Ravencoin Mining: A Quick Start Guide
If you’ve done any research into the cryptocurrency industry, you’ll know that mining coins and tokens can be rather profitable. Thanks to the meteoric rise of the cryptocurrency mining market, cryptocurrency miners now have their pick of thousands of different platforms on which to mine Ravencoin.
What is Ravencoin, why mine it, and how to start?
Explaining Ravencoin (RVN) – What Exactly Is It?
In 2018, Bruce Fenton and Tron Black released the Ravencoin blockchain and its native currency, Ravencoin, via a Bitcoin hard fork. The open-source protocol used by Ravencoin enables the exchange of virtual currency for physical goods. Its blockchain is PoW-based, which means that miners both create new currencies and verify existing ones as part of the mining process.
So why should you invest in Ravencoin mining? How is it superior to other mining?
What’s the Point of Ravencoin Mining?
Ravencoin’s ability to prevent the use of ASICs in its mining process is a major selling point (application-specific integrated circuits). Since ASICs are the only type of technology that can be used to mine precious currency like Bitcoin, they have become extremely popular despite their high cost. However, due to the exorbitant cost of ASICs, many people who would like to participate in cryptocurrency mining simply cannot do so.
Here is when the Ravencoin comes in
Ravencoin can be mined with a CPU or GPU, making the process much more cost-effective than using specialized ASIC mining hardware. Getting into the specifics of Ravencoin mining hardware is outside the scope of this article, but it’s worth noting that Ravencoin mining is an excellent alternative for individuals who don’t want to put out a tonne of cash right away.
To mine one RVN now only takes a few hours, and the daily payout is around $7. While this may not seem like much, the reliability of Ravencoin mining makes it worth it.
Let’s dive into the hardware, software, and other factors that will go into Ravencoin mining.
Things to Think About Before You Go Mining
Although mining can be a highly lucrative endeavor, there are a few things you should know and plan for first.
One problem with cryptocurrency mining is that it can significantly increase your monthly electricity costs. A considerable amount of power is required to keep the mining hardware and software running constantly. It’s reasonable to assume that your monthly or annual energy bill will go up even if you’re mining a coin that doesn’t require a lot of power.
To add to this, you’ll need to put down some serious cash if you want to buy some supplementary hardware to mine Ravencoin. The use of your existing device’s hardware for mining while also using it for non-mining purposes is a recipe for disaster. Most miners invest in supplementary hardware because the GPU or CPU in your computer isn’t meant to be overworked in this way (at least not constantly, for days on end).
Now that we’re talking about computers, let’s talk about the best computers for mining Ravencoin.
What Mining Equipment Is Necessary for Ravencoin?
Because of this, you can utilize either a graphics processing unit (GPU) or a central processing unit (CPU) to mine Ravencoin. Due to the high level of competition in the mining industry today, central processing units (CPUs) are typically the least preferred piece of mining hardware (compared to dedicated ASICs). But if you’re on a limited budget, they’re not the worst choice.
There are many alternatives available for mining Ravencoin with a graphics processing unit (GPU) or GPU mining setup. Nvidia’s graphics processing units (GPUs), such as the GeForce GTX 1060, GeForce RTX 3060 Ti, and GeForce GTX 1080, are some of the best options for cryptocurrency mining. Video cards made by AMD will also function.
Ravencoin could be a lucrative choice for miners wishing to diversify their investments or get their feet wet with cryptocurrency mining. Ravencoin mining could give you a nice side income with minimal financial outlay due to its consistent payouts, low entry barriers, and diverse hardware and software alternatives.