Monero is a fast growing currency that is focused on privacy. It can actually be termed as a privacy based coin that solves a major issue with bit coin which is privacy. All information regarding transactions on bit coin is public including the amount that has been sent, the sender and the addresses. This can be quite inconveniencing to those who would want their details to be private. This means that block chain explorers can be able to see the amount of money present and the sender of the money too, creating doubts about the safety of the money and the users. Monero helps to solve this privacy menace that is on bit coin by hiding the amount that has been sent, the sender and the addresses. There are three main things that you should put into consideration when dealing with Monero and we will talk about all of them including the best monero mining calculator below:
- XMR – This is the symbol that is used for Monero.
- Scalability – Monero does have cheaper transaction charges as compared to what bit coin has.
- Privacy – Most importantly, there is a lot of privacy in transactions that are made on Monero including the amount of money that has been sent, the sender and the addresses used.
Monero mining in simple terms is the processing of transactions that are on the Monero network. Miners in this case gather transactions present in real time and put them together into a block chain. This action is quite similar to what accountants do the difference occurring only in the process and the fact that it is done using very powerful computers. Monero makes use of the CryptoNight algorithm. When you process transactions for the Monero network, you get payments which turn to be quite profitable in the long run.
Setting up a cloud mining contract is done when you purchase one. All the software is set up for you so that you immediately start mining on the Monero network. The benefits of mining include the following:
- You get daily payments. When you process transactions for the Monero network, you get to be paid on a daily basis which could end up being very profitable for you.
- There is no much technical knowledge required. The other good thing about Monero mining is that you don’t need high special skills in order for you to take part in it. This is because all the hardware and software is done for you.
Mining with Monero can be very profitable for you as an individual. You can get up to 200% worth of returns on investment depending on the following influencing factors:
- Mining difficulty – Mining has become very competitive over the recent times. In fact more people are joining this venture now than before. The problem that arises with this as stated is intensive competition. The more the Monero miners that are present the lesser each one of them gets to earn. This would significantly reduce the returns on investment since the cake has to be shared among many mouths. It is actually a potential risk that could lead to the reduction of profits. Predicting the mining difficulty is also quite hard.
- Monero value – This is where the Monero mining calculator comes into the picture. Monero being a digital asset, is dependent on the current market. Its value can shift either upwards or downwards depending on how the current market is. Therefore a Monero calculator is important in the calculation of the XMR rate or price, total value of all the XMR in circulation and the determination of profitability depending on the market.
You can therefore try out Monero mining as it is a venture that can prove quite profitable if the market is steady and investment too.