The time is now to start mining Monero. Can BitCoin mining still be profitable with nice GPUs?’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. 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.
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The best GPU for Monero mining is definitely the XFX R9 295X2. Monero mining is a great way to set up passive income, especially with the R9 295X2. Monero ASIC Comparitively to Ethereum and Vertcoin, there is not a Cryptonight ASIC available for mining Monero. However, Bitmain has announced a new ASIC, called the Antminer X3. It is designed to mine Monero’s Proof-of-Work algorithm, Cryptonight.
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. 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. 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. CPUs and GPUs, completely and utterly useless.
Although there are other Cryptonight tokens, none of them are anywhere near being as profitable as Monero. 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. Monero Mining Profitability Mining Monero is a profitable option. You can check your own mining profitability with an online mining profitability calculator.
On the bright side, you can buy cheap CPUs and still generate a nice profit! Does this mean you can’t exchange your Monero for USD? You’re going to have to exchange your Monero for Bitcoin first. Sign up for an account on an online exchange such as Binance. You’ll use this address in your mining software. All of the currency you mine will be deposited into your Binance wallet. Hover over the Funds tab, and a dropdown menu will appear.
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In this case, we’re using Monero. You should be taken to a page that shows your unique XMR Deposit Address. 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. 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. In my example, I’m using TRON, or TRX. Now it’s time for the third step. 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.
Navigate back to the Deposits Withdrawals page. You’ll be asked for the BTC Withdrawal Address. Now, navigate over to Coinbase or Gemini. For this example, we’re using Coinbase. The address you see is your Coinbase wallet address. 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. Now, all you have to do is select the bank to which you’d like your currency deposited. Over the past year Litecoin has solidified its place alongside Bitcoin as a viable digital currency. If you’re brand new to Litecoin and don’t yet have a Litecoin wallet I’d suggest checking out our guide to Getting Started With Litecoin.
It provides an overview of Litecoin and a guide to setting up a wallet. If you want to get started as quickly as possible with mining then skip ahead to the Installing GUI Miner Scrypt section. Litecoin mining is the process of using your computer’s resources in order to help run the Litecoin network. Like most cryptocurrencies, Litecoin is initially distributed through block rewards, where miner’s get a certain number of Litecoins by solving a certain amount of cryptographic work. Originally mining could be done individually, referred to as solo mining. However, over time it became too difficult to do individually as the probability of finding a block solo mining became very low. This led groups of miners to develop what is referred to as pool mining.
Today nearly all miners use pool mining, where they mine in groups resulting in steadier payouts. The original Bitcoin client included a CPU miner that beginners could use to solo mine. GPUs offered much faster speeds than CPUs. Litecoin’s original design was intended to prevent GPU mining and did so by using the memory intensive Scrypt hashing algorithm as opposed to the SHA-256 algorithm used by Bitcoin. Eventually mining programs were developed for GPU mining Litecoin, though the difference between CPU mining and GPU mining remained smaller with Litecoin than it had been with Bitcoin. However, a recent rewrite of some of the software involved with NVIDIA mining has lessened the gap. While Radeon cards still offer higher hash rates, NVIDIA cards are generally easier to tune.
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If you’re looking to build a fast, high end mining rig then Radeon is still the way to go. This tutorial covers two mining programs. CUDA Miner is a command line program, meaning you have to use the command line in windows to run it. GUIMiner Scypt has a graphical user interface that runs CUDA Miner for you, which is easier for many people.
I’ll be covering GUI Miner Scrypt first, though CUDA Miner is covered later. If you’re comfortable with the windows command line I suggest you use CUDA Miner. GUI Miner Scrypt currently does not output your hash rate, or mining speed, due to a small programming issue. Thus you’ll get more feedback, and it will be easier to debug, if you use CUDA Miner. The latest version of CUDA Miner is also considerably faster than the latest version of GUI Miner Scrypt.
You’ll need to download a couple of things in order to start mining Litecoin with your Nvidia GPU. For this portion of the tutorial we’ll be focusing on GUIMiner Scrypt, though you’ll need the same programs for CUDA Miner. In order for GUIMiner Scrypt to function correctly you’ll need to update your drivers directly from NVIDIA. If you’re looking to build CUDA Miner from source you’ll need the developer’s toolkit listed below.
Download GUIMiner Scrypt From Mega V0. Once you’ve downloaded GUI Miner Scrypt you’ll have to set up an account at a mining pool. We’ll also be using their mining proxy program, which makes it a bit easier to setup your mining program. Make sure to record you login credentials or choose something you can easily remember. You’ll need them to manage your account and to receive the Litecoin that you mine. You can setup multiple works for multiple miners, but for this tutorial you’ll just need one. You’ll also need to download their proxy program, which makes setup a bit easier and can make mining slightly more reliable and efficient for you.
First off go ahead and double click on stratum_proxy. Once the proxy is up and running then you can open up GUI Miner Scrypt. Once you have everything setup save your settings and then click Start. Because of a small issue, GUI Miner Scrypt will just continually say Starting in the bottom right hand corner. However, checking the proxy program should show you some activity. If you see activity similar to the below screenshot you should be good to go and hashing. 20 minutes to update and is an average over time, not exactly what speed you’re at at that moment.
If you want better stats then I suggest trying out CUDA Miner from the command line, covered below. CUDA Miner is the command line program used for Litecoin mining with NVIDIA graphics cards. Since it is a command line program it’s not quite as beginner friendly. It works essentially the same as GUI Miner Scrypt but requires that you setup a configuration file or pass some arguments to it when it first starts. If this isn’t something you’re comfortable with then I suggest you stick to GUI Miner Scrypt. Otherwise you can download the most recent version of CUDA Miner from the link below.
You’ll need to open up a command prompt and navigate to the folder containing CUDA Miner. Once you’re up and running you should see something like the below screenshot. Mining speed is measured in number of hashes per second. Litecoin you’ll be earning based off of your hash rate. The newest version of CUDA Miner hashes considerably faster than the older version.
At the moment, the newest version of GUI Miner Scrypt uses the older version of CUDA Miner. If you’re looking to get the fastest possible speed, try out the latest version of CUDA Miner or make sure to update GUIMiner Scrypt once a new version is available. One thing we didn’t cover earlier is that using the proxy program is not mandatory. You can connect to most pools directly by using a url they provide instead of a proxy and 127. Just follow the instructions your pool provides you for worker settings. At this point you should be mining Litecoin, congratulations!
Once you get a little more comfortable with mining and cryptocurrencies in general you might take a look at Dustcoin or Coinwarz. These sites help to show which cryptocurrencies are the most profitable to mine at any given time. If you’re interested in adding GPUs you should check out the Litecoin Mining Hardware Comparison page in the Litecoin wiki. Many high end gaming laptops come with decent graphics cards that are capable of mining cryptocurrencies such as Litecoin. However, there have been multiple cases of users burning out their CPU or melting their motherboard while trying to mine with a laptop.
Laptops simply are too compact and do not have the means to dissipate all the heat created when constantly mining cryptocurrencies. Essentially the risk is not worth the reward and I’d strongly advise against mining with laptops. Questions, comments, and hash rates are always welcome in the comments! Include a LTC address and you may even get tipped for providing good advice! 110 dollars in less than a month, I was a little curious as I still had yet to buy my second one. As of right now I have 2 R9 280Xs which I bought for gaming, but I have heard that this price spike was because the cards were extremely popular for bitcoin miners. Not with bitcoins but it can be with litecoins.
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The amount you’ll spend in electricity to power your rig will vastly exceed anything you reap from mining. The difficulty factor has risen so high that GPU mining hasn’t been feasible for quite some time now. The price rise is from litecoin mining not bitcoins. 10 a day since you won’t pay for electricity. If you want to try it’s not even difficult to get into. Just sign up for a pool, get mining software like guiminer and start it up. Please read the entire paragraph if you’re going to post a response.
This response is pretty much exactly what I was trying to exclude with my wording. I know the general consensus on bitcoin GPU mining is don’t bother, I posted this because my situation is different than most. I actually am now mining bitcoins as we speak, and I really appreciate the response. 10 a day would sure as hell be a nice bonus. Is litecoin mining much different than bitcoin? Do you think you could give me a quick rundown on what I would need to do to start litecoin mining or link me an article that outlines it?
I’ve only used guiminer and simply switching pool would change what coins are being mined. I just answered a different thread and gave a picture of what I make in a week. This is big-free electricity-plugged into power at my work, enables me to deduct costs due to the fact that its an expense and I own the business. You may want to start an LLC so you can deduct this expense. Sorry just read that you have free power so this can be a money maker for you. Dont let the above deter you. This is an extremely fun hobby and can be very rewarding.
Foraging from Mother Earth 21.07.2017
Oh and you should not mine BTCs you should mine alt coins to sell for BTCs. That is the only way to make BTCs through GPU mining that is still profitable. Get into a pool that mines multiple coins. The pool mines whatever coin will get the most BTC when sold at that instant in time. Then when you have at least 1 coin send it to an exchange to sell. This is all done automatically once you setup your parameters and payout addresses in the pool. Check out the link for an explanation of how much you can make.
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It all depends on your hash rate and the difficulty so how much you make changes everyday. This is not a valid email. Welcome back to a series of guides on cryptocurrency and mining! In Part 1 we dove into the basics of blockchain technology and what purpose mining actually serves. Then we’ll jump into some advanced tuning to maximize performance and profits.
Hashing power is the measure of mining performance your GPU or CPU has with any given coin algorithm. PC’s hashrate to buyers actually mining a certain coin. Since the cryptocurrency market is constantly fluctuating, this is a helpful feature. The decision is yours to make. I used it for about 2 months and enjoyed the experience, but was ultimately compelled to enter more advanced waters.
As I said earlier, it is a great doorway into mining and I do recommend it for beginners. Grab a beverage and let’s do this. Doing so will automatically create a service-side Bitcoin wallet for you, which Nicehash automatically deposits into. Download the one appropriate for your software here. So let’s split up right here to walk through both Nvidia and AMD setups.
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0 for Nvidia, hit step 2b. AMD cards, skip down to step 2c! Go ahead and launch the installation file and acknowledge the license agreement and read the risk acknowledgement. I know we normally gloss over this stuff, but this one matters. If you’re content with your case’s airflow and your GPU thermals, then let’s keep going.
This is OK, and Windows Defender should not flag any of it as a virus threat. If it does, I can assure you it’s not. Ok, welcome back Nvidia and AMD users! This part is also slightly different for each of you, but simple enough that we’ll contain it to the same paragraph.
Your Mining and BTC Deposit Address. However, do not mine from other locations into this wallet. Fire Strike or the various built-in game benchmarks you’ve used, but if you do enjoy tweaking your GPU you might get some enjoyment out of this down the road. It determines which ones are best suited for your graphics card. Since it knows the value of any given coin in near real-time, and how your GPU performs mining that coin’s algorithm, doing this is a critical step.
When you come back, the benchmark should be done and you’ll be mining away. I Have Some Bitcoin — Now What? What you do with your Bitcoin is your choice. You may choose to buy other alt coins, hold onto it in the hopes that it increases in value or just cash out in real-world currency.
If you opt for the latter, here’s a very simplified mini-guide. I’ll cover this more in-depth at a later date. Again, that’s a very lean step-by-step guide, but there are a wealth of explainers around the web showing you how to do it, and our focus right now is on Nicehash itself. Experienced miners almost universally underclock their cards and reduce their maximum power levels to achieve a nice balance of hashrate, cool temperatures and lower energy bills. On my GTX 1060 mining rig, for example, each card is running at only 75W instead of their default of 120W. It’s all about that balance, and all about tweaking until you find what works for you.
This is not a science, however. And because of the silicon lottery every card’s maximum effectiveness can vary depending on its type of VRAM and other factors. However, I can give you a gentle nudge in the right direction and encourage you to experiment. If you want to fiddle with your GPU clocks and power levels, I recommend MSI Afterburner as it works competently for both Nvidia and AMD cards. In testing everything from GTX 1060 to Radeon RX Vega 64, I’ve found that hashrates decrease marginally while power consumption from the wall decreases by much more. In other words, you can get a slightly higher hashrate and the appearance of more profit at full power, but that profit decreases when your power bill arrives. Take the small hit in hashrate in exchange for a much smaller hit in electricity costs.