Monero GPU miner is a device used for Monero mining. In the competitive market of cryptocurrencies, Monero has been able to gain a relatively good position for itself. Monero entered the scene in 2014 and has become very famous with investors in recent years due to its excellent performance.
Priced from $ 10 in January 2017 to $ 494 in January 2018; But now each Monero costs about $ 261.
The price of Monero on May 26, 2021, is equal to $ 261.38. The trading volume of the previous day was $ 373,122,618, which increased by 7.81%. On this date, Monero’s ranking on the CoinMarketCap website was 27th. It has a market cap of $ 4,683,295,405. Its maximum supply volume is 17,917,818 XMR coins.
The coin of this cryptocurrency is called XMR, and if you are thinking of mining this currency due to its very good growth and stability, you are not alone. A large number of users active in the field of cryptocurrencies are looking to mine Monero.
Anyone who wants to mine Monero through Monero GPU miner may find it confusing at first and ask questions such as:
- How is Monero mining?
- What is a Monero GPU miner?
- What software and hardware do I need to do Monero mining?
- How long does it take to mine an XMR?
- Which graphics card or CPU is suitable for Monero mining?
All these questions will be answered below.
What is Monero?
Monero, like Bitcoin, is a cryptocurrency that not only is mineable through the Monero GPU miner but also used to pay and receive money.
Suppose B wants to give $ 100 to C and can use Bitcoin, Litecoin, and Monero. Now the question is why should B prefer Monero?
Monero is the best option if B and C want this transaction to remain secret and untraceable. If this transaction takes place in Bitcoin, it is registered in the network, and everyone present in it can see it. Everyone can see the sender and recipient, which means that transactions in Bitcoin are public.
Although Bitcoin is a decentralized currency; But it is not private. Monero is both decentralized and private. The technology of this currency allows users to act completely unnamed and make non-followable transactions. The users who wanted to earn Monero can mine through Monero GPU miners.
In this example that B and C use Monero, the only people who know about this transaction are both parties to the transaction and no one else in the Monero network will know that a transfer has also taken place.
As many users don’t want anyone to know about their transactions, this feature of Monero privacy is another reason why XMR is so famous. Another reason is that Monero can be easily mined through the Monero GPU miner.
Besides privacy, this cryptocurrency has other special features that we will talk about later.
How is Monero interchangeable?
The exchangeability of a currency means that one unit of a currency can be replaced by a unit of the same currency. For example, you can exchange a hundred dollar bill for another hundred dollar bill, and this is what has made Fiat currencies (dollars, euros, pounds, and…) convertible currencies.
The bottom line is that Bitcoin sometimes does not. Many people do not accept bitcoins that have already been used for unlawful purposes. This is because transactions on the network of this cryptocurrency can be tracked.
Therefore, we may not be able to exchange bitcoin for bitcoin. This is not true for Monero because all transactions in the Monero network are anonymous so all its coins are equal and equivalent. Monero is mineable through the Monero GPU miner.
Monero GPU miner
What is a Monero GPU miner?
ASIC miners are not necessary for Monero mining. The ASIC is a type of hardware using to mine bitcoins. An ASIC can cost several hundred dollars, besides, its maintenance and electricity bills are so high that if you do not have dozens of ASICs, mining with one or two of them is not economically justified.
This is why many people are discouraged from bitcoin mining. Monero has no needed ASIC for producing and you can use the Monero GPU miner. This means that Monero mining can also be done with your computer’s CPU and GPU. The Monero GPU miner is a good option for beginners who do not intend to invest a lot of money in mining.
Well, now that you understand the differences between Monero and Bitcoin, it’s time to move on to the main question and talk about Monero mining and how to do it.
What is the meaning of Monero mining with Monero GPU miner?
In January 2020, approximately 17 million and 400 thousand Monero were mined and this number is constantly increasing. A maximum of 18.4 million Monero can be mined.
New Monero is produced by mining through Monero GPU miner, and miners have two important functions:
In the above example, suppose B sends a hundred dollars through a bank. Now the bank has to make sure B has enough, at least $ 100, in his account. Now, if B does this through Monero, who is responsible for validating this transaction? The answer is Monero GPU miner. This shortens the hand of the bank in cryptocurrency transactions.
The question that arises is what is the benefit of this for miners? These people receive XMR coins as a reward for their work. Whenever they use their resources to authenticate a group of Monero transactions, they can take coins of Monero as a reward.
What is the reward for mining Monero with Monero GPU miner?
Currently, the reward for mining each block from Monero transactions is 1.97 Coin XMR plus 0.06573 Coin transaction fee. Users want to know what happens to miners and their rewards after mining 18.4 million XMR on the network?
Once all 18.4 million XMR has been mined, 0.3 Monero is added to the network every minute to reward these individuals, who will be motivated to continue their work.
New Monero is released by mining through the Monero GPU miner. The process of Mining each Monero block does not take more than 2 minutes, and as mentioned, the reward for each block is currently 1.97 Monero, and with a simple mathematical calculation, we can see that mining each Monero takes 24 seconds.
Well, now that you have information about Monero mining and why it is done, we will discuss how you can do it with Monero GPU miner.
How to mine Monero?
We have already said that you do not need to buy special hardware to mine Monero, and you can do the same with your simple computers through Monero GPU miner. You can get better results from more powerful hardware.
If you want to make money from Monero but do not get involved in the problems of Monero GPU miner installation, commissioning, and maintenance of the device, you can easily become a member of Miner-land and participate in its profitable plans.
There are several ways to mine Monero. One of them is a subscription to mining pools that you need to know about.
How does the Monero Mining Pool work?
Before you start, you have to decide whether you want to do the mining alone through a Monero GPU miner or participate in a mining pool.
In a mining pool, a group of miners join together and combine their hardware power. The competition is very tough and this will increase your chances of getting a reward.
Suppose you supply 5% of the total hardware power of a mining pool. After mining, you will receive 5% of the bonus to which the pool belongs minus the cost of the pool itself.
It is usually between 0 and 2% of the cost of attending the pool and belongs to the owners.
Solo mining through Monero GPU miner is not recommended for beginners as you will need extremely powerful hardware to get a complete block to receive the reward.
Monero Mining Pool
What are Monero mining methods?
The most important part of the Monero mining activity is having the right hardware, and in addition, you need XMR mining software to connect to the mining pool.
Except through Monero GPU miner, another way to earn Monero is participating in a cryptocurrency cloud mining service as Miner-land Company.
Mining this cryptocurrency is also possible with the same CPU and GPU as your computer. There are two things to look for in your hardware:
- Hash rate: The hash rate is the processing power of your system.
- Low power consumption: Electricity has the largest share in mining costs and you should evaluate the power usage of your system or your Monero GPU miner.
In the following, we will introduce three of the most general hardware and software options for XMR mining.
How is Monero mining using CPU??
You can do the same with your current CPU. If you are planning to buy a new Monero GPU miner, we suggest the following two processors:
- AMD Opteron 6276 with a hash rate of 2.3 GH
- Intel Xeon L5640 with a hash rate of 2.26 GH
Once you have purchased the CPU you need, it is time to get Monero mining software from the net. We offer you XMR-STAK-CPU software, which is one of the most famous programs in the field of Monero mining.
XMR Stak charges a 2% fee for its software. If you get the source code yourself, you do not need to pay this amount. If you already have a CPU that has enough power; It does not take more than a few minutes to start the mining, all you have to do is install the software, join a mining pool, and will start.
AMD Opteron 6276
How to mine using AMD Monero GPU miner?
If you have an interest in making money by mining Monero, using Monero GPU miner is a better option. It costs more but gives you a much higher hash rate.
AMD GPUs are great for this, and we recommend the AMD R9 280x and AMD Radeon Rx 580. The first option has a hash rate of 500 Hz. The AMD Radeon Rx 580 also has a hash rate of 575 Hz.
How to mine with Monero GPU miner as AMD graphics card is the same as CPU and the best software is XMR STAK, which you can get the special version of AMD graphics card from the link https://github.com/fireice-uk/xmr-stak-cpu/releases.
AMD Radeon Rx 580
How to mine using Nvidia Monero GPU miner?
Using Monero GPU miner as Nvidia graphics cards is also a general way to mine XMR. You can buy a graphics card from Nvidia Company according to your budget. We offer you two options:
- Nvidia GTX 1070 with the hash rate of 505 Hz per second
- Nvidia GTX 1080 with a hash rate of 600 Hz/s
XMR-STAK-NVIDIA is still available for software. For Nvidia, using the CCMiner app is a better choice. You can get the latest version of this program through the link https://github.com/tpruvot/ccminer/releases.
Note that if you are using Windows download the ccminer-x64-2.2.4-different9.7z file at the link above.
Nvidia GTX 1080
Is Monero mining profitable?
Everyone wants to make money with the Monero GPU miner. This depends on several important factors:
- Hashing power
- Power consumption of hardware
- Cost of electricity per kilowatt-hour
- Mining pool fee
- The additional cost of setting up hardware accessories such as cables and electrical connections
- Permits required for best crypto mining
A cryptocurrency profit calculator is a great tool for estimating the profits and losses of Monero mining that we suggest you use.
The decision to enter Monero mining is entirely up to you. If you have interest you can start after reviewing the above. Just keep in mind that the more you invest in your hardware, the more rewards you will receive.
In this article, you will find information about Monero, Monero GPU miner, how to mine it, and the tools needed for it. Monero mining can be profitable or even detrimental. So it’s all up to you, and you should consider costs and revenue in online cryptocurrency profit calculators.
Miner-land Company, as a cryptocurrency cloud mining service Company, can provide the necessary guidance and support to its subscribers in earning money through Monero.