Crypto-currencies appear every month and it is not so easy to understand all this turmoil, and the Monero mining has even more nuances. Even if you are not the first year mining alcoins and are targeting the necessary hardware, the task will not be easy. Bitcoin – the most popular currency, but for a quick payback, it requires too much investment, which not everyone can.
There is also another side of the crypt market – altcoins (other currencies built on the basis of blocking technology). Let’s look at the nuances of the Monero mining, pick up the optimal hardware and look at the history of CryptoNight. The developer set a goal to create software that can perform more voluminous calculations while saving resources. This would allow ordinary users to mend the currency on a par with professionals. Algorithm CryptoNight much more demanding on RAM, but allows you to use all the resources of the PC.
For the first time Monero became available for mining in 2014 but it drew attention only a year ago. In early 2017, the power required for bitcoin mining increased, and the efficiency of the systems left much to be desired. Many miners began to look for a solution. They were joined by ordinary users who could not spend thousands of dollars on farms.So there was Monero and people managed to find out Monero profitability.
Short features of Moneroblockchain
Customers needed to use Monero mining hardwareto extract this crypto currency.If briefly summarize the characteristics of Monero then the following will come out:
- Altcoin was released in April 2014.
- Monero is based on the CryptoNight algorithm, which uses a different approach to system resources.
- The maximum possible production is 19 million coins.
- The reward for the block is floating, which should be taken into account when using the yield calculator.
- At the moment, the estimated block time is 2 minutes.
- A high standard of data protection and anonymity, respectively.
Monero hardware wallet
Monero Wallet and “demon” arethe same file and you can download it on the official site getmonero.org. Monero’s online wallet has a custom design and interface, but you can quickly adapt to it, and navigation will not be a problem. To create wallet, after downloading the file, you need to open the bitmonerod file and synchronize the chain of blocks, and to speed up the process it is necessary to connect blockchain.bin. After downloading the file, copy it to the directory. The purse address in the system is specified during the installation, but it has the form% AppData% / bitmonero.
Interchangeability (fungibility): Monero CPU miner
To Mining Monero was the most effective, do not forget that the systems with ASIC are absolutely not suitable for this altcoin. But at the same time, it gives more opportunities for customization and distribution of Monero mining software’s capacities. You can farm the Monero solo on both the video card and the processor. The second option is suitable if you need to save energy. To accelerate production, it is better to mine in a combined mode. Iron must be selected in view of this nuance.
Due to the variety of the price segment of the above-mentioned cards, you need to choose the one that fits your budget. Unlike other crypto currency, Monero has no preferences in video cards and for him equally well fit both AMD and Nvidia. But the distinctive feature of the algorithm is mining on the central processor. Therefore, unlike the standard crypt mining systems, here you will have to take care of a good core for the motherboard. 8-core processors are still useless, since algorithms do not know how to break an operation into such a number of threads, but 4-core processors i5 and i7 series will be the best choice.
Initially, the Monero algorithm was a branch of CryptoNote, in contrast to Scrypt, which allows a calculation with a high efficiency. Power remains the same, and for solving problems, fewer resources are required. Perhaps this is due to direct dependence, because the following blocks are not generated randomly, but are related to early calculations.
Algorithm CryptoNight allows you to apply up to two megabytes of RAM. The disadvantage is the impossibility of using ASIC, therefore those who professionally engaged in bitcoin mining can not switch to Monero in a second.
The parameter shows the conditional complexity factor of cache location, which is lower than the suggested targeting. It is calculated as the ratio of pool difficulty to the target. At the moment, the complexity of Monero is 104.451 G and grows by 7.82% daily (this is the average figure for the last week). An exception is noise, when the value may drop by 1-2 days, and then again gain a positive growth dynamics. The complexity depends on how many resources your system will need to spend on the extraction of one token, and this parameter is changed once in 2 thousand blocks extracted.