Monero
Why
Điểm đặc biệt
- Tiềm năng hơn BTC bởi vì tính bảo mật của nó; nó che dấu tất cả thông tin người gởi và người nhận, bảo mật hơn BTC
- Even though it’s commonly thought that BTC can conceal a person’s identity, it’s often easy to trace payments back to their original source because blockchains are transparent. On the other hand, XMR is designed to obscure senders and recipients alike through the use of advanced cryptography.
- The team behind Monero say privacy and security are their biggest priorities, with ease of use and efficiency coming second. It aims to provide protection to all users — irrespective of how technologically competent they are.
- There are several things that make Monero unique. One of the project’s biggest aims is achieving the greatest level of decentralization possible, meaning that a user doesn’t need to trust anyone else on the network.
- Privacy is achieved through a few distinctive features. Whereas each Bitcoin in circulation has its own serial number, meaning that cryptocurrency usage can be monitored, XMR is completely fungible. By default, details about senders, recipients and the amount of crypto being transferred are obscured — and Monero advocates says this offers an upper hand over rival privacy coins such as Zcash, which are “selectively transparent.”
- Obfuscation is achieved through the use of ring signatures. Here, past transaction outputs are picked from the blockchain and act as decoys, meaning that outside observers can’t tell who signed it. If Ian was sending 200 XMR to Susan, this amount could also be split into random chunks to add a further level of difficulty.
- To ensure that transactions cannot be linked to one another, stealth addresses are created for every single transaction that are only used once.
- All of these distinctive features have led to XMR being increasingly used for illicit transactions instead of Bitcoin — especially on darknet markets. Governments around the world, especially the U.S., have also offered hundreds of thousands of dollars to anyone who can crack Monero’s code.
Info
- Ranking #39
- Live market cap of $4,614,563,448 USD.
- Circulating supply of 18,013,604 XMR coins and the max. supply is not available.
- Cái chính là công cụ payment bảo mật –> rất tiềm năng
- Overall, XMR aims to allow payments to be made quickly and inexpensively without fear of censorship.
- Rumors that XMR was also invented by Satoshi Nakamoto, the inventor of Bitcoin.
- XMR’s origins can be traced back to Bytecoin
- This cryptocurrency is designed to be resistant to application-specific integrated circuits, which are commonly used for mining new Bitcoin. In theory, this means that it can be possible to mine XMR using everyday computing equipment.
- Overall, there will eventually be a total of 18.4 million XMR in circulation — and this cap is expected to be reached on May 31, 2022. After this, miners will be incentivized using “tail emissions,” with a small amount of XMR being fed into the system every 60 seconds as a reward. It is believed this approach is more effective than relying on transaction fees.
- One of Monero’s main goals has to prevent centralization — and this network uses a consensus mechanism called CryptoNight, which is based on proof-of-work. This prevents large mining farms from becoming a dominant force.
- Because of its nature as a privacy coin, XMR isn’t listed on some major exchanges. For example, although you can buy XMR on Binance, it isn’t supported by Coinbase.
Mining info
- More people can fairly share the coin’s over 17 million total supply. Monero’s previous use of the CryptNight hashing algorithm was replaced in November 2019, when a scheduled upgrade introduced RandomX, which is a PoW algorithm that also discourages the development of ASICs. RandomX also began to penalize Monero miners that used GPUs, which means that CPU mining is now the best way to mine Monero.
- Monero mining is the process of verifying transactions on the cryptocurrency’s blockchain to earn rewards in the form of XMR coins. You should note that the cryptocurrency works similarly to Bitcoin, except that it is more bent on facilitating private transactions.
- Unlike Bitcoin, which has a fixed supply of 21 million coins, the privacy-centric coin doesn’t have a similar hard cap. Instead, it is set up in a way that if the miners discover all the allocated 18.132 million tokens, then a “tail emission” will begin generating 0.6 XMR rewards infinitely, starting in May 2022. This keeps the miners motivated after depleting the total supply.
- A new block on the decentralized platform is found approximately every two minutes, and the current block reward as of January 2021 is 1.26 XMR.
- Mining is a business; therefore, the profitability of mining Monero should come into play before you even think of acquiring the necessary equipment. To determine if mining Monero is profitable, you have to take into consideration the mining hardware hashrate, electricity costs and the pool maintenance fees provided. A key factor that adds to the profitability of XMR miners is that the process doesn’t require pricey heavy-duty gizmos like in Bitcoin. With even a simple CPU, or GPU, you are good to go.
- Mining calculator: https://www.coinwarz.com/mining/monero/calculator
- Mining is a time-based competition. Therefore, the higher the device’s processing speed, the luckier and merrier the mining process would be. And as stated earlier, Monero uses the same consensus mechanism as Bitcoin, albeit with a different hashing algorithm.
- To elaborate, BTC uses the SHA-256, while Monero uses RandomX. The two hashing algorithms cause the difference in supported mining devices. Although ASIC manufacturers have made many attempts to take a stab at the privacy-focused cryptocurrency, the XRM team has managed to iterate anti-ASIC upgrades enough times to keep these devices at bay.
- Why chase ASICs away? Due to their cost, only a select few can afford them, leading to the centralization of miners — hence, overriding the decentralization vision of the crypto community in the Monero developers’ eyes.
- The hash rate is a measure of cryptocurrency mining devices' speed. Simply put, it’s the number of hashes or calculations the device can process per second.
- XMR mining is among the few profitable mining ventures that don’t break the bank to acquire the mining equipment. With your CPU or GPU and initiative, you’re all set. Furthermore, the option of cloud mining removes the hassle of building and maintaining a rig for those who want to do away with the technical stuff involved in mining Monero. This makes it one of the easier cryptocurrencies to mine, and it has a lower barrier to entry.
Hardware
Popular XRM mining hardware includes:
- AMD Threadripper 3990X
- AMD Ryzen 9 3900X
- Intel Core i9-10900K
Software
- To solo mine, the CLI or GUI wallet can be used, but with a CPU only.
- To mine with a pool or a GPU, dedicated software will be needed. XMRig CSminer … Most XRM mining pools charge a fee between 0% and 2%. Some popular Monero mining pools are MineXMR, SupportXMR, Unipool and XMRNanopool. Apart from verifying transactions faster than going solo, joining an XMR mining pool means that the rewards are mostly stable. The benefits of Monero pools is that you will receive frequent payouts according to how much you contribute to the Monero pool of your choice
- Note that choosing a reputable pool is ideal because while you may be providing your hash power to a pool, a disreputable pool may fail to maintain its connection to the Monero blockchain.
How
Đào vs mua?
- Nếu đào ra được mà chi phí đào thấp hơn mua thì nên đào. Mà hiện tại chi phí đào thấp hơn chi phí mua (hiển nhiên)
Steps
- Cài chương trình đào trên Windows, chạy thử, tham gia pool và thử đào 1 XMR đầu tiên xem ntn
- Cấu hình để dùng GPU
- Chạy với Linux có nhanh hơn?
- Ví XMR?
Issues
- Alternatively, criminals can shift their attention to privacy-focused cryptocurrencies that implement algorithms for hiding the transaction details of users. There is also the option of using crypto mixing tools that let people cloak the source of their crypto assets. In theory, these systems could receive crime-related cryptocurrencies from criminals, mix them with other crypto gotten from various sources and redistribute untainted coins to users. This process makes it a lot harder to trail crypto or wallet addresses associated with illegal activities.