Monero is the cryptocurrency of the new age. It dwells all the characteristics which one may look out in the present age cryptocurrency. It is one of the most secure, private and untraceable currency system. They have established the fact that their transactions remain 100 percent unlinkable and untraceable and the fact remains legitimate universally. Its’ rapid growth in the industry is due its’ privacy features and the transaction volume was increasing so exponentially that no force could have stopped the fortune it has gained.
How it is similar to bitcoin yet different
Although bitcoin has the strongest roots in this cryptocurrency gamble and still retains its’ position as the market leader, but each and every field has competitors and one such competitor is Monero.
It is similar to the bitcoin in the case of application layer that runs the bitcoin yet there are many aspects in which the two are like brothers from another mothers.
In Monero cryptocurrency the transactions are quite larger than bitcoin. If talking in size sense, in a typical bitcoin transaction the size can be few KBs while in monero transaction it is in sub KBs.
As the bitcoin transactions are linked with the wallet and not with your personal information. This mentioned characteristic of bitcoin invites the theft because one cannot know your personal information until and unless you tell them by yourself. But one can by observing the patterns or any key data and get the access of your wallet. This is where bitcoin transactions sets back.
During peak times the bitcoin network can become slow due to a set maximum limit of block size. In this aspect Monero wins the race. It has expandable block size limit and gets adjusted according to the transaction volumes.
Both bitcoin and Monero use different algorithms, with bitcoin uses the SHA-256 algorithm whereas Monero using Cryptonight (GPU mining).
Benefits of Cryptonight
So after talking about all the Monero cryptocurrency, now let’s talk about how to mine it. Monero has been recently listed under the top 10 cryptocurrencies around the world. It is definitely a profitable venture. There is always a good probability for the increase in the price for Monero price, therefore there is never a bad time for Monero mining.
Everybody you will see saying that without an ASIC (Application Specific Integrated Circuit), there is no use of do any mining of any kind of cryptocurrency. Here comes the Monero breaking all the boundaries. Monero mining is not specific to ASIC only. That’s the reason why it is called “ASIC resistant”. For mining Monero cryptonight was introduced that makes the system more and more decentralized and would prevent the creation of mining pools and hence makes the distribution more even.
Cryptonight requires 2 MB of fast memory making it cheap and at the same time worth it. It is CPU and GPU friendly i.e. some of the work is already been done in the hardware.
One of the very key benefit of cryptonight algorithm is that uses less electricity and in return does not builds any heat output concerns and thus runs for a longer lifecycle. And there have been many interesting responses as well to validate its’ benefits.
Coming to Monero mining
So now drifting your attention from benefits of cryptonight to mining of monero. Mining monero is a very income generating asset. So to gain such profits what things you have to keep in mind. Firstly, one has to arrange a good hardware. The good thing about mining monero is that one can easily mine it with your regular CPU with at least 4 GB, but for more profit bearing 8Gb would be recommended. Then an impeccable power supply and a reliable internet connection. Choosing a good CPU is not the only last resort, you must also choose an eminent GPU along with a motherboard that fits in properly with your chosen CPU and GPU.
Then after when you are already equipped with all the hardware requirements, here comes the software requisites. A temperature-monitoring and overlocking software to effectuate good performance through low temperatures. For example, Ryzen master, MSI afterburner etc.
Thereafter comes the mining software which you can say the heart of the mining requirements. There are plentiful of options like Claymore, XMR Stak, XMrig etc.
Future of Monero
In the success stories of cryptocurrencies, Monero definitely contributes to many number of stories. The Monero price which was less than a dollar in the outset of 2016 but gained price so quickly that its’ price was 14 dollars at the end of the year. It would be wastage of time to tell the increase in terms of percentage as it is doubtless more than 100 percent. And this was not the end of its’ increase monero price spiked continuously and there is not even a bleak of possibility of its’ decline in the near future. Hence future of Monero shines bright.