How to mine Ravencoin? We are sure many cryptocurrency users are asking this question. Ravencoin is among the most promising projects in the world of cryptocurrency. Therefore, many people would willingly benefit from RVN mining.
There are some details to know about this coin and its mining if you want to benefit from its mining indeed.
Ravencoin utilizes Proof-of-Work algorithm, just like Bitcoin and many more cryptocurrencies do. However, there is a significant difference between the PoW of RVN and similar coins: the Ravencoin network uses a special hashing algorithm called KawPow. This algorithm makes the coin ASIC-resistant. In other words, Ravencoin cannot be efficiently mined with ASIC miners.
Is Ravencoin Worth the Mining Effort?
Definitely yes, the coin is pretty promising. Users can even create their own NFTs on the network by using the MangoFarmAsset wallet platform which is something unusual for just a cryptocurrency.
A tokenized version of this crypto can also be lent, borrowed, and traded on decentralized finance platform running on the Binance Smart Chain.
All these new implementations and applications influence the Ravencoin price in a positive way.
Before you start looking for mining hardware, software, and setting it up, get a reliable and easy-to-use Ravencoin wallet. Your mined coins will be sent there.
Further, we have mentioned already that the crypto is ASIC-resistant. Therefore, you need to get a GPU to mine this crypto. If you have changed your mining intentions though, you can also check the https://letsexchange.io/blog/cardano-ada-price-prediction-2021-2030/ post to find out about the most attractive RVN alternatives.
Once the wallet is chosen, downloaded, and set up, you can move on with mining preparations. For RVN mining, Nvidia cards are the best. As for software, here is the list of the best options to choose from:
- T-Rex miner
You can opt for solo mining or join a mining pool. While in the first case, you get all the rewards for confirmed blocks, in the second case, the rewards are shared among all the pool participants based on the computational power they contribute. Even though in the second case, you get less money for a confirmed block, in the long run, it might be a more profitable option because a pool confirms more blocks and does it more frequently than a solo miner can ever do.
How to Choose the Best Ravencoin Mining Pool?
We are sure you can find a lot of pools for RVN mining. However, choosing the proper one can make you benefit or fail. Therefore, here is a list of features to pay attention to if you want your mining efforts to be profitable:
- Uptime: if the pool is most time down, it cannot generate any profit for you. A reliable mining pool shall have minimum downtime.
- Fees: if you are after profit, a fee is a detail that can make you benefit much more or less than you expect. The fees vary from 1 to 3%, and the less your pool charges the better it is for you.
- Withdrawal limit: for some miners, it doesn’t matter indeed. However, if you believe that even the smallest amounts shall be withdrawn asap or if you really need your money, choose a pool with the minimum or not withdrawal limit. It is a guarantee that you can get your funds as soon as you need them.
Can I Benefit from RVN Mining?
The coin is among the leading projects in the cryptocurrency world, and its importance is growing constantly. Therefore, investing in this project will, most likely, pay off. And therefore, mining it is worth the effort.