Mining Monero With CPU - Sourajit Saha

Friday, 5 January 2018

Mining Monero With CPU

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.
Mining Monero With CPU

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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Sourajit_Saha
Hi, I’m Sourajit Saha, An Online Marketer From Kolkata, India. I Have Been Blogging Since Last Quarter Of 2010. I Started Blogging As A Hobby, And Soon It Turned Into Passion And Later Profession. Click Here To Know More About Me!

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