Monero (XMR) is one of the more recent cryptocurrencies that has gained popularity due to its focus on maintaining the privacy of the parties involved in the transaction as well as the true value of the transaction.
If you still find yourself asking “what is Monero” check out the previous articles in this series.
XMR Mining is very popular as it requires a standard PC with CPU or Graphics cards (or a combination of the two) and does not require massive amounts of electricity consumption to be successful. This article will focus on the monero mining hardware you’ll need to get started.
Monero Mining Hardware
XMR Mining is a favourite amongst miners because of the simplicity of the rig needed to get started. The mining algorithm is compatible with both CPU and GPU’s which makes Monero mining extremely profitable and it can be mined on laptops as well as standard desktop computers and can be run on almost any operating system. The more CPU’s or GPU’s you have the more coins you will mine.
Although XMR can be mined using CPU’s or GPU’s, the profitability of mining will be based on the upfront cost of the hardware as well as the ongoing cost of energy consumption while mining. Energy costs differ depending on the location of the rig, so it is advisable to compare the profitability between the two before deciding which to use (or various combinations of the two). Monero mining calculators can be found at http://www.mycryptobuddy.com/MoneroMiningCalculator.
Best Monero GPU
As mentioned, the profitability of mining for Monero is based on the quality and hash rate of the GPU that you have purchased and the electricity consumption. According to https://www.easypc.io/crypto-mining/monero-hardware/, the best GPU for XMR mining is the XFX Core Edition Raedon R9 295×2. Considered to be the fasted Graphics card available, with eight gigabytes of memory and more than 11.5 teraflops of computing power. Predicted profit ratios of up to 267% are mentioned.
Best Monero CPU
As with GPU’s, the hashrate versus the electricity consumption determines the best CPU to use. Steemit.com rates Intel XEON CPU’s as the most efficient and profitable for mining Monero. Top of the Xeon list is the INTEL XEON CPU E5-2699 V4 2.20Ghz, which has a hashrate of 1910 per second and uses 145 Watts of electricity.
Cryptonight ASIC miner
The hashing algorithm used for Monero mining ,Cryptonight,runs so efficiently on CPU’s and GPU’s that the benefits of an ASIC would not add sufficient value to justify the cost. Monero mining is not ASIC resistant, it is just impractical and to date no ASIC’s have been developed for XMR.
XMR mining: Final thoughts
If you want to increase your mining profitability, think about joining a Monero mining pool where you join your resources with other miners and increase the number of block solved.
Another option is to look at Monero Cloud mining instead of building and buying your own rig. Please link here to learn more about cloud mining.
Monero Exchange and simply purchasing some.