Monero is a cryptocurrency focused on fungibility and the privacy of its users. With the value steadily increasing, it may be time to consider investing in Monero mining hardware.
Should you Mine Monero?
While Monero mining is profitable, it may not be the best idea for those simply looking to acquire currency.
If you just want cryptocurrency, it is probably a better idea to buy it. Mining hardware is very expensive, and unless you are mining on a large scale, it’s hard to turn a profit.
For those looking to acquire cryptocurrency, buying Bitcoin is a better investment.
Best Monero Mining Hardware
However, there are other viable options. Your CPU and GPU can both be utilized to mine.
Monero’s mining algorithm uses a Proof of Work system called CryptoNight. It was designed to be efficient with the harware of the casual user.
The algorithm reduces the performance gap, in turn reducing the efficiency gap between GPUs and CPUs for mining. ASICs are not practical for mining Monero.
If you want the most from your money, buying as many cheap CPUs is your best bet.
Here are some CPUs to consider:
You might prefer a set of GPUs.
Here are some GPUs to consider:
- XFX Radeon 7990
- Sapphire Radeon RX480+ NITRO+
- XFX Radeon RX 470
- Sapphire Radeon R9 290 Tri-X
- AMD R9 280X
Monero Mining Pools
It’s always a great idea to join a Monero mining pool. This way, your chances of success are greatly increased, and you still receive rewards proportional to the work you contributed.
Here are some monero mining pools to consider:
Monero Mining Profitability
Mining Monero is a profitable option. As you can see from the image below, the RX 470 will generate nearly $400 annually per card.
You can check your own mining profitability with an online mining profitability calculator.
While Monero mining can be profitable, Dash mining is the MOST profitable cryptocurrency to mine!
Monero Mining Algorithm
CryptoNight is Monero’s Proof of Work mining algorithm.
It is memory intensive, and as a result, CryptoNight benefits the casual miner. If you don’t want to invest in expensive specialized hardware, Monero is probably the right cryptocurrency for you.