Despite the highly competitive market for cryptocurrencies, Monero (XMR) has managed to establish itself as a cryptocurrency worth paying attention to. Launched in April 2014, Monero has climbed the ranks to comfortably sit in the 10th place slot. Monero has become a preference for investors and miners alike as it made a powerful performance last year. Entering 2017 in January at only $10, investors saw returns of around 4800% as the price shot up to $494 in January 2018. In this post, we will be going over a few XMR mining tips.
If you’re starting XMR mining for the first time; You’re going to need a mid-range CPU, paired with a good nVidia or AMD GPU. Unless you have 100+ GPUs however, pool mining may be your best option as opposed to solo mining; xmrpool.net offers users both a mining platform as well as a mining pool, giving miners a quick and easy transition into getting started.
To get the most out of mining Monero, you’ll want to try to maximize your output capabilities. The hardware you choose to mine Monero will dictate your output. The first step you should take before anything is deciding whether you want to use your CPU to mine or use your GPU.
If you want to make a relatively cheap mining rig specifically for Monero, you’re in luck. You can purchase an AMD Opteron 6272 for around $50, and an R90 280x for around $140. The AMD Opteron 6272 is a force to be reckoned with, despite its low price. This underdog of a CPU can kick out a whopping hashing power of 415 H/s. Paired with the R90 280x and 16GB RAM, you’ll have a budget mining machine tailored for XMR mining.
— Stoffu Noether (@stoffuxmr) October 31, 2018
Monero has a feature called ‘Smart mining’. This is the process of using a throttled mining ehardware that only mines when it is not facing drawbacks. These drawbacks can be an increase in heat, battery life depleting, or the machine slowing up in general. This is done in an attempt to increase network security by having as many people as possible leave their smart miners running 24/7. For smart mining to work, the mining hardware must be unobtrusive or it will be shut off. As a result, using smart mining will often mean you are mining slower than a normal miner using the same hardware.
Smart Mining can be set to run in the background by opening up the daemon (MoneroD) and entering the following code:
Replace <addr>with your address and <threads> with the number of threads you have / would like to use. The ending true statement enables background mining.
Example: start_mining 43sinfdanax…e4w85vncf 4 true
This will make the computer mine at a small percentage if CPU use is below 10% and if your battery is charging. You can alter this to use battery life with no power source by using the following command instead:
start_mining <addr> <threads> true false
While this may not be the most profitable way to mine crypto, it’s the best way to implement decentralized mining. Smart mining provides users an easy way to mine Monero on a personal computer they may use for gaming and/or daily tasks.
XMR mining tips can be hard to come by. Mostly because it’s a pretty straightforward process. Once you’ve configured your mining hardware and software, you’re good to go. But we’ve found that syncing to the Monero blockchain can be a long process, taking days at a time sometimes. Luckily, this can be changed. When running MoneroD, the “–block-sync-size” attribute makes all the difference in the world. On my machine, with an SSD and semi-decent hardware (I7-2620M, 16GB RAM, and 8MBPS download speed), I’ve found that starting out with around 500 blocks works very well. If you’re on Linux, it’s even easier to set this attribute. To start the daemon with this configuration, simply type:
“sudo ./monerod –data-dir [path-to-blockchain-dir] –block-sync-size 500″
Once the blockchain download got to about 15gb in size and had roughly 200k blocks left. Then I noticed reducing the block size down to about 50 was much faster than before. This setting could be dependent on the hardware and internet speed you have, so be sure to monitor your transfer speeds. Experiment with your block size until you find a setting that gives you fast and stable transfer speeds. These configurations allowed me to download 15GB of blockchain data in 2 hours, which is far better than a few days or even more when using default settings.
If this doesn’t work for you, there is a full in-depth guide on how to speed up the initial blockchain sync for all platforms here.
On March 24th, 2018, the Monero developers made a statement many people didn’t expect. The project’s lead developer Riccardo Spagni stated that Moneros coin protocol would change every 6 months in an act to make XMR less appealing to ASIC miners. This measure was decided shortly after Bitmain released the new Antminer X3 ASIC miner, a highly powerful crypto miner designed specifically for the CryptoNight algorithm.
If you take monero as a base layer with tumblebit as a lightning router, then it becomes incredibly powerful. That to me is the maximum ammount of privacy we can get today. – Riccardo Spagni, Lead developer of Monero
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.