner.
The next step is to download MinerGate. Depending on the operating system of a user, the right version of the software is recommended for downloading purposes ( for Linux, Windows or Mac platforms). Install the software and run it. Authenticate the email address and password initially used to create the account and start mining! The ‘Start Smart Mining’ option chooses the best cryptocurrency to mine in terms of profit. Monero miners will definitely choose the option to mine monero. Users are recommended to activate 2FA (2-factor authentication) to ensure the safety of funds – even if someone else knows the password linked to the account. Once mined, Monero can be sent directly to exchanges.
There are several methods to maximize the mining process and to increase performance. Computer systems with i5 or higher microprocessing systems can make use of Nvidia cards for monero mining in a dual combination. This provides performance enhancement. As mentioned before, monero mining provides a service for merged mining. This means that different cryptocurrencies can be mined simultaneously without a decrease in hash rate for the major coin. EWBF miner is a safe bet when considering a miner to run on the Nvidia card.
The process of installing and using MinerGate is detailed in the video link below.
Featured Image: Twitter