If you're interested in cryptocurrency, you're probably aware of how lucrative it can be to mine coins and tokens. The crypto mining industry has grown massively, and there are thousands of different mining options to choose from, including Ravencoin.
So, what exactly is Ravencoin, why should you mine it, and how can you get started?
What Is Ravencoin (RVN)?
Ravencoin is the native currency of the Ravencoin blockchain, launched in 2018 by Bruce Fenton and Tron Black through a Bitcoin hard fork. Ravencoin's open-source protocol allows cryptocurrencies to be transferred into real-world assets. Its blockchain operates using the proof of work (PoW) mechanism, meaning miners circulate new coins and verify transactions in the mining process.
But why should you mine Ravencoin? What makes it better than other mining options?
Why Mine Ravencoin?
One of the best things about Ravencoin is that its mining algorithm doesn't allow for the use of ASICs (application-specific integrated circuits). ASICs are expensive and have become popular because they're the only kind of hardware that can be used to mine valuable coins like Bitcoin. But the high price of ASICs makes mining certain coins impossible for those who cannot afford the upfront costs.
This is where Ravencoin comes in.
Mining Ravencoin can be done using either a CPU (central processing unit) or GPU (graphics processing unit), which is much more affordable than ASIC miners. We'll get more into detail about Ravencoin mining hardware a little later on, but it's important to note here that the financial accessibility of Ravencoin mining makes it a great option for those who don't want to invest too much into the venture.
It currently takes just a few hours to mine one RVN, with daily rewards at the time of writing sitting at just under $7. While this isn't exactly a lot, the consistency of Ravencoin mining makes it more reliable than mining other coins.
Now, let's get into what you need to buy, install, and consider before mining Ravencoin.
What to Consider Before Mining
While mining can be an incredibly profitable venture, there are still some things that you should consider and be aware of before getting started.
Firstly, mining cryptocurrency can cause a big spike in your electricity bill. In order to mine effectively, you need to have your hardware and software running on a 24/7 basis, which will naturally require a fair amount of electricity. Even if you're mining a coin that doesn't eat up too much energy, you should expect some kind of increase in your monthly or yearly bill in any case.
Additionally, you'll have to put down an initial investment if you want to buy some extra hardware to mine Ravencoin. Mining using your existing device's hardware can cause problems, as you're using it for mining and general activities simultaneously. Your computer's GPU or CPU isn't designed to be overworked like this (at least not continually, for days on end), which is why most miners buy additional hardware.
So, while on the topic of hardware, let's discuss the best hardware out there for Ravencoin mining.
What Hardware Do You Need to Mine Ravencoin?
Because Ravencoin's mining algorithm is ASIC-resistant, you can choose between a GPU or CPU for mining. Because mining is so competitive these days, CPUs are generally the least sought-after type of mining hardware, as they're slower and less efficient (compared to dedicated ASICs). But they're not a terrible option if you're working with a tight budget.
If you're happy to invest in a GPU or GPU rig to mine Ravencoin, there are a number of different options to choose from. Nvidia's GPUs are a particularly solid choice for crypto mining, including the GeForce GTX 1060, GeForce RTX 3060 Ti, and GeForce GTX 1080. AMD GPUs will also work.
But when it comes to mining, the software is just as important as the hardware.
What Software Do You Need to Mine Ravencoin?
Don't worry. You're not about to learn about another hefty upfront cost. Thankfully, the mining software you need to mine Ravencoin will likely be free, as is the case with most cryptocurrency mining software. But certain options outshine others when it comes to mining Ravencoin. So, let's get into which software is best.
1. GMiner
GMiner is a popular mining software that you can use to mine various cryptos, including Ethereum, Bitcoin Gold, and, of course, Ravencoin. It's an easy-to-use program that's great for beginners, which is quite fitting, as Ravencoin is a common mining option for beginners due to its low upfront costs.
GMiner also supports a range of mining algorithms, including KawPoWMiner and ProgPoW. Fees vary depending on the altcoin you're mining and the hardware you're using.
2. T-Rex Miner
T-Rex Miner is another commonly used software for Ravencoin mining and is great for those using Nvidia GPUs. Not only is it easy to use regardless of experience levels, but it charges a relatively low developer fee of 1%, which is reasonable compared to some of its competitors.
T-Rex Miner also has a solid customer support service for all your issues and queries and offers an advanced API. You can also monitor your mining settings easily using T-Rex Miner's software.
3. NBMiner
NBMiner is often used by mining farms but can also be used by those with a single GPU or a rig. NBMiner is a well-known option for mining Ravencoin and supports both Nvidia and AMD cards. A fee of 2% is currently charged to miners at the moment, which isn't the lowest you can find but is by no means high, either.
Initial Ravencoin Mining Steps
Before mining Ravencoin, you'll need to ensure that you have a cryptocurrency wallet open and ready to receive mining rewards. The wallet must be compatible with Ravencoin, so keep this in mind before deciding. You could also just download the official Ravencoin wallet, which is available for Windows, Mac, and Linux.
After you've downloaded your desired mining software (which we'll discuss in more depth a little later), you'll need to edit the BAT configuration file, which will include your wallet address. In this part of the setup process, you can also add a mining rig ID to make your rig recognizable, which has to stay under the maximum ID length of 32 characters. 2Miners explains the BAT editing process, along with several Ravencoin mining servers to choose from.
So, your Ravencoin mining setup goes like so:
- Check your hardware is compatible
- Create a Ravencoin crypto wallet
- Download Ravencoin mining software
- Edit the Ravencoin mining software configuration file with your wallet information
- Begin mining Ravencoin!
Solo vs. Pool Mining
You'll also want to consider whether to mine Ravencoin alone or part of a Ravencoin mining pool. We have a dedicated piece on solo vs. pool mining if you want to read more in-depth on the topic, but we'll run over the main differences between the two so that you understand which is best for you.
Solo mining involves mining on your own entirely. This means that you're using your hash power and your hash power alone to mine, and you'll receive the reward in its entirety when you mine a coin or block. Solo mining is more of a risk, as the chances of getting the next block are lower because it's just you going for it. You may also have to wait a long time just to mine one block when mining alone.
Pool mining, on the other hand, involves joining a mining pool. Many miners choose to do this, as joining a pool can provide a steadier income stream. Members within a mining pool donate a portion of their hash power to the pool, and the combined power is used to mine. This increased power boosts the chances of mining a block. When a block is mined, the reward is split between members (often in proportion to how much power each miner contributed). Pool fees are also charged to members, which vary depending on the pool you choose.
There are many Ravencoin mining pools out there to choose from today, including Nanopool, 2Miners, and RavenMiner.
If you want your mining experience to be stable and reliable, a pool might be a better option for you. But if you're happy to take more of a risk and wait longer in between blocks, mining on your own allows you to reap all of the rewards and avoid pool fees.
Ravencoin Mining Can Be a Great Venture for Both New and Advanced Miners
Whether you're looking to start your mining journey with a more accessible coin or simply want to try mining something different, Ravencoin could be a lucrative option for you. With steady rewards, low upfront costs, and a range of hardware and software options, Ravencoin mining could provide you with a healthy side income without hitting your wallet too hard.