The time is now to start mining Monero.
Monero’s mining algorithm is designed to be both CPU and GPU friendly.
This makes it profitable to mine with extremely cheap mining hardware.
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.
This guide is going to highlight the best GPU for mining Monero.
Cryptonight Mining Hardware
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.
As we have seen with other popular cryptocurrencies such as Zcash, Ethereum, Dash, Decred, Litecoin, ZenCash and Bitcoin, mining profitability is always directly related with hash rate and power consumption.
Best Monero Mining CPUs to Consider:
|AMD Opteron 6272||415 H/s||$50||Shop Lowest Prices|
|AMD FX 8320||330 H/s||$90||Shop Lowest Prices|
|AMD FX 8350||400 H/s||$120||Shop Lowest Prices|
|Xeon L5640||150 H/s||$30||Shop Lowest Prices|
Best Monero Mining GPUs to Consider
|Radeon HD 7990||1120 H/s||$400||Shop Lowest Prices|
|Sapphire Radeon RX 480 NITRO+||600 H/s||$300||Shop Lowest Prices|
|XFX Radeon RX 470||772 H/s||$280||Shop Lowest Prices|
|XFX R9 295X2||1760 H/s||$500||Shop Lowest Prices|
|AMD R9 280X||500 H/s||$140||Shop Lowest Prices|
The Most Powerful (and very profitable) Monero Mining GPU
The best GPU for Monero mining is definitely the XFX R9 295X2. It has a hashrate of 1760 H/s and draws 500 W from the wall. With this miner, you can expect over $1,400 a year in returns! That’s a profit ratio of 267% per day. Take a look:
Monero mining is a great way to set up passive income, especially with the R9 295X2.
However, there are other viable options. Your CPU and GPU can both be utilized to mine.
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 above, you have the possibility to generate over $1,400 per card!
Electricity prices differ. You can check your own mining profitability with an online mining profitability calculator.
Monero USB Miner
Unfortunately there aren’t any dedicated USB ASICs for Monero (cryptonight) mining.
On the bright side, you can buy cheap CPUs and still generate a nice profit!
How to Trade Monero for Other Cryptocurrencies & USD
Since Monero is focused on privacy, there is no direct way to exchange Monero for regular currency (USD).
Does this mean you can’t exchange your Monero for USD?
Of course not!
You’re going to have to exchange your Monero for Bitcoin first. Here’s how:
Step 1. Sign up for an account on an online exchange such as Binance.
Step 2. Once you have created your account, it’s time to acquire your Monero (or whichever currency you’re mining) wallet address on Binance. You’ll use this address in your mining software. All of the currency you mine will be deposited into your Binance wallet. From here, you can exchange it for Bitcoin, and eventually, regular currency (USD).
Hover over the Funds tab, and a dropdown menu will appear. Click Deposits Withdrawls.
Search for your desired cryptocurrency. In this case, we’re using Monero. Then, simply click “Deposit”. When prompted, agree and continue.
You should be taken to a page that shows your unique XMR Deposit Address. Copy the code indicated in the graphic below:
Now, point your mining software to this address.
Step 3: Once you’ve deposited Monero into your Binance account, you can exchange it for Bitcoin. Here’s how:
Navigate to the Binance homepage by clicking the big logo in the top left corner. Navigate over to BTC Markets, and search for your desired currency. (I don’t own any Monero for this example, but I do own TRON, or TRX. I’ll be using this for the tutorial from here on out, but it can be applied to any currency on Binance).
After you’ve searched for your currency, you should see it pop up in the search results like so:
Click on it. Now you should be here:
Within the “Sell” box highlighted in the graphic above, you can exchange your cryptocurrency for Bitcoin. In my example, I’m using TRON, or TRX. If you want to convert all of your cryptocurrency into Bitcoin, just click 100% and then sell.
Awesome! Now it’s time for the third step. Almost done!
Step 3: You need to transfer your Bitcoin from Binance to another exchange such as Coinbase or Gemini. Once it’s transferred to Coinbase or Gemini, you’ll be able to exchange the Bitcoin for regular currency. Here’s how:
Navigate back to the Deposits Withdrawals page. Withdraw from your newly acquired Bitcoin wallet like so:
You’ll be asked for the BTC Withdrawal Address. Now, navigate over to Coinbase or Gemini. For this example, we’re using Coinbase. After you’ve completed the registration, click “Accounts”. Under your BTC Wallet, click “Receive”.
Now, you should see something like this:
The address you see is your Coinbase wallet address. Copy and paste the address into the “BTC Withdrawal Address” on Binance. Select the desired amount, and submit.
Finally, our fourth and final step.
Step 4: The last step is to simply sell your Bitcoin on Coinbase for regular currency.
Navigate to “Buy/Sell” on Coinbase. Then, click Sell. Now, all you have to do is select the bank to which you’d like your currency deposited. Select the amount of BTC to deposit, and hit “Sell Bitcoin”. It’s that easy!