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#Monero

Monero Mining Explained. How to Mine Monero?

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Comprehending the procedure for Monero mining.

 

  • Introduction

In this cryptocurrency era, the battle amongst more than 1500 cryptocurrencies is rampant and we as investors have nothing but to sit and watch them, gaining or losing momentum in the market. The Blockchain Technology was put forth before us through Bitcoin.

 

  • Drawbacks of Bitcoin

Bitcoin unwaveringly has a number of setbacks. The tradeoff between Scalability, Privacy, and Decentralisation is popular in the crypto field. Bitcoin seems to be providing amazing decentralization but, scalability and privacy to an extent. The privacy is tampered as the whole Blockchain is visible to everyone and one can track a particular user’s transactions through his public key and obtain all the transactional details. It is even evidence that the currency isn’t fulfilling the increasing demands of its adoption and hence is not scalable enough.

 

  • Monero

Monero, the privacy-focused coin provides an increased privacy through encryption of the transactional information by using the most robust and recent encryption tools available, to safeguard the investments of investors from the extreme situations or even death penalty. It completely assures the traders with their anonymity that they are able to have transactions with absoluteness definiteness.

 

  • Monero Mining

Monero mining is one of the worth mentioning features as it has completely brought back the decentralization of mining to the masses, when the mining industry was vested with some of the handfuls of members, leading to its Centralisation due to higher Mining expenses.

 

Monero Mining also works on proof of work algorithm but can easily be mined on the normal PCs as well.

 

Software

The most popular and user-friendly mining software one can use for Monero Mining on their PCs is XMR Stak.  It is easy as well as automatically compatible with the kind of mining hardware it uses. One must make sure to download them from official sources as the anti-virus treats it as malicious files.

 

Mining pool  

Once the software is ready, it prompts the user to select a mining pool. It is always preferred to join a mining pool than to mine cryptocurrencies individually as there is little or no profits with huge investments in the mining rigs. Joining them assures a consistent income. Some of the most widely used Monero mining companies are

 

1. Dwarfpool

Most popular in the countries of the USA and Europe. It levies a pool fee of about 1.5%.

 

2. MineXMR

Serving in the countries of France, Germany, and Canada. The pool applies a flat 1% fee and has a huge customer base of about 25,000 users.

 

3. Nanopool

Providing its service in Europe, Asia and east – west of United States, the company levies a fee of 1%.

 

Monero Wallet

Once a pool is joined, the user needs to provide a Monero wallet address. The software provides for a configuration file where a number of important attributes can be set regarding the mining. The application is now using the GPUs to mine Monero, whose status can be viewed by using a number of commands provided by the application.

 

Using CPU through configuration

As mentioned earlier that even CPUs can be used to mine them. In order to do so, one must add a few lines of code to the CPU file that is generated. For an instance, if the PC uses an octa-core FX-8150 AMD chip. Then the following lines of code need to be added.

 

“cpu_threads_conf” :
[
{ “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 1 },
{ “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 2 },
{ “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 4 },
{ “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 5 },
{ “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 6 },
{ “low_power_mode” : false, “no_prefetch” : true, “affine_to_cpu” : 7 },
],

 

It simply denotes that 7 out of 8 cores are being utilised for the mining purpose. Post which one can observe that the CPU usage has increased automatically. Therefore both the GPU along with CPU is mining Monero for the user.

 

  • Conclusion

Mining a particular cryptocurrency also depends on a number of variable factors such as hashrate, power consumption, mining output, etc hence it is always preferred to have optimal conditions set up for the mining equipment. One must not assume that installing mining equipment and starting of mining is the end of the game, a constant maintenance is also required along with it. Otherwise, the efficiency of the process keeps deteriorating.

#Monero

Dr Doom is back again: This time for Monero

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Noriel Roubini, also known as Dr Doom is back with his criticism for cryptocurrency community says that the FEDS are coming for Monero.

Noriel Roubini AKA Dr Doom

Noriel Roubini, also known as Dr Doom is back with his criticism for cryptocurrency community. The Economist tweeted on 11th of November that the FEDS are coming for Monero and that cryptocurrency has no anynymity:

 


 

Dr Doom had earlier called the BitMex Cryptocurrency Exchange a Scam accusing it of pump and dump schemes.

Roubini continues to spread the negative FUD about cryptocurrencies and blockchain technology amongst the crypto enthusiasts.

What do you feel about Noriel Roubini and his continuous attacks on cryptocurrency? Tell us in the comments section below.

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#Daily Price Analysis

XMR Daily Trading Signals: 24 October

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Dominant bias for MONERO (XMR)- Ranging

Resistance Levels- $114.00, $116.00, $118.00

Support Levels- $104.00, $102.00, $100.00

 

XMR is in a range-bound market. The bears lost momentum at 106.24 in the support area on 22nd October. The bulls’ gradual return was signaled with a bullish engulfing candle that broke the 34 EMA and XMRUSD was up at 107.98 in the support area. Increased bullish momentum saw XMRUSD at 112.85 in the resistance area on 23rd on October. but closes with a wick which implies the bear are gradually back within the range

 

XMR 4-hour chart

XMR 4-hour chart

 

XMR Price is above the 34 EMA and the relative strength index is at 66% but it signal points down which implies downward movement within the range may occur.

XMR is in consolidation and trading between $112.42 in the upper resistance area and at $105.14 in the lower support area of the range. Traders are advised to be patient at this critical period for a breakout at the upper resistance area or a breakdown at the lower support area before taking a position.

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#Monero

Beryllium Bullet: The New Monero XMR Fork Explained

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Monero (XMR) forked effectively on 18th of October 2018 called Beryllium Bullet, the network has seen no significant hiccups up until now.

Monero (XMR) forked effectively on 18th of October 2018, and the network has seen no significant hiccups up until now. This release is not normal for the typical ones that endeavor to stay aware of deflecting ASIC miners. The release, called “Monero 0.13.0 “Beryllium Bullet,” incorporates a critical upgrade of the network’s protocol through the presentation of bulletproofs.

Beryllium Bullet: Monero Fork

The enhanced protocol takes into consideration more grounded privacy, less expensive and quicker transactions, and more noteworthy ASIC miner resistance.

 

Bulletproof is a special component among digital assets, in any event among huge top networks. It gives clients more privacy by concealing the quantity of coins that they send in transactions. The technology executes new logarithmic math with the end goal to check transactions.

 

The redesigned protocol likewise brings substantially less expensive transactions fees and snappier transactions. As the group’s blog refresh states:

“With our current range proofs, the exchange is around 13.2 kB in size. On the off chance that I utilized single-yield bulletproofs, the exchange lessens in size to just around 2.5 kB! This is, roughly, an 80% decrease in the size of the transaction, which at that point means an 80% decrease in fees also. The space funds are far and away superior with different output proofs. This speaks to a huge diminishing in the size of the transactions. Further, our underlying testing demonstrates that an opportunity to check a bulletproof is lower than for the current range proofs, which means faster blockchain approval.”

 

Another symptom is happening also: XMR miners are revealing that mining difficulty has dropped steeply since the fork. The blockchain’s ledger will now likewise require significantly less hard disk space. In general, the form is a monstrous update that enables Monero to remain the best privacy coin.

 

Monero developers firmly suggest that everybody overhaul their wallets and hubs on the off chance that they haven’t done as such as of now, as running the old variant could lose transactions.

 

Monero’s for quite some time held objective is for all clients to mine the coin, not just makers or mining farms that have the assets to toss around colossal hashing power, as has occurred on the Bitcoin network. Along these lines, normal clients can remain profitable with GPU and CPU chips. Monero developers conceded to semi-annual network overhauls and changes to the Proof-of-Work (PoW) work with the end goal to remain one stage in front of ASIC producers. The present fork proceeds with that fighting.

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