Crypto News: First off, what is Monero and why is it becoming popular? Monero
is a CryptoNote algorithm crypto coin that's based on privacy. It offers a
major solution to one of Bitcoin's biggest flaw, privacy. Information such as
the receiver's address, the sender's address, and the amount sent are usually
visible on the Bitcoin network. Additionally, anyone who explores the
blockchain can pinpoint the exact amount of wallet that's available on the
Bitcoin network. Such a person will also be able to know where bitcoins are
being sent to and where the funds are from. All of these problems are solved by
Monero.
The technology used for the creation of Monero ensures that no one
knows the number of wallet on the blockchain, the sender's address, and the
receiver's address. Basically, the Monero network protects the privacy of both
the receiver and the sender. This cryptocurrency also has cheaper transaction
fees when compared to what you're charged when you make use of the Bitcoin
network. The symbol for Monero is XMR.
WHAT IS MONERO MINING?
The mining of Monero simply means processing transactions on/for
the Monero network. As a miner, you'll gather transactions and compile them
together into a ledger software known as the blockchain. It can be likened to
what accountants do. The difference there is that instead of accountants (real
people), mining is usually done by powerful computers. And just like banks and
other firms pay accountants, you'll also get paid by the Monero network for the
work your computer is doing. That is why mining cryptocurrencies is profitable.
The good thing about Monero is that unlike Bitcoin, you do not
need any specialized ASIC before being able to mine. You can mine directly from
your PC. In this article, we are going to show you how to mine Monero with your
CPU. Without further ado, let's get into it.
MINING MONERO WITH YOUR PC
There are a lot of ways through which you can mine with your PC,
but we are going to talk about two of the best which are Minergate and Wolf'
CryptoNote Open Source CPU Miner. Both miners provide incredible returns. Let's
give you a walk through on how both miners work.
1. WOLF'S CRYPTONOTE OPEN SOURCE CPU MINER
· The first thing you're
going to do is download the software. The software will be downloaded as a .zip
file.
· Once you have downloaded
it, unload the zip file and extract everything into a folder.
· Now, inside the folder
where you have extracted the zip file, you'll need to open the command prompt
by pressing ctrl and right clicking on your mouse. Doing this will provide you
with an extra option to open the command window. Click on it and the command
window will appear.
· With the command line
running, your miner is ready to launch. All you need to do now is work your way
through the command line by typing "minerd
-a cryptonight -o stratum+tcp://monerohash.com:3333 -u YOUR WALLET ADDRESS -p x"
The part where we wrote YOUR WALLET ADDRESS will be filled with your actual
Monero wallet address. Execute this command and your PC will start the mining process
immediately.
There are different commands available for the miner. In order to
view all, you just need to type "minerd --help". Some of the commands
we executed in the process above are the -a command, which is for algorithm,
the -u command, which is for wallet, the -o command, which is for server, and
the -p command, which stands for your password. You can leave the -p command
with an X if the mining pool isn't requesting for your password.
2.
MINERGATE
Minergate is a very useful miner as it can be used to mine a whole
lot of cryptocurrencies with just one click. But we'll be talking about how to
use it for the mining of Monero in this guide.
· The first thing you'll need
to do is register an account with Minergate by going to minergate.com. This
miner has its own in-built wallet; this provides you with the benefit of mining
your cryptocurrency even if you haven't set up a wallet address. In order to
further secure your funds, you'll be provided with the option of using a 2
Factor Authentication (2FA) system. The 2FA system will ensure that no one has
an access to your wallet even if they know the password as it will require
another form of authentication before finally allowing you to log in. Keep it
in mind though that the safest place to save your funds is in your wallet.
· Once you have setup your
account on the miner's website, the next thing you'll need to do now is
download the software. The website automatically detects your system's operating
system and will provide you with the correct version for your system's build.
Install the software and run it.
· When you open the installed
setup, you'll be provided with an option to start mining immediately via smart
mining. Smart mining allows Minergate to automatically detect your CPU's
specifications and capabilities so it can provide you with the best and most
profitable cryptocurrency your hardware can run. Monero is usually the option
for most computers. This means you can click on start smart mining.
Note that you can always choose Monero if the smart mining option provides you with another type of currency.
SUMMARY
Mining Monero is very easy, most especially when you use Minergate. You can make use of just your PC so as to keep the electricity bills to a minimum. Ensure that you do not leave your mined cryptocoins in the mining pool’s wallet. Move all your mined Monero to a suitable wallet.
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