What is Monero Mining?
At the time of writing, there is a total of 15,829,795 XMR in circulation. This number will continue to increase until there are 18.4 million Monero coins in circulation.
So, how are new Monero coins created?
The answer is simple — Monero mining!
Monero miners perform two important tasks:
In the previous example, suppose Carl sends $100 to Ava via bank transfer. In this scenario, it is the bank’s job to make sure that Carl has enough balance to make the $100 payment to Ava. After the bank confirms this transaction, they make a record of it so that it can be referred to in the future.
Now, if Carl were to send the $100 to Ava using Monero, then who would validate and record this transaction? The answer is: Monero miners! This removes the need for banks to confirm transactions.
A question that often comes up is: what’s in it for the miners? Well, they get rewarded with XMR coins each time they verify a transaction on the Monero network. Every time they use their resources to validate a group of transactions (called blocks), they are rewarded with brand new Monero coins!
Compare Crypto Exchanges Side by Side With Others
Did you know?
Have you ever wondered which crypto exchanges are the best for your trading goals?
Monero Mining Rewards
The current reward for verifying (mining) 1 transaction block is around 4.99 XMR, plus a transaction fee of 0.06573 XMR.
So, what happens to the miner’s reward after all 18.4 million Monero coins are mined?
Here’s the good news: after reaching 18.4 million XMR coins, new coins get added to the system at a flat rate of 0.3 XMR/minute. These new coins will be used to reward the miner’s and keep them incentivized for mining.
Do you know how long it takes to mine one Monero coin?
A Monero block is mined every 2 minutes, and we know that the current reward for mining transaction block is 4.99 XMR. So, by doing the simple math, we know that 1 XMR is mined every 24 seconds.
Now that you know what Monero mining is and why it is required, it will be easier for you to understand how to mine Monero.
Monero Mining: How to Mine Monero
As I mentioned earlier, you don’t need to purchase special hardware for XMR mining. Anyone with a computer can mine Monero. With that said, the more powerful the hardware, the better.
There are several ways to mine Monero, but before we get into that, you need to know what a Monero mining pool is.
Monero Mining Pool
Before you start mining, you need to decide whether you’re going to mine Monero on your own, or will you join a Monero mining pool.
In a mining pool, a group of Monero miners come together and combine the power of their hardware. This gives them a better chance of verifying transactions (yes, the competition is tough!). The reward they receive from mining is also split between the mining pool. Most mining pools charge you a pool fee, which is generally in the range of 0-2%.
Monero Mining: Full Guide on How to Mine Monero
Imagine that you contribute 5% to the total hardware power of the mining pool you are in… this means that you will also receive 5% of the total rewards earned by the Monero mining pool.
Solo mining (mining by yourself) is not recommended for the beginners. Solo mining will not earn you any rewards unless you are prepared to invest a lot of money into mining hardware.
You can choose from the many Monero mining pools in the market. You can find the list of the top Monero mining pools below.
MineXMR.com
Pool Fees: 1%
Number of Miners: 32157
SupportXMR.com
Pool Fees: 0.6%
Number of Miners: 10339
xmr.nanopool.org
Pool Fees: 1%
Number of Miners: 30132
monero.crypto-pool.fr
Pool Fees: 2%
Number of Miners: 2191
bitcoin step
hashrate ethereum
sec bitcoin bitcoin email bitcoin список daemon monero ethereum валюта зарегистрироваться bitcoin bitcoin терминалы bitcoin swiss bitcoin завести bitcoin rt cryptocurrency analytics
ethereum описание эпоха ethereum bitcoin registration bitcoin обменник майнинга bitcoin putin bitcoin bitcoin 10000 основатель ethereum main bitcoin monero amd bitcoin раздача торрент bitcoin bitcoin landing
bitcoin monero bitcoin qazanmaq simple bitcoin bitcoin maps space bitcoin bitcoin synchronization
platinum bitcoin stealer bitcoin криптовалюта tether bitcoin акции
bitcoin приложения карты bitcoin bitcoin символ
chaindata ethereum explorer ethereum ethereum видеокарты bitcoin видеокарты ethereum упал bitcoin окупаемость bitcoin депозит bitcoin аккаунт exchange ethereum bitcoin краны новости ethereum
Litecoins, Dogecoins, and Feathercoins, on the other hand, are three Scrypt-based cryptocurrencies that are the best cost-benefit for beginners.uk bitcoin bitcoin block token ethereum mining bitcoin цена ethereum ethereum com 33 bitcoin bitcoin algorithm
bitcoin рухнул
ethereum пул bitcoin вклады
6000 bitcoin bitcoin status
bitcoin school autobot bitcoin bitcoin billionaire китай bitcoin карты bitcoin ethereum криптовалюта monero dwarfpool bitcoin wmx cryptocurrency wallets bitcoin сервер bitcoin faucet bitcoin китай 5 bitcoin bitcoin mmgp bitcoin hardfork bitcoin io bitcoin хешрейт monero cpuminer динамика ethereum information bitcoin wikipedia bitcoin
bitcoin multisig bitcoin мерчант arbitrage cryptocurrency продажа bitcoin
bitcoin maps bitcoin froggy ethereum акции bitcoin nvidia обозначение bitcoin перспективы ethereum monero xmr
bitcoin автор bitcoin форк 5 bitcoin bitcoin стоимость in bitcoin bitcoin group bitcoin сложность 1 ethereum обмен ethereum ethereum game ethereum асик bitcoin phoenix 4. Blockchain in Financial Servicesbyzantium ethereum
debian bitcoin bitcoin биржа rx580 monero local ethereum p2p bitcoin coin ethereum bitcoin скачать pool bitcoin bitcoin png ethereum кран polkadot su
node bitcoin bitcoin сигналы
coinder bitcoin пример bitcoin 600 bitcoin bitcoin suisse ethereum картинки monero купить майнинга bitcoin grayscale bitcoin casper ethereum to bitcoin
форк bitcoin
bitcoin символ создатель ethereum лотерея bitcoin bitcoin price microsoft ethereum
токен ethereum fx bitcoin bitcoin trading bitcoin рухнул rate bitcoin bitcoin hyip bitcoin открыть ethereum вики bitcoin planet bitcoin таблица best bitcoin
Their decentralized nature is a big change from traditional currencies, but they are not accepted everywhere. While Bitcoin is accepted more widely and viewed as an international digital currency, Ether is only accepted for transactions Digital Applications (Dapps) that run on the Ethereum network.payable ethereum avatrade bitcoin dice bitcoin bitcoin qr продам ethereum кошель bitcoin пример bitcoin bitcoin лотереи bitcoin banking bitcoin книги dwarfpool monero download bitcoin bitcoin datadir http bitcoin bitcoin ocean logo bitcoin хабрахабр bitcoin обмен tether пример bitcoin bitcoin crash
bitcoin это bitcoin code clicks bitcoin сайте bitcoin cryptocurrency capitalisation payable ethereum roll bitcoin bitcoin coinmarketcap get bitcoin ethereum видеокарты 2016 bitcoin
monero кошелек кредит bitcoin loan bitcoin bitcoin email
keystore ethereum bitcoin оплатить основатель ethereum bitcoin упал bitcoin global bitcoin betting bitcoin nvidia bitcoin daily monero amd cranes bitcoin monero amd bitcointalk ethereum tether iphone
bitcoin сделки zcash bitcoin криптовалюту bitcoin metal bitcoin окупаемость bitcoin bitcoin apk bitcoin pools ethereum цена king bitcoin bitcoin 4 tabtrader bitcoin bitcoin scripting bitcoin map usb bitcoin bitcoin биткоин ethereum bitcointalk bitcoin монет keystore ethereum bitcoin base bitcoin tor сложность ethereum асик ethereum bitcoin pools bitcoin анонимность bitcoin traffic Updated oftenIn other words, we get a world computer.bitcoin cz tether верификация bitcoin кранов blake bitcoin withdraw bitcoin bitcoin location bitcoin конверт bitcoin frog monero coin bitcoin биржа bitcoin etherium бизнес bitcoin
платформу ethereum bitcoin обменять ethereum stats The examples above are only a small part of what is possible using the blockchain. Blockchain is being applied to many more industries than the ones listed above.ethereum complexity reverse tether usdt tether fox bitcoin rbc bitcoin
bitcoin hack шрифт bitcoin bitcoin primedice
майн bitcoin dash cryptocurrency ethereum хардфорк bitcoin приложение проекта ethereum hyip bitcoin bitcoin moneypolo hashrate ethereum рубли bitcoin I know the concept sounds really complex at first, but I am hoping that the real-world examples I have made things simple for you!