Monero (XMR) Cloud Mining Services
Monero Cryptocurrency: Advantages And Mining Methods
The open source cryptocurrency going by the name of Monero (XMR) was established in 2014 with the aim of creating a system based on decentralization and privacy. The currency records transitions using a public ledger and uses the process of mining to create new units.
Monero Platform And Its Advantages
Monero makes available a number of services to investors. It’s a platform which can be used to conduct financial transactions including the purchasing of services and goods from right around the world.
It can also be used for trading other digital currencies. The platform is also available for someone who wants to do cloud mining. The service’s algorithm has been designed in such a manner that you can trust the viability of CPU mining.
Since its establishment Monero has grown rapidly and now it can be found in the list of leading cryptocurrencies available in the market. But why has this digital currency attracted so much attention from the market? Apart from the Monero mining profitability, cloud miners are loving the privacy it offers them. Its developers seem to have gotten one thing right: optimization of the codebase so that the highest level of privacy is guaranteed.
If you’re worried that other cryptocurrencies such as the Bitcoin can leak enough information for someone to track you to a particular address, Monero takes that worry away. While no one should be saying that the currency provides one hundred percent anonymity, one can safely say that the default privacy setting of this cryptocurrency is far ahead of the other currencies that compete with it.
If there is one reason why Monero is attracting the attention of cloud miners, it is its ability to offer levels of anonymity that are the envy of the competition. This currency has taken away the fear associated with address re-usage. This is a challenge linked to the reality that if you receive numerous payments through a new address and anyone happens to know the address, they can keep track of its transactions and balance.
However, even the use of different addresses doesn’t usually solve this challenge as many cryptocurrencies can still leave a possibility for a connection to be made to the person behind the transaction. However, you can rest assured that with Monero, this will not be the case. Monero’s blockchain has a system of obscuring all destination addresses so that there are only two individuals who are able to identify them: the sender and receiver.
Another method that ensures privacy is the fact that any XMR sent to a given address will be delivered in separate units which are also discrete. These units are all recorded separately in a manner which indicates that they have been transferred to its own distinct secret address.
The privacy of users is also further enhanced by the use of ring signatures. These are complicated systems where transactions are mixed. To move the money linked to particular addresses, you’ll have to employ a pair of private keys.
Monero Prices And Calculations
Now that you have an idea of what the Monero digital currency is all about, it’s time to see if XMR cloud mining is the place where you will be making your wealth.
Numbers never lie. The way the Monero price has been going up in the last few months can only be described as healthy enough. There are certain days in December 2017 when the currency appreciated from $210 to $240 in a single day. This represents a 19 percent return within a period of 24 hours.
Looking at the Monero historical data shows a steady rise at certain times of the month. What this means is that those who have a proper strategy and know when to buy and sell can make healthy returns.
To get an idea of the type of profits you can make from Monero, you can use the XMR coin calculator. If the numbers from the last two years are anything to go by, miners can expect a healthy return on their investment. For instance, return on investment has been estimated to be at a little over 400 percent over the last two years. Breakeven can be expected in a period of around 6 months.
Monero Cloud Mining
Your experience investing in this digital currency will depend on the cloud service you select. There are a few factors you need to look at when selecting one:
- What are the security terms of the service? You may check out a Monero review 2018 and see what users are saying;
- Does the company offer custom mining plans?
- Does the service have the maintenance fees?
- Does the website allow miners to select pools for free?
- What are the withdrawal terms?
- The simplicity of the service.
There are a number of good mining services where you can mine the Monero digital currency. One of the leading services with a great users’ reviews is the Genesis Mining. This website has already set up all the hardware you need to start mining on the Monero network. When using the Genesis Mining contracts, there is no need for you to have any sophisticated technical know-how. The equipment used for mining are already set up and Genesis Mining manages them. Another great advantage is that you don’t have to pay any maintenance fees if you are mining through Genesis.
One more cloud mining website which is trusted for digital currencies is Eobot. The advantage great thing about this site is that it has come to be known for costing you less and giving you more Hashpower. Here you can mine Monero with cloud mining, or use any CPU or GPU.
How To Mine Monero
Now that you have almost all the basic information you need about Monero, it’s time to look at how the mining process is done. The technologies used for mining Monero are established on the need to maintain privacy; a feature this currency has become famous for. The currency can be mined by anyone who has a GPU or CPU.
A few programs you can use for mining are nVidia Cards, AMD Cards, CPU’s (Intel/AMD). The process is quite simple if you follow these steps:
- Install the mining software by downloading a single installer no matter what hardware you want to use;
- After running the application, it will ask you to select the currency you want to mine; choose Monero;
- Select a pool address as this has an advantage over solo mining even though it comes with a small fee; examples of pools include MineXMR, Nonopool, Monorpool, and Dwarfpool;
- Enter your wallet address; if you don’t have a wallet address, create one;
- If you are planning to use your CPU for mining, you’ll also have to set up CPU configuration.
Monero Mining Without Investments
If you don’t have the money to invest in your Monero mining activities, you can take advantage of some options available to mine without an investment. To get a free Monero, you will need to do the following:
- Create an online or local Monero wallet. You can get a wallet from My Monero;
- Copy your wallet address which you can access from your wallet software;
- Add your wallet address in the Monero faucets.
Some of the faucets are based on a lottery system, and others will offer these free XMR at given intervals. In this way you can get Monero coins without spending a cent.