Monero Cloud Mining
What is Monero Cloud Mining?
Monero ( aka XMR) is a cryptocurrency celebrated for its privacy, which is obviously a priority for anyone considering investing in a cryptocurrency. Monero cloud mining involves renting or buying equipment from a provider, which is designed to extract Monero on your behalf. More in-depth guidance to cloud mining in general is available in our main dedicated page, so head over there if you’re looking to learn the fundamentals.
What Providers Can Be Used for Monero Mining In The Cloud Safely?
There’s only one site for cloud mining which has a Monero contract available: Genesis Mining. Sadly, though, its status was ‘sold out’ at the time of writing.
Can I Try Monero Mining for Free?
Unfortunately, there are no providers offering free cloud mining for this cryptocurrency. You’ll be required to pay to mine Monero, so make sure you can manage this on your budget.
Can I Use Free Software To Mine Monero?
Yes, you can mine Monero with MinerGate. This multicurrency pool is simple to use, even for beginners: you can just launch this software and configure it to focus on Monero, though it will help you find those cryptocurrencies most worth extracting on any given day too.
We have run thorough tests on MonerGate on numerous occasions in the past, and to be honest, it never covered the expense of the electricity when accessed through a laptop. However, it’s a different story with computers designed for gaming, so it’s worth focusing on the revenue as opposed to the costs.
What Monero Mining In The Cloud Contracts Are Available?
As we mentioned above, Genesis Mining is the only cloud mining site to offer Monero contracts. These have been fixed across two years, including maintenance fees (so bear this in mind). Genesis Mining offers contracts for a number of other cryptocurrencies, such as Litecoin, Bitcoin, Ethereum, and Dash. At the time of writing, no contracts for cloud Monero mining appear to be available.
What is the mining algorithm for Monero?
Monero cloud mining is based on a Proof of Work (PoW) algorithm, which enables investors to mine this cryptocurrency (as with a number of cryptocurrencies). The algorithm is known as CryptoNight: it’s a hash-based function system revolving around the CryptoNote protocol.
On this blockchain, ledger records are available to the public, enabling users to explore all transactions conducted. This is the work of one Nicolas van Saberhagen, who created the technology and token in the mid-2010s. Monero was intended for mining with ASIC (application-specific integrated circuit) equipment.
Cloud Mining Monero and Bitcoin: Key Differences
Let’s look at the main differences between mining for Monero and Bitcoin:
- They work on different algorithms: Monero is based on CryptoNight, while Bitcoin runs on the SHA-256 algorithm
- Faster hardware is required to mine Bitcoin, known as ASICs, while Monero is designed so these don’t provide such a strong benefit over CPU mining. This enables anyone to take part, boosting Monero’s decentralization.
- Monero’s adaptive block size grows automatically if the transaction volume starts to climb, which is a key benefit compared with Bitcoin (transaction times can be long).
What’s The Best Cloud Mining Site For Monero?
Sadly, no companies are offering cloud mining Monero at the time of writing this guide, though MinerGate (the multicurrency pool) provides investors with a chance to try Monero mining.
The software is easy to launch and you can utilize your personal computer, with an option to choose Monero manually if you would prefer MinerGate not to pick the most valuable crypto to extract automatically.