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Learn more about Monero
What is Monero (XMR) Mining?
By default, all Monero transactions are completely anonymous by way of blockchain obfuscation, where transactions which are sent are completely hidden from any outside party. The result of this anonymity allows Monero tokens (XMR) to be totally fungible, where any one XMR token can be substituted with another with no history of the coins transactions being accessible. In order to transact on the Monero network, additional keys, such as a one-time stealth public address are used and then rendered useless so as to hide transaction information. This privacy also expands outward to token holders, who remain anonymous along with their transactions.
The Monero blockchain has no pre-set block size limit so as to allow the blockchain to grow proportionally to the amount of requested transactions. Instead, it employs a penalty to miners attempting to clog the system with large sized blocks and slow down the network. Many believe this method will allow Monero to adequately scale in accordance with demand without the need for second-layer solutions. Monero has an average block time of about 2 minutes, averaging close to 3,500 transactions per day on its network.
Which miners are used to mine Monero?
Mining Monero is much easier than other blockchains, with some websites having even begun to integrate Monero mining into their platforms as an alternative source of income. Monero is ASIC-resistant and utilizes the CryptoNight hashing algorithm stemming from the CryptoNote protocol, which uses less electricity than most other blockchain hashing algorithms. This has made mining on the Monero blockchain more decentralized across the network, and less prone to large ASIC-based companies taking over a majority of the hashing power of the network. However, to maintain success mining Monero it is best to utilize GPU mining equipment which provides both optimum efficiency and increased hashing power.
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