Monero (XMR) is a decentralized algorithm based cryptocurrency that is mined with CPU/GPU. Invented in April 2014 under the name of BitMonero, the primary focus of this cryptocurrency is on decentralization, scalability, and privacy. Unlike other cryptocurrencies, this digital currency is based on CryptoNote protocol. By using this payment network, the transactions made stay private and secured. However, Monero depends on the signatures to provide privacy to some extent.
Monero works on Proof-of-Work algorithm in order to secure the network. This PoW cryptocurrency is based on blockchain technology and easily runs on Mac, Android, Windows, Linux, and FreeBSD. There are plenty of benefits of mining Monero. The large mining community is being one of them.
Monero is mined through different methods. There are number of places from where miners can mine Monero. Some of them include
This is one of the effective ways to mine Monero. The specialized mining hardware is used by some people to get increased mining hash rate. Monero members opt for this mining method as it is a more profitable method; however, to earn profits first you need to have a big budget. As mining hardwares are expensive and miners need to put more efforts in order to mine Monero.
As per the hardware, there are different mining programs available in the market. You need to research and then consider the ones that affects the hash rate positively. However, before opting for any mining software, just check whether miners have developer fees or not. Because in some cases, miners have developer fees.
One of the most common and affordable method to mine Monero is joining a mining pool. Although you can also mine solo, but if you have a small budget and still want to invest in this hyper-growth community, then mining in a pool is the best option for you. The Monero community has a long list of reliable Monero mining pools from which you can choose the one to consider. Make sure to start with a small mining pool in the beginning and get the hash rates.
With the changing technology, cloud mining is the smartest way that has arisen in the mining industry to mine cryptocurrencies. There are plenty of cloud mining service providers that offer best-in-class mining services with state-of-the-art equipment at competitive prices. To mine Monero through cloud mining, you just have to buy hash rate and you can start mining.