Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Privacy Coins Forum => Monero Forum => Topic started by: Crestie C. Tuvilla on May 24, 2018, 09:14:00 AM
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is a Cryptonote algorithm based cryptocurrency, it relies on Ring Signatures in order to provide a certain degree of privacy when making a transaction. 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.
The first thing you need to think about is if you are going to mine solo or on a pool. Mining on a pool usually comes with a fee but also has it's advantages. Users that don't have enough computational power may have to wait long periods of time before getting a reward, in a pool users pull their efforts together in order to reduce variance and have a steady flow of income. Users that have enough hardware or simply want to mine solo can also benefit from solo pools which function in the same way as normal solo mining, but don't require users to run a full node or store the entire blockchain. We are going to use MoneroHash for this guide, but you can use any pool you like.