According to the Monero website, Monero is a cryptocurrency that ensures anonymity, security and non-traceability. Its special cryptography ensures that transactions cannot be linked or traced. Given all the benefits that it offers, it is not surprising that it is being adopted in large numbers, and was one of the high flyers of 2017 as far as cryptocurrencies are concerned.
As with most other cryptocurrencies, the primary source of Monero is by mining. This article seeks to provide a step-by-step guide on how you can mine Monero using your PC. Experts recommend using Minergate.com because the platform is compatible with Windows, Linux, and Mac OS. Also, you can use this mining technology with either a CPU or GPU.
Monero Mining Technology
Before you set out to mine Monero, there is a need to understand the inherent features of the technology used in the mining process.
Firstly, Monero uses a hashing algorithm (CryptoNight) that is entirely different from that of Bitcoin. This makes the coin unsuitable for use with Application Specific Integrated Circuits (ASICs), the unique hashing hardware used in mining for Bitcoin. Without ASICs for Monero at the moment, anyone can mine for the digital coin, provided they have a CPU or GPU. You will need both if you want to engage in dual mining. Monero’s CryptoNight conflicts with all ASICs-based mining tools.
The second point of note is the inbuilt privacy protocol that Monero uses known as Ring Signatures. This is a significant difference between Monero and Bitcoin. It is this feature that makes Monero one of the most anonymous cryptocurrency out there today. You can mine blocks in as little as 2 minutes on the Monero blockchain, as opposed to 10 minutes on Bitcoin’s blockchain.
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