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 (calculated with 1 XMR = $356.56). Take a look:
Monero mining is a great way to set up passive income, especially with the R9 295X2.
However, Bitmain has announced a new ASIC, called the Antminer X3. It is designed to mine Monero’s Proof-of-Work algorithm, Cryptonight.
In an effort to counteract Bitmain’s ASIC, the project devlead – Riccardo Spagni – noted that the token’s protocol would be changed every six months to remain ASIC resistant.
Just a reminder that this WILL NOT work on Monero https://t.co/rhy6k2I4Yh— Riccardo Spagni (@fluffypony) March 15, 2018
Why did Monero’s devlead make this decision?
Many believe that ASICs lead to centralization, the opposite of cryptocurrencies’ purpose. The average person can purchase a CPU or GPU to mine a particular coin.
On the other hand, ASIC miners are incredibly expensive. Companies like Bitmain give the first crack to corporations that operate large-scale mining farms.
Instead of many people confirming the network, the power rests in the hands of the few people who can afford to own and operate thousands of ASICs, thus centralizing the process.
In short, Monero’s devlead made the call to keep Monero safe from corporate centralization.
Monero Classic Mining Hardware
Following Bitmain’s Antminer X3 ASIC, the token hard-forked into 4 new Monero projects.
The fork resulted in the launch of Monero Classic, which will maintain the original Monero protocol. In turn, Monero Classic will remain ASIC compatible.
Monero Classic’s devlead, a pseudonymous developer known as PZ, has stated:
The emergence of specialized mining technology for any given cryptocurrency is a result of normal market economic activity, and shouldn’t be viewed as a disruptive or negative factor.
PZ seems to believe the creation of dedicated mining hardware is inevitable, despite the ways in which ASICs affect centralization.
Conversely, Monero’s core developers are against Monero ASICs, so much so, they are willing to change Monero’s protocol twice a year.
As the cryptocurrency community saw with Bitcoin ASICs, Cryptonight ASIC chips will drive mining difficulty through the roof, rendering traditional mining hardware i.e. CPUs and GPUs, completely and utterly useless.
Antminer X3 – Bitmain Scam?
Bitmain’s first batch of Antminer X3 ASIC chips are set to ship in June of 2018 – despite their promising ‘returns’ of nearly $150,000 a year (calculated with 1 XMR = $281.69), it is a bit too good to be true.
The miner is designed to mine cryptonight, and Bitmain has advertised their hashrate to be 220 KH/s, drawing 550 W from the wall.
Monero has already forked – by the time these miners reach consumers, they’ll be practically useless. Although there are other Cryptonight tokens, none of them are anywhere near being as profitable as Monero.
Monero in a Nutshell
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!
- Cryptonight Mining Hardware
- Best Monero Mining CPUs to Consider:
- Best Monero Mining GPUs to Consider
- The Most Powerful (and very profitable) Monero Mining GPU
- Monero ASIC
- Monero Classic Mining Hardware
- Antminer X3 – Bitmain Scam?
- Monero in a Nutshell
- Monero Mining Pools
- Monero Mining Profitability
- Monero USB Miner
- How to Trade Monero for Other Cryptocurrencies & USD