In this post, I will be going step-by-step in order to show people how to properly mine Monero (XMR). However it is up to you whether it is worth it to mine Monero depending on your hardware and the cost of electricity. Here is a popular calculator by Crypto Compare to determine the profitability of mining the cryptocurrency.
About Monero (XMR)
Monero is a privacy focused cyrptocurrency which has seen massive growth since its launch. In just one year, Monero has seen has a growth over 3000%. If you want to learn more about the idea behind Monero, checkout this great article by Fast Company titled “Highly Anonymized Cryptocurrency Monero Peeks Out Of The Shadows”
Setup Monero Wallet
The first and most important step is setting up the Monero wallet. The wallet allows users to send and receive XMR over the blockchain.
- Visit https://getmonero.org/downloads/ and download the wallet corresponding with your operating system. I recommend downloading the GUI version, which can be seen on the left.
- Once the zipped file has been downloaded, extract the zipped folder to the destination of your choice.
- After the folder has been extracted, navigate to the location of the unzipped folder. Then click on the folder to view its contents. Scroll down and find the application titled “monero-wallet-gui” and click on it.
- Begin the setup process initiated by the GUI wallet. Select “Create a new wallet” if you have not used Monero before.
- Select your language of preference.
- Next give your wallet a name and write down the words in order, on a piece of paper for safe keeping. This combination of words is known as your “seed”. Please note: your seed is extremely important and should not be shared with anyone. If you ever need to regain access to your account and wallet you must have this seed.
- Click next once you have given your wallet a name and written down your “seed”. Next choose a password for your wallet, this is optional but highly recommended.
- Finally, review the information on the next screen and press “Use Monero” to finish the creation of your new wallet.
Setup XMR Stak Miner
Once you have a wallet setup for Monero, you are ready to begin mining. In the next part of this tutorial I will be going step-by-step to help you setup xmr stak to mine Monero.
- Visit https://github.com/fireice-uk/xmr-stak/releases and download the assets folder for xmr-stak-win64.
- Extract the zipped folder to a destination of your choice.
- Navigate to the unzipped folder and view its contents. Next click on the xmr-stak application to begin the mining setup.
- First enter ‘monero’ when asked which coin you would like to mine.
- Choose a mining pool to use for the miner. A list of available Monero mining pools can be found here. Then enter the url of the pool followed by the port number, for example ‘vegas-backup.xmrpool.net:7779’.
- Next, enter your public Monero address and type ‘x’ as your password to be sure to receive your mining rewards.
- Next enter ‘n’ when it asks you if you want to use Nicehash.
- Next enter ‘yes’ if your pool uses ssl or simply ‘n’ if you are unsure.
- You are all done! Now reap the benefits from mining Monero.
If you found this post useful and want to help me create more articles like this one, you can send me Monero at my address: 43uarK9kuu8g82ceTyAq9LPZWdg3H9kCqXNHw7RmHmcTTkVWj2iQeeYP21s2yjhN5D7YHRHxv13xfXVvdFyjGzLNBeK7CJP
Also remember to share this post with your friend’s and family if they are interested in mining cryptocurrency or setting up a Monero wallet. I hope you found this tutorial helpful! Please leave your feedback in the comments down below.