Do you want to get into mining cryptocurrency but do not have a high-end GPU or an ASIC based machine?
It could just be that Monero (XMR) is the answer you have been looking for. Monero has been around since 2014 and focuses on privacy so is popular with users on the darknet. Monero, like many cryptocurrencies, is of the Proof-of-Work type and because it can be mined with CPU’s as well as GPU’s, it is a good entry level cryptocurrency. Bitcoin (currently the most popular cryptocurrency) needs an ASIC based machine and powerful GPU’s to get a good return so it is not recommended for first timers. However, it has to be said, the better your equipment in mining Monero, the better your return will be over time. Just make sure you factor in the costs of equipment. This guide will show you how to mine Monero and enter the world of cryptocurrency.
Four things needed to mine Monero
- The first thing you need is a private database or client known as a wallet. This wallet keeps a record of all transactions and earnings and is password protected. The most popular is Coinbase. Follow the link and set up your account. It only takes minutes.
- The second consideration is the hardware. How you mine Monero successfully depends very much on equipment as we have already said. Here are a few points to take note of:
- AMD cards outperform Nvidia so if you can get AMD then do so. The better GPU’s produce a higher hashrate and the higher the hashrate per second (H/s) the greater the possible return. Overclocking your card can increase the hashrate too. If you are using Nvidia then consider using the EWBF program miner. However, as already noted you do not need a GPU to mine Monero if you have a CPU (Intel i5, i7 or AMD analog are best). AMD works best with Claymore
- The wonderful thing about many GPU’s is that they can be resold if they have been used for mining so the outlay cost can be gained back, often at a profit. There is an intense market in buying and selling used graphics cards that have been involved in mining. This is plus anything you make through mining itself.
- Please be aware that mining any kind of cryptocurrency can use a lot of power so your electricity costs need to be factored in too. Plus, because of the heat generated, having fans to keep your equipment cool is highly recommended.
- Ideally, you will also need a reliable internet connection of no less than 2 megabits per second.
- It is also best to modify your Windows settings. Disabling ‘Sleep Mode’ will make sure your mining is not interrupted. Altering your Virtual Memory settings to a minimum setting of 16GB is a must. Also, consider disabling Windows Updates as updating can cause your machine to shut down and restart interrupting the mining process. Finally, check your Windows Defender settings, firewalls or other antivirus applications so they do not interfere with the mining program and think it is a virus.
- The third, and very crucial element in knowing how to mine Monero, is mining software. There are many to choose from but we have just selected a couple. First there is MinerGate which currently has over 3 million users and gives access to many kind of cryptocurrencies. Another popular choice is XMRStak. Click the links to take you to the appropriate download page, download and install the package as directed. Both are easy to set up and could have you mining in as little as thirty minutes. We talk further about Minergate below.
- Fourthly, consider this: Mining Monero alone can be a fruitless task (unless you are using a lot of CPU’s) so joining a pool is a must. Being part of a pool increases your hashrate. Of course there are fees when joining and being part of a pool but given that you will most likely get a regular income source you can make allowances for the fee. You can join a pool here which lists all the known pools specialising in Monero.
How to mine Monero using Minergate
The rest of this guide will show you how to use MinerGate to mine Monero. MinerGate is an extremely user-friendly software package for mining cryptocurrency especially Monero. You do not need to know too much about configurations to mine as the software does everything for you. Another useful feature of MinerGate is the fact that it provides you with a wallet so you do not have to set up a separate one. This makes it the most ideal miner for beginners.
- Before you download the package you will be asked to register an account with MinerGate, you will need the registration details once the installation is complete.
- Download and install the package appropriate to your operating system. Fortunately, the website will check your system itself to determine the right download for you.
- Once installed, launch the program and log in with the details you registered with.
- Finally click Start Mining and then click Start Smart Mining.
You are now up and running. It is as simple as that. MinerGate prides itself on being simple and effective. MinerGate also have an app that can be downloaded to smartphones and devices. Check out their website for details so you know how to mine and keep tabs on Monero through that.
I hope this quick guide on how to mine Monero has been useful to you. Remember that dealing with any cryptocurrency has risks but there is no reason why it cannot be an enjoyable experience especially when seen as a hobby. As long as you take note of the costs involved, in terms of equipment, utilities, and any registration and exchange fees, you will have a rewarding time. Monero is a fast growing currency that allows new users to jump on board so take the opportunity and enter the world of cryptocurrency.