Despite ever-growing mining difficulty, this is still a great way to make profit on cryptocurrency. If you want to try XMR mining, you should prepare properly and choose the best hardware and software. Which software solutions are the best for Monero miners? This guide is here to explain that.
Is It Profitable to Mine Monero?
Monero mining is a great option for beginners. Why? The entire process of downloading, installing and configuring a mining software solution takes less than 20 minutes.
Here are only a few reasons to start mining Monero:
- XMR mining on low-cost devices allows you to earn enough money to buy a new top-end graphics card (or several).
- Monero is easy to exchange for Bitcoin. Monero mining allows you to replenish your bank account. In addition, some large exchanges exchange Monero immediately for dollars.
- An experienced trader can mine enough Monero to make good money on XMR price fluctuations, especially given periodic sharp collapses. Since Monero gained recognition in the darknet in 2016, it remains one of the most expensive crypto assets on the market.
- The mining of Monero is based on the CryptoNote algorithm, which is associated with lower energy consumption than mining coins based on Ethash / Dagger Hashimoto (Ether, Ethereum Classic, UBQ) and coins based on Equihash (Zcash, Zencash, Hush). This allows you to reduce the temperature of the mining equipment and extend its service life.
- Finally, creating a large Monero position through mining allows you to take advantage of the cryptocurrency price increase in the future – with less risk than with a regular purchase
Monero Mining Rewards
Monero mining is different from Ethereum, Bitcoin or Bitcoin Gold. The mining algorithm applied is called CryptoNightR. For finding the block, a miner gets 3.4266 XMR, and block generation takes about 2 minutes.
In order to calculate the theoretic profitability of your Monero mining hardware, check out whattomine.com website. It shows the latest data on the current price, block calculation time and network hash rate. Select the models of your video cards, enter their number and click the “Calculate” button. The site will display the current hash speed and profitability (for Monero, select the CryptoNight algorithm).
Hardware to Mine XMR
Experiments with different versions of the GPU will allow you to find a card with the best price/performance/power ratio (in megahashes per unit cost). AMD cards tend to outperform NVIDIA models when broadcasting with the EthashAlgo client. In the case of Equihash and the EWBF Miner miner, AMD cards perform on an equal footing with NVIDIA. For mining Monero, graphic cards of both brands are suitable.
The primary advantage of the CryptoNight algorithm in the possibility of mining on central processors. A powerful processor from the Intel i5 or i7 family would be an optimal pick for anyone who wants to participate in cryptocurrency mining.
The most optimal option from an efficiency/expense standpoint would be to create a small farm of 4-5 GPUs. For mining Monero, the best video cards are as follows (in descending order):
- Nvidia GTX 1070 – a universal graphics card that optimally combines efficiency, power consumption and cost;
- AMD Radeon RX 480;
- AMD Radeon RX 470;
- AMD Radeon R9 380x;
- AMD Radeon R9 270x;
- Nvidia GTX 980;
- Nvidia GTX 1080;
- Nvidia GTX 970;
- AMD Radeon HD 6950;
- Nvidia GTX 1050.
Why GTX 1080 is standing in the middle of the list? It is too overpriced and consumes more electricity, which makes it worse than its predecessor from the point of efficiency. However, when it comes to the renewed version called Nvidia GTX 1080 Ti, this GPU is more powerful than the previous ones and exhibits excellent performance during the process of Monero mining. Taking into account the inflated cost, it requires significant initial investments and pays off in approximately the same way, however, the subsequent income is way higher.
If you plan to buy second-hand GPUs, it is better to purchase cards from gamers, not from miners, because the first option presupposes you will get less worn-out equipment. Carefully compare the performance, power consumption, availability, and cost of different GPUs. AMD RX 570 card with 4 GB of RAM is recommended as a good budget pick.
Best Mining Software
Claymore’s CryptoNote CPU
Claymore has for some time been a top choice for Ethereum miners, however, the CryptoNote mining software hasn’t been maintained well, and just offers CPU and AMD variants of the mining software. Be that as it may, it has great customer support and great hash rate.
Cudo Miner is a profoundly useful GUI Ethereum mining software for Windows, Linux, and Mac that can consequently change to mining different digital forms of money like Ethereum, Ravencoin, Grin, Verge, Vertcoin, or Ethereum Classic if they are more profitable. There is one curious feature; whatever it mines, it can still now pay you in Monero (or another coin of your choice, for example, Bitcoin or Ethereum). It has a straightforward GUI that makes it simple for newbies to navigate yet, in addition, has advanced highlights for experts, for example, overclocking and hardware optimizations.
XMRig is superior Monero mining software that’s designed for Windows. It was one of the first prevalent mining software solutions for Monero yet hasn’t been updated for quite a while. You’ll additionally need to pick which version to utilize depending upon whether you need to mine on CPU or GPU.
XMR-Stak is a widespread Stratum pool miner. This mining software works with CPUs, AMD, and NVIDIA GPUs, and can be utilized to mine such crypto assets as Monero, Aeon and other CryptoNight coins. It’s additionally one of the most effectively developed projects of its kind, and it supports Windows, Mac, and Linux. XMR-Stak is all around upgraded for its sole reason for mining CryptoNight, and is known to produce higher hash rates than its counterparts.
MinerGate is a mining pool and offers its own GUI mining software that is connected to the pool. The product is multicurrency, so it supports various coins, and being a GUI mining software it’s great for beginners.
Monero mining algorithm is one of the best of its kind because it makes XMR mining available even for beginners. However, aside from having top-notch hardware, it’s also important to ensure it’s driven by quality mining software. The five above-mentioned Monero mining software solutions will help you get started and enjoy steady crypto income even if you are not savvy enough.