After publishing everything related to Ethereum mining, many of our readers asked us for research on how to mine Monero, the currency that offers total privacy and also a GPU mining system.
As Monero is one of the most important crypto coins in the market and can still be mined without the need for expensive ASIC equipment, many opt for Monero mining to make profits in this market.
- 1 What is Monero mining?
- 2 Is it profitable to mine Monero?
- 3 What are the best equipment to mine Monero in 2019?
- 4 Best mining pools for Monero in 2019
What is Monero mining?
As we have explained on several occasions, the mining process is the one that maintains the database and transactions within the Blockchain network. Specifically for Monero, the algorithm used is called CryptoNightV8 and, as mentioned above, the algorithm does not support the use of ASIC.
Monero’s Blockchain network is one of the most private on the market, competing directly with Zcash and Dash. Its privacy protocol is called “embedded ring signatures” and makes transactions between users untraceable.
The process for generating new blocks within Monero’s Blockchain network is given at the minute with 52 seconds. The reward for miners is determined at 3.15 XMR per block mined, however, developers have raised that in the future the reward will decrease to 0.6 XMR per block.
It is important to mention that Monero developers have stood firm in rejecting the use of ASIC mining within their network. To demonstrate this, in March 2018 there was a fork in the coin, from which Monero Origins (XMO) emerged, a coin with the same protocol but with the capacity to undermine itself with ASIC.
Is it profitable to mine Monero?
In the middle of this Bear market that we are living in the world of crypto coins, Monero has remained one of the currencies with the greatest development and use within the market. Thanks to their privacy, many users prefer to use this crypto currency to make their payments in places that do not want to be tracked or identified.
In addition, Monero’s CryptoNightV8 algorithm consumes less power than Zcash’s Equihash and Ethereum’s Ethash, two algorithms that also work with GPUs. For obvious reasons, it also consumes much less power than Bitcoin’s SHA-256 algorithm and Dash’s X11. This element also gives us some profitability by considering that we will consume (and obviously pay for) much less electrical energy to mine Monero.
What are the best equipment to mine Monero in 2019?
The market for graphics cards that provide the hashing power needed to mine GPUs is really diverse. It is convenient to determine which are the best cards that we can obtain in the market as well as to evaluate if there are offers of mining Rig already armed by companies that offer inside this world of the mining Blockchain.
In order to evaluate which are the best equipment for mining Monero in 2019, let’s take a look at the data offered by Cryptocompare, one of the best calculators for mining that we can find on the web. According to what they show us, we can see 3 complete equipments to mine Monero with the maximum power of hasheo possible.
This mining rig is developed by the European company MineShop. It has an aluminum structure, a Celeron G3930 processor and 6 AMD Raddeon RX 570 graphics cards. Its capacity is calculated at 5000 H/s with an electrical consumption of 650W. Its price is located at 1,708 euros.
Guiding us with the WhatToMine calculator, with a power of 5000 H/s, in the current conditions in which the Monero Blockchain network is found, we would receive a total of 5.251673 Moneros within 1 year. At a rate of 1 XRM/$47.83, we would receive $251.19.
According to the developers of this equipment, the company EVGA, the improvement in temperature controls that have been applied help the card work in a much more efficient way and allow it to remain permanently connected to the network Blockchain de Monero. It has a power of 910 H/s and does so consuming about 600W. In the market its price ranges from 720 to 800 dollars.
Doing calculations with WhatToMine, now adding a power of 910 H/s, we can see a production of 0.955020 XRM over 1 year mining with this equipment. At the rate of 1 XRM/$47.83, we would be receiving $45.68.
Another mining rig developed by MineShop but this one comes with more power. Like the previous one, it comes with an aluminum structure, a Celeron G3900 processor and 8 AMD Raddeon RX 570 graphics cards. As the team name says, it has a 6500 H/s power with a power consumption of 950W. The price of this rig is calculated at 2831 euros.
Using again the WhatToMine calculator to determine the income we can obtain with this equipment with 6500 H/s of power, we will have a production of 6.794187 XRM in a period of 1 year. With the rate of 1 XRM / 47.83 dollars we will receive a total of 325 dollars.
Best mining pools for Monero in 2019
As we already know, being in a mining pool helps us to unite our hashing power to achieve more power within the Blockchain network and obtain greater rewards from block generation. We must know how to choose which mining pool we are going to join and for that we are going to present some of the most profitable and popular in the market.
It has servers in Europe, United States, Asia and recently opened servers in Australia. As a commission it has a fee of 1% on the total mined and to get the payment requires another commission of 0.015XMR. The minimum payment they can make for users is located at 1 XMR. The network has some power within the market to have a total of 5000 users connected within the pool.
This pool charges only a small commission of 0.17% of the mined generated. The problem is that it only has servers in Europe and the United States, greatly limiting the range of action for those who are not geographically here. The minimum payment is located at 0.1 XMR.
It is one of the largest pool that exists for Monero and has 25 thousand registered and active users. Its servers are deployed in France, Germany and Canada. They charge a commission of 1% of what is mined and 10% of what they collect as commission they donate to the Monero development team. The minimum payment for users is set at 0.5 XMR.
The servers of this Pool are deployed in Asia, the United States, Europe and Australia. It does not charge any type of commission for the mined generated. They subdivide the pool into 3, between the miners with small, medium and finally the miners with large hardware capacity. The minimum payment is set at 0.1 XMR.