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Monero Mining: Full Guide on How to Mine Monero

In the highly-competitive market of cryptocurrencies, Monero (XMR) has created a place for itself. Launched in April 2014, it is one of the top cryptocurrencies with a market capitalization of almost $3 billion.

Monero has become a favorite among many investors and miners because of its powerful performance throughout the years. For example, it managed to go up from $10 in January 2017 to $494 in January 2018, giving a return of around 4800% to its investors. Isn’t that mind-blowing?

So, if you are thinking about Monero mining, then you’re not alone. The growth that Monero experienced throughout the years has brought a lot of attention to XMR mining.

However, Monero mining might seem a bit confusing, and you may have many questions such as: how does it work? What kind of software and hardware do I need? How do I start? How long does it take to mine one XMR? And so on, and so forth.

Don't worry, though, in this article I will answer all these questions (and many others related to Monero mining). So, by the end of this guide, you will have a clear understanding of what Monero mining is, and whether you should do it or not. On top of that, you'll also be able to find out about some of the best XMR mining platforms, too!

Before jumping to mining, though, it’s important for you to know that there is a much easier way to obtain Monero than by mining it. Simply pick a crypto exchange that supports Monero and have it in your wallet in no time. If you have no idea where to start, consider Binance, Coinbase, Kraken, or KuCoin.

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Is the availability of user-friendly crypto wallets and applications a critical factor in facilitating broader acceptance and usage of cryptocurrencies, or should the focus be on technical advancements and security?

Absolutely, UX is one of the leading factors why crypto is still not being mass adopted. Innovations like Account Abstraction, Lazy Minting, Fiat on-ramps, and others path the way for more user-friendly crypto.

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What is Monero (XMR)?

Monero, just like Bitcoin, is a digital currency that can be used to send and receive payments. Imagine Carl wants to pay $100 to Ava, and they agree to do the transaction in cryptocurrency. Carl can make the payment using Bitcoin, Litecoin, Monero, or any other similar cryptocurrency.

So, why would Carl use Monero?

Well, for one, if Carl and Ava want their transaction to remain untraceable and private, then Monero may be their best option. You see, it was created as a privacy-preserving asset.

Let me explain this further:

If Carl sends Ava some money using Bitcoin, the transaction is visible to everyone on the network. Everyone can see who the sender is and who the receiver is. This means that transactions sent in Bitcoin are public and out there for everyone to see.

Even though Bitcoin is decentralized, it is not private. Monero, however, is both decentralized and private. Monero’s technology allows all transactions to remain 100% private and untraceable.

Monero mining: XMR coin.

If the transaction is done using Monero, then Carl and Ava are the only two people who will know about this transaction. There is no one else on the Monero network that could find out that this transaction ever took place.

The privacy that is offered by Monero is what has made it so popular. As some people feel uncomfortable letting others know what they are spending their money on.

In addition to complete privacy, it's also important to note that Monero is fungible.

Sounds complex? Well, it isn’t. In fact, it’s a very simple concept.

Fungibility simply means that units of a currency are interchangeable. For example, a $100 bill can be replaced by another $100 bill, or even two $50 bills. This is what makes fiat currency (USD, EUR, JPY, etc.) fungible.

Bitcoin is not fungible (or, at least, not fungible to a certain extent). While it technically is fungible, someone might refuse to take a Bitcoin which has previously been used in illegal transactions. This is possible because everyone can see the transactions which have taken place on the Bitcoin network due to the lack of privacy it has.

So, one unit of Bitcoin might not be interchangeable with another Bitcoin, but this is not the case with Monero. Since no one knows anything about the previous transactions of a Monero coin, all of them are considered equal and are interchangeable with one another.

How is Monero Doing in 2023?

As of April 2023, there is a total of 18,267,333 XMR in circulation. It is also the total supply of Monero. Its price ranges at around $158, while its market cap is close to $3 billion (as was mentioned before). Besides, as of writing, Monero is in the 27th place of the biggest cryptocurrency list based on its market cap.

Monero mining: BitDegree crypto price tracker – Monero.

That being said, let's look into the process of Monero mining.

What is Monero Mining?

Monero mining is the process of validating transactions on the Monero network and creating new blocks. People who mine it are referred to as Monero miners. Overall, they perform two important tasks: confirm transactions and secure the Monero network.

Using the previous example, suppose Carl sends $100 to Ava via bank transfer. In this scenario, it is the bank’s job to make sure that Carl has enough balance to make the $100 payment to Ava. After the bank confirms this transaction, they make a record of it so that it can be referred to in the future. Now, if Carl were to send the $100 to Ava using Monero, who would validate and record this transaction?

That's right, the answer is Monero miners! They remove the need for banks to confirm transactions. But how exactly do they do that?

The Monero network is based on the Proof-of-Work consensus mechanism. So, Monero mining is PoW-based, just like Bitcoin mining. In essence, miners use high-powered software and hardware to solve difficult cryptographic equations. However, unlike the SHA-256 algorithm used by Bitcoin, Monero mining is done through the RandomX algorithm.

Monero mining: Mining rig.

Thus, note that you don’t need to purchase special hardware for XMR mining. Anyone with a computer can mine Monero because it can be carried out using your computer’s CPU/GPU. This has made Monero a good option for beginners and other people who don’t want to invest lots of money to start mining.

With that said, keep in mind that the more powerful the hardware is, the better.

Now, a question that might come up next is what’s in it for the miners? Well, they get rewarded with newly mined XMR coins every time they use their resources to validate a group of transactions (called blocks)!

So, now that you know WHAT Monero mining is, you should also know that there are several ways you can mine Monero.

Types of Monero Mining

For starters, there are three main ways to mine Monero:

  • Solo Mining
  • Pool Mining
  • P2Pool Mining

Solo mining, as the name suggests, refers to mining alone. In terms of securing the network, it is the best way to mine Monero because you directly interact with the Monero blockchain. However, solo mining is not recommended for beginners. Why?

For one, there is high competition. Besides that, solo mining will barely result in any rewards unless you are prepared to invest a lot of money into mining hardware, which is also costly to maintain. So, unless you already have a successful mining rig, solo mining is not the best option to choose.

Monero mining: A woman with a laptop.

Then, there is pool mining, which is a recommended way to mine Monero. In a mining pool, a group of Monero miners come together and combine the power of their hardware. This gives them a better chance of verifying transactions (yes, the competition is tough!).

The reward they receive from mining is also split between the mining pool. Most mining pools charge you a pool fee, which is generally in the range of 0-2%.

Imagine that you contribute 5% to the total hardware power of the mining pool you are in. This means that you will also receive 5% of the total rewards earned by the Monero mining pool.

You can choose from the many Monero mining pools in the market. Here is the list of the top Monero mining pools:

Pool Pool Fees Number of Miners (as of April 18th, 2023)
Minergate 1% 2112
xmr.nanopool.org 1% 2817
monero.hashvault.pro 0.9% 2691
SupportXMR.com 0.6% 5596
p2pool.io 0% 443

Now, you can also mine Monero using the P2Pool sidechain of Monero. It provides users with a P2P mining pool, which allows them to get rewards in the same frequency they would get by participating in Monero pool mining, just without the need of actually joining a centralized pool. Thus, miners are in full control of this pool.

In a way, P2Pool mining combines the benefits of both: single and pool mining.

So, we've settled the three main ways of mining Monero based on the process. However, you can also distinguish ways of mining Monero based on the hardware used:

  • CPU Mining. It's a type of mining Monero using the Central Processing Unit (CPU) of your computer. To participate in CPU mining you need to have a computer and download a mining software program. CPU mining used to be a popular way to mine crypto. However, since the process of mining using a CPU is very slow, it's not that popular anymore. 
  • GPU Mining. It's a type of mining Monero using a Graphics Processing Unit (GPU). You can use one GPU or build a mining rig using several GPUs. For creating a mining rig, you must have a rig frame, a motherboard, and a processor. It's one of the more popular ways of mining Monero.
  • ASIC Mining. It's a type of mining Monero using Application-Specific Integrated Circuits (ASIC) crypto mining devices. While using this method you can mine huge amounts of Monero, ASIC mining gets a lot of criticism due to the amount of electricity it uses and due to the fact that it "robs" GPU/CPU miners from the possibility of mining Monero.
  • Cloud Mining. Now, this is a great option if you don't want to invest in any hardware. Cloud mining allows users to rent out a mining rig from a large mining facility. All you need to do is pay a fee for renting out that mining rig. The mining rewards are sent straight to your wallet. However, you do have to pay the fee in advance and you cannot change the software and hardware used.

Keep in mind that in the "how to" part I will be focusing on pool mining using CPU and GPU hardware because these are the most common ways of mining Monero. With that being said, you probably want to know how big Monero rewards are.

Monero Mining Rewards

In the past, when Monero mining was at its peak, a block reward was worth around 4.99 XMR. However, since the total supply of Monero has been reached, XMR tokens cannot be created at this rate. Though, the Monero network still needs miners to validate transactions, right?

Note: While the total supply of Monero is reached as of writing, there is no max supply set, which means that it could be increased in the future.

That's why in June 2022 Monero block rewards were reduced to a tail emission. So, the current reward for verifying (mining) 1 transaction block is around 0.6 XMR.

What are tail emissions exactly? They are tiny amounts of rewards paid in the coin in question that are used to encourage miners to continue validating transactions even after the total supply has been reached.

Monero mining: Rewards.

Now, another question you might be interested in is how long it takes to mine one Monero coin?

A Monero block is mined every 2 minutes. You already know that the current reward for mining a transaction block is 0.6 XMR. Doing the simple math, 1 XMR is mined every 3 minutes and 20 seconds.

If you're wondering whether you can still make money through Monero mining now, let me tell you this - it will not bring you millions in seconds. However, nobody knows what the price of Monero in the future will be. Besides, by mining Monero, you help to support its network, as well as the whole crypto ecosystem.

So, you know what is Monero mining, what types of Monero mining there are, and what are the rewards. Now, before jumping to the "how to" part, I also want to highlight some things you should think about before actually starting mining.

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Things to Consider Before Mining Monero

The first thing you should consider is that, while Monero mining can be profitable, it depends on a lot of factors. The most important of them being:

  • Hashrate: How powerful your hardware is.
  • Power Consumption: How much electricity your hardware uses.
  • Cost per KWh: How much your electricity costs per unit.
  • Pool Fee: The fee for the mining pool you are joining (if you are participating in pool mining).
  • The initial cost of setting up the hardware.

You can use a Monero mining profitability calculator online to help you weigh all these costs.

Besides, the profitability of mining also depends on the price of XMR. The prices of cryptocurrencies can increase and decrease very quickly.

Furthermore, another thing you should note is that, while you can mine Monero using ASIC, you will not have any advantage compared to other miners because Monero is ASIC-resistant. What this means is that, you will not be able to overshadow other miners with your high computational power.

FYI, an ASIC is a special type of hardware used for Bitcoin mining. An ASIC can cost anywhere between $600 to $1000, which has made Bitcoin mining unattractive for anyone except professionals.

Fortunately, as you already know, Monero mining doesn’t require you to purchase an ASIC because it can be carried out using your computer’s CPU/GPU.

Monero mining: Hardware.

However, what you do need is a Monero Wallet for storing XMR. The first option you have is to choose from two wallets developed by the Monero community:

  • Monero GUI Wallet. It is a free-to-use, open-source graphical user interface (GUI) wallet. This wallet is suitable for both novice and experienced users.
  • Monero CLI Wallet. It is a free-to-use, open-source command line interface (CLI) wallet. This one is more suitable for experienced users, including developers.

Besides that, if you want to keep your funds really safe, you can also store Monero in hardware wallets (which is the recommended option). Hardware wallets that support XMR coins include:

Additionally, as indicated on the official Monero website, you can use such mobile wallets as Cake Wallet, Feather, and Monerujo, or lightweight wallets such as MyMonero and Edge.

So, once you pick the wallet that is most suitable for you, you also have to choose what hardware you want to use and what type of pool you plan to join. I did provide you with several XMR mining pools above. As for the hardware, your best choices are either CPU- or GPU-based mining. So, let's talk about that.

How to Mine Monero?

You already know that the most important part of mining is to have the correct Monero mining hardware. Along with the hardware, you also need Monero mining software to help you connect with a Monero mining pool.

Monero mining: Man holding a coin.

As I mentioned earlier, you don’t need specialized ASICs for mining Monero. It can be done using a CPU or a GPU. But before proceeding, you need to know the two most important factors when selecting your hardware.

You should look for:

  • High hashrate - You can think of hash rate as the processing power of the hardware.
  • Low electricity consumption - Electricity is the biggest cost of mining.

Now, let's proceed to the actual mining process.

Mining Monero With a Central Processing Unit (CPU)

Firstly, let's talk about mining Monero using a CPU. So, how to do it?

Step 1: You can use your current CPU or purchase a new one. If you are planning to buy a new CPU, then AMD Ryzen and Intel Core CPUs are the two that I would recommend.

CPU Cost Hash Rate
AMD Ryzen 9 3900X $350 4600 H/s
Intel Core i9-10900X $515 4272.08 H/s

Step 2: Once you have your desired CPU, you will then need to download Monero mining software. You could consider using XMR-STAK-CPU as it is one of the most popular Monero miners — you can download it here. How to download it?

    1. Click on the "Xmr-Stak-RX" box and scroll down until you see the "Assets" box.
      Monero mining: xmr-stak-cpu step 1.
    2. If you are using Windows, download "xmr-stak-rx-win64-1.0.4.zip". Unzip it and place it into your chosen directory.
      Monero mining: xmr-stak-cpu step 2.
    3. Then, also download the "Source code (zip)" file and follow the remaining steps of installation which you will find in the file. Just note that XMR Stak charges a development fee of 2%, unless you can compile the source code yourself.
      Monero mining: source code.

Step 4: After you set everything up, it's time to join a mining pool. You can choose from the ones mentioned above or check this site to find others. Do note that the bigger the pool, the less frequent payouts you get.

Step 5: Now, just configure your miner by typing in the address of the pool you chose, as well as your wallet address, and start mining!

That's it! That being said, let's move on to the GPU-based mining.

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Mining Monero With a Graphics Processing Unit (GPU)

If you are serious about Monero mining, then using a GPU is a better option. There are two GPUs that are most recommended for mining Monero – AMD and Nvidia. Let me walk you through the process of using both.

Mining Monero With an AMD GPU

Follow these steps if you want to mine Monero using an AMD GPU: 

Step 1: Purchase an AMD graphics card. I suggest either AMD R9 280x or AMD Radeon Rx 580.

GPU Cost Hash Rate
AMD R9 280x $140 500 H/s
AMD Radeon Rx 580 $300 - 400 575 H/s

Step 2: Install an AMD driver:

  1. Go to the AMD support page and either use the "Auto-Detect" function or find the driver you want manually in the "Search for your product" field.
    Monero mining: AMD step 1.
  2. If you search manually, select your driver and press "Submit". You'll be taken to the page where you can choose the file to download based on your device's operating system.
    Monero mining: AMD step 2.
  3. Then just download the .exe file you need, open the installer file, and follow the instructions that will pop up.
    Monero mining: AMD step 3.

Step 3: Once you have installed the graphics card into your PC or laptop, follow the same steps as you would if you were CPU mining. The best Monero mining software when using AMD GPU hardware is XMR-STAK-AMD. It is a miner made specifically for AMD-based Monero mining. The installation process is similar to the one described above.

Step 4: Then, again, type in the address to the pool of your choice, as well as your wallet address, and start mining!

Now, let's talk about the Nvidia GPU.

Mining Monero With an Nvidia GPU

Using an Nvidia graphics card is another popular way to mine Monero. How to do that?

Step 1: Purchase an Nvidia graphics card. There are several models that you can choose from, it all depends on your budget. You should consider using one of the following:

GPU Cost Hash Rate
Nvidia GTX 1070 $400 - 500 505 H/s
Nvidia GTX 1080 $550 - 650 600 H/s

Step 2: Install an Nvidia driver:

  1. You need to first download the Nvidia GeForce Experience.
    Monero mining: Nvidia Geforce.
  2. Once you've downloaded and opened it, select "check for updates" on the driver's tab in the main terminal.
  3. The software will detect the hardware you have and provide you with the appropriate driver. You can then choose to go through "Express Installation" or "Custom Installation". I suggest picking the former.
    Monero mining: Nvidia installer.

Step 3: As far as software is concerned, XMR-STAK-NVIDIA can also be used, but CCMiner is considered a better option. You can download the latest CCMiner release here. How to do it? The process is pretty similar to installing XMR-STAK software:

  1. Make sure you choose the "ccminer-2.3.1-cuda10.7z", if you’re using a Windows operating system.
    Monero mining: CCminer step 1.
  2. Then, also download the "Source code (zip)" file, unzip it, and follow the instructions until the installation process is complete.

Step 4: The last step is the same - choose a mining pool, configure your miner by typing in the mining pool address together with your wallet address, and start mining!

There you have it! These are some of the best methods for mining Monero using a combination of Monero mining hardware and Monero mining software.

So, Should You Mine Monero?

The answer to this question is completely up to you. However, to make it easier, I can tell you a few benefits and drawbacks of mining Monero.

In terms of the benefits, these are the main ones:

  • By mining Monero, you contribute to the Monero network and the whole crypto ecosystem overall.
  • Monero mining is ASIC-resistant, so it's a fair game for all miners.
  • Monero mining can be done using your computer, so you don't need to buy tons of expensive mining equipment.

As for the drawbacks:

  • Monero mining rewards have dropped due to the fact that the total XMR supply was reached.
  • There are fewer crypto wallets that can store XMR tokens compared to, for example, Bitcoin.

What do you think, do the benefits outweigh the drawbacks?


So, now you have a good understanding of what Monero is, and how is it different from Bitcoin. You also know what Monero mining is and the different ways to do it.

Monero mining may or may not be profitable, it all depends on these factors: hash rate, electricity cost, hardware cost, and so on.

If you feel like Monero mining is for you, then you can use the information in this guide to start mining!

If, however, you've decided that you'd like to take an alternative route of investing in cryptocurrencies, you could simply purchase some on platforms such as KuCoin, Kraken, Coinbase, and Binance.

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Also, once you buy or mine Monero, don't forget that you will need a secure cryptocurrency wallet. Consider hardware ones, such as Ledger Nano X or Trezor Model T

If you decide to start your Monero mining journey, I wish you all the best!

About Article's Experts & Analysts

By Kevin Riedl

Founder at Wavect

Kevin Riedl is a versatile professional with expertise in smart contracts, dApps, and Web3 development. As a developer and speaker, Kevin is actively involved in the Web3 community, engaging with industry leaders and sharing insights through podca...

By Aaron S.


Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms...
Aaron S., Editor-In-Chief
Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
Kevin Riedl, Founder at Wavect
Kevin Riedl is a versatile professional with expertise in smart contracts, dApps, and Web3 development. As a developer and speaker, Kevin is actively involved in the Web3 community, engaging with industry leaders and sharing insights through podcasts. He is the founder of Wavect, which is a Web3 software agency. It develops smart contracts and dApps. Furthermore, Kevin Riedl is a lead blockchain engineer at Quivr. Quivr is a universal digital identity solution that validates passions, credentials, skills, and attendance through data.

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Is Monero mining worth it?

In most cases, Monero mining isn't seen as a worthwhile process. While it does have some perks and benefits, most of the time, you'll be losing money - this is due to the prices of hardware, electricity, and cloud mining services. To put it short, it's better to purchase Monero from a cryptocurrency exchange and invest in it this way, at least in the vast majority of cases.

Wha are the different types of Monero mining?

There are three main types of Monero mining - hardware mining (the most popular option), mining pools (also very popular), and cloud mining (a bit more niche). Each of these methods have their pros and cons, but usually, they will all result in you losing more money than gaining. Instead, if you want to invest in Monero, try looking up some high-end cryptocurrency exchanges, and purchasing the cryptocurrency there.

How to pick the best crypto exchange for yourself?

Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. For example, all of the best exchanges should possess top-tier security features, but if you’re looking to trade only the main cryptocurrencies, you probably don’t really care too much about the variety of coins available on the exchange. It’s all a case-by-case scenario!

Which cryptocurrency exchange is best for beginners?

Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market.

What is the difference between a crypto exchange and a brokerage?

In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman - it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” - you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.

Are all the top cryptocurrency exchanges based in the United States?

No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.



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