To enter into activities of obtaining the digital cripto currency, it is not even necessary to buy the currency. You can obtain it simply by using your computer resources to carry out various calculations and validate the currency transactions that have been implemented. For these calculations any available computer and even a phone will be sufficient. In any case, you should take a quick start as algorithms get more complicated with every second so earnings may be constantly decreasing. All this may be discouraging, but with some knowledge reality may become much simpler. Currently one of the most profitable currencies that can be mined with a standard computer is Monero. Of course, before investing in the adequate equipment, you should not expect big profit. But still you can make some money, and use it for buying the adeqate equipment suitable for the mentioned activities.
How much will I earn?
It is a common question but there is no any definite answer. Basically, this depends on a number of factors including the Monero course, your hardware, the time you can devote to mining, and the fees for platform you use. It is true that fees for the platform we recommend are really moderate and range from 1% to 1.5% (we will come back to this).
For these reasons, until you start mining, it is difficult even to estimate how much you can earn, and at the end of instructions you will be given some tips how to calculate.
Monero Mining Pool
It’s important to note that the algorithms are complex enough and to carry out calculations individually maybe is the mission impossible, and it is even more impossible without proper equipment. Therefore, computer pools are created in order to collaborate.
It’s really easy to join:
- Register on the one of the largest Monero pool – Minergate;
- After registering and logging into the system, go to the “Downloads” on the menu;
- Download the latest software suitable for your operating system and install it;
- When the program is open, enter your logins and select “Miner”, click on XMR (XMR is code for Monero currency), and “Start mining”;
- You can choose how many CPU cores you want to use for mining but our experience shows that you should leave at least one core free – you still want to have the computer for other activities.
- Mining is more efficient using a graphics card (GPU). If you have not only an integrated but also a normal video card, also use it and you will earn much more.
Please note that this software can be uploaded on multiple computers, logged in with the same logins, and run for mining. All your mining speed will be cumulative!
Also due to the specificity of the cryptocurrencies, earnings are not received immediately. You should wait for a few hours, and the balance will certainly increase.
We advise: Do not store more than 500 EUR on the platform as it is safer to withdraw larger sums and store in your Monero Wallet.
To your attention
- Unconfirmed balance is the money that you have already mined but have not received yet. It will be credited into your account when it reaches 0,005 XMR limit;
- You can also run mining devices on multiple computers at one time. The mining speed will be cumulative!
And how much will I earn?
When mining is already in progress, you can theoretically calculate your earnings. All you need to do is to look at the mining speed (it is calculated in Hashes per second and marked H/s). Enter it into the platform calculator (minergate, select the menu item “Calculator”). After selecting the “Crypto note” section, enter the speed of your Hash calculation, and see how much you should earn in different time periods. Please note that you can change the currency on the left (from BTC (Bitcoin) to EUR). Also, it is very important that these calculations are based on one essential precondition – the current exchange rate. If the value of Monero is growing fast, you will notice that now having , for example, 0.5 XMR (currently worth about 20 EUR), after a year you could have it worth 200 EUR. For this reason, do not abandon this activity, and let your computer work when you are not using it – anyway, you do not lose anything!
Success in earning and wait for other instructions, for example, how to pull out the earned money!
Renewed on 31.08.2017
The growing interest in Monero currency as well as rising of the currency exchange rate has made mining of this currency especially profitable. We created an additional article on the Monero mining using video cards which is more profitable.