This article is aimed at anyone that owns a decent computer at home and wants start earning some crypto from their CPU power.
This tutorial will be super fast and go over creating a Monero wallet on your PC and how to install mining software for converting CPU power into cryptocurrency.
At the end of this article you will:
- Be your own bank for XMR Tokens
- Mine XMR Tokens for contributing to Monero Network
Setting Up Monero Wallet
There are a few ways to setup a Monero wallet with the most secure being you download the entire blockchain to your computer, but for this tutorial we are going to use SimpleWallet for Monero.
It is so easy you’ll have an address within 5 minutes or less.
Download the Windows version and install it onto your computer.
When the program opens you’ll need to click the button “Create A New Wallet” and go through all the prompts.
The most important part is making sure you write down your recovery phrase.
Once you have verified everything you will land inside the wallet. Click the folder icon and copy your receive address.
That’s it. You have a cold storage wallet for Monero.
Let’s move into mining.
Mining Monero On RandomX — After November 30th 2019
The program we will use in this tutorial is XMRig. There are a few miners out there but I just like this one, it works great and stays updated quite often.
Requirements for Mining:
- Wallet Address (see previous section)
- Mining Software
- Join A Mining Pool
Mining Software Download: https://github.com/xmrig/xmrig/releases
Mining Pool: https://minexmr.com/
First thing is to download XMRig and extract it somewhere on your computer.
Now head over to the configuration wizard https://xmrig.com/wizard and start to enter some details…
Add Pool: Choose MineXMR.com as your mining pool and get your Monero Address ready (see previous section).
I chose Singapore because I’m based in Australia. You would just choose which ever location is closer to you.
Skip to the Results Tab and you’ll see some code, at the bottom of the screen is a command line you can use for Windows.
Now let’s create a Batch File for starting your mining software.
I placed XMrig on my D Drive with a directory path of /monero/xmrig/ so my batch file will look something like this.
The batch file just sits on C Drive and I dropped a shortcut into the Startup Folder so my computer starts mining automatically, even if Windows updates itself and reboots.
If everything worked correctly then you’ll see the console look something like this.
On my crappy old laptop I mainly use for typing, I can generate over 200 H/s on RandomX.
Check out the Monero RandomX CPU Benchmarks here. The most popular CPU being the Ryzen 9 3900X which is on the Xmas list for a lot of gamers this year.
How you know the mining is working is by checking the pool. You will need your receive address again.
Go to the MineXMR Dashboard on the website and paste in your Monero Address, the one you used starting XMRig.
If you look at the bottom of the screen you can confirm MineXMR see you and you’re mining.
That’s it! You’re now mining your own crypto. Keep that going until you start building up a pending balance.
I ran through this process on my desktop computer for 24 Hours, which is a standard $900 PC from JB Hifi I use for my daily work. These are the results.
Why Am I Mining XMR? What Can I Do With Monero?
Monero is a cryptocurrency and like all crypto it can be swapped with other coins using platforms like Changelly.
Let’s say in the first month you mined 0.1 XMR and it is sitting in your wallet. Let’s also say you like gaming and just discovered the TRON Network.
Your 0.1 Monero now becomes 330+ TRX tokens which you can now spend in games.
It really is that easy.
Hope you enjoy this article and it helps you out in getting into participating in the Monero Network.