Monero Mining Basics
Monero (XRM) is a cryptocurrency, which occupies a strong position among the top-30 cryptos. The reason for this is fairly simple – XRM is anonymous and unlike other coins its privacy is real and is not affected by various cryptocurrency regulations. The additional advantage is the easy mining – even a newcomer to the crypto world can start mining Monero with simple mining software. Hence, this review will cover the existing mining options for Monero and make recommendations for the most profitable and secure XRM mining.
How to start Monero Mining today?
If you have ever investigated the topic of cryptocurrency mining, you’ve come across the terms CPU (central processing unit) and GPU (graphic processing unit) mining. You shouldn’t mix these terms as they are completely different. GPU performs digital rendering into your computer and requires a specific graphic card for your computer to start mining. On the contrary, the CPU is the component of the computer that executes commands from hardware to software. In this case to start mining you require the crypto wallet and Bitcoin mining software.
You have to understand that in terms of efficiency GPU is a better option for XMR mining due to several reasons:
- speed – GPU works faster especially once complex mathematical calculations are required in mining process
- upgrade options – you cannot upgrade CPU as often as GPU
- energy consumption – CPU consumes more energy in comparison to GPU
- efficiency – CPU capacity is limited, once you place too much pressure on your computer it starts lagging and mining becomes harder. With GPU your capacity is seamless.
Before starting mining Monero you’ll require both mining software and hardware. The simplest procedure for the newcomer is to install Monero software, purchase the XRM mining hardware, join the mining pool and buy a crypto wallet address. Let’s dive into CPU and GPU mining in detail.
What is the best hardware for mining Monero?
As we’ve mentioned earlier your mining capacity significantly depends on the mining hardware you choose. Regardless of you choice between CPU or GPU Monero mining you should look for Monero hardware with:
- Low electricity consumption
- High processing power (so-called ‘hash rate’)
- Cost that fits your requirement
Best CPU Monero Mining Hardware
When we’re talking about the best CPU miner for Monero, several options are to be considered:
- AMD EPYC 7742 – that’s one of the most powerful Monero mining hardware available on the market capable of mining at a hash rate of 44 000 H/s. But this power is pricy, starting from $7000, hence it’s might not be your option as a start
- AMD Ryzen Threadripper 3970X – it has 220 watts of power in comparison to 225 for AMD EPYC, but taken into account its $1900 price it seems a much better option
- Intel Core i9-10900K – starts from $488 on Amazon and is the best Monero mining hardware from Intel. Its power is 125 watts and cannot be compared to AMD hardware, but it’s still the best Intel option available
Best GPU Monero Mining Hardware
When we’re choosing the best hardware for mining Monero it’s crucial to remember that processing power is the key to profitability. It means that the GPU is a unique choice for most users offering the best combination of power and price.
Some of the best examples of GPU hardware include:
- AMD RX Vega 56 – uses 110 watts for mining at a hash rate of 1800 H/s and costs about $3300, offering the best combination of power and price for GPU hardware
- NVIDIA GTX 1080 Ti – runs at 160 watts and has a hash rate of 1000 H/s. The price is about $1300, which is not as good as for some CPU hardware, but if you don’t care much about cheap electricity it might be an option
- AMD HD 7990 – that’s not the newest option, but still outperforms many competitors with high hash rate of 1100 H/s and 110 watts consumption
Is Monero Mining Profitable 2021-2025?
Once you’ve got acquainted with the best monero mining hardware comparison you have to make the final decision, which hardware to purchase and here the expected profitability should help you to make the decision. One of the simplest options is to use a Monero mining calculator such as WhattoMine.com.
Here, you’ll have to enter such parameters as hardware costs, electricity costs, Monero price and mining pool fees (in case you don’t plan a solo mining). As you understand, all the parameters except XRM price you can control. Hence the best option is to establish the benchmark for your potential profit and choose the hardware that will fit this benchmark leaving price as a constant in this equation. Taking into account the existent bullish trend on the crypto market, it’s quite possible that you’ll underestimate your profit, but it’s always better than otherwise. Once you’ve got the figure of potential profit you can decide what to do next: mine Monero or just purchase it at any exchange and store it in your crypto wallet.
Buy Monero (XRM) at Godex.io
There is no one choice fitting any investor. It means you don’t have to start mining Monero if you believe that a bullish trend will prevail on the crypto market in the next five years. You might choose to buy XRM on a crypto exchange like Godex.io and enjoy your profits. Here you’ll get several unique advantages:
- fixed exchange rates
- complete anonymity
- unlimited number of transactions per day
- unlimited amount per transaction
- fast order execution
You can also combine mining with investing in crypto. In such a case you can eliminate risks due to Monero fluctuations and gain higher profits.
Best Monero mining wallets in 2021
Let’s imagine that you’ve chosen the Monero mining hardware and installed software supporting your hardware. Does it mean that you can start mining? Not yet, you’ve missed an important ingredient – wallet address. You require a wallet to send your Monero mining profits.
In fact it’s a bad idea to send your XRM to exchange and become the victim of numerous scammers. Taking into account that Monero provides various privacy features to its owners it’s more vulnerable to hackers and scammers than other cryptos. It means that a minded investor has to make additional precautions against cyber threats and store XRM in the most secure places. In fact, the wallet is the best place to store Monero.
You have several options:
- Monero wallet – that’s official wallet fully dedicated to XRM, you cannot store profits from any other cryptos in it
- Monerujo – the popular mobile wallet for storing XRM. It’s listed on Monero website and supports Android devices
- Ledger Nano X – one of the safest hardware wallets on the market, although comes at higher price
- Exodus – multi-currency wallet, where you can both store XRM and exchange it for other cryptos
Is Monero worth mining?
There is no straightforward answer to this question. As with any other cryptos there are many factors to consider before the start of XRM mining. You have to understand that to make Monero mining profitable you have to possess several advantages:
- have access to cheap electricity
- have access to CPU or GPU hardware with discounts
- mine at bull market
Currently, when the prices on crypto demonstrate the upward trend Monero mining is anyway a good option. But you have to keep an eye on market fluctuations and adjust your mining strategy accordingly.
Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.