You’re a fan and user of Monero, the world’s most private cryptocurrency. You’ve experienced first-hand the qualities that make it so great — the unmatched security, the built-in obfuscation, the untraceable transactions. But have you ever thought about taking your admiration for the cryptocurrency one step further, earning a dividend for mining XMR?
If that sounds daunting, have no fear. Here’s a step-by-step guide that will walk you through how to mine Monero.
1. Get the hardware and software you need to begin mining.
To begin the process of mining, you’ll first need the correct hardware and software. First, consider the hardware you’ll be using as part of the mining process. Choose whether you’ll want to use your computer’s CPU or GPU to complete the mining. Then, determine the appropriate software to use. Some things you’ll want to consider whilst making these decisions:
- CPU vs GPU Capabilities: In order to mine Monero, you’ll need to utilise your computer’s central processing unit (CPU) or graphics processing unit (GPU). Whilst each computer’s CPU and GPU are different, you’ll want to make sure that whatever you choose has enough processing power to mine Monero in the background and still perform other tasks you may wish to complete on your computer. Sometimes it may be necessary to purchase a larger CPU or GPU; use this GPU and CPU benchmark guide to help you determine which CPU or GPU model is best for you. Remember, the higher the number in the h/s column on the guide, the more Monero you’ll be able to mine.
- Mining Software: Various Monero mining software exist. Some perform better than others, and they each differ on their levels of user-friendliness. To choose the right mining software, you’ll want to make sure:
- The software is compatible with your operating system.
- You have enough usable space available to download the software.
- The software is one of the officially recognised mining products listed on the Monero.org website. (Note: Whilst it is entirely possible to successfully utilise software found elsewhere, the novice miner may want to select one that is known to be reputable.)
Also be aware that some mining software has development fees that you’ll need to pay in order to use the software.
2. Get a Monero wallet.
In order to receive mining payouts, you’ll need to have a Monero wallet. Whilst many Monero wallets exist, the best online wallet can be found at XMR Wallet. The XMR Wallet is 100 per cent free to use and there’s no registration required. What’s more, XMR Wallet is open source, secure and has support in more than ten languages. Your Monero wallet and its accompanying address will be required as part of your software installation process.
3. Choose a Monero pool to join.
A Monero pool allows you to combine resources with other Monero miners, increasing your chances of making a profit from mining. You’ll be paid based on the amount of work your hardware does relative to that of the other miners, so it’s especially important to maintain good hardware resources. This website lists various pools from which you can choose. Try to find one that is relatively close to your geographic location in order to increase your odds of a good payment.
4. Install the software and begin mining.
After you’ve gathered the hardware and software, opened a Monero wallet and chosen a Monero pool, it’s time to download the Monero mining software and begin mining. The individual process of downloading and starting the mining differs. You’ll want to refer to your software’s user manual, which can usually be found on the website where you’ve made the download, in order to get specific details on how to complete this.
Mining Monero is a simple and productive way to earn Monero coins. By following these four easy steps, you’ll be on your way to mining Monero is no time.