Setup Monero mining is profitable for all people who have computer instruments only. You can use both CPU or GPU to mine the Monero. 2020 monero mining setups include how to set up Monero mining and how you can extend the profitability by joining the mining pool.
27 April 2019 | AtoZMarkets – Cryptocurrency mining was profitable once with bitcoin mining. However, with time passes the process becomes complicated and less productive. Therefore, many people become confused about the profitability of cryptocurrency mining. On the other hand, after the introduction of many new cryptocurrencies, mining becomes challenging. There are some mining costs, which include electricity and the price related to instrument purchase.
So, is mining Monero profitable in 2020?
Yes, mining Monero is profitable. There is a possibility that it will remain profitable in 2020. We will see some necessary steps of mining Monero in this article. However, before proceeding further, let’s get some introduction with the Monero.
What is Monero?
Monero is an extraordinary system of currency exchange. The main characteristics of Monero are that it is secure, untraceable, and private. Like other traditional currencies, Monero uses a cryptographic script that is wholly untraceable and doesn’t have a link to follow. In our current online life, the concept of Monero carries a lot of potentials. The whole idea of this currency is to utilize a private system of transactions. This concept is also helpful in how to mine Monero.
Before investing In Monero, we need to see some critical elements of Monero:
Monero is a secure way of making transactions. The identity of users remains secret; therefore, there is no way to trace it.
#2 Dynamic Scalability
No predetermined limit can restrict the use of Monero. However, to limit attacks of spammers, there is dynamic scalability, which makes it difficult for them to use it maliciously.
The most trustable format of Monero is that it is fungible. It makes this crypto different from all the others. In simple terms, there is no record of transactions, and if someone tries to get their transaction data, it is quite impossible.
#4 Several Keys
This feature also separates Monero from other cryptocurrencies. Unlike most of the cryptocurrencies with only two keys, it has multiple cores. It allows users and critics to consider it a bit confusing initially, but it is beneficial as a professional forwarding.
#5 ASIC Resistant
ASIC (Application Specific Integrated Circuit) is one of the critical features in most of the popular crypto options. Monero also functions on a CryptoNote system that is ASIC resistant.
Is Monero Mining Setups Profitable in 2020?
There are some significant reasons for mining Monero in 2020. The first one is that mining might be a way to reuse the high-end GPU. The second one is the tradability. Traders can trade the bitcoin with the Monero. Therefore, traders can sell BTC quickly against the cash. In this way, mining XMR is a way to fill up your bank account. Moreover, traders can trade XMR against fiat currencies on some major exchanges.
Monero mining is based on the CryptoNote algorithm, which consumes less electricity. Besides the electricity cost, it will also consume less GPU temperature. Therefore, it will increase the lifecycle of the GPU. On the other hand, there is some logic behind the price appreciation in the future if you are planning to sell the GPU after achieving your target.
Before proceeding further with Setup Monero Mining in 2020, 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 can click at the top row on the GPU model. Then, click crypto night to calculate following the algorithm. Later on, Click the calculate option, and it will show you the hashing and profitability information.
Setup Monero Mining in 2020
Monero uses the cryptonight algorithm that is similar to the Etash algorithm. The whole mining process is simple, like Ethash.
In the next section, we will see how to set up Monero mining in 2020.
#1 Choosing the Hardware
The mining profitability depends on the GPU model and power. So, choosing the right GPU will deliver the maximum benefit. However, the profitable GPU might require more money to buy. Therefore, choosing the right hardware depends on the budget and profitability.
AMD GPU outperforms Nvidia for Ethereum mining. However, in Monero, things might be the same as it also used the Cryptonight algorithm. You can also use CPU for mining Monero. A core i7 or even Core i5 CPU can make a small profit in the crypto game.
For the CPU, these models are best:
Hashing Power of CPU-
- AMD Opteron 6272 415 H/S
- FX 8350 400 H/S
- AMD FX 8320 330H/S
- Xeon L5640 150H/S
For the GPU, these models are best:
Hashing Power of GPU-
- XFX R9 295X2 1760 H/s
- XFX Radeon RX 470 772 H/s
- Radeon HD 7990 1120 H/s
- AMD R9 280 X 500 H/s
- Sapphire Radeon RX 480 Nitro+ 600 H/s
As far as the GPU is concerned, the XFX R9 295X2 might be the best option. The hash rate is 1760 H/s and 500 W drawing capacity; it has the maximum output rate.
#2 Install GPU Drivers
You can use both AMD and Nvidia GPU according to your choice. However, as mentioned earlier, AMD is preferable to Nvidia.
- To download the AMD GPU driver, you can download the driver from amd.com. Enter your GPU model number to see the download popup. Later on, click the download button and the software will automatically download to your PC. In that case, it is better if you use the latest version of the driver software.
- For Nvidia drivers, please go to geforce.com/drivers and put your Nvidia GPU models on the search option. After finishing the search, a 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.
#3 Download and Install Mining Software
XMR Stak has recently released an update that allows users to download the installer without asking about the hardware that you are planning to use. Therefore, we will use XMR Stak in this guide as it provides excellent results.
Please close your antivirus software before installing this as many antivirus software picks up mining software as malicious files. For safety purposes, verify that you’re downloading the software from the official source.
The latest version of XMR Stak is elementary to set up. We are considering this for Windows, but Linux and macOS versions are also available. You just need to download it from the official link, and unzip to a file location and run the setup.
#4 Join Mining Pool
After running the software, it will ask you to mine Monero or Aeon. You should choose the Monero. Then it will ask to enter the pool address.
Getting yourself involved in a good mining pool is crucial as self-mining will provide fewer rewards. To join the pool, you should pay a small fee, but it is small compared to the consistent income. Some of the mining pools for Monero are mentioned below:
Server: France, Germany, Canada
Pool Fee: 1%
Connected Users: ~25,000
Minimum Payout: 0.5XMR
Minimum Payout: 0.5XMR
Server: Europe (2), US East, US West, Asia
Pool Fee: 1%
Connected Users: ~5000
Minimum Payout: 1XMR
Server: Europe, USA
Pool Fee: 1.5%
Payout Commission: 0.014XMR for exchange wallets
From the above-mentioned pool, MineXMR has the lowest fees. The following image defines connection details to mineXMR.
Therefore, you can click on the Withdraw button to send the Moneroto another Monero wallet or exchange.
There are many mining pool software that combines the computer and earns the mining 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 usually come with a small fee but justified to provide a consistent income.
Think we have missed something? Let us know in the comment section below!