Monero Mining Tutorial

Monero Mining Tutorial

in Bitcoin
Monero is a secure, private and untraceable cryptocurrency system. Monero uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable. In an increasingly transparent world, you can see why something like Monero can become so desirable. In this guide, we will see the mechanics behind Monero and see what makes it so special. Here are some good reasons to mine Monero:
  • Mining can be a great way to subsidize the purchase of a new, high-end GPU (or two, or three…).
  • Monero is easily traded for bitcoins (BTC). It’s a cheap way to slowly build up a holding position in Bitcoin.
  • BTC can be easily sold for cash, so mining XMR can be a good way to indirectly fill up your bank account or earn cash. XMR can also be sold directly on some major exchanges.
  • Mining can be a cheap entry ticket to the XMR market, as it’s loved by traders for its high volatility. If you’re a good and/or lucky trader, you can maximize your profits—especially when there are periodic massive price pumps in Monero.
  • Ever since XMR got traction in the darknet markets in 2016, it’s been one of the highest-priced altcoins in the market.
  • Mining XMR, which is based on the CryptoNote algorithm, uses less electricity than both Ethash Dagger Hashimoto coins (Ethereum, Ethereum Classic, UBQ) and Equihash coins (Zcash, Zencash, Hush). This can lead to lower temperatures when heat output is a concern (yes, I deployed too many cards in a closed space once too!) and should also contribute to longer GPU card lifecycles.
 
How Monero’s Blockchain Differs from Bitcoin’s
Monero uses a different hashing algorithm than Bitcoin, which makes it incompatible with the special hashing hardware (ASICs) developed for Bitcoin mining. Monero’s algorithm is known as CryptoNight. It’s a memory-hard algorithm, meaning it’s designed to resist the development of Monero-mining ASICs. Monero is deliberately best suited to CPU and GPU mining. Monero also differs in that it has a privacy protocol called ring signatures built in, designed to make it a leading privacy-based crypto in the market (competing with other privacy coins such as Dash and Zcash). Blocks on the Monero blockchain are mined in roughly two-minute intervals versus Bitcoin’s ten-minute intervals.  
Calculating Monero Mining Profitability
Now that we have a clearer understanding of the Monero blockchain and important concepts like difficulty, it’s time to perform some economic calculations. First, head over to whattomine.com, which provides up-to-date figures for the current price, block time, and network hash rate (as measured in kilohashes per second—or KH/s—denoting thousands of calculations per second). Plug in your cards up at the top and click on the model number (red square below), and you’ll see the following hashing and profitability info (have CryptoNight clicked to make it blue so it will calculate).
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Choosing Your Hardware
Experimentation with various GPU selections in the calculator will reveal a card with the best price-to-performance-to-power consumption combination (expressed as MH/s per currency unit). Keep in mind that AMD cards outperform Nvidia cards for Ethereum mining purposes on the Ethash algo, but AMD doesn’t beat Nvidia when it comes to the Equihash algo using the EWBF miner. AMD does beat out Nvidia when it comes to mining Monero and the CryptoNight algo. The neat thing about CryptoNight, though, is that you can also still mine it with CPUs. A decent i5 or i7 CPU can still make you a small profit and get you in the crypto mining game! Pro tip: Check out the following GPUs: For AMD, look at the Rx 470/480, Rx 570/580, AMD R9 range, or HD 7990/7950 (if used cards are available, try to get them from a gamer instead of a miner, with a warranty if possible). As with everything, do your own due diligence to evaluate GPUs based on their hash rates, power requirements, availability, and price. For a solid budget card, the AMD RX 570 with 4 GB of RAM, like this Sapphire Nitro GPU, is recommended.
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CPU Mining
Step 1: Download the mining software. For this section of the guide we are going to use Wolf's CryptoNote open souce CPU Miner, since it's the one that has the provides the best results.
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Step 2: Extract the .zip file. You will be left with a folder like the one below.
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Step 3: Now, inside the miner folder we have just extracted from the .zip file, you'll need to hit ctrl + right mouse click. By doing this you'll be given an extra option "open command window here", click it and a command line window will appear.
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Step 4: Now that our command line window (miner) is ready to go, all we need to do is type in the command: "minerd -a cryptonight -o stratum+tcp://monerohash.com:3333 -u YOUR_WALLET_ADDRESS -p x". You have to replace "YOUR_WALLET_ADDRESS" for your actual XMR wallet adress.
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You are now mining Monero! You can view all of the commands available by typing "minerd --help". In our case we're just using the -a command, which stands for algorithm, the -o stands for server, the -u is your wallet address and the -p is your password, which can be left with an x when the Mining pool does not require you to login.
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AMD GPU Mining Step 1: Download the mining software. For this section of the guide we are going to use Wolf's CryptoNote open source AMD GPU Miner, since it's the one that has the provides the best results. You can find the Download link here.
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Step 2: Extract the .zip file.
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Step 3: Configure the xmr.conf file, open the file with the note pad and change "url": "stratum+tcp://xmr.poolto.be:3000" to your pool address, in this case: "stratum+tcp://monerohash.com:3333". Replace the user with your wallet, in this case: "user": "45hVQbLnspDDViJeMc1v6mFPjKmJ38geKVZFRgFXxV1pVSDpG8jz4LfTmkvhgj9sPwjA1ZLJD9d3xTUF982Uk7poL2Ka94z".
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Step 4: Once xmr.conf file is configure go inside the miner folder you have extracted from the .zip file and hit ctrl + right mousekey (For windows 10 to get the extra options you need to hold shift+right mousekey). By doing this you'll be given an extra option "open command window here", click it and a command line window will appear.
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Step 5: Point the miner to the xmr.conf file. type: "miner xmr.conf"
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And that's it, you are now mining with your AMD GPU, which will surely give you the best results when mining XMR. If you get a "clCreateBuffer" error, lower your raw intensity in the xmr.conf file:"rawintensity": 1336  
Easy Mining with any hardware
In this section we'll use Minergate, an easy to use cryptocurrency miner that allows you to mine several cryptocurrencies with a single click! Step 1:The first thing you’ll need is an account on www.minergate.com. MinerGate has its own built-in wallet in order to allow users to start mining even if they don’t have a wallet address set up, so in order to protect your funds, we advise using a strong password and activating 2FA (2 factor authentication), 2FA will make sure no one can acсess your funds even if they know your password. Remember, the safest place to store your funds is in your own wallet.
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Step 2: Next you need to download the Mingergate software and install it, the website will detect your operating system and present you with the correct version. Install and run MinerGate.
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Step 3: After you open and install the setup, you’ll be presented with the option to start smart mining. MinerGate automatically detects your equipment and chooses the most profitable cryptocurrency to mine according to your hardware, market price, and difficulty. For most computers this will be Monero, so you can click "Start smart mining".
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You can choose how many cores you want to use in your CPU and GPU, if you have one. If smart mining takes you to another cryptocurrency, you can always choose monero manually, as so:
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That's it. Easy, right? Minergate prouds itself on being so! And you can use their GUI miner for other cryptos like Ethereum and Ethereum Classic. Good luck!  
Do you have another Monero mining tips? Share them in the article below, please.
 

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