Mining Monero can be a profitable endeavour if done correctly. But understanding the best practices for XMR mining can seem daunting to the novice and confusing to even experienced miners.
So how can you get the most from your Monero mining? Here are three tips you’ll want to follow to get the most from your mining experience.
Understand The Differences In Hardware And Select The One That’s Right For The Job
To make the most of mining for Monero, you’ll want to maximize your output capabilities. This all starts with the hardware you choose to mine Monero. First, consider the two main types of mining hardware.
1. CPU Mining
CPU mining uses your computer’s central processing unit (CPU) to mine for Monero. Your computers CPU is usually removable and plugs into the main circuit board, or motherboard, on your computer.
2. GPU Mining
GPU mining utilises your computer’s graphics processing unit (GPU) to mine for Monero. The GPU is generally tasked with helping to display various 3D graphics and other visuals on your computer, but it can also be leveraged in the mining process.
It’s important to remember that both CPUs and GPUs can be added or replaced. Doing such will often result in more earnings for you. Some CPUs and GPUs to consider purchasing and installing if you’re wanting to gain the most from mining:
- CPUs: The AMD FX380, the AMD Opteron 6272, or the Ryzen Threadripper 1950X.
- GPUs: The AMD R90 280X, the Radeon HD 7990, or the XFX R9 295X2
To see how much you might earn from the CPU and GPU models above, try researching and inputting the data into the CryptoCompare calculator.
3. Choose The Right Mining Software To Get The Job Done
The next thing to consider when trying to get the most from mining Monero is the software you’re using to get the job done. Many mining software exists, and some are better than others. The following mining software are recommended on the official Monero website. Note that some have varying requirements and some may have developers fees associated with them.
- XMR-Stak: This mining software is a universal Stratum pool miner that works with both CPU and GPU hardware. It can also mine other cryptocurrencies in addition to Monero.
- XMRig: This software is built specifically for Windows. The provided link leads directly to a software download that can be used with any CPU. A link to XMRig’s GPU-compatible software is also listed on the source page.
4. Join A Mining Pool To Maximise Your Payout
Mining pools allow you to leverage the help of other miners by combining resources to more quickly and efficiently mine Monero. When you join a mining pool, you are awarded a percentage of the payout based on your overall contribution to the mining.
Mining pools allow you to be paid quicker and on a more regular basis. To see a list of mining pools, visit the official Monero website.
If you’re looking to get the most from mining Monero, follow these three steps. And if you’re looking for the perfect online wallet to store your earned Monero, check out XMR Wallet. It’s free, secure and anonymous — and you will have it up and running in two minutes or less.