In this extremely competitive market of cryptocurrencies, Monero (XMR) has created a place for itself. In April 2014 is has been created, but in this short span of time, today it is the 10th largest cryptocurrency having a market cap of $1.5 billion.
With the gaining popularity, Monero has become a favourite among the investors and as well as miners because of its excellent performance in the previous years. The growth in the value of Monero has brought a lot of attention to people on XMR mining. Monero mining might seem a lot easy but it is not that easy as it sounds. But today I will answer all of your queries related to Monero mining. So, by the end of this blog, you will have a clear knowledge of what Monero mining is, and what are the things you need to do before mining Monero.
How should you Start and Mining Strategy
Hardware:
To mine a cryptocurrency the hardware requirement is the most important factor before mining crypto. To find out the hardware requirements of crypto, first, you have to know about the cryptocurrency difficulty. It is a factor that helps you to identify how much difficult to mine particular crypto in its blockchain. And so, you have to choose the hardware depending upon the crypto you are going to mine. In this case, as you are going to mine Monero, it is always better to go on with a budget of around 700$ to earn around 150$ to 200$ per month. But this factor also depends on other factors like the electricity cost, electricity usage by your machine etc.
Another reason for mining Monero is that it can be mined by CPU and GPU both. You don’t need a dedicated ASIC miner to mine XMR. By having a decent gaming laptop or desktop you can start mining from day 1 onwards. You just have to identify the software for you which will be suitable for your machine.
Software:
After choosing the hardware you have to check on the suitable software for your machine. There are several softwares present in the market but choosing the right software for your machine is the key factor. Among the ocean of software, you have to find out the perfect software to gain a huge profit. In my point of view, if you have a decent gaming laptop or desktop you can start with Cudominer and Unminable. Both of them has several crypto-mining options and can mine any of them at the time of mining. And both have the feature of changing the mining power from CPU to GP or vice versa.
Strategy:
So your main strategy will be to find out the hardware in your budget including all the aspects and in how much time you can recover the whole amount in other words ROI (Return of Investment). And if you already have a machine which can help you to mine moner, then half of the work is already done. In the next half, now you have to identify the best software which will help you to gain the maximum excluding all the external costs and pool fees.
So now I think, you are a well-enough educated person in the factor of crypto mining rather than Monero mining. These are the basic steps every beginner should know. So what are waiting for, buy your machine and start digging in the mining pools of Monero.