Introduction
Source
Monero is a well established altcoin. I will not go into the details about monero and how and when it was created. The point is that this currency is currently valued at around 87 US dollars and is available on most popular exchanges.
how to mine monero
Usually when mining comes to mind, it feels like an incredibly expensive and time consuming task (even if we set aside the power consumption requirement to mine a healthy amount of currency).
Luckily, Monero mining does not even need a GPU. All it needs is a simple processor and thats the beauty of it.
where should i begin?
Monero is better mined on multicore processors. Actually the more L3 cache your processor has, its hashrate will be better for monero mining. However, prices go steeper as you increase number of cores in a processor or its L3 cache, so i will guide you on how to find the middle ground for a budget PC that can mine healthy amount of Monero.
CPUs GPUs benchmarks for monero
Luckily, there is an online forum that contains benchmarks for monero mining for all possible CPUs and GPUs and their combinations. The list keeps growing. Let me remind you that this is a huge huggeee pool of information and this is not available for many cryptocurrencies. You can visit benchmarks on monerobenchmarks.info.
Click Here to go to benchmarks page
PC build for monero mining
Following is my advised PC built for beginners to start mining monero
- AMD Fx-8350 processor (chosen because of cheap price and 8 cores)
- 2 GB DDR3 RAM
- Compatible AM3+ motherboard (go for the cheapest)
- 400 watt PSU
- 16 GB SSD (you can upgrade this if you need to do more than just mining on this PC)
- Peripherals (keyboard and mouse)
- Good quality Heatsink (very important. For a 20 dollars heatsink you can save your processor, which will be running
Very hot) - Internet connection
And thats it. This setup will cost you less than 350 dollars (if you know where to pick items from). This setup will effectively give you 400 H/s (18 dollars a month appx). Now if you throw in a GPU (Vega 64 is my recommendation), you can easily boost your hashrate to 2300 H/s. Set this all up with either XMR or Claymore miner and there you go. With 2300 H/s, you can safely earn 101 dollars a month (a little over one monero). You can also design another PC with these specs to double everything (which i think will still be under budget for most miners) or you can go full kaboom and build a Mining rig with 2 or more GPUs.
You can use that monero to buy Appx 100 steems (with in a month) or keep it as future investment, its totally upto you.
If you have any questions regarding monero mining, let me know in the comment section. This is a huge topic but i have only posted about the relevant portion. If newbies want to learn more about it or go into the detail of it, let me know as well, i will write another post about it.
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Best regards,
JBN