Monero mining 2022, could it still be profitable? Monero is currently priced at $217.95, with a market cap of $3.9 billion with a 24-hour volume at the time of writing of $156.5 million. An all-time high of $517.62 formed on May 7, 2021, and an all-time low of $0.213 formed on January 14, 2015.
Monero with native token ticker XMR invented in 2014 aims to be a payment with privacy and anonymity, which sender and receiver cannot trace. Monero currently ranks #42 on Coinmarketcap.
- 1 Mining Monero explained
- 2 Is mining Monero profitable in 2022?
- 3 What is a good Hashrate for mining Monero?
- 4 How does mining Monero work?
- 5 Does mining Monero use a lot of electricity?
- 6 How to Mining Monero
- 7 Join a Monero mining pool
- 8 Mining Monero’s best hardware
- 9 Monero Mining difficulty
- 10 Monero mining fees
- 11 Final thought
Mining Monero explained
Monero is a decentralized cryptocurrency that is different from the average bank which requires a third party authority as an intermediary. The centralized network allows a monopoly for fees and all transaction data in the control of the authorities.
Monero is decentralized crypto where every transaction requires a miner to validate a transaction. And from completing this job, the miner is entitled to a reward in the form of Monero coins.
If the miner is success invalidating a transaction. Then it will then be recorded in a digital file called a block. New blocks are created using the PoW consensus. Where miners must be able to solve complex puzzles to reach the answer.
When miners are able to solve complex math, they are entitled to add blocks to the network and are rewarded with blocks in the form of newly created XMR tokens.
Is mining Monero profitable in 2022?
Some of the important considerations in mining crypto are how many exchanges are trading the crypto tokens. Ideally when a mineable crypto asset is available on multiple exchanges. That allows for high volatility and liquidity, allowing a crypto token to be profitable from rising crypto asset prices.
Number of exchange
The Monero market is available on various exchanges, making Monero one of the crypto assets worth mining. Monero is available on global exchange platforms including Binance, Gate.io, Kucoin, Kraken, Poloniex, and many more. You can check on Coinmarketcap for the Monero market.
Reward per block
The second is to consider the number of rewards from each block. Referring to Bitinforcharts, the reward for each Monero block is 0.6604+0.00459 XMR ($148.41).
The next concern is the cost of electricity consumption for mining. Mining uses equipment that requires electricity to operate. Low costs allow higher profits to be achieved.
Choosing a mining machine is also an important factor, so being able to choose equipment with a high hash rate allows for faster rewards because it has the potential to be able to solve complex math more efficiently.
Monitor update crypto growth
It is also important for miners to constantly monitor the growth of the crypto assets being mined. Monero is currently experiencing an increase in transaction growth, which is illustrated in the following graph.
Transaction growth allows miners to get rewards from validating successful transactions which will increase.
What is a good Hashrate for mining Monero?
In the mining process, the hash rate is important for miners to pay attention to. This is because the hash rate determines the number of calculations a mining device can perform.
A device with a high hash rate gives more chances to successfully mine a block. While the role of hash rate in the network will provide more difficulties for miners.
Hashrate is also used to determine the health of the XMR network. In order to hijack a blockchain system, a miner must have a hash rate that places him in the majority (usually referred to as a 51% attack).
A higher network hash rate makes it difficult for hackers can attack the networks. If they do so, the cost of electricity and device will need higher.
Currently, the Monero hash rate is 3.11 GH/s, which reflects the performance of all XMR miners.
Monero mining hash rate calculator
The Monero mining calculator is quite useful for XMR miners to estimate the results obtained by entering the hash rate, power consumption, and fee pool variables.
The hash rate value refers to the hash rate of the mining equipment used, the higher the hash rate, the higher the possibility of earning per day.
Power consumption is the amount of power from the mining equipment, while the cost per kWh refers to the price of electricity per kWh, and the fee pool refers to the fee from the pool used.
The popular Monero mining hash rate calculator is Cryptocompare.
How does mining Monero work?
Like Bitcoin, Monero uses a Proof of Work consensus which to complete a transaction, through validation entrusted to Monero miners.
At first, Monero used the CryptoNight PoW hashing algorithm, which was significantly dependent on RAM latency.
But then Monero switched to using the RandomX Algorithm, in November 2019 creating a virtual machine, which required only RAM and CPU usage.
By using RandomX, Monero tries to avoid expensive mining equipment for the ASIC instances used in Bitcoin. And use special hardware suitable for mining Monero.
What is the difference between Monero (XMR) and Bitcoin, Monero is untraceable, whereas Bitcoin is traceable even though both are fungible tokens.
Does mining Monero use a lot of electricity?
Power consumption in Monero mining depends on the amount of power from the device and the price of electricity per kWh. Devices with high power can produce high hash rates, but also consume higher power.
Mining Monero doesn’t require ASIC miners, even with GPUs and CPUs already able to run mining. If you compare Bitcoin vs Monero mining, the electricity consumption of Monero mining is lower than Bitcoin.
How to Mining Monero
Start mining Monero, first of all, whether you will be mining solo or joining a mining pool. If only solo mining, then miners only rely on their own equipment, but if they join a mining pool, then miners combine their hardware with other miners to get a higher hash rate.
By joining a mining pool, the rewards earned will be distributed evenly based on their contribution to the pool. Mining pools will also usually be charged a fee that ranges from 0 – 2%.
Beginners are not recommended solo mining because competition is fierce so it is more difficult to get rewards.
Mining Monero on a laptop
Mining Monero with a laptop is possible by choosing a powerful computer that has a good CPU and sufficient RAM at least 2 GB to mine.
Some of the top CPUs include the EPYC 7502P 32-Core 2.5 GHz by AMD. The big processor has 32 cores and can deliver up to 23.9 Kh/s with the RandomX Monero algorithm running on Linux OS.
For the Windows operating system, maybe the good choice is the AMD Ryzen Threadripper 3970X 32-Core Processor. It can run on Windows operating system to mine XMR at 19.9 Kh/s. The cheaper option is the Intel Xeon E5-2670 v3 which has a lower hash rate power at 114 Kh/s.
How to start mining Monero on a Laptop by installing the XMRIG Miner Software.
Mining Monero on the phone
Maybe someone is interested in mining Monero on the phone.
This is good news because Monero makes it possible to mine using your phone. However, the mining results will also depend on the hash rate generated from the device. Some suggest mining Monero with a phone with a minimum RAM of 4 GB and a memory card with a large capacity.
To start by installing the XMRig software which can be downloaded on Github.
Mining Monero with Raspberry pi
Mining Monero can not only be done on the phone, but it is also possible to mine with the Rasberry Pi operating system. Maybe this device is still not very familiar to most users.
How Getting started requires special skills in the installation process. An important step to get started is by signing up for a Minnergate account.
If your device is new, the next step is to install the Rasberry pi operating system. Then install Monero miner and run it. Complete guide on Rasberrytips.
Join a Monero mining pool
Joining a Monero mining pool is much more efficient than solo mining, especially for beginners. There is a large selection of mining pools for Monero which can be found at Miningpoolstsats. stream.
From the very top, it can be found that currently, Minexmr is still a Monero mining pool with the highest hash rate currently 1.11 GH/s. Then in the second position, there is the Monero mining pool Supportxmr with a hash rate of 426.98 MH/s.
Nanopool is in third place with a hash rate of 374.39 MH/s, then there is also C3pool with a hash rate of 131.12 MH/s.
XMRpool.EU is in fifth place with a hash rate of 104.00 MH/s, while P2pool.io is in sixth place with a hash rate of 102.11 MH/s.
Kryptex.org is in seventh place with a hash rate of 49.52 MH/s, then eighth is Moneroocean. stream with a hash rate of 49.27 MH/s. The ninth place is hashcity.org with a hash rate of 46.72 MH/s and the tenth is skypool.org with a hash rate of 46.34 MH/s.
Before joining a mining pool, it is important that you have a Monero wallet because that wallet will be the address for the payment of rewards from mining through the mining pool.
Mining Monero’s best hardware
Mining Monero is more effective by using CPU, and you can’t mine Monero with ASIC miners, another alternative is with GPU. The CPU or Central Processing Unit is more familiar with mining Monero than the GPU or Graphics Processing Unit which has less RAM.
Best CPU miners Monero
Here is a list of some of the best CPUs for mining Monero from several sources.
- AMD Ryzen Threadripper 3990X, specifications 64 CPU cores, Base clock speed 2.9 GHz. Boost clock speed to 4.3 GHz. Hash rate around 52 KH/s.
- AMD EPYC 7742. Specification 64 CPU core. 2.25 GHz processor, hash rate estimates 44 KH/s. Get in Amazon.
- AMD Ryzen 9 3950X. Specification 32 CPU cores, The base clock speed is 3.5 GHz with a maximum boost clock speed is 4.7 GHz, an output hash rate estimated at 16 KH/z. Get in Amazon.
- AMD Ryzen 5 3600. Specification 6 CPU cores, max boost clock speed 4.2 GHz, estimates output hash rate 7.8 KH/s. Get in Amazon.
- Intel Core i9-10900K. Specification, 10 CPU cores, max Boost clock speed 5.3 GHz, output hash rate estimated 7.4 KH/s. Get in Amazon.
- AMD Ryzen 7 2700X. Specification 8 CPU cores max Boost clock speed 4.3 GHz, output hash rate estimated 6.1 KH/z. Get in Amazon.
Best GPU miners Monero
Some expert technicians may be able to combine CPU and GPU engines to mine Monero for better results. Here are GPU miners who might be an alternative to mining Monero in addition to CPU miners.
- Radeon RX Vega 64. this graphics card offers up to VRAM of 8 GB HBM2 boost clock speed max 1546Mhz, with a hash rate of 1,225 KH/s, this is an excellent GPU engine, but the resulting hash rate is lower than the CPU. View in Amazon.
- VIDIA GTX 1070 Ti. This graphics card is estimated to produce a has rate of 1,185 Kh / s, with a VRAM of 8 GB DDR5. Power consumption 137 watts. View in Amazon.
Monero Mining difficulty
What is the meaning of mining difficulty is that when a miner finds a new block he will face the difficulty of the level that the miner has to solve.
The mining difficulty level will increase if there is an increase in the number of miners mining Monero. And it makes difficulty level up for miners to find new blocks to be rewarded. The mining difficulty level shows the average number of times a miner has to calculate a hash function to find a cryptocurrency block.
Mining difficulty is always changing over time and is closely related to the hash rate. If the number of miners increases, the mining difficulty will increase as well. Currently the mining difficulty Monero is 353.33 G.
This G value is equal to 1 000 M, equal to 1 000 000 K, and equal to 1 000 000 000. The highest value is written as T where 1 T is equal to 1 000 G.
Monero mining fees
Monero mining fee, if you join a mining pool, the amount of the fee will also depend on each pool. For example, SupportXMR charges a low fee of only 0.6% with a minimum payout of only 0.1 XMR. Unlike Minergate which takes a 1% fee but with a low minimum payout of 0.01 XMR.
Monero mining is still an alternative to getting XMR coins which are currently worth $216. But will mining Monero be profitable in the coming year? What needs to be understood is that the reward will decrease by half every four years, so the amount that will be obtained may decrease.
Besides that, it is about electricity costs to run CPU or GPU miners, if the price per KWH increases, of course, it will also have an impact on results.
Note: this article is for informational purposes only and does not constitute investment advice or solicitation. Crypto, forex, and CFD are risk assets. Each investor is responsible for their investment.
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