Mining Monero can be simply understood as the process of verifying transactions on the blockchain to earn XMR coins as a reward. Accordingly, XMR is an electronic currency somewhat similar to Bitcoin but is more oriented towards transaction security.
If you want to know more information about Monero mining, follow the following content from AZCoin now!
What is Monero?
Before we delve a little deeper into the topic of Monero mining, let’s first start by answering the question “What is Monero?” According to what is learned, this is an electronic currency that operates according to the Proof-of-Work (PoW) mechanism with a large focus on protecting privacy and censorship of transactions.
To achieve the above purpose, Monero has used Ring Signature combined with many other features such as Stealth Addresses, thereby ensuring the anonymity of both parties when making transactions. In essence, Monero works quite similarly to Bitcoin but is stronger in terms of transaction security.
This currency was first introduced to the market on April 18, 2014. Up to now, there have been many changes and upgrades associated with many controversies surrounding it. However, this will be an issue that we will talk about in another content.
Also, if you need more information about another cryptocurrency, you should check out the best crypto exchange site here.
What is XMR?
XMR is the official electronic currency operated on the Monero blockchain platform, which possesses very high privacy characteristics.
Specifications
- Ticker: XMR
- Blockchain: Monero (own blockchain)
- Consensus Algorithm: PoS (CryptoNote Protocol)
- Transaction speed: 20 minutes
- Block time: 2 minutes
- Max Supply: Unlimited
- Circulating Supply: 17.123.055 XMR
XMR Use Case
XMR is currently used for two main purposes including:
- Pay for services or products in the marketplace.
- Used as a reward for miners.
Where can XMR be traded?
At present, XMR has been listed and can be traded freely on major exchanges such as Binance, Huobi Global, KuCoin, Gate.io, OKEx,…
Where should XMR be stored?
If you need to store XMR most safely, you can directly use the exchange wallet or wallets such as Cake Wallet, Monerujo,…
What is Monero Mining?
Now let’s talk about Monero mining, which can be understood as the process of verifying transactions on the blockchain itself. After the above process is recognized successfully, miners will receive XMR coins as rewards.
As mentioned before, Monero does not set a fixed limit for the number of its coins, instead it is set up by an event mechanism that generates unlimited rewards. This event will only be triggered when miners discover all the allocated coins.
Accordingly, the above mechanism is designed to motivate miners after exhausting the total supply.
Besides, if you have time, we suggest you check out other interesting content like What is Coinlist, What is Low Cap Coin in crypto, What is Proof of Reserves,…
How to Mine Monero?
First, to perform Monero mining, there will be two issues that you need to consider: profitability and hash rate from mining equipment. Regarding profitability, we will not mention it for now, but the hash rate of mining equipment will be something you need to pay attention to if you want to mine Monero.
Luckily, you won’t need a specialized ASIC to mine XMR, you can use CPU or GPU, don’t forget the corresponding software to mine with the hardware you want to use. Of course, you should also pay attention to calculating power consumption and hash rate before mining.
You can also reduce hardware stress by joining large mining groups that we can recommend, such as MineXMR, SupportXMR,…
Conclusion
This is all the information we can share on the topic of Monero mining. Hope it will be useful to you. If you have any other questions, don’t hesitate to contact AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
