Is ASIC Mining for Monero Possible?
ASIC mining for Monero is not practicable as Monero uses an algorithm called Crypto Night which is ASIC resistant. Monero is an open source digital cryptocurrency which focuses on privacy. All transactions are untraceable and Monero had started to gain a lot of prominence in the dark net markets across the world. When it comes to Monero mining, it is important to understand that it does not have any specialized mining hardware like the ASICs. You can therefore only mine the Monero using GPUs and CPUs. Monero also makes use of the Crypto Night Proof of Work algorithm that is more suited to computer hardware belonging to regular users.
Monero mining is much cost-effective when compared with other popular cryptocurrencies. Entry-level costs are far lower and the users are guaranteed to enjoy high returns. Moreover, mining Monero takes up less electricity keeping overhead costs low in the process. Monero’s mining algorithm can effectively lower performance gap which is why efficiency gap between the GPU and CPU used for mining it is much low compared to others. When you are keen to make the most out of your investments, it is perhaps better to settle for multiple cheap CPUs.
Monero mining is much cost-effective when compared with other popular cryptocurrencies. Entry-level costs are far lower and the users are guaranteed to enjoy high returns. Moreover, mining Monero takes up less electricity keeping overhead costs low in the process. Monero’s mining algorithm can effectively lower performance gap which is why efficiency gap between the GPU and CPU used for mining it is much low compared to others. When you are keen to make the most out of your investments, it is perhaps better to settle for multiple cheap CPUs.
Besides opting for GPUs for Monero mining, you must also join a mining pool if you are not keen to mine on your own. There are many mining pools out there and you must choose one after reviewing its payout structure, fees, location and reputation. You can also sign up for cloud mining services to mine the Monero. Here, you lease the computing power from remote data centers and you are not required to build or maintain a mining rig.
You can make use of free mining profitability calculators online to determine how profitable Monero mining can be. For this, you must enter your hash power, electricity costs, and power consumption before making any investment. This focus which Monero has on privacy has often lured people who are keen to evade the laws. So, the open mining process has now become a new way to earn funds by legal miners and malicious hackers use it to embed mining codes into apps and sites.
Monero market cap currently is placed at 13 in the world cryptocurrency trade and market capitalization is to the tune of $4.6 billion. There have been many recent developments which have contributed to maintaining the popular sentiment in favor of the currency. It has announced a POS or Point of Sale system the Kasisto that can be used for settling real-world transactions at record speeds.
Considering the Crypto Night algorithm which Monero uses, mining with ASICs can be possible but it may not be profitable in the long run. This algorithm is very memory-intensive and requires 2MB RAM for every instance. This makes it highly expensive and it may slow down mining using GPUs in the process. Although high-end mining hardware as the ASICs have been introduced to mine Bitcoins, the hardware maker Bitmain very recently launched a new miner Antminer X3 for mining Monero. Instead of welcoming this new hardware Monero will actually enact an emergency upgrade in its software to change the rules in order to stop this effort totally. This is being hailed as Monero’s first move against the ASICs and it is believed that this upgrade will make this miner ineffective.
You can make use of free mining profitability calculators online to determine how profitable Monero mining can be. For this, you must enter your hash power, electricity costs, and power consumption before making any investment. This focus which Monero has on privacy has often lured people who are keen to evade the laws. So, the open mining process has now become a new way to earn funds by legal miners and malicious hackers use it to embed mining codes into apps and sites.
Monero market cap currently is placed at 13 in the world cryptocurrency trade and market capitalization is to the tune of $4.6 billion. There have been many recent developments which have contributed to maintaining the popular sentiment in favor of the currency. It has announced a POS or Point of Sale system the Kasisto that can be used for settling real-world transactions at record speeds.
Considering the Crypto Night algorithm which Monero uses, mining with ASICs can be possible but it may not be profitable in the long run. This algorithm is very memory-intensive and requires 2MB RAM for every instance. This makes it highly expensive and it may slow down mining using GPUs in the process. Although high-end mining hardware as the ASICs have been introduced to mine Bitcoins, the hardware maker Bitmain very recently launched a new miner Antminer X3 for mining Monero. Instead of welcoming this new hardware Monero will actually enact an emergency upgrade in its software to change the rules in order to stop this effort totally. This is being hailed as Monero’s first move against the ASICs and it is believed that this upgrade will make this miner ineffective.
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