Getting solo-mining set up is simple and easy, with the functionality built right into the official Monero GUI wallet. Another privacy coin – Zcash – has seen similar issues. This is known as a 51% attack and gives Coinotron the ability to change transactions on the network, and potentially double-spend coins. You can see how this type of pool centralization hurts a cryptocurrency by looking at the issues that Vertcoin has had, where a mining pool known as Coinotron has gained control of 51% of the network hash rate. If you join a pool of miners you are simply contributing the that pool’s hash rate, which actually makes the network more centralized as these pools gain more and more power. When you mine solo without a pool you add to the decentralization of the network by putting your hash rate against that of the rest of the network. The first reason is that solo-mining helps to strengthen the entire Monero network. Solo-mining is not the most profitable way to mine Monero, but it is preferred by many users for several reasons. The privacy and anonymity provided by Monero has made it useful to scores of cryptocurrency enthusiasts, particularly since one of the goals of cryptocurrency is to avoid the snooping that global governments have become so good at. Most cryptocurrencies are unprofitable when mined using a CPU, either because they aren’t optimized, or because of the ASIC mining.įinally, Monero has become an extremely popular coin in and of itself. Next, the CryptoNightV7 algorithm used by Monero is optimized for CPU mining. In fact, Monero typically sees one of the best hash rates of any cryptocurrency on an AMD card. The first is that mining runs very well on AMD hardware, as well as on Nvidia GPU’s. There are many Proof of Work ( PoW) coins that you could mine, so why choose mine Monero? There are actually several reasons that make Monero an excellent choice for a new miner. One change that has come about due to the fork is that many of the software Monero mining packages that previously worked when it was using the 5 ring CryptoNote protocol no longer work with the new 7 ring CryptoNoteV7 protocol.įortunately Monero itself supports mining directly through its GUI wallet, and there is at least one other option that is a bit more involved. The Monero hard fork occurred on Apand while the hashrate dropped 75% immediately following the fork, it has since recovered, showing miners are supporting the new fork. This was accomplished by changing the minimum ring size on transactions from 5 to 7. Because the project is adamantly opposed to ASIC mining, claiming it fosters centralization, they almost immediately forked the project, disabling the ability of the new ASIC miners. In fact, Monero became so popular that recently one of the major mining companies created an ASIC chip capable of mining Monero. It is not a fork of Bitcoin or Ethereum like so many other coins, but is its own unique coin that runs off the CryptoNoteV7 protocol. Monero was launched in 2014 and has been steadily increasing in popularity. In fact, it was created exactly for that purpose. Monero (XMR) is a decentralized, scalable cryptocurrency that has the benefit of providing complete anonymity for its users. 3 Solo-mining Monero with its GUI Wallet.
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