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How to mine Monero (XMR)? A complete overview of the project and the XRP token. Key advantages and disadvantages
Total capitalization (as of 08/30/2019): $1,154.9 million
Trading volume (24h): $65,056,364
Description of Monero
The Monero cryptocurrency is designed for confidential transactions and is not tied to any fiat currency. This currency is characterized by the absence of bank intervention and minimal commissions for transfers.
Monero started its work in 2014 based on the CryptoNote algorithm. The technology allows you to hide the entire history of the block chain in a transaction.
An important difference from other currencies is that the Bitcoin code is not used here, which ensures a high degree of anonymity. Thanks to the implementation of the CryptoNote protocol, the code is obfuscated (obfuscation).
Storing Monero
All users have their own unique e-wallet address, to which only the owner has access. This guarantees a high level of security, because neither government services nor other users will be able to view and use the data. The system of “Stealth-addresses” is also used, where the user owns the only public address, but maintains the confidentiality of transactions and the state of the account. Monero generally uses two kinds of keys: viewkey for views and spendkey for transactions.
Emission
Monero does not have a limited supply. Initially, 18 million coins were issued, then subsequent mining will bring 0.6 coins per block. The capitalization of Monero is less than 1% of the capitalization of Bitcoin, about 1.1 billion and is growing all the time. Therefore, we can talk about the great potential of cryptocurrency. Experts call the main disadvantage today a small number of users, which limits the functionality of the system. Therefore, developers are actively working to promote the project. Slowly, but demand is growing. There is an opinion that now is a good time to buy XMR and make a profit in the future.
How to mine Monero
You can get XMR on special services using powerful technology, since the calculation process for Monero is quite complicated. Developers advise mining on ASIC processors, which are 30 times more powerful, but also more expensive. For this reason, many do not venture into Monero, fearing unprofitable costs.
Advantages XMR
- Monero is independent of fiat currencies, so it is not subject to inflation;
- constantly growing demand due to limited production;
- is very reliable thanks to the individual code;
- anonymity and freedom from taxes;
- not copyable;
- included in the TOP-20 rank of cryptocurrencies;
- high liquidity.
