Monero mining has gained a lot of interest because of its ability to maintain a highly efficient privacy and anonymity than many of the other digital currencies. The advantage with Monero is that mining can be done on a standard PC with CPU /GPU. It also does not consume much electricity to complete blocks.
Monero mining is based on the CryptoNight proof of work algorithm. As mentioned it stands ahead of most of the digital currencies in its ability to obscure transactions and concealing the identity of two parties and the value of the transaction.
The hardware for Monero mining is almost same as for other cryptocurrencies. It requires a Graphics Processing Unit (GPU) with at least 8 graphics cards in addition to the other computer requirements like a motherboard, power supply units, minimum 4GB RAM, and a processor. The graphics card must have a high hash rate to ensure better profitability.
Monero mining profitability can vary based on the hardware speed, upfront expenditure on the hardware and the electricity costs which again differ in different regions.
The best CPU mining can be determined by the hash rate of the CPU against the electricity being consumed. Miners recommend Intel XEON CPU E5 2699 that offers a hash rate of 1910 per second and consumes 145 watts of power. The XFX Core Edition Radeon R9295 x2 is the best GPU for Monero mining. It is the fastest graphics card and comes with 8 gigabytes memory and computing power of more than 11.5 teraflops.
The CryptoNight ASIC algorithm works efficiently on the CPUs/GPUs. There has been no ASIC based hardware equipment built specifically for Monero and so as-of-date many presume that Monero is an ASIC resistant digital currency. There are many calculators available online to determine the profitability of Monero mining against the other digital currencies.
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