Monero cryptocurrency: review, Monero course, where to buy, where to sell Part 2

Monero cryptocurrency: review, Monero course, where to buy, where to sell Part 2

Mining coins

CryptoNote, a protocol that ensures network anonymity, uses the CryptoNight mining algorithm to prove the work done. There are two ways to mine coins: on the processor and video card. Of the two options, only the video card is profitable, so there are not so many options.

How about mining on ASIC? The developers of the token against mining on ASICs and as soon as they find a way to start mining on them, the mining algorithm changes. And so it happened in 2018 when ASIC Baikal Giant-N was released for Monero, and mining was started, the developers of the coin changed the algorithm of mining with record speed and thus Asics, which cost 500 tr. apiece, became useless pieces of iron.

Solo or pool

For mining, as you already understood, you do not need to buy ASIC, but the latest generation of graphics cards is enough. Mining on your own computer will be characterized by low profitability. The number of miners is constantly growing, and complexity is growing at this time, so theoretically you can start mining and maybe you are lucky to get the block reward in full, but this is very unlikely because the pool has much more power.

The arguments to the plus pool are: software and support for setting up mining are provided, the load is distributed among the participants in accordance with the capacity, regular and automatic payments of rewards.

Xmr stak: this miner works on CryptonightV8 and supports the Cryptonight R algorithm. XMR Stak is perfectly optimized and gives the best hash rate.

The miner works with both the CPU and the AMD and NVidia GPUs.

After starting XMR Stak, you will need to edit the bat-file, making the necessary data, and proceed with mining.

Graphics card mining

For mining, you need a wallet, a pool for mining and software. It is most convenient to open a wallet on the exchange, as from there you can withdraw funds to fiat almost instantly.

Mining pools :

moneropool.com

monero.crypto-pool.fr (use VPN)

monerohash.com

CPU mining

In addition to mining on video cards, it is possible to use a central processor in mining.

Mining pools:

xmr.nanopool.org

dwarfpool.com/xmr

Both pools are quite powerful, with the nano pool commission at 1%, dwarf at 1.5%.

Where to store XMR

To get started, consider the official wallet at getmonero.org, where you can find the desktop version that suits you.

At the first start, you will be asked to select a language and after that, they will offer to choose one of the modes, depending on the need

Having chosen the mode we need to speed up work, we are invited to choose our geo-location and accept the terms of use of the walle.

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