At the end of March, we selected cryptocurrencies for mining on Low-end GPUs. We filtered coins by specific GPUs and by mining difficulty. Ravencoin falls under the latter category – it’s a relatively new and quite profitable project.
Let’s start with a short video guide.
What Is Ravencoin
Ravencoin is a digital decentralized network with native cryptocurrency RVN. The developers aim at creating real use cases of the blockchain application.
The project was launched on January 3, 2018, as a Bitcoin fork. The date coincides with the ninth anniversary of Bitcoin, so the choice of timing was definitely intentional. Unlike some of their competitors, the developers didn’t use ICO as initial funding. There are also no masternodes, and software is open-source.
Why was it named “Raven”? The creators love “Game of Thrones” and wanted to create an analogy with the world of the series.
In the fictional world of Westeros, ravens are used as messengers of truth. Ravencoin is an application-specific blockchain that verifies the ownership of a certain asset.
So if there was Ravencoin network at the times of the Seven Kingdoms, the characters’ lives would have been so much easier. For example, Baelish couldn’t have driven a wedge between the Starks and the Lannisters using Catelyn’s letter in the first episode. The blockchain might have even saved Ned’s life.
Ravencoin is a Bitcoin fork, but it has a few differences. There are four of them:
- block reward is 5,000 RVN;
- block time is 1 minute;
- maximum coin supply is 21 billion;
- mining algorithm is KawPoW.
Other unique features of the project are as follows:
- the network is ASIC-resistant, which secures it against potential centralization;
- the coin was launched in a fair manner – no premining and ICO;
- the developers don’t hold the coins fund and don’t get a percentage from emission;
- minimum amount of GPU’s memory required for mining — 3 GB;
- the loyal community and the open source code.
Today RVN is worth $0.02. The coin is actually doing better than most of its competitors. According to CoinGecko, Ravencoin reached its peak price of $0.073 on March 27, 2018.
According to CoinMarketCap, RVN was worth $0.021 on May 7, 2020. In comparison with other altcoins that decreased in value by at least 80%, Ravencoin stays pretty strong.
The circulating supply is a little over 6.1 billion RVN. At the current exchange rate, the market cap is $132 million. The coin ranks 48th in the world chart.
Where to Buy Ravencoin
The trading volume in the last 24 hours is $31.06 million. Binance accounts for a 1/3 of the market – a little over $10.5 million.
Upbit, Bittrex, DigiFinex and Coinall are also on the list. Other exchanges trade insignificant volumes.
These exchanges are listed on the official website.
Wallet for Ravencoin
Light wallets that support RVN KAWPOW are:
Ravencoin KAWPOW Mining
Starting from the May 6th RVN mining is based on KAWPOW algorithm. The algorithm is similar to Etherereum ProgPOW which has been developed for the ETH network, but still has not been implemented. The algorithm has a very important feature – ASIC resistance.
The previous algorithm X16R was supposed to be ASIC-resistant, but it was not. After some time X16R network was full of FPGA or ASIC devices.That is why Ravencoin developers have decided to change the mining algorithm again to KawPoW.
What to Use for Ravencoin Mining
RVN can be mined with Nvidia and AMD graphics cards. Use this link to download the ready-to-go archive with the miner for NVIDIA. The password is 2miners. All you need to do is to change your RVN wallet address in the bat-file.
There are plenty of miners available for the new RVN KAWPOW mining. For NVIDIA GPU’s there are:
- RX570 8GB — 13 mh/s;
- RX580 8GB — 14 mh/s;
- Vega 56 — 25 mh/s;
- Vega 64 — 25 mh/s;
- 5700XT — 28 mh/s;
- VII — 40 mh/s.
With TeamRedMiner mining KawPoW Ravencoin on AMD GPUs is getting really profitable.
Where to Mine Ravencoin
Gminer settings for KAWPOW:
miner.exe --algo kawpow --server rvn.2miners.com:6060 --user RQGst5s2X7NsSya7ozUaJb1uehcLHHwkHL.RIG_ID
T-Rex settings for KAWPOW:
@echo off :start t-rex -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u RQGst5s2X7NsSya7ozUaJb1uehcLHHwkHL.RIG_ID -p x goto start pause
NBMiner settings for KAWPOW:
nbminer.exe -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_ADDRESS.RIG_ID pause
Just edit the bat file from the archive and enter your data. Replace YOUR_ADDRESS with your wallet.
For example, RHUC17zAVjNqXDtkqwLPRvQ2XgoRZsXeeG.
Replace RIG_ID with your rig name – it will be displayed in the miner statistics. This field is optional, so you may as well leave it blank. Otherwise, use no more than 32 symbols that can be Latin letters, numbers, as well as symbols “-” and “_”.
For example, rig-1.
After you run the bat file and mining starts, you will see the following.
Ravencoin Mining Setup for NiceHash
RVN pool is compatible with mining rental services. Here is a setup for NiceHash.
Custom pool name: 2Miners RVN Algorithm: KAWPOW Stratum hostname or IP: rvn.2miners.com Port: 6161 Username: YOUR_ADDRESS Password: x
Ravencoin Mining Profitability
As usual, we are using 2CryptoCalc to estimate the potential profit. Let’s take 300 Nvidia 1070Ti cards as an example. On KawPow algorithm they give out 4500 Mh/s.
We get a little over $220.00 per day after the KawPoW hardfork. This is a great result and the best one among all coins on 2CryptoCalc.
Ravencoin is a new project that won over the members of the mining community. First of all, miners like the coin because it brings a good profit. Also, the coin price is not bad – it is expected to reach its peak value very soon. As for now, we believe in its developers. We hope that Ravencoin will keep going strong, and there will be even more practical cases of RVN application.