User Guides: How to solo mine with the GUI (2024)

FAQs

How to mine Monero using GUI? ›

On average, miners are currently making around $0.45 to $1 in profitability per day per mining system, though these figures vary greatly and are dependent on the factors that I will outline below.

If you choose to perform XMR mining solo, it can be very profitable in a “lottery” style game of chance that involves a lot of luck if you happen to mine the block.

How many Monero can you mine a day? Based the mining hardware inputs provided, 0.01074121 Monero can be mined per day with a Monero mining hashrate of 54.00 KH/s, a block reward of 0.65 XMR, and a Monero difficulty of 282,336,795,322.00.

Monero mining can be done using both CPUs and GPUs, although CPUs are generally more efficient for mining this cryptocurrency. Monero's ASIC resistance ensures a level playing field for all miners, unlike Bitcoin, which is now dominated by specialized ASIC mining hardware.

Monero's current circulating supply is 18.44M XMR out of max supply of 18.20M XMR.

Now, another question you might be interested in is how long it takes to mine one Monero coin? A Monero block is mined every 2 minutes. You already know that the current reward for mining a transaction block is 0.6 XMR. Doing the simple math, 1 XMR is mined every 3 minutes and 20 seconds.

Monero uses three different privacy technologies: ring signatures, ring confidential transactions (RingCT), and stealth addresses. These hide the sender, amount, and receiver in the transaction, respectively.

Monero is not illegal in the U.S., but it is banned in several other countries.

Can I mine Monero with GPU? ›

Monero is based on a proof-of-work (PoW) algorithm called RandomX, which is designed to be resistant to specialized hardware such as ASICs and FPGAs. This means that anyone can mine Monero using their CPU or GPU, without needing expensive or dedicated equipment.

Can Monero Reach $1,000? Based on the forecast by PricePrediction, in 2028, Monero will hit $1,104 at its peak.

Monero can be mined on both CPUs and GPUs, but the latter is much less efficient than the former. You can get an idea of how your hardware performs compared to others, using xmrig benchmarks page (some results might be out of date).

Setting Up Monero GUI Wallet Mining

Getting solo-mining set up is simple and easy, with the functionality built right into the official Monero GUI wallet. Just as with Bitcoin mining, if you successfully find (solve) and mine a block before the rest of the network, you're entitled to the full block reward.

At a minimum, two 8 GB RAM sticks of 3200MHz CL14 per rig are needed per rig to mine Monero.