With cryptocurrency, there are a variety of opportunities to earn digital coins. One such coin is the Ravencoin. It is part of the blockchain network that focuses on issuing assets. If you want to get access to the coin, one way to do so is to start Ravencoin mining using your own computing power.
This article consists of a guide to Ravencoin mining and how it works. Here, you will learn about those aspects that you need to ensure if you want to efficiently perform the mining process. In this article, you will learn everything from choosing the right hardware and software to what to consider for the long term while mining Ravencoin. To learn more, read on to the end of the article.
Here are the major steps you need to follow if you want to perform Ravencoin mining:
Gearing Up For Ravencoin Mining: Essential Hardware And Software
Before you mine any cryptocurrency on a blockchain network, you will need to have your mining gears in place. Hence, you need to assemble your hardware and software components before you mine Ravencoin. The following are some of the essential items you need to have if you want to perform Ravencoin mining:
1. Graphics Processing Unit (GPU)
If you want to perform some serious Ravencoin mining, using a Central Processing Unit (CPU) will not be feasible. Although it is possible to perform mining on the CPU, a GPU offers more graphics power for intensive mining. Furthermore, the architecture of GPU helps it solve cryptographic puzzles, which is essential for faster mining.
In addition to that, it is also important for you to find the right GPU for the mining process. This will be your biggest weapon to mine Ravencoin. As starting points, two good choices are the Nvidia GTX 1660 and the AMD Radeon RX 5500 XT. Both these options will give you a balance between cost and performance. These will be better for solving puzzles faster. Make sure that the hash rate (the ability to solve puzzles) is higher on the GPU.
2. Storing The Mined Coins: The Wallet
As it is important to secure your valuable items, you will need to do the same with your Ravencoin. Hence, having a crypto wallet is an essential requirement for you to have. If you have a secure wallet, you will be able to store, send, and receive your mined coins. Furthermore, with the help of wallets, you will be able to perform transactions with your coins as well.
Here, the best option for you to have is the official Ravencoin Wallet. However, if you have a better option to choose, you can consider that as well.
Basically, this is just the first step you need to take if you want to start mining Ravencoin. Once you have good hardware and software systems to start with, you will be able to effectively start mining. Hence, consider this part to be a crucial aspect of your mining process.
Start By Joining A Ravencoin Mining Pool
There are two aspects to mining: solo mining and pool mining. In the former, you will have to dedicate the processing power of your entire mining rig to finding a block on the Ravencoin blockchain. Nevertheless, there are some inherent problems in this process. This is because you will need huge processing power (and thereby a strong hardware system) if you want to compete effectively.
Furthermore, with solo mining, you will have to put in a lot of effort, and it will take a lot of time to complete the mining process.
On the other hand, if you consider pool mining, it is a much more efficient alternative if you want to mine Ravencoin. All you need to do is join a mining pool, and you will be able to combine the processing power of hundreds/ thousands of miners. Basically, you will be working with all those miners to solve blocks in the blockchain. When you all solve a given block, the reward will be split among participants on the basis of their hash rate contribution.
Pros of Joining A Mining Pool
The following are some of the major pros of Ravencoin mining that you will benefit from:
- You will have higher profitability if you join a mining pool. The pool allows you to share block rewards in a more consistent manner, even if you have a moderate rig.
- With the help of a pool, you will not face a lot of variance. For example, on some days, you will find a lot of blocks to solve. However, on other days, there are none to solve. By joining a pool, you will not face such problems a lot, since you are working as a team. Hence, you will be able to predict your earnings.
- If you join a pool, you will not need a high-end mining rig if you want to contribute to the blockchain and earn coins.
How To Choose A Ravencoin Mining Pool?
There are a variety of mining pools available for mining Ravencoin. Hence, it is important for you to consider essential factors like pool fees, reputation, level of payout, reliability, uptime, and more. Here are some of the popular Ravencoin pools you can consider:
- SuprNova
- RavencoinPool
- 2Miners
However, you can also join other pools if you like and choose the one that best suits your needs. Actually, once you join a mining pool, you will be able to utilize the collective power of hundreds of miners. This will also allow you to make your Ravencoin mining more feasible. Furthermore, this will also make your mining more profitable.
How To Configure Your Ravencoin Mining Software?
Software configuration is the next most important task after joining a pool and downloading the software. Here, you will inform the software where your Ravencoins will go after mining and how you want to connect to the mining pool. The following are the major steps you need to follow to successfully configure your Ravencoin mining software:
1. Download The Software
Some of the popular mining software options are:
- KawPowMiner
- T-Rex Miner
- NBMiner
All you need to do is go to the official websites and download the version that is compatible with your operating system and GPU.
2. Locate The Configuration File
In the miner software, you will have a configuration file (a .bat file for Windows or a shell script for MacOS or Linux). You will find the operating settings and guide in this file. You will also have to make changes to the file.
3. Add Pool Address
In the pool settings section on the configuration file, you will have to enter the pool address. The mining pool you just joined will provide this pool address to you. Generally, it consists of a server address and a port number.
4. Insert Wallet Address
In the app settings, you will have to find the section for Wallet address. This is the section where you will have to deposit your mined Ravencoins. Here, you will need to be careful with the address and insert it accurately. Otherwise, you might lose your coins.
5. Hash Rate Intensity
Here, you can alter your GPU’s power. If you have high-intensity settings, your mining will be faster. However, this also means more heat from the system.
6. Add Worker Name
This section is to identify your miner inside the mining pool. It can be any name that you like.
Remember To Save Your Settings and Run
After making changes in the settings file, you will need to save your configurations. Once you complete that, you are ready to launch the mining software and start your Ravencoin mining contribution.
In general, different mining software has different configuration processes. Hence, you need to understand the software in detail before you make changes in its configurations.
Ravencoin Mining: Starting The Mining Process
Now, it is time to start the actual Ravencoin mining process. Here are the major steps you need to take if you want to mine Ravencoin:
1. With the help of the mining software, start the mining process. It will use the processing power of your GPU.
2. Make sure you monitor the hash rate from time to time, as it is crucial to understand your GPU’s calculations. Generally, the mining software displays the hash rate. The hash rate is the rate at which your GPU can perform calculations per second on the basis of the Ravencoin algorithm. Here, if you have a higher hash rate, it means you will have more potential to mine coins.
3. You can also consider fine-tuning your settings from time to time. However, this is a step for advanced users. Basically, you can tweak the miner’s settings to squeeze more efficiency out of it. Here, you can consider adjusting the GPU’s overclocking options. This is because a lot of overclocking can increase the heat of the system and cause damage to your hardware. Hence, you need to make sure that this process is correctly done.
Remember…
It is important for you to understand that once you start the miner, you will officially join the Ravencoin blockchain. Now, you will contribute your GPU’s processing power to the blockchain to make it secure. The more your GPU starts processing, the more complex blocks it will solve. Here, if your solution is valid, you will get Ravencoin, which you can transfer to your Wallet for storage.
All you need to do is keep an eye on the hash rate. Furthermore, you also need some patience as mining takes time and depends on your hardware and pool configuration.
Calculating Your Ravencoin Mining Profits
You will need to understand your earning potential before you dive into Ravencoin mining. Here, you can make use of mining profitability calculators. These are online tools that provide you with an estimate of your Ravencoin earnings.
Basically, the Ravencoin profitability calculators consider these aspects to get an idea of your profitability:
Hash Rate
This is the measure of the power of your mining rig, which shows how many calculations it can do per second. Hence, if your rig has a higher hash rate, it means that it can solve more blocks within a short span of time.
Pool Fees
Once you join a mining pool, it will take a small portion of your earnings as commission for the infrastructure it provides to manage the mining process. Hence, calculators consider such pool fees that you pay while you earn.
Electricity Costs
Since mining takes up a lot of energy, it will take up a lot of electric power. Hence, this will have a big impact on your profit margin. As a result, calculators need to consider such earnings.
Hence, while you are using such calculators, they will ask you to insert these rates, and by calculating, it will give you a good estimate of how much you are likely to earn.
The Importance Of Keeping Your System Cool For Ravencoin Mining
Heat management is one of the most important things to consider if you want to keep your mining rig intact for the long run. Furthermore, if your rig heats up a lot, it can damage the Ravencoin mining performance. As a result, there will be less efficiency in the process, and your hardware can also become prone to damage.
The following are some of the steps you need to take to keep your mining rig cool:
- Make sure there is a good flow of air in the GPU. Position your GPU and processor fans accordingly.
- Adjust your fan control settings as per the temperature of the GPU with the help of the software.
- Make sure there is no dust in the system. Clean it regularly.
- To lower your power consumption, you can slightly lower your voltage when necessary. As a result, it will lower down the heat.
- Start using software that displays GPU temperature. This will allow you to monitor the temperature better.
Wrapping Up
Ravencoin mining is a great way to earn crypto, which have immense applications in the future. However, you will need to make sure that you prepare yourself well. Hence, you need to make sure that you are using the right software and hardware systems for your mining rig. Furthermore, you will also need to consider your electricity costs and profitability.
Do you have more recommendations on how to mine Ravencoin? Consider sharing your ideas and opinions in the comments section below.
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