If you’re wanting to earn Monero (XMR) coins but don’t know where to begin, one great way is to try Monero mining. Though the process may seem advanced, it’s actually quite simple once you understand the basics. Here is the complete beginner’s guide to mining Monero.
What is Monero mining?
Mining is the process of extracting Monero coins. Mining occurs when you allocate some of your computer’s processing power to help complete two very important tasks:
- Approve Transactions: Because Monero is a decentralized cryptocurrency, meaning no one person, entity or organization oversees it, little tasks like approving transactions must be undertaken by other users. After all, there are no Monero bankers to make transaction approvals.
- Create New Monero: As with all currencies – cryptocurrencies or fiat – Monero does not just appear out of the air. Instead, for each block of transactions Monero miners successfully approve, they are awarded brand new Monero coins, which can then be placed into circulation. It’s like De La Rue printing the Bank of England’s fivers – except these notes are digital.
What does one need to Mine Monero?
Mining Monero takes two things: a personal computer and some downloadable software. The operating system you choose to use is less important than the actual hardware; for that, you’ll need to choose whether you want to use your computer’s CPU or GPU.
- CPU: Your computer’s central processing unit (CPU) makes your computer run. You can think of it as the computer’s brain.
- GPU: Your computer’s graphics processing unit (GPU) displays your computer’s graphics.
Whether you choose a CPU or a GPU to mine Monero depends on how much power you’re willing to use to mine. For the sake of this overview, we’ll note that either is fine.
Where can the mining software be found?
Monero mining software can be downloaded online. The actual software you use depends on whether you’ve chosen to mine with your CPU or your GPU, as well as the operating system you’re using. It’s also important to note that some mining software has developers’ fees. You’ll want to be aware of these costs before mining.
After choosing your hardware and downloading and installing the appropriate software, you’ll want to join a Monero pool to link your computer’s power with that of other miners in your general geographic area, and then you’re ready to mine. If you need a free Monero wallet to store your new coins, you may wish to try XMR Wallet. It’s free, safe and reliable — and it requires no personal information to get started.
What Is The Safest and Most Secure Monero Wallet?
If you’re looking for a safe Monero wallet to securely store your crypto coins, you should know about XMR Wallet. As one of the greatest online wallets available to users of Monero today, XMR Wallet outpaces nearly every other crypto coin storage app. It includes:
- Full support in over 10 accessible languages, including French, German, Russian, English, and Spanish
- Compatibility with other Monero wallet seeds, including those used in popular XMR wallets like MyMonero
- Accessibility from any mobile or desktop browser for access anywhere with an internet connection
- Fast, secure and reliable transactions, with the ability to send, receive and store your Monero coins
A Commitment to Security
Whilst other online wallets might boast clones of these same great features, only XMR Wallet can provide you with all this plus the best user experience, the highest quality performance and the utmost in security. XMR Wallet has been designed with a security-first approach. It includes a number of unmatched levels of protection, including:
- Open Source Software: We encourage other tech lovers to review our source code and make recommendations for updates that enhance the security and safety of our application.
- Client-Side Programming: XMR Wallet runs in the browser, not server-side, ensuring greater security for you.
- Ongoing Development: We are not finished with this Monero wallet. Our ongoing development efforts mean this app will continue to realize prompt attention, assuring the security of our users.
No Personal Information Needed – Ever
To get your own personal XMR Wallet, all you need is a Monero seed — that is, a string of random words that identify your wallet as your own — and about five seconds of your time. XMR Wallet never asks for any personal registration details, including your name. What’s more, it’s completely free to get and use, and we’ll never log any information that could in any way identify you or your location.
Get Your Wallet Today
Getting XMR Wallet is easy. Simply browse to our website at xmrwallet.com and click ‘Create a Monero account’. From there, follow the on-screen prompts, and you’ll have your own personalized Monero wallet in no time.