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What Is Monero?
Monero is a cryptocurrency with a focus on private transactions. It uses cryptography to hide the sender’s and recipient’s addresses. The sums of transactions are also hidden.
These actions are carried out by default, so confidentiality is constant rather than optional, as is the case with Zcash, which has both public and private addresses.
Over 420 developers have worked on the project. There are online Monero forums and chat rooms.
Monero: Work In Progress
Team members actively promote and sponsor the Kovri project. The project creators plan to encrypt transactions through I2P Invisible Internet Project nodes and hide user traffic. It will also allow users to maintain anonymity on the network.
According to the Monero Roadmap, the Kovri integration is scheduled for deployment by the end of this year. It seems that the deadline will have to be extended.
Among other upcoming tasks, are speed and scalability solutions.
Monero (XMR) Performance
Monero is 13th in the world cryptocurrency ranking. Today it costs $53; market capitalization is almost $894 million.
24-hour trading volume is currently $20.18 million while circulating supply is 16.66 million XMR. Monero was created in the spring of 2014.
The rate chart is similar to Bitcoin. XMR’s price reached its peak on January 9, 2018, and amounted to $542. Good times.
Where To Buy Monero XMR
Bithumb accounts for over 95% of XMR transactions. Other exchanges that sell XMR are Binance, Bitfinex, Poloniex, Kraken, HitBTC, CoinBene, etc.
Remember that exchange trade volume data is not always accurate. However, Bithumb denies all accusations of wash trading and volume manipulation.
Monero Wallets
There are plenty of wallets for Monero. Developers have versions for Windows, MacOS, Linux, etc.
You can download them by going to this page on the official website.
Monero Mining on RandomX (Updated)
Mining Monero is different from mining Ethereum, Bitcoin or Bitcoin Gold. Previously it was based on CryptonightR algorithm. Monero has performed the hardfork to protect the network from ASIC devices on block 1 978 433 (November 30th). The new algorithm is called RandomX.
One found block brings 2.11 XMR. Block find time is around 2 minutes, and the current network difficulty is 86 Gh.
What To Use For Monero Mining (Updated)
The main Monero feature is CPU support, but you can also mine with GPUs: NVIDIA and AMD.
The latest versions of the miners are required to mine Monero on RandomX.
Download the latest XMR-Stak-RX release on github. The simple way – download our Quick Start archive (archive password: 2miners). Edit the pools.txt file, all you need to change is your wallet address.
"pool_list" :
[
{"pool_address" : "xmr.2miners.com:2222", "wallet_address" : "84Y46k2jdxfAWyD7CQufKoYagDn81HcC9EeQfyFm2v1CCbnouhXggr2egsnUFcmQRBFQzC5u4iq73R2aaV8QCmUyGMRGqWh", "rig_id" : "RIG_ID", "pool_password" : "x", "use_nicehash" : false, "use_tls" : false, "tls_fingerprint" : "", "pool_weight" : 1 },
], You could use a local wallet or a wallet address generated on a crypto exchange. Please note that the address with Payment ID is no longer supported.
Where To Mine Monero (XMR)
You can mine Monero on 2Miners. The pool has over 7 thousand users online, stable payouts and servers in different countries. It also has a smart UI and supports SOLO for users with high-power equipment.
How To Start Mining Monero
Mining XMR is easy. Just go to the pool and follow the instructions. You should download the file that contains the latest miner version, change the wallet address in the .bat file and launch it. The password is 2miners.
The pool is fully compatible with Miningrigrentals and NiceHash, so you can actually mine at home without making noise.
Monero Mining Profitability
As usual, we used WhatToMine to calculate mining profitability. Let’s take eight Radeon RX 570 graphics cards as an example and click on the target algorithm.
With an electricity cost of $0.05 our net profit is a little over $1.00 per day. The total profit is $2.22, and the difference is used to pay for electricity.
Radeon RX 580, Vega, Nvidia GTX 1060 and GTX 1070 will also work well for Monero. By the way, there are no issues with XMR mining on GTX 1060 3GB. Owners of this model complain that they can’t mine Ethereum and Ethereum Classic.
Conclusion
Monero has a few exciting features. First of all, there is advanced anonymity by default and concern for user privacy. Surprisingly, Monero also supports CPU mining – currently, to mine most cryptocurrencies, you need GPUs or specialized ASIC miners. And as a bonus, power consumption is low compared to mining other cryptocurrencies.
Monero has been around for quite some time now and is clearly here to stay. So go ahead and give it a try if you haven’t already.