Dominance of large mining companies is the main destabilizing factor in the modern crypto industry. A 51% attack is a nightmare for a blockchain platform, because there is no way to get protected against it. It is another matter that such an action against powerful networks is economically inexpedient and it is used only to destroy newly born competitors.
The main task of any developing cryptocurrency is maximum decentralization. For this purpose, new work algorithms are being created and existing ones are regularly updated. Ravencoin is one of the “ASIC-resistant” platforms.
What is Ravencoin (RVN)?
Ravencoin is a project to create a peer-to-peer network for the transfer of assets in the form of tokens from one user to another. The launch of the crypto project started as a result of the Bitcoin fork.
RVN coin is a digital monetary asset built on the blockchain. It consists of interconnected information blocks that are synchronized with each update at the time of a transaction. This technology does not provide for the centralization of data in a specific source, all information is equally displayed for all network participants. Any user can track the movement of assets, while information about the owner of the wallet is not available to him, since it is absolutely confidential.
The platform does not have its own blockchain, so it is very similar to Bitcoin. The main advantage of the project was the formation of its own X16R hashing algorithm. In May 2020, shortly before the BTC halving, a hard fork took place on the Ravencoin network and the coin began to work on the KawPoW algorithm, which kicked out ASIC miners from the network.
Ravencoin also differs from its predecessor in a number of technical characteristics:
- reduced block formation time, up to 60 seconds;
- primary block size is 1 MB, but if necessary, the system automatically changes the scale, increasing the block size to the required size;
- reward for mining is fixed at 5000 RVN;
- limited issue of 21 billion coins;
- openness and transparency of the system allowing anyone to take part in the platform improvement.
How to mine Ravencoin?
The transition to the new algorithm took place on May 6, 2020. With its help, the developers removed ASIC miners from the network.
KawPoW has become the third mining protocol for RVN, previously the project used the “ASIC-resistant” algorithms X16R and X16Rv2. Not every blockchain network has such multiple changes in its track record. At first glance, it seems that the project team is in a slightly paranoid state being obsessed with the idea of constantly changing parameters. But, in fact, they just do not want to repeat the fate of many promising crypto coins that fell under the control of ASIC miners and, as a result, lost their rating.
The RVN developers believe that the change in hashing algorithm will attract the owners of gpu farms on the network. And they are right. The 2020 hard fork made it possible to mine RVN even with outdated green cards with 3GB of memory, but red video adapters do it better. After AMD’s 4-gig Ethereum mining lost its former profit, the RX 570/580 4G cards became the true owners of the Ravencoin pools.
The main thing is that Ravencoin mining is available exclusively on video cards. And, as of today, there is not a single device on integrated circuits which could be capable of working on KawPoW. It is no wonder that the algorithm is profitable, but extremely energy-intensive and, almost literally, “grills” computing devices. You can perform undervolting and lower the consumption limit on the video card. ASIC miners do not know how to do this, therefore, if a RVN mining machine appears, it will be very “gluttonous” and can hardly last more than 5-6 months.
There are many programs on the Internet that support the Ravencoin coin. You can get cryptocurrency using a standard Windows or Linux OS, or a specialized Hive OS. The best utility is TeamRedMiner, and Wildrig and Nanomine are also worth a look. They give a lower hash rate, but also the power consumption is reduced.
The hashrate of the Ravencoin network shows the overall performance of all miners on the RVN network. The value of the hashrate of the Ravencoin network as of June 6, 2021 is 4.71 TH/s 4,710,103,828,144 h/s.
What Is a Ravencoin Mining Pool?
Mining can be divided into two types: solo and pool mining. Each option has its own advantages and disadvantages. Even before Bitcoin and the entire cryptocurrency industry gained popularity, solo mining was a common thing. This is a type of mining when you independently, using only your own power, mine new blocks. In theory, solo coin mining is possible, but it requires powerful equipment and leads to high costs, including electricity.
Ravencoin mining pool is a server that divides a large task into small ones and distributes them between the capacities of different devices connected to it. When this server mines a new block, it divides the reward among all participants in the process. Cooperation with pools brings more benefits in terms of convenience, potentially beneficial and accessible to everyone. Minuses include less autonomy and the risk of hacking.
How to Pick a Great Mining Pool for Ravencoin?
Let’s highlight a few recommendations on which pool to choose for mining in order to get real profit. Consider the following criteria:
Pool run time and stability
In order not to be deceived by the unscrupulous owners of “pools”, we recommend using the services of trusted services. However, the reliable pools charge higher commission and other types of fees.
New pools attract customers with low commission and pleasant registration bonuses, which, of course, attracts inexperienced miners. Whether the game is worth the candle is up to you.
A parameter that follows from the previous one. The more participants the pool collects, the greater the total network hashrate is and the more digital coins are mined by the server.
Therefore, the advantage for players who have been working for a long time is obvious.
Frequency of payments
The pools have different payout periods for the mined currency. Also, many pools prohibit keeping cryptocurrency in the wallet longer than the allotted period (from two weeks to 90 days). If the coins are on the account for longer than the specified period, the pool monopolizes them without warning.
Some pools pay out of cryptocurrency daily. Other services pay money with a wide time span, but compensate for such inconveniences with bonuses.
Profit distribution principles
In order to avoid losing profits, a future miner is advised to pay attention to the used mining division algorithm. It is worth starting from what is more profitable in each particular situation: PPS or PROP payment (or other methods). Note that the stability of the supply of electricity (also the stability of the Internet connection) is one of the key factors.
Like other companies that provide services, pools also require payment for the time spent and the opportunities provided. The most popular types of commission in pools today are the following:
- Commission for the mined block.
- Commission for withdrawing money to the wallet
Some servers do not charge fees, but such platforms live on donations.
In order to use the capabilities of the pool, you need to install a special miner program on your computer which shall be supported by the service.
List of 7 The Best Ravecoin Mining Pools in 2021
Сommission: 1% PPLNS.
The lowest payout is 0.1 RVN. Supernova pool allows you to adjust the withdrawal amount within the limits set by the server administration. For Ravencoin, you can set the amount in the range of 0.1 8000 RVN.
Advantages: It is one of the largest Raven coin pools, managing 30% network hashrate.
Disadvantages: Signing up is obligatory.
Commission: 1% PPLNS.
Advantages: It is the most popular Ravencoin pool of medium size. It provides accurate charts and remunerations are provided on time.
Disadvantages: Authorization is obligatory. The pool is quite small-scale, so the list of miners is not extensive.
Commission: 1% PPLNT.
Minimal payoff: 0.05 RVN.
Advantages: It offers detailed statistical data and defends from DDoS attacks. Registration is not compulsory.
Disadvantages: Finding blocks takes more time than in case of sizable pools.
It is a multi currency pool. It provides users with European, North American and Asian servers, as well as two payout options for mining, i.e. PPLNT and SOLO.
Commission: 2% PPS 1% PPLNS.
Minimum payout: 0.1 RVN.
Advantages: It is one of the largest Ravencoin pools holding the second position after Suprnovaby the size.
Disadvantages: Being located in China and it is primarily targeting miners residing in Asia.
Сommission: 0.9% PROP.
Minimum payout: 0.1 RVN.
Advantages: Servers are located worldwide. The pool works on the YiiMP protocol and it is suitable for minor miners.
Disadvantages: It is not among the fastest Ravencoin pools as searching for blocks takes more time in comparison with big pools.
Commission: 1% PPLNS.
The smallest payout: 50 RVN.
Advantages: It is in the best Ravencoin pool list with its servers worldwide. Signing up is not required.
Disadvantages: It is not convenient for small-scale miners as the low-priced payout goes up to 50 RVN.
Commission: 0.5% PROP.
The lowest payoff: 0.5 RVN.
Advantages: The commission is minimal. Servers are all over the globe. Ravenminer pool works on the YiiMP protocol without registration.
Disadvantages: From time to time the Ravenminer pool goes down and faces some holdback issues.
Novice miners often feel confused on where to start to make income with a mining pool.
General algorithm of actions is as follows:
- Select and open up a suitable wallet.
- Prepare your equipment.
- Select a server. Decide on the right platform to work with. We discussed the main criteria above. Try to choose platforms that are geographically closer, have low commission, low ping and high hash rate. Preference should be given to sites with a proven track record.
- Install the miner and connect to the pool. Connection information can be found on the pool website. The choice of software depends on the operating system and the mining method. The main changes are made to the so-called bat-file.
- Launch the mining software.
It is hard to judge the prospects of Ravencoin in the long run. It has a good protection from large mining companies, which makes crypto mining on video cards quite a profit-making investment.
Ravencoin can be mined on weak video cards, which are not suitable for Ethereum mining. In order to achieve greater profitability, some miners exchange the coin for BTC or other popular altcoins. This will help increase your earnings on exchange rate volatility. Some of the assets are recommended to be kept in USD to cover the cost of electricity.
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.