Monero became the best-performing cryptocurrency of 2016 as the value of Monero escalated up to 2,760%. Today, Monero is about $12 worth that is comparable with its worth at 50 cents during the year’s beginning. And the collective value of all Monero is getting close to $165 million.
What is Monero?
As an open source of cryptocurrency, Monero (XMR) was launched in April of 2014. Unlike the other cryptocurrencies Bitcoin’s, Monero is focused on decentralization, emphasizing privacy and scalability. I is based on protocol CryptoNote possessing significant differences in algorithmic that blockchain obfuscation. From the start, it was accepted warmly by the general public. Later Monero underwent excessive growth in market; from a capitalization of US$5M it shoots up to US$185M. At then of summer in 2016, transaction volume likewise, escalated due in part to a major darknet market AlphaBay.
How to start mining Monero?
Step # 1 – First of all, you need register on MinerGate. If you have no account, create one here.
Step #2 – Now you have easy-to-use GUI miner to download. GUI has a capable nifty interface and you not are confused with the many commands you need to enter, as a console one. Go here for the version suitable for your system.
Step # 3 – Download and install the miner. After installation process is done, you need to log using the credentials to register. This program is called Smart miner . This useful feature allows you to look for and start mining the profitable coin for a given moment time.
Step # 4 –Proceed to the Miner tab, it is located right beside the next Smart miner. Here you will see the list of all kinds of available currencies. If you are in this post, your interest will probably focus on Monero. To hide a coin, press the crossed eye icon.
Step # 5 – Your first mine from Monero is only one click away! Now Press Start mining in the column of CPU or GPU if both are supported.
Step # 6 – Set the core number you wants to use or what you want from the GPU intensity. Note that pressing all the cores will not guarantee the best profitability. You can still choose the right number of cores by:
- In the corresponding tab, perform a Benchmark.
- Divide into 2 the total quantity of L3 cache you have.
- The closest you will have of the whole number will be the ideal amount of cores to set
HAPPY MINING 😎
Benefits of Monero
- As an open source cryptocurrency, Monero is focused towards being MORE private compared with Bitcoin.
- Due to its reputation of being more private, users are moving into Monero.
- CryptoNote as its based is different and much better than the protocol type used by Bitcoin.
- Security and privacy is main concerned. All transactions cannot be traced or linked to the user.
- So nobody is able to look at the blockchain and track your transactions.
- Users found that Monero using the “darkweb” is a much better option compared to Bitcoin because it is top on privacy.
- Note that the price of Monero price is quickly ascending
If you get stuck at any point, leave a comment and I will get back to you as soon as possible. Thanks for stopping by.
More guides to come.