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Monero Mining Explained. How to Mine Monero?

7 min read

  • Introduction

In this cryptocurrency era, the battle amongst more than 1500 cryptocurrencies is rampant and we as investors have nothing but to sit and watch them, gaining or losing momentum in the market. The Blockchain Technology was put forth before us through Bitcoin.

  • Drawbacks of Bitcoin

Bitcoin unwaveringly has a number of setbacks. The tradeoff between Scalability, Privacy, and Decentralisation is popular in the crypto field. Bitcoin seems to be providing amazing decentralization but, scalability and privacy to an extent. The privacy is tampered as the whole Blockchain is visible to everyone and one can track a particular user’s transactions through his public key and obtain all the transactional details. It is even evidence that the currency isn’t fulfilling the increasing demands of its adoption and hence is not scalable enough.

Monero, the privacy-focused coin provides an increased privacy through encryption of the transactional information by using the most robust and recent encryption tools available, to safeguard the investments of investors from the extreme situations or even death penalty. It completely assures the traders with their anonymity that they are able to have transactions with absoluteness definiteness.

Monero mining is one of the worth mentioning features as it has completely brought back the decentralization of mining to the masses, when the mining industry was vested with some of the handfuls of members, leading to its Centralisation due to higher Mining expenses.

Monero Mining also works on proof of work algorithm but can easily be mined on the normal PCs as well.

The most popular and user-friendly mining software one can use for Monero Mining on their PCs is XMR Stak.  It is easy as well as automatically compatible with the kind of mining hardware it uses. One must make sure to download them from official sources as the anti-virus treats it as malicious files.

Once the software is ready, it prompts the user to select a mining pool. It is always preferred to join a mining pool than to mine cryptocurrencies individually as there is little or no profits with huge investments in the mining rigs. Joining them assures a consistent income. Some of the most widely used Monero mining companies are

1. Dwarfpool

Most popular in the countries of the USA and Europe. It levies a pool fee of about 1.5%.

2. MineXMR

Serving in the countries of France, Germany, and Canada. The pool applies a flat 1% fee and has a huge customer base of about 25,000 users.

3. Nanopool

Providing its service in Europe, Asia and east – west of United States, the company levies a fee of 1%.

Once a pool is joined, the user needs to provide a Monero wallet address. The software provides for a configuration file where a number of important attributes can be set regarding the mining. The application is now using the GPUs to mine Monero, whose status can be viewed by using a number of commands provided by the application.

As mentioned earlier that even CPUs can be used to mine them. In order to do so, one must add a few lines of code to the CPU file that is generated. For an instance, if the PC uses an octa-core FX-8150 AMD chip. Then the following lines of code need to be added.

“cpu_threads_conf” :
“low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 1 ,
“low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 2 ,
“low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 4 ,
“low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 5 ,
“low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 6 ,
“low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 7 ,

It simply denotes that 7 out of 8 cores are being utilised for the mining purpose. Post which one can observe that the CPU usage has increased automatically. Therefore both the GPU along with CPU is mining Monero for the user.

  • Conclusion

Mining a particular cryptocurrency also depends on a number of variable factors such as hashrate, power consumption, mining output, etc hence it is always preferred to have optimal conditions set up for the mining equipment. One must not assume that installing mining equipment and starting of mining is the end of the game, a constant maintenance is also required along with it. Otherwise, the efficiency of the process keeps deteriorating.

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