This article is really non-technical and anyone can follow along to start mining Monero coins using a hash rental service and an XMR pool.
I’m going to keep this super basic, let’s dig in…
UPDATE 4th December 2019: This tutorial is now outdated. If you want to mine Monero please visit How To Mine Monero on RandomX.
What Is Nicehash?
It’s a hash rental platform broken into two two sections; you can earn money selling your hash power, or you can rent hash power and send to your pool.
Register a Nicehash account here: Nicehash Website
What Is Minergate?
Mining solo these days is hard, which is where pools come in. The more people mining in a pool, the faster transactions are processed and the more rewards you get. Minergate has nice activity for XMR mining, but not so much the other coins.
Register a Minergate profile here: Minergate Pool Invite
How Are The Two Related?
Nicehash is a hash power marketplace and Minergate is a pool. To mine using Nicehash you will need to enter in a pool connection.
Related Article: Mining XMR with GPU (Nvidia 1080 GTX)
Minergate is popular because they offer a nice easy solution for Windows users.
Connecting Nicehash to Minergate
Login to your Minergate account and see the pool details with your login information towards the bottom.
Login into Nicehash, go to the Marketplace and click on the My Pools tab.
Add the pool information from Minergate above and click test. After that just click confirm.
You will need to deposit some funds into Nicehash. Click on Wallet in the menu and click on BTC deposit. You can send your coins as normal via QR scan.
At the time of this article, Monero uses the CryptonightR algorithm. Go to the market place and visit the CryptonightR section from the dropdown menu.
You can rent hash from US or Europe pools. Europe usually has more hash power CryptonightR.
If you’re out bid your hash power will halt. You don’t loose credits and it doesn’t expire.
Use the Minergate Profit Calculator to work out your return.
Minergate does have withdraw and confirm limits. A confirmation to your XRM balance is 0.005 where it remains unconfirmed until you hit that amount.
To withdraw funds from Minergate you need a Freewallet account. You can download that for free on Android, Apple or use the Web Version.
Register for a Freewallet Account & Get Apps here: Freewallet Official
To withdraw from Minergate, select the withdraw button next to the coin you’re mining and enter your Google 2FA and Freewallet email. You’ll get your funds in a few minutes.
Note: You’ll need to have Google 2FA activated before you can withdraw.
If you have any issues with Minergate then you can always email them directly on firstname.lastname@example.org and it generates a ticket in their support system. You should get a response within a few days.
Minergate Chat also has some community miners that answer a lot of questions.
To sum all that up for the too long didn’t read…
- Signup to Nicehash
- Deposit some Funds into Nicehash
- Signup to Minergate
- Add XMR pool information from Minergate to Nicehash (CryptonightR)
- Go to Nicehash marketplace into CryptonightR
- Start Mining by placing an order
- Monitor your bids
- Activate Google 2FA in Minergate
- Open a Freewallet Account
- Withdraw your XMR coins to your Freewallet
If you want to know more on how to build up a crypto portfolio, check out my crypto journey on Steemit.