Cryptocurrency has taken off. Once only worth pennies each, Bitcoins are now with over $8,000 USD, and other cryptocurrencies are following suit. Monero is the latest digital currency to receive a huge push, and if you get in now, you can mine crypto cash with your CPU at home. Even a laptop can mine Monero this early in the game. There is also quite an easy way to get into mining Monero through minergate.com, and you can use any operating system, CPU, GPU, or both.
This guide takes you through steps for setting up Claymore with Minergate.com for optimal mining. Basically, this will give you the fastest blocks currently without doing too much extra work or putting up a lot of expenses for hardware.
What is Monero?
Monero or XMR is a relatively new cryptocurrency that is very focused on privacy. It has also experienced spikes in its value, causing a lot of new and experienced miners to jump on board. The more that you mine Monero, the higher its value grows, so it’s important to get in early.
In addition, if you are mining other cryptocurrencies such as Ethereum, Zcash, or Bitcoins, then you will probably find mining Monero to be very easy and rewarding.
Should You Mine Monero?
Why not? Most people getting into cryptocurrencies are doing so because of the Bitcoin boom. However, that doesn’t mean that it isn’t profitable, even if volatile. Monero has risen 4800% in value since its beginning in 2016. That will only increase over the years.
The key factors to note for mining Monero include:
- You need to have a decent hash rate based on your CPU or GPU setup.
- Power consumption will contribute to your overall costs. You should pick a hardware setup that won’t use too much electricity and drain your profits.
- You also need to note your cost per KWh.
- If you decide to join a Monero mining pool, you should calculate pool fees based on the reward and your hash rate.
- Calculate the costs of setting up your hardware before you get into mining.
If you are a fan of cryptocurrencies and want to get the jump on the latest, then Monero is a great coin to get started with. Here are some other reasons that people have started to mine Monero.
- Miners are using Monero to fund upgrades to their mining hardware, such as higher GPUs and advanced server setups.
- Monero can be exchanged for Bitcoins relatively easily, so you can offset investments using this new coin.
- With high volatility, traders really love Monero, and it’s simple to use to get into the XMR exchange. If you are an experienced trader, you can maximize your payouts with the high rises in value that Monero has experienced as of late.
- The XMR market uses the CryptoNote algorithm, which means that it uses less energy and electricity than other bitcoin mining operations. You don’t have to have a high-powered system in order to mine Monero and receive block rewards.
As price appreciation goes up with Monero, early adopters are able to get in on the trading way sooner than miners who will join even a few months from now. If you have a computer right now, you can mine Monero, and that puts you ahead of everyone else.
Difference from Monero and Bitcoin
Most miners are very familiar with Bitcoin. However, Monero actually does hashing a different way than the original cryptocurrency. It also does not work with advanced hashing hardware like ASICs that was especially developed for mining Bitcoins. Monero uses an algorithm called CryptoNight, which is a hard memory alogorithm. That means that it does not respond to Monero-mining Asics.
Basically, the creators of Monero wanted it to be only for those who mine with CPUs and GPUs, making it easy to do so from home. Monero is also different because of its privacy setup and ring signatures. These are competitive to coins like Zcash and Dash.
However, you still mine blocks on Monero just like with Bitcoins. However, Monero blockchains can be mined in roughly two minutes compared to the current 10 minute block rewards on Bitcoin, which is average for the advanced ASIC and server farms.
Monero Hash Rate, Value, and Difficulty
Monero started in December 2016 and has been climbing the charts with sharp and volatile rises in 2017. While it continues to spike and drop, it has steadily increased over time and remained rather consistent in its value appreciation. The reason for this is based on difficulty. Monero’s algorithm automatically adjusts difficulty levels for block solving, maintaining its two-minute block reward results.
Since difficulty closes follows the network hash rate, it has also seen exponential growth from 2017 to 2018. The hash rate has followed the volatile price spikes, which started around July 2017.
Monero has gone from $40 USD a piece to over $160 USD a piece since 2017.
Is Monero Profitable?
Of course, with any type of mining, it all depends on your setup and how you mine Monero. Now that you have seen some of the reasons why people mine Monero and gotten a look into the price increases, you can look at some economic calculations to see if it’s the right cryptocurrency for you to mine.
You can use a tool called WhattoMine.com to get up-to-date figures for current price, network hash rate, and block time. What to Mine measures in kilohashes per second or KH/s, showing thousands of up-to-the-second calculations.
You can plug in your system information at the top and click on the model number to see what your profitability score will be. You can have CryptoNight selected so that it will calculate for you automatically.
The figures change based on when you run the analysis, but currently, Monero will net roughly $1 per day through GPU depending on your own setup. If you have a very powerful setup or have multiple mining pools, you can obviously mine a bit more Monero and exchange into Bitcoin faster.
Choose Your Hardware
Miners always experiment with different setups to see how much can be mined with different graphic cards and CPU hardware, as well as what can be done for the best price.
Experienced miners will tell you that AMD cards are better than Nvidia for mining certain digital currencies. However, the difference is negligible for Monero, so if you have a Nvidia or AMD GPU setup, you can mine Monero. However, it is a little bit faster with AMD cards.
In addition to GPUs, you can still mine with most i5 and i7 processors in CPUs. You can build a small profit with your home desktop or Mac laptop as Monero is built to reduce the mining power of mega setups like ASIC.
What GPU setups are best?
Those who are mining Monero have recommended the following setups:
- AMD Rx 470/480
- AMD Rx 570/580
- AMD R9 Range
- HD 7990/7950
If you have a decent budget, you can get the AMD RX 570 with only 4GB of RAM and keep up with most of the current GPU systms mining Monero currently.
How to Mine Monero From Windows PC
This is a quick walk-through for those who want to get started mining Monero with their computers at home. You may need to update your system in order to mine Monero without overheating your computer. While this guide is for Windows 10, you can also mine on Windows 7, Windows 8, Linux, and Mac setups.
1. Install Video Card Drivers
For AMD GPUs, you will need to go to AMD.com and download all of the GPU drivers to keep your system updated. You can go to “Support and Drivers” to see the drivers that you need to install. The site will ask for your GPU information like the type of product you have and product family. You can find this information on your original project or just by clicking “properties” on your graphics card in “Devices.”
This step is important as you want to make sure that you are using the most power from your GPU to mine. Here are some common drivers for current graphic cards used for mining:
Up to R9 Models: Use 15.12 update
RX 4XX Series: Go with 16.9.2 or 16.10.3 update
RX 5XX Series: These are the new graphic cards and should be updated with the latest drivers on the AMD site.
For Nvidia, you can go to GeForce.com/drivers. You will be prompted to enter your card info, then click “Search,” and the drivers available will appear. You can click download to update your drivers.
Once you install the new drivers, then you should restart. You can see in your Device Manager that it’s been updated with no warning symbols.
The next part of the guide goes through using MinerGate.com, which is currently a fast way to mine Monero and other cryptocurrencies with a basic hardware setup.
2. Create an Account on Minergate.com
While it is possible to mine on your own, it is a lot of hassle for those who are not experienced with mining. You can lose a lot of time and money trying to figure out other methods, and Minergate.com is one of the more recommended sites currently. It is reliable for mining and payouts.
Once you have navigated to Minergate.com, just click the Sign Up button at the top and then select your account with a valid email address. You should also choose a very secure password to protect your account and wallet.
3. Download Software
Once you have signed up for Minergate, you can install the software. At the top of the site, just click “Downloads,” and it will detect the right version for Mac, Windows, or Linux. You can run the download file to install Minergate. Just like any other installation wizard, it should complete in a few seconds.
After the software is installed, you can run the program and enter your details from your email address registered on Minergate.com.
Once you’re logged in, click on “Start Mining.” It’s that simple.
4. Use Smart Mining
Minergate.com lets you mine a variety of coins at the same time, so by using “Smart Mining,” you are picking the coin that has the highest payout currently. Once you have clicked “Start Smart Mining,” it will automatically find the currencies to mine with your CPU or GPU. You can set it and forget it, basically.
You can follow your mining activities through the software on your computer just like with any other application. It’s fascinating to watch and see your earnings every day, even if they are small in the beginning.
5. Making More Money with Advanced Mining Rigs
If you plan to use Nvidia setups, then you should use a EWBF miner. However, if you have a CPU with at least a newer i5, then you can also mine with your CPU using Minergate. This platform is versatile and doesn’t have any issues running alongside Claymore or EWBF miners. This allows you to dual mine and run your CPU as well as mine for other cryptocurrencies like ZCash and Ethereum.
For AMD mining rigs, you can really up your Monero mining by using a Claymore miner. These miners were built for the CryptoNight market, so it’s a really great option to stockpile Monero faster.
To get Claymore, you can go back to Minergate downloads and scroll all the way down. Click on “Alternative Miners.” You should see Claymore CryptoNote GPU. You can click this to download the XMR .bat file.
now you can go back to the Miner page and click on bitcointalk link to this Bitcoin forum [https://bitcointalk.org/index.php?topic=638915.0]. These threads are used by experienced miners.
Click on the download link in the thread to download Claymore miner. You can extract it to your desktop once downloaded.
Now move the .bat file from Minergate.com into the folder marked “Claymore CryptoNote Miner.” This .bat file location is very important. It should be in the same folder as the miner application in order to run the miner without issues.
6. Optimize Your Windows Settings
You can modify some of the settings in Windows to ensure that you get the optimal mining experience. Some of the things that trip up beginner miners is Windows going to sleep or reducing power during virus scans from Microsoft Security Essentials. You should turn both of these off so that your computer is running at full power.
Here are some other settings to tweak:
- Modify your system page file and set it to 16,384 MB or 16 GB.
- You should disable Windows updates as well as any other function that puts your computer to sleep or reduces power. If your computer has to reboot, it will stop your mining and could make you lose a day or two if you forget to turn it back on once the computer restarts.
- In addition, you should add an exclusion to your Windows Defender and firewall so that it doesn’t flag the Claymore miner. In some cases, Claymore has been identified wrongly as a virus and prohibited it from mining.
7. Now Run the Miner
After you’ve gone through all of the previous steps, you should have the most optimized mining experience. You can run the Claymore miner with the .bat file.
Just double-click the .bat file that you created in the Claymore folder. Your Windows Defender may have a firewall pop-up. Click “Allow Access” to make sure that Claymore can access the Internet. Once you have allowed access, it should start mining immediately.
In a test run, this setup using four AMD GPUs (RX 470s), the system reached 1,000 h/s with the Minergate GUI miner. However, once running Claymore in tandem with Minergate, the setup was able to get up to 2,400 h/s. You can run Minergate and Claymore simultaneously and mine the most Monero, getting the most value out of your setup and energy costs.
8. Log in to Check Your Monero Earnings
You can log into Minergate.com or check out the application any time to see your earnings. There is a Dashboard monitor that allows you to see your progress in real-time. Any time that you want to extract Monero, just click “Withdraw” and send the Minero to your wallet or any exchange affiliated with Minergate.com. This includes most of the major Bitcoin exchanges.
Should You Join a Minero Mining Pool?
While the guide above is a great way for beginners to get into Monero with a basic setup, you can also try a Monero mining pool. Here is a look into how these mining pools might work for oyu.
Monero Mining Pools
You can join a Monero mining pool, where a group of miners come together and combine the power of their systems to mine vast quantities of cryptocurrencies. This gives you a better chance of verifying transactions and getting faster payouts. However, the reward will be split amongst the mining pool and is typically based on your own setup’s hash rate compared to the rest of the miners in the pool. Basically, if you mined the most, you’ll get a higher payout than those who didn’t mine as much.
When picking a mining pool, you want to pay attention to the number of miners and pool fees. You typically want a low to nonexistent mining fee, which means 1% or under. In addition, you want to join pools that have a lot of computational power and have more than more than 2,000 members.
Setting Up Your Monero Wallet
Minergate.com currently has a great Monero wallet, but you can also use one of the following:
MyMonero is a secure and free way to set up your Monero wallet. You can set up your account by going to MyMonero.com.
Monerujo is another mobile wallet, but it is only available to Android users.
Key Takeaways for Monero Mining for Beginners
While Monero has just begun, it’s already climbing in value and has spiked as recently as January 2018. Anyone looking to get into crypto mining can start with Monero because you just need a newer CPU or GPU setup in order to start earning coins.
Monero is a great way to offset the costs of more advanced setups used for mining Bitcoins or to exchange into Bitcoins and start trading in digital currencies as well. Since anyone can mine Monero, there really isn’t a reason not to give it a try and see if you find tracking your earnings to be as fascinating as other miners do!