How to mine Monero (XMR) on your PC
Monero (XMR) is an open-source cryptocurrency. The Cryptonode protocol ensures high anonymity - random transactions in the blockchain are mixed with valid transactions, making it virtually impossible to link two Monero transactions or trace the source of funds. Here is a step-by-step guide on how to mine Monero right on your computer.
Step 1: Create a Monero Wallet (MyMonero)
In order to get rewards with Monero (XMR), you must have (and use) a wallet it supports. Such wallets include MyMonero, AtomicWallet, Exodus Wallet, etc.
Instructions on how to get a MyMonero wallet:
1. Go to https://mymonero.com /, download the wallet app for your operating system, install it, and then launch the app.
2. Click "Create New Wallet," give it a name, and then click Next.
3. Read the steps on this next page, check the box, and then click Next.
4. Copy the given mnemonic phrases to somewhere safe. You will need these phrases to restore your wallet if you lose access. Click Next.
5. You will be checked to see if you have recorded your mnemonic phrases correctly. Follow the instructions to enter the phrases correctly, then click Confirm. Now set the PIN or password that you will need when you access your wallet, then click Next.
6. Now click on your wallet. To get the full address, click Copy.
Step 2: Get the mining software (XMRig)
Mining software is an application that will help you mine Monero. And for this we will use XMRig, one of the most popular applications for mining Monero.
1. Go to https://xmrig.com /, click on the green "Download" button to download XMRig.
2. Select XMRig for your operating system and start the download process.
3. After downloading, unzip the archive and move the folder to an easily accessible location, such as your desktop.
Step 3: Generate the configuration file
You will need to generate the config.json file from https://xmrig.com /, and replace it with the default config.json file you downloaded earlier in step 2. The process of creating the config.json file starts with adding a Monero mining pool. You can add a custom pool or choose from an existing list of pools.
1. Adding a mining pool (from the drop-down menu)
1. Open https://xmrig.com / in your browser.
2. Go to Wizard> Pools, then click + Add Pool.
3. Select a pool from the drop-down menu, enter your wallet address, make sure the coin is Monero, then click + Add Pool.
Note: You can find information about pools at miningpoolstats.stream/monero. There you will find data about:
- Pool fees.
- The number of users of each pool.
- Hashrates.
2. Refinement of other config.json parameters
1. Go to the Server Parts tab and select CPU as the mining type.
2. Go to the Miscellaneous tab and define the amount (as a percentage) that you would like to donate to the app development. 0% is not a donation at all, 5% is the default value.
3. Finally, go to the Result tab and click upload to upload your configuration file.
4. Replace the downloaded config.json file with the one in your folder.
If everything has been done correctly, you are now ready to mine Monero on your computer. Mining should start after you run the program as an administrator.
Bonus: Adding a Mining Pool (Custom Pool)
- Open https://xmrig.com / in your browser go to Wizard> Pools, click + Add Pool and select Custom Pool.
- Refer to https://mymonero.com / for the host name.
- Check the "keepalive" and "nicehash" boxes.
- Insert your wallet address in the User field.
- Select Monero for the coin and rx/0 for the algorithm.
- Click + Add Pool and resume steps 2. Refine other config.json parameters.
Conclusion
The reward for mining Monero depends on the minimum balance. As soon as the pool pays the initial amount, your earnings will appear in your wallet.
It is quite easy to start mining Monero because it does not require expensive mining equipment. Monero has also established itself as a major privacy currency and has a great potential for price growth, which can help you make more money by mining.
