In a world of digitization, the first and the most crucial thing in this world is a passive investment. And what better way there is to do it than investing in cryptocurrency. But with such a vast range of cryptocurrencies to choose from, it is quite evident that the best option is far from reach.
From a personal point of perspective, the new and probably the most trending cryptocurrency ‘Monero’ is the best option. But before investing, there are a few things that you need to know.
So, without any further delay, let’s start digging into the world of crypto knowledge.
Monero is a revolutionary system of currency exchange that’s secure, untraceable and completely private. Unlike most of the traditional currency, Monero uses a unique form of cryptographic script that’s wholly untraceable and doesn’t behind a link to follow. A world where we live most of our life online, a concept like Monero carries a lot of potentials. The entire idea of this currency is to have a privatized system of the transaction without anyone following up the trail. This concept is also helpful in the attempt on how to mine Monero.
Before investing In Monero, here are some of the critical elements of Monero that you need to know.
As mentioned earlier, Monero is one of the most secure ways of making a transaction. The identity of the user is a secret, and there is no way to trace it.
The best and perhaps the most reliable format of Monero is that it’s fungible. That is one of the most significant means why this crypto is different from all the other. In simple language, there is no record of the transaction, and even if someone tries to get their hands on the transaction data, it is nearly impossible.
There is no pre-set limit which can restrict the use of it. But to limit the attacks of Monero spammers and spam miners, there is dynamic scalability that makes it hard for them to use it maliciously.
Application Specific Integrated Circuit or ASIC is one of the key features in most of the popular crypto options. Like all the other cryptocurrencies, Monero also functions on a CryptoNote system despite the design. CryptoNight or the algorithm used in CryptoNote is ASIC resistant.
The fact that separates Monero from other cryptocurrencies is its crucial variety. Unlike most of the crypto options that has only two keys, it has multiple cores. Though users and critics have reported it to be a bit confusing initially, it is beneficial in terms of professional forwarding.
For mining Monero, the best and the most popular choice is Minergate. Why? It’s reliable, trustable and is full of tutorials that can help you get the best out of your time and effort.
Another important thing that separates Minergate from the rest of the site is that you can use it in almost everything. Your CPU or GPU, or both in Windows and MAC.
But before jumping into the mining, we need to make sure that all the components necessary are there. There are many Monero cloud mining services that offer best-in-class mining services.
The most important thing during mining is to make sure that the output is equally proportional to the input. Like all the crypto mining processes, Monero mining hardware is also essential and must be included. And for maximum output, you need to understand the profit and loss margin. Here is a list of the hardware that can be used for maximized output.
For the CPU, the best options are:
For the GPU, the best options are:
As for the GPU is concerned, the XFX R9 295X2 is the best option out there. With a hash rate of 1760 H/s and 500 W drawing capacity, it has the maximum output rate.
As Monero mining rig, like any other mining rig, consumes a massive amount of power, profitability and costing must be scaled and compared instantly. The understanding will soon have the desired results but for the time being, be transparent and calculative.
As for the rigs are concerned, the Corsair HX1000i with 1000 Watt usage and the EVGA Supernova 1000 P2 with 1200 Watt are the best options.
As for the basics, some software are specifically Monero mining software and used for Monero mining only. As mentioned earlier, MinerGate is the best option to start with.
After getting your drivers installed, the first thing that you need to know is to establish the MinerGate software. The interface will automatically detect the OS and give you the right option. Based on the equipment installed, the performance may vary.
Note: Since there is a variety of hardware option, the proper driver list is not mentioned. If you need some additional help with the drivers, suggest it in the comment section.
Monero is one of the most valuable currencies out there. There is a good chance that it might end up in a more legit form of money in the upcoming days. As far as Monero mining profitability is concerned, whattomine.com is the best place to take a look at it.
Open whattomine.com and get a complete data of the current price, block time, and network hash rate (as measured in kilohashes per second—or KH/s—denoting thousands of calculations per second). Fill the card and select the GPU model number. Click CryptoNight to get an automatic selection and click calculate.
There are many options on the internet that allows you to mine any cryptocurrency for free including Monero. But selecting the right choice for the best result is the key. MinerGate and Genesis Mining are some of the most popular options for free Monero mining. As far as reliability is concerned, MinerGate is the best option without a doubt.
The good news, there is an android version of MinerGate as well. The most important thing is that it is an option that can make you mine while you sleep and that too from your phone. Google has made some regulatory changes to mining apps where you can only monitor the statistics of the mining process instead of mining as Google has banned mining through android apps.
Cryptocurrencies are legit and a good way to make your investment work for you. But the primary objective must be to find a way to get it done as cheap as possible. If there is a free mining option that you can relate to yourself too, it is the best thing for you to do. Remember, a penny saved is a penny earned. Happy mining.
Yes, Monero mining is easier than most, with a low cost of entry.
Yes, you can.
It takes 2 minutes to mine Monero.
Again, it varies on a daily basis. You must be updated with the market.
As of now, Monero is using the CryptoNight algorithm, which will change once the hard fork happens on 30th November. Monero can be mined with CPU and GPU, but not with ASIC.
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2019-09-03 10:45:14.257876 | 2 min
2019-07-24 08:23:35.198111 | 2 min