How to Mine Monero | Where, How, and Why | CoinStats Blog (2023)

Cryptocurrency mining is the method by which individuals help create cryptocurrencies and verify transactions related to new coins on the blockchain. Crypto mining involves an extensive, decentralized network of computers that help safeguard and verify blockchains that record crypto transactions.

For contributing their processing power, these miners are rewarded in the form of new coins. Miners help secure the blockchain, the blockchain rewards miners with new coins, and the coins further incentivize miners to help secure the network.

The concept of mining crypto was fairly unknown until a few years ago when tech geeks and new crypto enthusiasts became well-known for their ability to solve complex puzzles, create blocks, and mine cryptocurrencies. These miners were busy supporting a whole new form of finance while the rest of the world looked on in confusion. When the value of cryptocurrencies like Bitcoin increased in 2016, these miners suddenly became respected as a whole new class of geniuses and, of course, top earners.

While many started showing interest in mining crypto, not all interested individuals were able to actively engage in the activity due to the high investment demands of the process. Considering that cryptocurrencies are meant to be decentralized and accessible to everyone, many thought that the exclusivity of the mining opportunity was quite a letdown.

In the light of this dissatisfaction, Monero, a secure, private, and decentralized crypto network, decided to look for a better solution. By 2019, the Monero community managed to develop a new algorithm that allowed anyone with a computer to engage in mining activities and earn rewards — a step in the right direction for decentralization and fair accessibility.

This article rolls out everything you need to know about Monero: what it is, how it works, the uses of its XMR token, how to mine Monero, and why Monero mining is essential. You can also read about how to buy Monero, with expert predictions about the value of XMR and the potential of the Monero network.

What Is Monero

Monero (XMR) is a popular open-source cryptocurrency that focuses on decentralization, privacy, and scalability. It is built by community-funded contributors and volunteers who have worked hard to ensure that Monero transactions are seamless at each step.

XMR achieves distributed consensus using the proof-of-work (PoW) mining method. Although many consider it to be similar to Bitcoin, it is different in that implementing PoW allows even hobbyist miners to try their hand at mining with nothing more than an ordinary CPU.

Monero developers have been trying to keep ASICs and other specialized machines away from the mining scene to maintain and improve Monero’s decentralization.

The CryptNight hashing algorithm has been replaced by RandomX, which was the result of a scheduled upgrade in November 2019. RandomX is a PoW algorithm that discourages ASICs and penalizes miners for using GPUs. Therefore, CPU mining is now the preferred way to go if you want to mine Monero.

Despite the mounting regulatory pressure on exchanges, Monero is still among the top 30 coins in the industry, with a market capitalization that exceeds $5 billion.

Monero is one of the few cryptocurrencies with digital transactions that are unaffected by capital controls and regulations.

Let’s have a look at the main privacy-enhancing technologies used by Monero:

Ring Signatures

Monero’s Ring Signatures technology mixes the digital signatures of the person making an XMR transaction with that of other users before creating a record on the blockchain. This mechanism makes data appear as if the transaction in question was sent by any one of the recorded signers.

Since 2019, a default Monero transaction is recorded by adding 10 signatures to each transaction group, mixing a total of 11 signatures.


Ring Confidential Transactions are used by the Monero network to hide the exact value amounts that users exchange in blockchain-recorded transactions. This implies that no one other than the sender and receiver can know how much value is being transferred through a Monero transaction. RingCT allows transactions to have multiple inputs and outputs while protecting users’ anonymity and preventing double-spending.

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Stealth Addresses

Monero’s Stealth Addresses allows users to publish a single address that creates multiple one-time accounts for each transaction. The owner will have a secret “view key,” and their wallet can identify incoming funds by scanning the blockchain to find transactions with that particular key.

What Is Monero (XRM) Used For

Monero (XRM) is a secure crypto coin ideal for fast and anonymous transactions.

Monero helps businesses maintain the privacy of their account information in light of the growing number of financial crimes.

Monero also provides much-needed privacy for individuals who wish to protect their spending and financial data from Facebook and other large data-mining companies that may sell it without consent and pocket the profit.

A transparent public ledger would be ideal in a world devoid of financial crime. However, in today’s world, knowledge about salaries and revenues of individuals and companies is an open invitation to international crime.

With the help of miners and the PoW consensus method, XMR transactions on the Monero network are kept private and secure to prevent financial frauds and crimes.

What Is Monero Mining

Monero mining refers to the process through which users can earn XMR coins as a reward for verifying transactions on Monero’s blockchain. Through Monero mining, miners can create new XMR coins using Monero mining software.

A Monero miner is a physical miner who operates mining devices. Monero miners act as network supervisors and administrators, validating all XMR transactions. After transactions are validated, they are recorded in blocks that are essentially digital files. These blocks are created by Monero miners who solve complex puzzles according to the PoW method. If a Monero miner is able to solve the puzzles, they earn the right to add the block to the network and also get newly created XMR coins as Monero mining rewards per block.

Why Are Monero Miners Important

Miners act as replacements for centralized authorities and institutions that would typically control transactions and monetary dealings in traditional finance. Therefore, it’s fair to say that miners are the backbone of the Monero network.

Monero miners verify and approve transactions so that users can exchange value through the blockchain. They solve complex puzzles with equations to create new blocks that help keep the Monero network active. The block rewards they earn also serve as a crucial addition to the supply of new coins.

Monero miners also help overcome the issue of double-spending

A set of time-stamped transactions is shared with a miner after being collected into a single block. Through cryptography, each new block is linked with the previous one to form an immutable blockchain. This blockchain allows miners to determine the legitimacy of a transaction. The debit and credit are also noted down in the sender’s and receiver’s wallets, respectively, so the sender cannot possibly spend the coins again.

Why Mine Monero

Following are the two crucial reasons why individuals usually choose to start Monero mining:

Fairness of the Mining Process

Monero developers and Monero community members have created RandomX, which is an ASIC-resistant PoW algorithm. RandomX makes it impossible for miners to use specialized hardware for mining Monero, thereby leveling the playfield for miners who only have access to consumer-grade hardware.

Incentives for Mining

There’s no limit to the supply of Monero available for mining, as might be the case with other cryptocurrencies like Bitcoin.

After the allocated 18.132 million XMR tokens are discovered by miners, the Monero will generate 0.6 XMR indefinitely through a tail emission. This process will keep miners motivated even after the total XMR supply is depleted.

Monero miners can mine blocks every two minutes, with a block reward of 0.6 XMR once the tail emission mechanism is activated in May 2022.


The XMR acquired from mining can be directly traded for fiat on major exchanges. Monero is easily tradable for Bitcoin (BTC), which is a cheaper way to steadily build a Bitcoin holding position. The BTC can then be sold for cash, which provides an easy way to earn cash indirectly.

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What to Consider Before Mining Monero

Here are some of the factors that interested miners must consider before they start mining Monero.


Since mining is a type of business, an interested miner should think about XMR’s profitability before investing time, money, and effort in the mining process.

Mining XMR doesn’t require costly hardware, so the mining profitability of Monero only depends on the electricity cost, pool maintenance fees (if applicable), and mining hash rate.

Hash Rate

Monero uses RandomX, which supports CPUs as mining devices. Since mining is a time-based process, the higher the processing power of your CPU is, the higher the hash rate will be, making the mining process smoother.

Hardware and Software Options

Before you decide to mine Monero, you must decide which hardware and software you will be using for the process. Your hardware and software must be compatible to ensure the success of the mining process — each will have different effects on the profitability and hash rate of Monero mining.

How to Mine Monero

How to Mine Monero | Where, How, and Why | CoinStats Blog (1)

Following are the two main ways to mine Monero:

  • Monero mining with a CPU
  • Monero Mining with a GPU

Monero Mining with a CPU

Compared to advanced mining equipment, CPU mining is less profitable but more accessible and affordable for many miners.

Since the development of RandomX, Monero’s CPU-friendly algorithm, anyone can mine Monero using their computer’s CPU. RandomX allows smaller retail miners to have a fair shot in the competition with large-scale miners, thereby maintaining decentralization in Monero mining.

You can use almost any CPU for mining Monero, but if you’re considering buying a new CPU, select either you can choose from the following options:

  • Intel Xeon L5640 (130 H/s)
  • AMD Opteron (415 H/s)

After setting up your desired CPU for mining Monero, you will have to download an appropriate mining software like XMR-STAK-CPU. This universal stratum pool miner is available for Windows, macOS, and Linux.

Monero Mining with a GPU

Moner’s recent adoption of RandomX has made CPU a preferred option for mining Monero by discouraging and penalizing those who use a Graphics Processing Unit (GPU). That said, many still prefer GPU mining as it is known to be a more efficient mining method with a higher hash rate.

  1. Choose your Hardware

The two primary GPU manufacturers are Nvidia and AMD.

You can choose an Nvidia or AMD Graphics Processing Unit from the following options:

  • Nvidia GTX 1070 (505 H/s)
  • Nvidia GTX 1080 (600 H/s)
  • AMD R9 280x (500 H/s)
  • AMD Radeon Rx 580 (575 H/s)

As CPUs are preferred for mining Monero with the recent RandomX algorithm, you can either use your existing CPU or buy a new one for Monero mining.

Some popular XMR-supported mining devices are:

  • AMD Threadripper 3990X
  • AMD Ryzen 9 3900X
  • Intel Core i9-10900K
  1. Select a Software that Supports your Hardware

Since you will be using Monero mining software, you should check the compatibility of the hardware and software to ensure mining efficiency.

If you’re mining solo, you can use a CLI or GUI wallet with a CPU only. For mining with a GPU or a pool, you will need dedicated software. Following are some mining software options that support Monero mining (some might charge developer fees):

  • XMRig
  • CSminer

The configuration process for each software depends on the mode of mining and the hardware you decide to use. If the hardware and software are configured successfully, the mining process will be successful.

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  1. Choose a Wallet

While determining a wallet for your Monero, you must ensure that the wallet you select is secure, easy to use, compatible with your browser, and supports XMR tokens. A good wallet option for Monero is CoinStats.

The CoinStats wallet has a simple layout where you can view and monitor your XMR holdings. The CoinStats wallet links directly to the CoinStats exchange so that the tokens you acquire are seamlessly credited to your wallet. You can also transfer your funds directly from your wallet and export your CoinStats private keys for safe storage. The CoinStats wallet also supports more than 220 crypto coins, so you can use any crypto in your portfolio to acquire XMR and later trade the XMR you have acquired seamlessly for other crypto coins.

By syncing your bank card with your CoinStats wallet, you can also buy XMR easily using fiat money — if you choose to buy Monero instead of mining, you’ll be able to find the steps for buying XMR later in this article.

  1. Configure the Mining Software

The last step in the process for mining Monero is configuring the software. This is the main step that requires careful attention from the miner. When the software is properly configured, you can sit back and relax until the XMR tokens are mined and appear in your wallet.

Advantages of Monero Mining

Following are some of the key advantages of Monero mining:

  • With many big cryptos like Bitcoin, miners who possess ASIC hardware have a competitive edge over those who don’t. Monero’s mining algorithm, on the other hand, is ASIC-resistant, thereby ensuring fair competition among all participants of the Monero mining process.
  • Monero’s algorithm encourages more participation in the XMR mining process. Interested miners can use any computer to mine Monero without making a costly or tech-heavy investment.
  • Monero’s block size is adaptive, i.e., it can expand automatically when transaction volumes increase. The double-verification process may cause the transaction time to increase for some recipients, in which case, the adaptive block size serves as an advantage.
How to Mine Monero | Where, How, and Why | CoinStats Blog (2)

Challenges of Monero Mining

Despite its attractive plus points, it is also essential to consider the challenges involved in Monero mining:

  • The Monero network is dominated by 2 or 3 mining pools, which account for half of the hashing power.
  • There aren’t many Monero wallet options to choose from, considering the complexity or simplicity of the user experience. (Of course, once you discover the simplicity and convenience of a CoinStats wallet, you won’t want to look much further!)

Is Monero Mining Worth It

Mining cryptocurrency, in general, is time-consuming and effort-intensive. For Monero, in particular, many don’t consider mining a worthwhile process as anyone can conveniently buy it on a crypto exchange without any hassle. While Monero mining does have some benefits, most miners tend to lose money due to the electricity cost and the prices of hardware and cloud mining services.

In short, it might be a better option for most individuals to buy Monero from a crypto exchange rather than going through the mining process.

Where to Buy Monero

How to Mine Monero | Where, How, and Why | CoinStats Blog (3)

It is essential to check for some key requirements when choosing a crypto exchange:

Security: The exchange that you select should be 100% reliable. You must also check the link carefully to ensure you access the authentic exchange website and spend your funds in the right place.

Asset offering and payment support: The crypto exchange that you choose should, first and foremost, offer the XMR token. It should also support the payment method you want to use to fund your order. If you plan to pay with fiat money, the exchange should accept the bank transfer, credit card, or debit card you will be using. If you are swapping other cryptos to acquire XMR, you should also confirm that the exchange supports those trading pairs (e.g., BTC/XMR, ETH/XMR, etc.)

CoinStats: The Ideal Choice for Buying Monero

CoinStats is a platform that features:

  • A reliable crypto exchange for purchasing Monero.
  • A secure crypto wallet for storing your XMR tokens.
  • A crypto portfolio tracker that lets you check the XMR price and make a well-informed investment.

CoinStats also provides informative content like “How to Buy Cryptocurrency” and “What is DeFi” for crypto beginners and potential investors.

How to Buy Monero

How to Mine Monero | Where, How, and Why | CoinStats Blog (4)

Following are three simple steps for buying Monero:

  1. Create an account: You will have to create an account on a crypto exchange by filling in your KYC details. Once your details are verified, you will be able to start buying and selling Monero and other cryptos on the exchange.
  2. Set up or connect your wallet: If you don’t already have a wallet, you should (optional) create one to have a secure place to store your XMR tokens when you acquire them. If you already possess a crypto wallet, you can just connect it to the exchange, and you’re all set to start buying.
  3. Make your Purchase: After you have set up your account and wallet, you can proceed to look up Monero (XMR) on the exchange. You can place a limit order for XMR by selecting the number of tokens you wish to acquire and the price per token you are willing to pay. If the price of XMR reaches your target amount, the order will be fulfilled, and the tokens will reflect in your wallet.

Is Monero a Good Investment

As of 3rd June 2022, the Monero price is $199.10, with a 24-hour trading volume of around $146 million. Monero ranks at #27 on CoinStats, with a live market cap of approximately $3 billion and a circulating supply of about 18 million XMR coins.

Following are some of the expert price predictions for Monero’s XMR token:

Digital Coin Price

According to Digital Coin Price, the price of Monero may keep increasing throughout 2022, reaching almost $430 at the end of the year, i.e., its potential growth might go up to 56%.

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Gov Capital

Gov Capital stated that Monero’s price could increase by more than 70% through the year, reaching the $350 price point in 2022. Gov Capital analysts don’t predict downward trends for XMR and consider Monero to be a profitable investment.


WalletInvestor predicts that Monero might remain at its current price point for a long time. XMR is expected to peak at $360 by mid-2022, and its minimum price may rise to $320 by the end of the year.


Analysts at TradingBeasts are confident that XMR won’t crash and has good growth potential. TradingBeasts forecasts suggest that XMR may grow by around 110% in three years. The price of Monero may rise as high as $360 by the end of 2022 and $500 by the end of 2023.

Whether you choose to mine or buy Monero, the market risks will still define the value of the token you are ultimately trying to acquire. Therefore, despite the mostly positive XMR predictions, potential investors must monitor the charts diligently for a while before making an investment decision.

Closing Thoughts

Monero mining is open to everyone in that the algorithm does not need any special mining equipment. Even with just a basic CPU and any operating system, pretty much anyone can mine XMR tokens.

The main factors you must evaluate before you start to mine XMR as a solo miner are the profitability of Monero mining, the hash rate in relation to the CPU hardware and mining software used, pool maintenance fees, and power consumption demands.

Monero miners play an important role in verifying transactions and maintaining the security of the Monero network. Mining XMR also helps add to the circulating supply of tokens.

An interested miner can choose from the best Monero miner software and hardware options detailed in this article.

Even though the process of Monero mining is accessible to all and doesn’t require too much financial investment, the miner will still have to put in time and effort to solve the complex puzzles, complete blocks, and earn rewards.

Many find Monero mining to be quite tedious in comparison to buying the Monero coin directly from an exchange.

CoinStats provides the perfect exchange for purchasing and trading Monero, as well as a wallet for storing XMR tokens securely. You can also use the CoinStats portfolio tracker to monitor the performance of XMR and other cryptos in your portfolio.

The overall price predictions of the Monero coin seem to be mostly positive, but you should still do your own thorough research and monitor the charts regularly before spending time and effort mining Monero or buying it from an exchange.

If you’re interested in mining Monero, you can start your journey by visiting the Monero website and saving this article for reference along the way.

Happy Monero Mining!


How long will it take to mine 1 Monero? ›

As of Thursday, July 28, 2022, it would take 125.9 days to mine 1 Monero at the current Monero difficulty level along with the mining hashrate and block reward; a Monero mining hashrate of 42,000.00 H/s consuming 450.00 watts of power at $0.10 per kWh, and a block reward of 0.65 XMR.

How easy is it to mine Monero? ›

Mining Monero is pretty easy to get started with because it does not require expensive mining hardware like bitcoin. Monero has also established itself as the main privacy currency. That implies it has a lot of upward price potential, which might help you make more money mining Monero.

Is mining Monero profitable? ›

XMR mining is profitable

Depending on your CPU/GPU, this will quantity to around $0.45 to $1 in profitability, per day per mining system.

What is the most profitable way to mine Monero? ›

The best way to mine XMR coins is to use your everyday computer's processor (CPU) or graphics card (GPU). However, solo mining isn't profitable, and you will need to either join a mining pool or rent out hash power using cloud mining. ”

Which CPU is best for Monero? ›

The best mining processors
  • AMD Ryzen Threadripper 3970X. The absolute best mining CPU. ...
  • AMD Ryzen 9 3950X. Another brilliant mining CPU from AMD. ...
  • Intel Pentium Gold G-6400. A great CPU for maximising mining profit. ...
  • AMD Ryzen 5 3600X. ...
  • AMD Ryzen Threadripper 3960X. ...
  • Intel Core i9-10900X. ...
  • Intel Celeron G5905. ...
  • AMD Ryzen 3 3100.
Jan 20, 2022

What is the fastest way to mine Monero? ›

Using a GPU is the ideal way to mine Monero. While it requires substantially more investment compared to using a CPU, its hash rate is significantly higher. There are two primary manufacturers of GPUs you should take a look at – AMD and Nvidia.

How much RAM do I need for Monero mining? ›

3600mhz ram with as low of a CL as possible.

Can I mine Monero on my phone? ›

Monero Now Price is about 259$ and you can Mine with different ways, like android device, PC or Laptop CPU, or GPU.

What is the easiest crypto to mine? ›

Answer: Monero is the easiest cryptocurrency to mine now because it can be mined via browser extensions and free software over websites. It is even mined via crypto jacking. The mining code can also easily be incorporated into apps and websites to facilitate mining.

How long does it take to mine 1 Monero on a laptop? ›

The walkthrough will be on a Windows 10 machine, but note that you can also mine on Windows 7 or 8, as well as on Linux and Mac. The whole process of downloading your miner, configuring things, and getting going should take less than 20 minutes.

What is the best GPU for mining Monero? ›

Best GPU Miner for Monero

If you opt for using a GPU for mining Monero, some of the best solutions in the market are: Radeon RX Vega 64 (1700/1100 MHz). This graphics card can mine Monero at 1.225 kH/s. With a VRAM of 8 GB HBM2, this card outperforms most GPUs in the market.

How do I start Monero mining? ›

The most common way to start monero mining is by using your device's CPU. You can also purchase a special CPU just for mining. You can mine solo or be part of a mining pool.

What kind of computer do I need to mine Monero? ›

Best CPU Miner for Monero

With 64 cores and 128 threads, Threadripper 3990X can provide hash rates from 43 to 64 kH/s using the XMRig 6.3. 5 algorithm (as stated on If Threadripper 3990X is too expensive and you want something cheaper to mine Monero, Threadripper 3960X is a perfect choice.

What is the most profitable crypto to mine? ›

Ethereum (ETH-USD), Verge (XVG-USD) and dogecoin (DOGE-USD) are the top three most profitable cryptocurrencies to mine, according to a recent report by Traders of Crypto. Note the barriers to entry in crypto mining are low so long as the right equipment is being used to set up a mining machine.

What do I need to know about mining Monero? ›

To mine Monero using your own hardware (solo or pool mining) you can follow these simple steps:
  • Set up a Monero crypto wallet.
  • Download and install RandomX-based hashing software.
  • Set up mining software (connect wallet, connect to blockchain)
  • Begin mining and monitor the miner.
Apr 26, 2022

Is it better to mine Monero with CPU or GPU? ›

Mining for Monero is done with CPU and carried out on video cards. It is recommended to mine with Nvidia chips, since the efficiency of AMD cards is noticeably lower on RandomX.

Is CPU or GPU better for mining Monero? ›

Can Monero Be Mined On Cpu? GPUs are more efficient than CPUs, so Monero mining can take place on both.

What is the most profitable CPU? ›

The best mining processors
  • AMD Ryzen Threadripper 3970X. The absolute best mining CPU. ...
  • AMD Ryzen 9 3950X. Another brilliant mining CPU from AMD. ...
  • Intel Pentium Gold G-6400. A great CPU for maximising mining profit. ...
  • AMD Ryzen 5 3600X. ...
  • AMD Ryzen Threadripper 3960X. ...
  • Intel Core i9-10900X. ...
  • Intel Celeron G5905. ...
  • AMD Ryzen 3 3100.
Jan 20, 2022

Which app can I use to mine Monero? ›

P2Pool: The best of both solo and pool mining

P2Pool is a Peer-To-Peer mining pool that gives miners full control over their Monero node and what it mines.

How do you mine Monero with 2gb GPU? ›

Easily Mine Monero On Any 2GB Or Higher GPU - YouTube

How many blocks are in a Monero? ›

Technical information
Block time:2m
Block Reward:0.80 XMR (at time of writing - will drop to 0.6 XMR)
Max supply:Unlimited
Launch date:April 18, 2014
4 more rows
Nov 17, 2021

How long does it take to mine 1 Monero on a laptop? ›

The walkthrough will be on a Windows 10 machine, but note that you can also mine on Windows 7 or 8, as well as on Linux and Mac. The whole process of downloading your miner, configuring things, and getting going should take less than 20 minutes.

What is the easiest crypto to mine? ›

Answer: Monero is the easiest cryptocurrency to mine now because it can be mined via browser extensions and free software over websites. It is even mined via crypto jacking. The mining code can also easily be incorporated into apps and websites to facilitate mining.

Can I mine Monero on my phone? ›

Monero Now Price is about 259$ and you can Mine with different ways, like android device, PC or Laptop CPU, or GPU.

How long does it take to mine 1 Dogecoin? ›

Answer: It depends on the mining equipment and pool hash rate. However, a single block gives 10,000 DOGE, and it takes a minute to mine one. So it could take you much less than a minute to mine 1 Doge even on a mining pool.


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