January 23, 2021

How and with what to mine Monero in 2021?

How and with what to mine Monero in 2021?

Monero (XMR) is an open source coin created in April 2014. It focuses on privacy, decentralization and scalability. New XMRs are mined by mining and will continue to grow until 18.4 million coins are in circulation.

Is mining Monero profitable?

As with any other cryptocurrency, there is no definite answer. Profitability depends on energy costs, equipment cost, and current hash rate.

When entering a bull market, the price of XMR rises and it is profitable to mine it.

Mining reward

Reward for computed Monero blockdifferent from the bitcoin reward. Unlike the set fee for the BTC block, which is halved every four years, the reward for generating new XMRs is decreasing gradually.

The current block reward is around 1.65 XMR, and a new block is mined approximately every 2 minutes. You can track your average daily wage here.

Monero has another interesting feature,which distinguishes it from the BTC. There is a concern in the bitcoin miner community that as the block reward is continually being cut in half, solo miners will exit the mine. In this case, security will be at risk, because it will become easier for an organized pool to get the coveted 51% of the network.

Anonymous cryptocurrency has a solution to thisProblems. According to MoneroOutreach.org, "The reward rate will decline steadily until the end of May 2022, when there is 18.132 million XMR in circulation, after which the 0.6 XMR block reward will remain indefinitely."

So Monero will take on a little inflation to ensure there is always a margin of safety.

Hashrate Monero

The best place to check your Monero hashrate is BitInfoCharts.

If you look at the long-term graphs of Monero's hashrate, you can see it almost instantly drop by 50% or more. This is the result of frequent hard forks.

The Monero development team regularly introduceschanges to cryptocurrency code to prevent ASICs from working on the network (ASICs are powerful mining devices that are used by centralized pools)

The development team is changing the hashing algorithm, along with other changes, to make coin mining available to individuals.

Unfortunately, one of the important factors affecting Monero hashrate is botnet hijacking. That is, viruses infect computers and force them to mine cryptocurrency without the knowledge of the owner.

This is a problem unique to Monero, as the coin is mostly mined on work PCs, not ASICs.

Mining difficulty

For those who are mining XMR on their computer with a small set of processors, by far the best time to mine is right after one of the network's hard forks.

Given that the fork date is known in advance, it is possible to plan the start of production in advance.

The number of botnets currently running on Monero also has an impact on profitability. The more infected PCs are involved in the mining process, the more difficult it is to find a new block.

Monero Mining Hardware Comparison: Top 3 Options

There are many processors that can be used for mining. We'll compare three of them, starting with the most powerful AMD EPYC 7742.

1. EPYC 7742. This truly epic 64-core processor is capable of delivering an incredible 44,000 H / s. During operation, it consumes about 225 watts of energy.

Although EPYC 7742 is the most productiveprocessor on the market, its power comes at a price. It is currently on sale on Amazon for $ 7,000. The latest generation of equipment is often sold at a significant premium. This is why it makes sense for a novice miner to purchase something simpler.

2.AMD Ryzen Threadripper 3970X... Has 32 cores and costs $ 1900 on Amazon. It can mine at 28,000 H / s with a power consumption of 200 watts.

Although you can get a high hash rate forless money by combining two Threadrippers versus one EPYC 7742, the downside is that the power consumption is 400W instead of 225.

3. AMD Ryzen 5 3600. This is the cheapest XMR mining processor on our list. It develops 7900 H / s, consumes 65 W and costs only $ 175.

For those who are just starting to practicemining, Ryzen 5 will be an excellent choice, since it will allow you to customize your farm and find a comfortable working environment. You can upgrade your hardware later, as soon as the principles of mining become clear.

Monero mining calculator

There are several different ways to estimate how much you can earn in this area. One of the resources is MoneroHash.

MoneroHash is one of the oldest mining pools. They have detailed statistics on profitability, block frequency, etc.

You can also use a special mining calculator at WhatToMine.com.

To accurately determine the possibility of obtainingincome, you need to calculate your costs for equipment, electricity, pool commission (for example, MoneroHash charges 1.6%), and also enter the average price of the coin.

You also need to know the hash rate of the equipment, and by setting this data, you can make a decision about the possibility of mining on this blockchain.

Storing Monero

One option is to use an official wallet, but it can take a long time to download.

An alternative is to store mined coins and rewards on Exodus. This is a multicurrency storage that allows you to use XMR immediately after depositing.

Here are just a few of the most popular Exodus features:

• support for over 100 cryptoassets;

• premium design and ease of use;

• the ability to exchange some assets for others through the wallet without creating an account;

• support for the best decentralized applications such as Compound Finance;

• the possibility of receiving passive crypto-income;

• function of synchronization of the wallet with a PC and a mobile phone;

• prompt technical support 24/7.

Please note that mining rewards on Exodus are best sent in large chunks and / or less frequently. This will prevent problems when sending many small amounts at the same time.

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