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Monero (XMR) (Read 695 times)
SolidSnake
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Monero (XMR)
6th Feb, 2018 at 1:15am
 
Recently I've been researching more deeply regarding crypto-currencies and how to mine them, and stumbled upon one of the most viable options when it comes to mining.. called Monero and marked with the XMR code.

One of the advantages of it is that there are no ASIC miners for it yet giving high end graphics card the advantage of mining it.

I own an AMD Fury X 4GB water cooled card, so it's safe from the heating perspective.
Therefore I've decided to give it a go and see how it performs.

Monero uses the "cryptonight" algorithm at which my card scores high enough 500~800 H/s to be considered as an interesting miner.
I won't run it 24/7 because it's my home PC and I need it for other purposes but I'll run it during the night and when I'm not home.

It's relatively easy to set up, both the wallet and the miner (it does require some configuration but I'm an IT so it wasn't much of a trouble).

So I'll see how it goes and will let you know of my results, plus my experience in the process. Smiley
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moneymarketing
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Re: Monero (XMR)
Reply #1 - 6th Feb, 2018 at 4:58pm
 
SolidSnake wrote on 6th Feb, 2018 at 1:15am:
Recently I've been researching more deeply regarding crypto-currencies and how to mine them, and stumbled upon one of the most viable options when it comes to mining.. called Monero and marked with the XMR code.

One of the advantages of it is that there are no ASIC miners for it yet giving high end graphics card the advantage of mining it.

I own an AMD Fury X 4GB water cooled card, so it's safe from the heating perspective.
Therefore I've decided to give it a go and see how it performs.

Monero uses the "cryptonight" algorithm at which my card scores high enough 500~800 H/s to be considered as an interesting miner.
I won't run it 24/7 because it's my home PC and I need it for other purposes but I'll run it during the night and when I'm not home.

It's relatively easy to set up, both the wallet and the miner (it does require some configuration but I'm an IT so it wasn't much of a trouble).

So I'll see how it goes and will let you know of my results, plus my experience in the process. Smiley


That's great!

How is the energy issue? Do you guys have low-cost energy in your country?

I'm glad to see that you can make that kind of money especially with the capital control issue and with monero being anonymous this can be very beneficial for you

edit: With all that sun you get maybe you could eventually set up some solar panels to provide the energy  Grin Money
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SolidSnake
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Re: Monero (XMR)
Reply #2 - 6th Feb, 2018 at 9:48pm
 
moneymarketing wrote on 6th Feb, 2018 at 4:58pm:
That's great!

How is the energy issue? Do you guys have low-cost energy in your country?

I'm glad to see that you can make that kind of money especially with the capital control issue and with monero being anonymous this can be very beneficial for you

edit: With all that sun you get maybe you could eventually set up some solar panels to provide the energy Grin Money

Sun is more than enough here..  the problem is the price of the equipment.. A basic solar panel installation starts from 10000 in a country where the basic 8-hour worker salary is barely 500/month.. small home rentals start from 250 euro.. so you can figure out how difficult these types of investments are..

Energy costs are kinda low compared to the rest of the world.. Plus almost 60-70% of every bill here is basically taxes and public costs, so spending more energy does not make that much of a big difference in the final amount..

If properly taken advantage of, the sun, wind and water flows could power up the whole country for free.. It's just that politicians over the years here tend to have a different "investment" policy.. Grin

Thankfully capital controls have been relaxed during 2017 so we're almost free and open to the international market now..
Only import taxes for products from china have become a bit more strict nowadays..

As for Monero mining, it seems that the miner crashes all the time with my card so I have to keep an eye on it all the time in order to restart it when it does so.. I've joined xmrpoool.eu and though we seem to find 2-3 blocks daily the reward is kind of mediocre for my hash rate. Maybe it needs better tweaking but either way I'm not sure I'll continue it because I also don't want to ruin my graphics card.. the GPU prices have climbed sky high and the availability is near zero on high end cards...  I'll provide an overview of my results soon though.
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MikeyLow
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Re: Monero (XMR)
Reply #3 - 12th Jun, 2018 at 11:11am
 
I was reading once about Monero. Should i buy some monero crypto? Huh
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SolidSnake
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Re: Monero (XMR)
Reply #4 - 12th Jun, 2018 at 11:59am
 
MikeyLow wrote on 12th Jun, 2018 at 11:11am:
I was reading once about Monero. Should i buy some monero crypto? Huh

I'm not sure if now's the right time to buy (though one can never be sure it's the right time to buy)..

However a useful website I've found that tracks all ecoin (including Monero) history is this one:

https://coinmarketcap.com/

You can see how each ecoin has fluctuated over time recently so maybe it can help you with your decisions.

Oh, and btw welcome to the forum MikeyLow!

Smiley
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Re: Monero (XMR)
Reply #5 - 12th Jun, 2018 at 5:05pm
 
MikeyLow wrote on 12th Jun, 2018 at 11:11am:
I was reading once about Monero. Should i buy some monero crypto? Huh


It is very risky now. We are currently in a bear market. If you do buy I would suggest dollar cost averaging or breaking your buys into pieces and buying over weeks in case we have another break lower. Confidence in the market is very low now and the negativity can feed on itself.

It seems that whenever there is bad news people magnify it to be worse than it is but I do think good news will start happening but many might disregard it so be very careful
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