It is pretty simple to mine Monero (shortened XMR) just like mining Zcash or Ethereum. The very good news is that Monero still can be traditionally mined from your PC with your GPU, CPU or both of them (dual-mining). You can use the mining programs on Windows and Mac. If you are user of the AMD cards, the best way to profit from mining cryptocurrencies is to mine Ethereum. Monero is cryptocurrency focused on privacy.
Here are some of the reason why you should mine Monero if you are thinking what cryptocurrency you should mine:
- Mining is a great way to get some profit and subsidize the purchase of even more GPUs.
- Many people are mining Monero because it is easily traded for Bitcoin and Bitcoin is easily traded for Cash
- Mining Monero could be entry ticket to the Monero market, which is high volatility market
- XMR is one of the highest priced altcoins in the market
To be exact, mining Monero may allow you to take advantage of price in the future, hows that? Here is explanation: Mining some cryptocurrency is literally same as buying something, waiting for the price to rise and then sell it. There are some people that don\'t understand this concept and they are buying high and selling low. Buying gear and mining Monero allows you to have an income producing asset. Many of GPUs bought in 2015 were sold for the good profit in 2017 due to high demand in the market.
How Monero\'s Blockchain Differs from Bitcoin\'s
ASIC is special hardware developed for the purpose of mining Bitcoin, but Monero is based on different algorithm than Bitcoin is it is impossible to mine XMR through the ASICs. As we already said at the text above, the main advantage is that Monero could still be mined from home using your own CPU or GPU. Also there is difference in the privacy protocol, Monero is using so called ring signatures protocol.
To make a resume, here is the steps that you need to do to start mining Monero on your PC:
- Install drivers for you video cards
- Register free account at Minergate
- Download its software
- Tweak Windows Settings
- un the Miner
- See your progress with your Dashboard