Monero (XMR) exchange rate

What Is Monero ?

Monero was designed with no pre-mine or Venture Capital Funding back in April 2014 as a fork and a better alternative to Bytecoin. Monero’s popularity is anonymization-based, i.e. the cryptocurrency users get a unique public address or key; therefore, the transactions are undetectable. The address is always created randomly and for each transaction individually so the coins are delivered securely and beyond the government’s awareness. The Monero ledger functions slightly differently from the general blockchain as it does not record the addresses of the sender and recipient. Moreover, that one-time created address is not linked to the actual address of either party. 

A few of the key aims of the digital coin is to enable fully private transactions; to obscure senders and recipients through advanced cryptography. The Monero team is also taking care of easy use, efficiency, protection, and being as technologically competent as possible.

Buying Monero

P2P marketplaces, Automated Teller Machines (ATMs), direct commercial brokers, and exchange platforms are the top four digital programs for cryptocurrency acquisition and exchange Monero. To buy or exchange Monero via an exchange tool, Godex.io is one the best alternatives as it is an automated anonymous crypto trading platform offering more than 200 crypto coins available for swaps; 24/7 customer support; no personal data, accounts, registration required; immediate transfer system; minimum wage for a transaction, and just following up Monero news. 

Godex developers set security protocols for the conversion instrument and the protection from Distributed Denial-of-Service (DDoS) Attacks that purposefully disrupt the work of a targeted server, service, or network. In this way, Godex.io service is a respectful tool for various processes completion towards purchasers, traders, investors, merchants, and others. Every single user’s data is encoded and remains anonymous. There are no limits specified for the transaction volume or number. Godex additionally utilizes International Currency Exchange Rate (ICER). 

Here are the four ways to buy the coin: credit or debit cards, bank transfer, cash, or another cryptocurrency. The last option is a synonym to an exchange which is available on Godex.io. The three simple steps to buy Monero on Godex.io/exchange-rate are picking two coins for the swap, saying Monero to usd, and setting the amount → checking the recipient’s (Dogecoin) address, and order details → click Exchange.

Circulation of Monero

The circulating supply constitutes 17 854 098 XMR coins. The approximate Monero price usd, for now, is $213,03 with a 24-hour trading volume of $669 972 846 Monero value. The market cap is around $4 bln. 

Can You Mine Monero? 

Mining Monero is possible, and the process is not that complicated at all; here is why. There is no urgent need to purchase special hardware for XRM mining. The more powerful one’s computer, the better. Once a gadget is ready, it is time to decide whether to mine Monero on your own or join an XRM mining pool. 

Monero mining does not require an Application Specific Integrated Circuit (ASIC), which is a certain type of hardware utilized for Bitcoin mining, as an instance. It costs $600-$1000, which pushes all users away except for professionals. And what Monero does use is a computer’s CPU/GPU. 

A Central Processing Unit (CPU) operates collectively with a Graphics Processing Unit (GPU) to increase the throughput of data and the number of concurrent calculations within an application. The main difference between CPU and GPU architectures is that a CPU productively manages a variety of tasks but is limited in the concurrency of tasks that can be running. A GPU quickly renders high-resolution images and video concurrently.

To mine in a mining pool, each Monero miner has to come up with one's device, and together, a group of XMR miners, combine the power of digital apparatuses. This facilitates a higher-level transaction verification and receiving a reward. The pools charge a so-called "pool fee" in the range of 0-2%. Entering a mining pool is not an obligation, however, solo mining would not be recommended for beginners. Solo mining is for those who are ready to invest big amounts of money. 

Another essential aspect of mining Monero is a wallet address existence. It is needed for claiming one’s rewards regardless of a type of mining: solo or pool. It can be a full node e-wallet or the one that is being used at a cryptocurrency exchange, such as Godex.io. Connecting mining software to the hardware to a pool or the Monero blockchain is one more step to note. Depending on the hardware and mode of mining applied, the configurations process is most of the time successful, which leads to rewards rolling in. 

Here is a brief recap of the mining Monero procedure:

1. Choose mining hardware;
2. Select a mining software that can match the device;
3. Determine the address for application;
4. Configure the mining software;
5. XMR is on the way.