Monero works on the same principle as Bitcoin i.e. Proof of Work.
What is proof of work?
All miners lend their computation power to the Bitcoin network and verify transactions. These verified transactions are clubbed into a block. On every block mined, Bitcoins or Monero is awarded depending on the Blockchain you are working on. For the purpose of earning via mining, you need to understand this that the probability of you mining a block is proportional to your contribution to the whole network hash rate.
Monero is a Proof of Work cryptocurrency that can be miner with computational power from a CPU or GPU. There are currently no ASICs for Monero, which means that anyone with a computer can mine it.
On an average a block is mined in 2 minutes, i.e. 720 blocks are mined in a day
Total network hashrate is approx 77.5 Mh/s
Mining reward is approximately is less than 7.5XMR/block currently
Using the formula n = (Network Hashrate) / (720 * Avg Block Reward):
n = 14444.4 H/s, or 14.44 kH/s to mine 1 XMR per day.
You would need approximately 60 GTX 750 Ti's at 250 H/s each, OR approximately 25RX 470's at 600 H/s each, OR approximately 20 RX 480's at 750 H/s each to mine 1XMR every day.
FAQs
How many Monero can you mine a day? Based the mining hardware inputs provided, 0.00799427 Monero can be mined per day with a Monero mining hashrate of 54.00 KH/s, a block reward of 0.65 XMR, and a Monero difficulty of 379,351,559,698.00.
How long does it take to mine 1 block of Monero? ›
Now, another question you might be interested in is how long it takes to mine one Monero coin? A Monero block is mined every 2 minutes. You already know that the current reward for mining a transaction block is 0.6 XMR. Doing the simple math, 1 XMR is mined every 3 minutes and 20 seconds.
How many Monero blocks per day? ›
Monero has an average block time of 2 minutes, meaning that there are approximately 720 blocks per day.
How do you maximize Monero mining? ›
To maximize profits with GPU mining Monero, miners should focus on optimizing their mining rigs for efficiency and performance. This includes selecting the right GPU models, overclocking settings, and mining software to achieve the highest hash rates possible.
Is XMR mining profitable? ›
Yes, Monero mining can still be profitable in 2024, but profitability depends on various factors such as electricity costs, mining equipment efficiency, and market conditions.
Is mining still profitable in 2024? ›
In a Nutshell
Crypto mining is still profitable in 2024, but it requires careful planning and strategy to maximize your profits. To be successful in crypto currency mining, select the correct hardware. Join a mining pool and use renewable energy. Keep track of the market trends and consider cloud mining as an option.
Is Monero 100% untraceable? ›
Monero (XMR 4.34%) is a privacy coin that focuses on providing total anonymity for its users. Every user on Monero is anonymous by default, and every transaction is private, which also means that transactions can't be traced.
How many Monero are left? ›
How Many Monero Coins Are There? There are currently 18,446,744 Monero coins circulating out of a max supply of 18,446,744.
Is Monero infinite supply? ›
Monero's infinite supply of coins was one of the most significant causes for developers' concern.
What is the illegal activity of Monero? ›
Due to its perceived untraceablity Monero is gaining increased use in illicit activities such as money laundering, darknet markets, ransomware, cryptojacking, and other organized crime. The United States Internal Revenue Service (IRS) has posted bounties for contractors that can develop Monero-tracing technologies.
XMR has a circulating supply of 18.45M coins and a max supply of 18.44M XMR.
What is the best algorithm for Monero mining? ›
Monero follows a much more energy-efficient Proof-of-Work (PoW) algorithm, RandomX. Unlike other mining algorithms that are fine-tuned for ASICs, RandomX is optimized for CPUs and GPUs. To be precise, Monero mining is more efficient in CPUs.
Is it better to mine Monero on CPU or GPU? ›
Proof of Work
This PoW algorithm is ASIC resistant, which means it's impossible to build specialized hardware to mine Monero. Miners must use consumer-grade hardware and compete fairly. Monero can be mined by both CPUs and GPUs, but the former is much more efficient.
What is the most powerful Monero miner? ›
The EPYC 7502P 32-Core 2.5 GHz by AMD is perhaps the best processor you can find on the market that can help you mine XMR. The huge processor has 32 cores and can give you up to 23.9 Kh/s with the RandomX Monero algorithm being run on Linux OS.
Can you mine Monero alone? ›
Solo or pool mining
Each method has its benefits and drawbacks, but the Monero Project encourages individuals to solo mine using the Monero software (GUI and CLI), as this type of independent mining is the most effective way to increase the robustness of the Monero network. Mining using P2Pool is also encouraged.
How many Monero coins are left to mine? ›
Monero's current circulating supply is 18.44M XMR out of max supply of 18.20M XMR. The current yearly supply inflation rate is 0.81% meaning 147,544 XMR were created in the last year.
Is Monero unlimited supply? ›
Monero has an infinite supply
Monero implements a “defined supply” of 18.4m coins, and has a tail emission of 0.6XMR per block after the defined supply has been mined.
