What kind of software and hardware is needed to mine Monero? What is the best hardware for XMR mining? Read on to figure it out ✅
Monero (XMR) is a cryptocurrency focused on anonymity. Since 2014, this digital coin has enabled secure and anonymous transactions. It has consistently been ranked among the best performing cryptocurrencies by market capitalization. As such, it is an asset that most cryptocurrency investors would like to acquire. If you are also interested in including this cryptocurrency in your portfolio, mining Monero is a viable alternative. However, to make Monero mining profitable, you should learn at least the basics.
How to Mine Monero?
Mining is necessary to keep all transactions secure on the network. Monero uses a Proof of Work (PoW) consensus for block verification. Hence, miners can be regarded as the guardians of the Monero network. Miners validate transactions and note them down in blocks, which eventually are added to the blockchain.
The PoW method requires that miners find the solutions to complex cryptographic problems to be able to append blocks to the network. For each block added, the miner that found the corresponding solution to the cryptographic problem gets a reward in XMR coins. To make Monero mining profitable, a miner must have the following:
- A computer with a reliable Internet connection.
- Monero mining hardware.
- Monero mining software.
- Monero mining pool (optional).
- Monero wallet.
With all these things in place, you can start mining straight away. However, since your computer will be solving complex mathematical problems, choosing the best Monero mining hardware is crucial.
Best Monero (XMR) Mining Hardware
One of the most important parameters to pay attention to when you choose Monero hardware is the hashrate. Simply put, hashrate is the number of calculations that your computer can do per time unit to attempt to solve a mining problem. The higher the hashrate of your hardware, the higher are your chances of successfully mining a block.
Also, the combined hashrate of all the hardware committed to the Monero network helps you determine your chances of mining a block before other miners. If your chances are too low, then mining Monero won’t be profitable. As of October 2021, the Monero network has a hashrate of approximately 2.41 GH/s. This value may seem low in comparison to other PoW cryptocurrencies like Bitcoin. However, a particular feature of Monero is that application-specific integrated circuit (ASIC) machines are not allowed to take part in mining.
Hence, the best hardware for mining Monero is a common computer’s central process unit (CPU). Alternatively, you can use a graphics processing unit (GPU). However, Monero developers are constantly adjusting the codes to keep ASICs away from mining. Even field-programmable gate arrays (FPGAs), which are less sophisticated than ASIC machines, cannot take part in mining.
The current hashing algorithm of Monero, RandomX, ensures that mining is performed with RAM and CPU only. Since GPUs have a lower amount of RAM, they are less efficient for mining. A GPU should not be your first choice for mining Monero. However, it is possible to combine the computing power from different CPUs. Mining pools do it to obtain large hashrates and make mining Monero more profitable.
Best CPU Miner for Monero
Since your best alternative for mining Monero is a CPU, you probably won’t spend large sums on dedicated hardware. However, you should still buy a powerful computer with at least 2GB of RAM dedicated to mining only. The following are some of the best CPU mining solutions for Monero:
- AMD EPYC 7742. If you are serious about making profits by mining Monero, this piece of hardware should be your first choice. It consists of 64 CPU cores for a total hashrate of 44 kH/s. It has 128 processing threads and consumes 225 W of power. Its only drawback is its initial price, which is around $8,500.
- AMD Ryzen Threadripper 3970X. This alternative is better if you prefer Windows instead of Linux. This piece of hardware consists of 32 CPU cores and puts out 19.9 kH/s. At an approximate price of $2,000, it is a much more affordable solution.
- AMD Ryzen 5 3600. If power consumption is a problem, this piece of hardware can be the solution. With 6 CPU cores and 12 processing threads, it will mine at 7.9 kH/s while consuming just 65 W of power. Moreover, it is an affordable solution with a price of around $300.
Best GPU Miner for Monero
If you opt for using a GPU for mining Monero, some of the best solutions in the market are:
- Radeon RX Vega 64 (1700/1100 MHz). This graphics card can mine Monero at 1.225 kH/s. With a VRAM of 8 GB HBM2, this card outperforms most GPUs in the market. However, notice that the hashrate is significantly lower than what you get with a CPU. This graphics card costs approximately $430.
- NVIDIA GTX 1070 Ti (1900/7600 MHz). A more economical solution, this graphics card mines at 1.185 kH/s and consumes 137 W. It has a VRAM of 8 GB DDR5. Its price is approximately $400.
Best Monero Mining Software
After selecting the mining hardware and setting your computer, the next step is installing mining software. The best option is XMR-Stak, which will allow you to mine on Linux or Windows. It is compatible with most processors used for Monero mining. It supports GPUs also. Alternatively, you can use XMRig, MinerGate, or Monero Spelunker.
Best Monero Mining Pools
Depending on the mining hardware you have, you may or may not need to join a mining pool. In most cases, solo mining is not profitable. So, you can consider joining MinerXR, SupportXMR, or XMR Nanopool. There are more mining pool options available. Before deciding on a specific mining pool, assess carefully the payout model to see if it is convenient for you.
Best Monero Mining Wallets in 2024
For mining Monero you will need a wallet to store your rewards and payouts. There are different types of Monero wallets, and your choice depends on your specific needs. A secure wallet is a must to ensure you won’t lose your XMR coins to a hack. Ledger Nano X and Trezor are considered the best Monero wallets as of October 2021. Both are hardware wallets, so they offer a very high-security level.
Buy Monero (XMR) on LetsExchange.io
If after reading this article you think that mining Monero is not your thing, you still have other ways to acquire this cryptocurrency. For example, you can simply buy a mining package from a cloud mining service provider. With such a solution, you buy computing power from a mining pool for a period you select. In this way, you don’t have to invest in mining hardware and software. You don’t have to spend time installing and setting up your rig either.
A simpler solution is to purchase XMR coins using fiat money or other cryptocurrencies. If you opt for the latter, LetsExchange.io offers you the possibility to swap more than 4,000 cryptocurrencies. It is safe, fast, and easy to use. Being a non-custodial service, you have to provide the address of your Monero wallet to complete your purchase on our platform.
FAQ
What Is the Best Hardware for Mining Monero?
The best hardware to mine Monero is a CPU. You can also mine with GPUs, albeit less efficiently. You cannot mine Monero using ASIC or FPGA machines.
Will Monero Mining Be Profitable in 2023-2030?
The mining reward halving occurs roughly every four years in the Monero network. By 2030, the mining rewards will be significantly smaller than today. Assuming that mining Monero is profitable for you in 2023, this activity will likely remain profitable as you can keep on earning transaction fees.
Will Monero Be Worth Mining in 2025?
The profitability of your mining depends on the cost of electricity, the cost to procure your mining machines, and other factors. If you pay normal electricity rates and buy your hardware at retail prices, then mining Monero will unlikely be profitable. In such a case, you can join a mining pool to make it profitable.
Summary
Mining Monero is easier and less expensive than mining other cryptocurrencies like Bitcoin. You don’t need highly specialized hardware to start mining. A good CPU is the best option to mine Monero. Unlike what happens with other cryptocurrencies, mining Monero with a GPU is less efficient and impossible with an ASIC machine.
Disclaimer
Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.