The article is about:
- monero as a perspective coin;
- it's existing and future advantages;
- XMR business opportunities;
- the role of monero pools in mining;
- how to set mining process.
Monero is often considered a cryptocurrency for a selected few, so participating in the monero pool can really be compared to membership in a prestigious club. Why is this coin so special? How is it mined, and what is needed to become a full participant in the XMR system? Bitcoin overshadowed everything around and it appeared that there is nothing else to carry out independent online payments and conduct business. In fact, the world of cryptocurrency opens much more opportunities than the media and bitcoin promoters offer. Monero is a promising cryptocurrency which is worth paying attention to.
Who and why chooses monero
Bitcoin is considered to be the forefather of all cryptocurrencies, and this is really so: the mere existence of decentralized and separate from the state and banks payment systems seemed recently to be fantastic. The overwhelming majority of cryptocurrencies are direct followers of BTC or even its forks, when as a monero-coin, issued based on the CryptoNote protocol, is noticeable and, as experts point out, favorably different from it. The subject was presented in 2014 by a group of programmers. Some of them prefer to hide their names but Riccardo Spagni and Francisco Cabañas are open for communication and invite followers to visit their Twitter or FB accounts.
First, the fundamental principle of monero is in maximum anonymity of transactions providing. The CryptoNote protocol works on the base of ring signatures. To the functionality, the transaction obfuscations option was added, which allows hiding the funds' movement from address A to the address B. With the help of Ring CT technology, it is also possible to encrypt the number of coins sent. Secondly, another significant difference is unrestricted emission. After exhausting the resource of 18.4 million XMR, it is expected to receive 0.6 coins for each block lasting 2 minutes. Consequently, the miners will not lose interest in the coin.
Monero attracts a wide range of users. Its mining is considered to be one of the most promising and profitable ways to get the cryptocurrency. During the past year, the size of each existing monero pool has increased, as well as new communities have appeared. There is a high activity on the part of traders on exchanges. Investors also see high potential in XMR and the opportunity to make money on the cryptocurrency rate growth in the future. With all the “pros”, there is one “but” associated with the monero: complete anonymity can involve coins in criminal business. Rumors of such cases have already taken place.
Every student knows how to receive cryptocurrency using computer equipment namely CPU and GPU. It’s up to buy the latest processor or up-to-date graphic chips, build a rig in a special room with ideal temperature and humidity conditions.
At the time of writing this article information on the development of monero ASICs has not been available yet. Perhaps in the nearest future such devices will appear. Ideally, if it is possible to receive energy from cheap sources, since mining is a power-hungry process you know.
After the equipment is ready for use, let’s start configuring the Claymore CryptoNote GPU Miner and selecting the monero pool. By the way choose the pool you need in advance, because one of the stages of software configuration you will need its address. Of course, you have already managed to create a monero wallet, have not you?
When choosing a pool, you have to focus on several important criteria: hashrate, number of participants, efficiency, the procedure for paying rewards, reputation and age. P2Ppool – this characteristic is for decentralized resources that are more reliably protected from hacking.
In order to understand the principle of the pool, it is enough to go to the resource itself. All technical information is laid out clearly. The Getting Started section shows ports numbers and addresses. This data is necessary for setting up the mining soft.
Beginners often mistakenly believe that one can be engaged in mining without a monero pool. Is it possible? Only in theory. Alone and with 4 video cards it’s simply impossible to perform the calculation tasks yourself. This step can afford only a huge mining farm owner.
For monero mining using a graphics card you need Claymore CryptoNote GPU Miner to be downloaded and after that:
- Make Unzipping
- Locate the pool.bat file
- Open it through notepad
- Delete all information
- Enter the following data:
Software settings for CPU
To mine XMR on the processor, experts believe that it is best to use a computer based on the Linux operating system. According to the available data, the fine-tuning capability makes it possible to improve the mining efficiency. Type at the command line:
X is a number of cores
The command is set after each reboot of the PC. To prevent this from happening regularly, one should write the values to the /etc/sysctl.conf configuration file once.
To start the process, use the command:
XMR CPU mining on the processor for Windows involves Wolf’s CPU and Yam. In the settings of this software, the address of the monero pool is also mentioned.
Do I spend time and money in vain for XMR? Does this currency have serious chances to stay in the top 10 list? Such questions are inevitably asked by every newcomer who stands at the crossroads. Experts surely state that there is a big sense in the subject. Business and the number of commercial projects related to the cryptocurrency will certainly expand, and there will be a place in the sun for monero. Investors who are in a hurry to buy this coin expect to receive a good profit in the future. In the meantime, if you already have a reliable processor or several modern graphics cards, you can focus your efforts on mining XMR, and the monero pool will play in this process an important role.