Monero Mining Guide: How To Mine XMR?

After jumping 12% during the crypto recovery, the price of Monero (XMR) now sits at $282.48 with huge gains over the past week. The 11th largest cryptocurrency now has a market cap of nearly $3.6 billion, jumping more than 12 in the past few days. Today, we are talking about Monero mining and the opportunities behind it.

As you probably know, Monero (XMR) is a privacy-centric cryptocurrency which trails the 10th place IOTA with a market cap of more than $4 billion. Only this week, Monero (XMR) gained $1 billion and went from $167 to $282 in less than 10 days.

As such, Monero mining became even more desirable for a lot of users. Since XMR is one of the few cryptocurrencies that use a Proof-of-Work consensus mechanism, it can still be mined using regular CPU and GPU computing power.

Basically, the XMR hash algorithm is memory intensive, making Monero mining possible using CPUs. That said, if you have a CPU you can definitely mine Monero – however, buying a GPU for that specific reason makes the Monero mining less effective from a cost/reward perspective.

In a nutshell, this is what you need for successful Monero mining in terms of hardware:

• A solid CPU with minimum 8GB RAM
• DDR3 or DDR4 SDRAM
• A motherboard with enough PCIe lanes for the amount of GPUs accommodated
• An open-air rig setup with a reliable Internet connection
• HDD or SSD powerful enough to sustain your OS
• Reliable power supply

As for software, Monero mining is just as important as the hardware. The process is quite simple – you need to download the XMR Stak/Wolfs Miner/CC Miner software, extract the .zip file and run the application inside.

All in all, the total global hashrate for Monero dropped off over the past month with the fork. However, Monero mining is still profitable – especially with the new price gains and massive potential for XMR in the future.