Monero is fast becoming a popular cryptocurrency around the world. If you are interested in XMR mining, you will find that it has some fundamental steps for you to follow. Understanding these steps will allow you to mine the cryptocurrency without difficulty.
Before mining, Monero is a Proof of Work currency, and it depends on Ring Signatures so that it can work privately for transactions you make. XMR mining is pretty straightforward since you can mine it using your desktop or even an old laptop. It has become a profitable venture, mainly thanks to its cryptographic algorithm that resists the mining of ASIC. In short, anyone with a GPU or CPU can learn how to mine Monero.
If you are ready to mine this crypto, here are the steps you can follow:
Decide whether to mine on a pool or go solo. Figure out the better option for you, whether it is to mine solo, which may not be profitable if you only plan to make small investments, or pools, which are advantageous for a steady flow of income. While it looks like pools are better, mining solo can provide you with more control. There is also a choice to go solo pool, which is almost the same as solo mining. However, you do not have to store the whole blockchain or even operate a full node.
Mine using CPU. The next step is to download the piece of mining software that you would like to use. You have a few choices here, including the open source CPU miner called CryptoNote from Wolf.
Extract important files. After you have downloaded the software you want to use, extract the zip file. It is significant because it has the command line that you should utilise for setting up the program.
Get your wallet address. Once you have the zip file, enter the command and give your wallet address here to begin.
Depending on the software you use, you will have the instructions that you should follow. Most steps are easy, but you need to understand how to use the command prompt.
Another method is to use AMD GPU, which also has a simple procedure:
Download the software. Like before, you will need the mining software that will let you mine XMR. The difference is observable at the execution of the command.
Configure the file. Once you have extracted the zip file, you will need to configure xmr.conf using Notepad. A crucial step here is to modify your URL to the pool address you are using.
You have two options on the GPU mining software, which are XMR Stak and Wolf Miner. Most beginners choose the latter because XMR Stak has a developer fee. However, it does have certain features that you would find useful as you mine your Monero coins.
You can also mine Monero using pools where you enter the pool address on the software and state that you want to mine the cryptocurrency. These mining pools though have fees, but you can get consistent returns. No matter how you mine Monero, you should keep it in a safe place, specifically at XMRWallet.com.