Standing among the best-known anonymous cryptocurrencies on the market, Monero (XMR) has been enabling secure and reliable transactions since 2014. As of April 27, 2020, the XMR cryptocurrency ranks 14th in terms of market capitalization which makes Monero a desirable asset to have in the crypto portfolio in 2020.
There are several ways to obtain XMR – you can either exchange your crypto to Monero, buy XMR at an exchange, or, like a passionate blockchain enthusiast, mine it. We’ve investigated Monero mining hardware to provide you with the best ones.
Monero Mining Basics
Just like any other crypto mining, Monero mining requires proper software and hardware. Here is a plain checklist before you start mining XMR:
Monero is constantly searching for new ways to increase security within its network. The blockchain has already met several hashing algorithms upgrades. The latter happened at block number #1978433.
In late November 2019, the Monero blockchain hard forked and switched its core hashing algorithm, CryptoNightR, to a new Application-Specific Integrated Circuits (ASIC) resistant, RandomX. The team behind Monero claimed that such a transition would make the XMR mining more secure, thus eliminating any fraudulent interference to the Monero network. Unlike the relatively simple CryptoNightR hashing algorithm, RandomX is a more complicated type of a Proof-of-Work (PoW) consensus algorithm.
“So, from that aspect, I really like that RandomX is the thing and that it is CPU heavy […] I like the fact that we went towards RandomX, the only thing I don’t like is how complex it is because it’s very difficult to understand kind of everything going on,” said the lead Monero maintainer, Alexander ‘Snipa’ Blair.
Despite the community’s fears that the new algorithm might kill GPU mining, RandomX is optimized for GPUs and CPUs mining. However, GPU mining shows less performance and efficiency when working with RandomX. GPU XMR mining might seem less profitable than the CPU one.
Name: Monero (XMR)
Current Price: $64.27
Market Cap: $1,127,320,200
ROI since Launch: 2,377%
Hashing Algorithm: RandomX
Block Time: 2 min
Reward per block: 1.73 XMR
Best CPU Monero (XMR) Mining Hardware
#1. AMD EPYC 7742
AMD is considered to be one of the best high-performance computing and graphics solution provider on the market. EPYC 7742 has 64 CPU cores and power consumption of 225w. This is a truly powerful machine hence, the price for such an advanced processor corresponds to the quality.
Hashrate: 44,000 H/s
Power Draw: 225w
Processing Threads: 128
Cost: ~ $8,500
#2. AMD Ryzen 5 3600
This mining rig will be a nice purchase in case your electricity bills are way too high. In combination with a solid memory, AMD Ryzen 5 3600 with 6 CPU cores will be a great solution for profitable Monero (XMR) mining.
Hashrate: 7,900 H/s
Power Draw: 65w (by default)
Processing Threads: 12
Cost: ~ $300
Best GPU Monero (XRP) Mining Hardware
#1. Radeon RX Vega 64 (1700/1100 MHz)
This graphics card will allow you to mine multiple coins of different algorithms including RandomX (XMR), Ethash (ETH, ETC), Cuckaroom29 (GRIN). Despite being a veteran of the industry, Radeon RX Vega still can show better results than other GPUs on the market.
Hashrate: 1,225 H/s
VRAM: 8 GB HBM2 Memory
Cost: ~ $430
#2. NVIDIA GTX 1070 Ti (1900/7600 MHz)
As mentioned above, Monero GPU mining is not as profitable as XMR CPU mining, yet NVIDIA provides the industry with top-notch graphics cards for mining to be smooth. GTX 1070 Ti is applicable not only for XMR mining but also allows for ETH, ETC mining.
Hashrate: 1,185 H/s
Power Draw: 137w
VRAM: 8 GB DDR5
Cost: ~ $400
Buy Monero (XMR) with USD, EUR, GBP at Changelly
Changelly provides smooth and instant cryptocurrency purchases for those looking for quick access to over 150 cryptocurrencies including Monero coin. Buy XMR swiftly with a bank card.
Monero mining is not as difficult as might seem at first glance. However, before start mining XRM, do your own research on the basic features regarding mining in general and Monero mining in particular. The best way to get into XMR is to study Monero in specialized communities like Telegram groups and Reddit channels.
Changelly is a secure instant crypto exchange that has 150+ cryptocurrencies available to be swapped and bought at market-best rates. Operating since 2015, the platform and its mobile application attract over a million visitors monthly, who all enjoy quick and simple exchanges, low transparent fees, and 24/7 live support.