Monero Mining for Beginners 
In the constantly expanding world of cryptocurrency, Monero has proven itself to be a promising investment alternative to the original Bitcoin. Though similar to Bitcoin in some ways, it has become known for its fungibility, security and lack of traceability. While purchasing and trading Monero may be the most basic method of obtaining wealth, Monero mining takes things to a whole new level.
Fungibility is that two units of a currency can be mutually swapped and the latter is equal to another unit of the same size. Bitcoin is non-fungible so every previous use of the Bitcoin is recorded and therefore if it was used for an illegal purpose previously, this can be uncovered. The blockchain is then rendered unsavoury, making it unwanted. As Monero is private, there is no blacklisting of currency.
Monero uses a different database structure that is designed to ensure much more efficiency and flexibility, with minimum ring signature sizes enabling transactions to be private. With Monero, the first priority is privacy and security followed by efficiency and ease of use.
At The Core of Monero
There are a few basic principles on which the whole Monero system works, these are:
● Security – With Monero, transactions are cryptographically secured with the newest and most concrete encryption tools around. This gives users a sense of trust, providing no room for error.
● Privacy – The level of privacy is to the highest standard and is available for all users.
● Decentralization – The group running the network is small and the algorithm of “Proof of Work” is so convenient that it enables Monero mining on normal computers. Plus, decisions on the development and developer meeting logs are published online and accessible by the public. This allows for transparent CPU Monero mining on the user’s computer; this is far from the norm that is the centralisation of monero mining farms and pools.
What is Monero Mining?
Generally, Monero mining is the distributed process of verifying transactions on the public ledger of all tractions, which is the blockchain. To understand what monero mining is, you must first understand the terms “block” and “blockchain”.
When a purchase is made using Monero, the transaction is recorded as an encrypted algorithm known as a “block”. A series of blocks is known as a “blockchain.” The blockchain is what allows a transaction to remain private. In order to process these private transactions, the Monero Network must hire people with the appropriate computer technology, aka “mining rigs”, to help. The miners, in turn, are provided with Monero as payment.
You will need:
● A Monero Wallet
● Monero mining Rig
● Mining software
● Monero mining Pool (optional)
A Monero wallet is much like a regular wallet in that it stores currency. To get started, a wallet must either be created at MyMonero.com or the Monero-Wallet-CLI software must be downloaded. The software is slightly more complicated to use than the web browser method, but it provides greater security. A person could even utilise both at the same time.
Unlike Bitcoin wallets that handle both the account and blockchain, Monero separates the two; Monero to the blockchain and the wallet to the account. The wallet stores the information necessary to send and receive Monero. It keeps a private history of your transactions as well as allowing you to cryptographically sign messages. A cryptographic signature proves that there is ownership of the piece of information as well as ensuring that the information was not altered after signing.
There are ‘hot wallets’ which means that the Monero account is connected to the Internet. Sending funds via this wallet is easier, but it can be seen as ‘downgraded’ when compared to a cold wallet; it’s best not to store large amounts of cryptocurrency in a hot wallet. A cold wallet, on the other hand, is generated on a trusted computer or similar device through an air gap (a security measure that ensures that a secure computer network is isolated from an unsecured network). However, when a cold wallet is connected to the Internet it loses its cold nature and becomes hot.
A Monero mining rig is simply the computer system used for Monero mining. It has the ability to work through the algorithms tying together the blockchains, using either GPU or CPU. A Google search will provide detailed information regarding appropriate hardware for Monero mining. Certain gaming hardware may also be used for monero mining.
Monero mining software is, of course, specific to the Monero mining rig being used. The three main categories of Monero mining software include AMD Miners, CPU Miners, and NVidia Miners. Information regarding source codes, problems, and directions for specific software can be found at getmonero.org/get-started/moneromining.
Solo Monero Mining With the GUI
● First and foremost you’ll need to download the official GUI for the respective operating system. This is available on the Monero downloads page.
● Run the setup and await synchronisation with your network until “connected” appears in the lower left corner. Click on “Advanced” followed by “Monero mining”. After this, you’ll see the option to start monero mining.
● You can change the number of threads to mine with. Ideally, you should mine with half of your CPU’s cache. If you are not sure of the latter, set the threads to 1 and ‘start Monero mining’. Monero mining helps secure the network and if you are lucky you may get a reward for contributing to this. There is an option to ‘stop mining’.
● Finally, the mining pool. You have the choice to either mine solo or in a pool of other miners. Mining solo would require you to have a higher quality Monero mining rig and longer amounts of time to solve the blockchains. When working in a pool, the block algorithms can be solved at a faster rate and therefore wealth is created at a faster rate. The only downfall is that the accumulated wealth would have to be shared equally among other miners.
Locating a Mining Pool
Mining pools can easily be located on the web. Some pools are global, whereas other pools are more specific to location.
Below is a list of global Monero pool websites:
Noone should embark on a new adventure without knowledge and preparation for the possible outcome, especially when precious time and money are involved. That is where Monero mining profit calculators come in handy. Use the following websites to determine how much time is needed to make a profit:
These are devices that are connected to the Internet and run the Monero software. This is a complete network which ensures the security and smoothness of transactions. They do this by enforcing the network’s rules. They may also participate in crafting blocks which is called mining.
The rules to be followed are built into the software and there is a consensus from all nodes to follow the rules; this is necessary because it goes into showing which blocks get to be included and participate in the network. Nodes distinguish which blockchain transactions are legitimate and which are attempts to resend already spent coins.