image credit: Monero
Cryptocurrency mining was very profitable once with bitcoin mining. However, as time passes the process becomes complex and less profitable. Therefore, many people get confused about the profitability of cryptocurrency mining. On the other hand, there are many new cryptocurrencies being created and mining on that is also challenging. There are some costs relating to mining, which include electricity and the purchase cost of mining instruments. Furthermore, fraud and cheating is another risk related to cryptocurrencies.
So, is mining the Monero coin is profitable?
Yes, mining Monero coin is profitable and there is a possibility to remain profitable. We will see some basic steps of mining Monero coins in this article. However, before proceeding further, we need to know why we choose the Monero coin for mining.
Why Mine Monero?
There are some solid reasons for mining Monero coin. The first one is that mining would be a way to subsidize a new high-end GPU. The second one is the tradeability. Traders can easily trade the bitcoins with the Monero coin. Additionally, traders can sell the BTC easily against the cash. Therefore, mining XMR is a great way to fill up your bank account. Moreover, traders can trade the XMR for fiat currencies on some major exchanges.
XMR mining is based on the CryptoNote algorithm that uses less electricity. On the other hand, Ethash Dagger Hashimoto coins (Ethereum, Ethereum Classic, and UBQ) and Equihash coins (Zcash, Zencash, and Hush) use higher electricity to mine. Besides the electricity cost, it will reduce the GPU temperature. And that will increase the lifecycle of GPU. Moreover, there are some possibilities of price appreciation in the future if you think of selling the GPU’s after achieving your target.
Mining Profitability of Monero Coin
Before proceeding further of mining Monero coin, we need to perform some calculations. We will see the data from whattomine.com that provides up-to-date price, block time, and network hash rate.
To monitor the profitability, you should click at the top row on the GPU model number. Therefore, click crypto night to calculate according to the algorithm. Furthermore, Click the calculate option and it will show you the hashing and profitability information. However, the profitability figure may change in accordance with the GPU power and model.
Beginners Guide to Mining Monero Coin
Monero coin uses the Cryptonight algorithm, which is similar to the Etash algorithm that is used in Ethereum. The whole mining process is quite simple, like Ethash (except some rules).
However, we will see some beginner guides to mine the Monero coin by this article.
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Choosing the Hardware for Mining Monero Coin
The mining profitability may change with the GPU model and power. Therefore, choosing the right GPU can provide the maximum output. However, the more profitable GPU will need more money to buy. Therefore, choosing the right hardware before proceeding to mine is a key decision.
AMD GPU outperforms Nvidea for Ethereum mining. In terms of Monero, things will be the same as it used the Cryptonight algorithm, which is similar to the Etash algorithm. Moreover, you can use CPU for mining the Monero coin. A decent core i7 or even Core i5 CPU can make a small profit in the crypto game.
Mining Monero Coin on a PC
The big advantage of Monero mining is that you can use windows or mac operating system with dual mining with a CPU & GPU. To mine with GPU, AMD cards are preferable to Nividia. However, diversifying the mining with GPU and CPU can boost profitability. To set up the mining process, you don't have to face much hassle. It is a pretty easy and straightforward process to set up the mining software.
In this article, we will see a guideline to set up the mining by Windows 10 PC.
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Install Video Card Drivers:
You can use both Nvidia and AMD GPU according to your choice. However, as I mentioned earlier, AMD is more preferable to Nvidea.
- To download the AMD GPU driver, please go amd.com and choose support and Driver. Enter the GPU information to see the download popup. After clicking the download button, the software will automatically download it to your PC for installing. In that case, better performance always uses the latest version of the driver software.
- For Nvidia Geforce drivers, please go to geforce.com/drivers and put your Nividia GPU information on the search option. After finishing the search, the download option will appear and the software will be downloaded to your computer and ready for installing.
However, there may be some difficulties while installing the GPU drivers. There is a possibility of system lagging, flickers, and brief black screens on some screens.
Download and Install Minergate Software:
It is essential to download and set up the minergate software in order to mine with the GPU and CPU mining. There are some easy steps on the minergate website to register as a new account.
The next step is to download Minergate software. You can easily download the software from the “Downloads” at the top. It will detect the right version for you. Run the file and install Minergate software on your PC. After completing the installation, run the program by entering the registered address. Then click the Start Mining to start the mining.
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Run and Monitor the Miner
After installing the Mining software, you should run the miner by double-clicking the .bat file. The process requires a windows firewall approval message. As an example, 4 RX 470s GPU may provide approximately 1000 h/s in the minergate GUI platform. However, on claymore miner, the same GPU may provide 2400 h/s, which are almost 2.5X improvement.
Therefore, the claymore is preferable to the minergate GUI. Moreover, you can mine using the CPU on minergate GUI and GPU on the Claymore GPU at the same time.
There is a Dashboard to monitor the active mining activities and you can see your overall mining progress there. Moreover, you can click on the Withdraw button to send the Moneroto another Monero wallet or exchange.
Conclusion
There are several mining pool software that combines the computer and earns the mining coins much higher than a single mine. For the mining pool, there is a unique poll address. Involvement in a good mining pool can increase profitability as solo mining can earn little rewards without an extremely high hash rate. Most of the pools are usually come with a small fee but justified to provide a consistent income. Some
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