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Monero. The name rolls off the tongue like a romantic name. “Oh, Monero,” you whisper in your sleep. But Monero is more than just the name of an Italian's imaginary boyfriend. Actually, it means “coin” in Esperanto. This is what we call her one of the earliest privacy coins.
What's so private?
Well, first of all, it's a zero-knowledge proof. Monero allows you to claim to be such-and-such, without getting technical, without providing any proof that you are actually who you say you are. Monero uses the less sexy ticker XMR, but it also uses ring signatures. This involves bundling together many transaction signatures to anonymize transactions.
Monero also rolled out stealth addresses. This allows you to create a one-time randomized address and ensures that all transactions are anonymous. Finally, the unique RingCT technology ensures that all transaction amounts are hidden.
Together, these features give Monero owners privacy by default.
Before we explain how to mine Monero, let's talk about the community behind Monero and why you should mine this coin. After all, if you know anything about mining, you probably know that you won't get rich mining Monero. Let's look at this in the next section.
Who owns Monero?
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This may be surprising to some readers.
Despite being a privacy coin, Monero has the bragging rights of having the third largest development community after Bitcoin and Ethereum. The origins of the “shadow supercoder” can be traced back to a white paper. This book written by Nicolas Van Saberhagen covered traceable Bitcoin flaws. He also argued that privacy should be a fundamental property of digital currencies.
Someone took these ideas and created a protocol called “Bitmonero”. After sharing the protocol on the Bitcointalk forum, users did not agree with its direction. Eventually, they forked his Bitmonero and became what we know today as Monero.
With the help of this small community of online developers, this has come a long way. Since then, it has attracted the interest of a wide variety of characters from all walks of life. These include cryptographers, anarchists, and privacy advocates who are studying Monero's progress with great interest.
If you're curious about the individuals working on Monero, you might be out of luck. The majority of the team remains anonymous. In any case, they manage to roll out updates every six months as cryptography advances.
It's worth noting that the Monero developer community is not monolithic. Instead, they are organized into workgroups according to their expertise. Learn more about our community breakdown.
Is Monero mining profitable? (And is it legal?)
1 Exactly how long does it take to mine Monero? As with mining anything, this depends on your setup. What's not recommended? Go buy hardware for Monero mining. Unless you're a serious enthusiast who supports the Monero ethos, don't do it.
As you can see, Monero is designed to be ASIC resistant. This means that no special hardware is required for mining. It is also designed to use the GPU less efficiently. Therefore, it is friendly even to novice miners with a basic setup due to the low barrier to entry.
Therefore, don't invest in a dedicated mining rig if you already have a desktop computer on hand. All you really need to start Monero mining is a powerful CPU and RAM.
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And how much Monero can you mine in a day with CPU mining? Try this Monero price calculator. There are many mining profitability calculators out there, so if you want to do your due diligence and get a second opinion, check out this one by Nicehash.
When looking at mining profits, be sure to also pay attention to the cost of mining. The power consumption and computing power can significantly increase your electricity bill.
But before you pull the trigger and start mining, let's address the anonymous elephant in the room. You've probably wondered…Is Monero illegal?
That's a fair question. Despite government agencies and large corporations increasingly invading our privacy, Monero remains completely legal. However, the Internal Revenue Service has awarded a bounty to a contractor working on a tool that can track Monero. (One such company is Chainarise.)
Are U.S. regulators' concerns justified? Don't overdo it. Monero can and has been used for financial crimes such as money laundering, terrorist financing, and tax evasion. This is of considerable concern as there are numerous examples of past incidents (such as ransomware attacks) where attackers have claimed his Monero.
What is the most profitable way to mine Monero?
You are about to learn the most profitable approach to mining XMR. Follow the exact steps of the Monero mining process outlined below.
Step 1. Get your Monero wallet address.
There are two options here. Either one is fine…
(a) download the official Monero wallet; or
(b) Obtain a wallet address from an XMR-enabled exchange such as Hotbit.
The choice of wallet depends on your purpose. If you want to hold your XMR and support the community, please use our official wallet. However, if you want to get cash quickly, it makes the most sense to get an exchange wallet.
Step 2. Find a Monero mining pool.
Use SupportXMR as it is one of the most popular mining pools and the fees to join the pool are as low as 0.6%.
Alternative mining pools include MineXMR and Nanopool (both have a 1% fee).
For more pools, check out Pool Watch.
Step 3. Install Monero mining software.
To mine Monero, use XMRig as the recommended mining software on the SupportXMR pool.Click here to display the setup wizard, then click[ダウンロード]Click.
The download is most likely blocked by your browser. You'll see a message like “Brave has blocked you because… is dangerous.”
Click the triangle bar and click Details to see why you're being blocked. Click “Show All” at the bottom right to display your browser's download settings.
Find the download there. There you will find an option to “Keep dangerous files”. Save and extract.
Step 4. Add exceptions to your security settings.
Open Windows Security. Click Virus & threat protection. Click Manage Settings below.
Scroll down to Exclude and click it.
[+ 除外を追加]Click and select from the drop-down menu[フォルダー]Click. Add the folder you unzipped in step 3.
Step 5. Configure the XMRig Wizard.
[スタート]below[新しい構成]Click .[プール]will be displayed.
[プール]in,[supportxmr.com]Select (selected pool). This action will open a window where you can copy and paste your wallet address from step 1.
You can write anything in “Worker Name”, but we recommend using the name of the CPU for clarity. When finished, click + Add Pool.
Under 'Backend', make sure 'CPU' is selected and make sure the other two options are checked. These two options are for GPU mining (not suitable for Monero mining), which increases computational costs and can cause the GPU to heat up. (Absolutely not worth it!)
Under 'Other', set your contribution to 1%. This is the minimum amount you can commit. If you want to commit more, adjust as needed.
[結果]Scroll to the bottom under[コマンド ライン]will be displayed. Copy the command line below it.
Step 6. Edit the XMRig batch file.
Let's get back to the operating system. Inside the XMRig folder, right-click the “pool_mining_example” batch file and click “Edit”.
Delete all lines starting with a colon. The remaining portion at the beginning of the document must begin with “cd”, which is the command line prompt.
Delete the line below it so only the “cd” line remains.
Below that, paste the command line from Step 4, “Results” of the XMRig Configuration Wizard.
Close the file.
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pro step
Right-click the “XMRig.exe” file and click “Properties”.
Click Compatibility.
Under Settings, click Run this program as an administrator.
Close the window.
Now double-click “XMRig.exe”. This eliminates the need to “run as administrator” every time you start the program. The advantage here is that you get a higher overall hash rate.
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Step 7. Verify that you are mining.
Return to supportxmr.com. On the homepage, copy and paste your wallet address.
It takes a few minutes to enter your mining rig's mining data into the page.
congratulations. I'm mining Monero.
What does the future hold for Monero?
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In February 2021, Monero published the onion address of getmonero.com. This allows Tor users to access sites and download content without leaving Tor. (In case you didn't know, Tor is free software that allows anonymous communication.) Monero developers are also working on an atomic swap between Bitcoin and Monero via the Tor network .
The addresses that received the funds are now anonymous. This means that even if you want to return a tip or something, you cannot return anything. Reply-to address expansion effectively allows Monero users to “reply to sender.”
RingCT signatures can be very large and have been the focus of research. Bulletproofs, a new type of distance proof from a research team at Stanford University, reduce RingCT signatures to negligible size.
Finally, Monero is working on a second-tier solution for faster payments. One such project is PayMo, which can process five times more transactions than first-layer protocols.
Based on these recent developments, the future looks brighter for Monero owners than a bag of shiny satellites. To be sure, regulators and the media will continue to attack Monero. But the community's tireless efforts prove that even better things can happen.
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