Monero [XMR] is among the fast growing virtual coins into the crypto industry. With position 10 on the market capitalization list, the coin is indeed rising fast. The XMR platform has the most engaged developers and users.
Monero uses an algorithm called cryptonight. This is what makes Monero mining the friendliest experience for its users. Anyone can engage in mining Monero [XMR], including regular users who do not have special mining hardware. For this reason, Monero has become a favourite for investors and miners in the industry.
Another good thing about Monero mining is that it does not require an Application Specified Integrated Circuit [ASIC]. Unlike Bitcoin mining, Monero mining can efficiently be carried out using computers’ CPU or GPU.
Factors to consider before mining Monero [XMR]
Before one decides to mine Monero, it is advisable to consider whether they’ll join the Monero mining pool or just mine on their own. In a mining pool, a group of miners usually come together and combine the power of their hardware. Since the mining competition is very tough, this gives them a better chance of verifying transactions.
For beginners, solo mining is not recommended. It usually doesn’t produce any rewards unless the miner invests loads of cash into mining hardware. In a mining pool, the reward received is split between all miners involved. If let’s say each miner contributes a total hash power of 5%, they’ll all receive 5% of the total rewards earned by the Monero mining pool.
Other major factors to determine before mining include things such as the hash rate which is basically just hardware power, power consumption, this is how much electricity the hardware will use, the pool fee for the mining pool one intends to join, and the cost per KWh –the cost of the electricity used.
It is also important to note the initial cost of setting up the hardware.
Software for mining Monero [XMR]
Central Processing Unit (CPU) Mining
Once an XMR miner has the CPU of their choice, they’ll need to install Monero mining software. One of the most popular Monero mining software is XMR-STAK-CPU. It would then take only a few minute to start mining. All it takes is installing the software and joining a mining pool.
AMD Graphics Processing Unit (GPU) Mining
GPU is a relatively good option for Monero mining. Despite the need for larger investments, it offers a significantly higher hash rate. AMD graphic cards are very important when it comes to GPU Monero mining.
Once the graphics card is installed into a PC or a laptop, the same easy steps used in CPU mining are followed. The best Monero software when using AMD GPU is also XMR-STAK-AMD.