In response to Monero Asic miners a hard fork was implemented and it's meant all of us who mine Monero have had to upgrade our software. My personal favorite miner for Monero is xmr-stak and I'll be going through setting it up in this post. If you haven't got a copy and would like to give it a go, it's freely available on github:
https://github.com/fireice-uk/xmr-stak/releases
The only thing you need other than the software is a wallet to send your mined Monero. This could be an offline wallet, online wallet, hardware wallet or even an exchange address.
When you open xmr-stak you'll get a page like this:
The new xmr-stak has more options than just monero though. We want to choose - monero7
Next is this page asking for our pool address:
Some pools require you to sign up first. I prefer to use ones with no sign up. If you don't have a pool in mind, the main one I use is - pool.minexmr.com:7777
This pool requires no sign up and is pretty good.
The next page just requires you to enter the address of your wallet.
Then it's a password or x for no password. I'm just using x in this example...
Then it asks for rig identifiers. In this example we will leave it blank.
Do we want TLS/SSL? No
Do we want to use nicehash? No
Multiple pools? No
And that's it, it then configures whatever CPU/GPU's you have automatically and starts mining. You can see how much you're earning by entering your wallet address at minexmr.com. The layout of xmr-stak (when mining) looks like:
So in it's simplest form, at each page you type the following:
Page 1 - monero7
Page 2 - pool.minexmr.com:7777
Page 3 - YOUR MONERO ADDRESS
Page 4 - x
Page 5 - Blank
Page 6 - No
Page 7 - No
Page 8 - No
That's it - so easy!
I've done the simplest possible settings because I'm guessing people who need help won't have multiple rigs, pools etc. I do use extra features like rig identifiers and multiple pools so if you have any questions don't hesitate to ask.
Thanks for reading. If you liked my post then please upvote, re-steem and/or comment.
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Hi, thanks for your post. So, if I set this up, how long would it take me to mine one coin on average? And this is something that works when the computer is on, and I get it going every time I open computer, is that it?
Hi Trude,
Really cool to see your enthusiasm for mining!
What I'll say is people always hate on people entering mining but everyone has to start somewhere...
Where I am now, I have 14 GPU's all together - I didn't just have them lying about lol I started on a really crappy laptop and grew from there. So don't let anyone put you off. Worst case scenario you would earn a few cents a day and hodl hoping prices increase massively - which has happened time and time again. Every time you see posts from like 2013 on reddit there's someone pointing out 'bitcoin mining isn't profitible'. Every single one has been re-posted at later dates highlighting the massive profits they would have made from bitcoin's rise from $300 to $20 000!
The better and better equipment you have the more profit. I read about how buying crypto is gambling and mining is a business. It's definitely a lot more true for the really big players in the crypto world but relevant to everyone. I have solar panels on my house and cheap electricity so it's very much a passive income for me, could be for years and prices could explode...
Even though you wouldn't be able to mine bitcoin, nearly all coins are tied to it (in price) or could increase more. If you happened to have a high end/gaming computer that would be best. If you want any time lengths for mining one Monero I'd need some PC specs...
Another thing, I've seen whales talking on twitter about how if you're running a node and mining a particular coin then you're a 'first class citizen' in that world and I see their point:
You're strengthening the network - couldn't survive without transactions being verified
Your rewards (coins) are actually decentralized being anonymous in most cases - buying from exchanges is hardly part of the decentralized revolution so to speak
Sorry for the essay lol but my advice is you should just give it a go whatever equipment you have and see where it goes. If you think prices are likely to go up a lot in the future, even quite a small investment could be very profitable.
Thanks
Thanks a lot! This is all very helpful I have a MacBook Air, so not a powerful gaming tool but still ok I should think for a beginner to test it out 😀
Yeah definitely - loads better than what I started on :) Did you start mining? Let me know how you got on?
Cheers
Thanks @tomsweet I will look into this tomorrow Funny, a guy on FB contacted me today about mining bitcoin. Says he will help me set it up and asked me to create a blockchain wallet. So, looks like the universe wants me to mine :-) Ill let you know, how I get on
What do you think about a computer with these specs.
WA1000X Liquid Cool Gaming Desktop PC With Intel i9-7900X, GTX 1080Ti 11GB, 3TB Hard Drive, 32GB DDR4 Memory, 480GB SSD, and Window 10 Home
GTX 1080Ti 11GB of dedicated graphics memory
That computer is a beast! It would be about as good as it could get on a PC... That 1080 would be phenomenal at mining zcash and the i9 7900 would get the same hashrate as some GPU's.
If someone had that lying about at home that would be such a good intro to mining!
Have you got that PC @clearbluecrypto?
No but Im thinking of purchasing it, and I believe I can get a great deal on it also.
Well it would be a beast mate. I mean you could build a mining rig for same money and get more mining but it's an incredible PC...
What are the specs on the computer your using?
How much do you expect to earn monthly from your mining?
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