Monero, like Bitcoin, is digital money that can be used to send and receive fees. Imagine Carl wants to pay Ava $ 100 and they agree to conduct the transaction in cryptocurrency. Karl can pay with Bitcoin, Litecoin, Monero, or any other similar cryptocurrency.
Monero mining methods
The most important part of mining is having the right hardware to mine Monero. Along with the appliance, you will also demand Monero mining software to assist you to correlate to the Monero mining pool.
As I mentioned earlier, you don’t need specialized ASICs to mine Monero. It can be done with a CPU or GPU. But before proceeding, you need to know the two most important factors when choosing your equipment.
You should look for:
- High Hash Rate – You can think of hash rate as the processing authority of the appliance.
- Low power consumption. Electricity is an immense mining cost.
Should you mine Monero?
You want to mine Monero to make a profit, right? Well, while mining Monero can be profitable, it depends on many factors, the most important of which are:
- Hash rate: how powerful your hardware is.
- Power Consumption: How much electricity your equipment consumes.
- Cost per kilowatt-hour: how much your electricity costs per unit.
- Pool Fee: Fee for the mining pool you join.
- The initial cost of setting up equipment.
You can try using the Monero Mining Profitability Calculator online! We recommend the CryptoCompare mining calculator. The profitability of mining also depends on the cost of XMR. Cryptocurrency prices can rise and fall very quickly. These price changes affect the profitability of your mining.
However, it is entirely up to you if you want to start mining. Consider the factors above and then make a decision. Just remember – the more you invest, the more chances you have to receive a reward.
The difficulty of mining Monero
Concerning those who are mining Monero on their device or with a small set of processors, by far the best time to mine is best after one of the Monero hard turns. It is when mining is most profitable. Given that the date of the hard forks is known in advance, you can plan accordingly.
The number of botnets currently running on Monero also has a substantial impact on profitability. The more botnets are mined, the more difficult it is to make a profit.
Monero mining hardware comparison: 3 best options
Many processors can be used to mine Monero. We will compare three of them, starting with the most powerful – AMD EPYC 7742.
The EPYC 7742 is a moderately epic processor. With 64 cores, it is capable of an incredible 44,000 H / s. During mining, it consumes about 225 watts of energy.
Although the EPYC 7742 is the most powerful processor on the market, this power comes at a price. It is currently selling on Amazon for $ 7,000. The latest generation of hardware is often sold at a significant premium. It is why it makes sense to purchase something less powerful.
The AMD Ryzen Threadripper 3970X has 32 cores and is priced at Amazon for a reasonable $ 1900. It can mine at 28,000 H / s with a power consumption of 200 watts.
While you can get a higher hash for less money by combining two Threadrippers against one EPYC 7742, the downside is that the power consumption will be 400W instead of 225.
Finally, there is the AMD Ryzen 5 3600. At just $ 175, this is the cheapest mining processor on our list. Ryzen 5 develops 7900 H / s and consumes 65 watts of power.
For those new to mining, Ryzen 5 can be a great choice as it allows you to customize your mining rig and fix any issues. You can always upgrade your hardware later as soon as you better understand how Monero mining works.
Mining calculator Monero
There are several different ways to estimate how much you can earn from mining Monero. One resource is the MoneroHash website. MoneroHash is one of the oldest Monero mining pools that have detailed statistics on profitability, how often the mining pool finds a block, etc.
You can also train a devoted Monero mining calculator such as WhatToMine.com. To accurately determine the profitability of mining, you need to know your hardware costs, electricity costs, and mining pool fees (the aforementioned MoneroHash charges a 1.6% commission) and enter the average Monero price.
You also need to know the hash rate of your hardware. Having received all this data, you can accurately assess your profitability. With this number, you can determine if you want to mine Monero.
If you decide it’s better to just buy Monero and invest in it that way, you can always exchange bitcoins or any other cryptocurrency for Monero using Exodus (desktop guide, mobile guide). Fast & Inexpensive No Listing Coin Switches: Nice Deal and a Great Way to Start Accumulating XMR!
