The Quick Guide to Ravencoin Mining

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If you are interested in cryptocurrency, you probably know how lucrative mining coins and tokens can be. The crypto mining industry has grown significantly 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 via 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, which means that miners circulate new coins and verify transactions in the mining process.

But why 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 does not allow the use of ASICs (Application Specific Integrated Circuits). ASICs are expensive and have become popular because they are the only type of hardware that can be used to mine valuable coins like Bitcoin. But the high price of ASICs makes mining some coins impossible for those who cannot afford the upfront costs.

This is where Ravencoin comes in.

Ravencoin mining can be done using a CPU (Central Processing Unit) or GPU (Graphics Processing Unit), which is much more affordable than ASIC miners. We’ll go into more detail about Ravencoin mining hardware a bit later, but it’s important to note here that the affordability of Ravencoin mining makes it a great option for those who don’t want to invest too much in the business. .

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It currently only takes a few hours to mine an RVN, with daily rewards at the time of writing standing at just under $7. While not exactly a lot, the consistency of Ravencoin mining makes it more reliable than mining other coins.

Now let’s get to what you need to buy, install, and consider before mining Ravencoin.

What to consider before mining

Although mining can be an incredibly profitable business, there are still some things you need to consider and know before you start.

First, cryptocurrency mining can lead to a big increase in your electricity bill. To operate efficiently, your hardware and software must run 24/7, which will naturally require a good amount of electricity. Even if you operate a room that does not consume too much energy, you should expect some sort of increase in your monthly or annual bill in any case.

Additionally, you will need to make an upfront investment if you want to purchase additional hardware to mine Ravencoin. Mining using your existing device’s hardware can cause problems because you’re using it for mining and general activities at the same time. Your computer’s GPU or CPU is not designed to be overworked like this (at least not continuously, for days on end), which is why most miners buy additional hardware.

So, while talking about hardware, let’s discuss the best hardware available for mining Ravencoin.

What hardware do you need to mine Ravencoin?

Because Ravencoin’s mining algorithm is ASIC resistant, you can choose between 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 are slower and less efficient (compared to dedicated ASICs). But it’s not a bad option if you’re working on a tight budget.

If you are happy to invest in a GPU or GPU rig to mine Ravencoin, there are several options to choose from. GPUs from Nvidia 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, software is just as important as hardware.

What software do you need to mine Ravencoin?

Do not worry. You’re not about to learn another high upfront cost. Fortunately, the mining software you need to mine Ravencoin will likely be free, as is the case with most cryptocurrency mining software. But some options trump others when it comes to mining Ravencoin. So, let’s see which software is better.

1. GMiner

GMiner is 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 ideal for beginners, which is very appropriate, as Ravencoin is a popular mining option for beginners due to its low initial costs.

GMiner also supports a range of mining algorithms, including KawPoWMiner and ProgPoW. Fees vary depending on the altcoin you mine and the hardware you use.

2. Miner T-Rex

T-Rex Miner is another commonly used software for mining Ravencoin and is ideal for those using Nvidia GPUs. Not only is it easy to use regardless of experience level, but it charges a relatively low 1% development fee, which is reasonable compared to some of its competitors.

T-Rex Miner also has a strong customer support service for all your issues and queries and offers an advanced API. You can also easily monitor your mining parameters 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 rig. NBMiner is a well-known option for mining Ravencoin and supports Nvidia and AMD cards. A 2% fee is currently charged to miners, which isn’t the lowest you’ll find, but by no means high either.


Initial Ravencoin Mining Steps

Before mining Ravencoin, you will need to ensure that you have an open cryptocurrency wallet ready to receive mining rewards. The wallet must be compatible with Ravencoin, so keep that in mind before deciding. You can also just download the official Ravencoin walletwhich is available for Windows, Mac and Linux.

After downloading the desired mining software (which we will discuss in more detail a little later), you will 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 must stay under the maximum ID length of 32 characters. 2 Miners explains the BAT editing process, as well as several Ravencoin mining servers to choose from.

So, your Ravencoin mining setup goes like this:

  1. Check that your hardware is compatible
  2. Create a Ravencoin crypto wallet
  3. Download Ravencoin mining software
  4. Edit the Ravencoin mining software configuration file with your wallet information
  5. Start mining Ravencoin!

Solo or pool mining

You will also want to consider whether you want to mine Ravencoin alone or part of a Ravencoin mining pool. We have a dedicated article on solo or pool mining if you want to learn more about the subject, but we will go over the main differences between the two so that you understand which is better for you.

Solo mining involves mining entirely by yourself. This means that you use your hash power and your hash power alone to mine, and you will receive the full reward when you mine a coin or block. Solo mining is more risky because the chances of getting the next block are lower because it’s just you going there. You may also have to wait a long time to mine a single block when mining alone.

Pool mining, on the other hand, involves joining a mining pool. Many miners choose to do this because joining a pool can provide a more stable income stream. Members of a mining pool donate some of their hashing power to the pool, and the combined power is used for mining. This increased power increases the chances of exploiting a block. When a block is mined, the reward is shared among the members (often in proportion to the power of each miner). Pool fees are also charged to members, which vary depending on the pool you choose.

There are many Ravencoin mining pools 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 risk and wait longer between blocks, mining on your own lets you reap all the rewards and avoid pool fees.

Ravencoin Mining can be a great business for beginners and advanced miners

Whether you are looking to start your mining journey with a more accessible coin or just want to try mining something different, Ravencoin could be a lucrative option for you. With regular rewards, low upfront costs, and a range of hardware and software options, Ravencoin mining could provide you with a healthy side income without hurting your wallet too much.

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