Monero wallet (this is where you’ll get the rewards) download from Information of mining pools : as mentioned earlier we will be joining a mining pool, the address of active mining pools can be found by a simple google query, it’s better to use one near you ex: google search monero mining pools in Los Angeles. Connectivity to Internet via LAN or WiFi.I’ve not enabled CUDA(GPU backend) for Nvidia Jetson since monero encourages mining on CPU though if you want to give it a shot I’d love to see how it performs. Hash rate(H/s) is the number of hashes a device can solve per second. The following SBCs were tested by my friend Lambros and this was the hashrate result: Raspberry Pi 3 - 20 H/s Raspberry Pi 4, 1 GB RAM - 45 H/s Raspberry Pi 4, 4 GB RAM - 99 H/s Nvidia Jetson Nano 2GB (without GPU enabled) - 62 H/s A single board computer like raspberry pi 4 (more ram the better).You can read all about Monero project, how much it pays for mining, costs associated, etc all on official website: here Is it profitable? Maybe not, given the device needs to be powered on and running but it surely is fun and maybe you can really earn if you add a lot of devices in your mining pool with good resources, say Rpi with 8 GB RAM nevertheless it’s not financial advice so please do your due diligence :) Monero also works on Proof of Work but instead of your small device solving a really complex cryptography puzzle it can join a mining pool with other devices to lend the compute power and together they can solve it fast and depending on how much your device contributed to the solution it’ll be rewarded suitably for that. The philosophy behind this is since the cost and entry barrier to mine is pretty high, the miners are usually owned by few persons or organizations which may not be good for blockchain’s decentralization (no ownership and trustlesness by design), so monero optimizes to allow more and more people to contribute making their blockchain more decentralized. If you’re feeling disheartened seeing the cost of these mining computers crushing your dream to have a mining rig of yourself, don’t be because the project we’re talking today called Monero allows or in fact encourages mining on CPUs, so even a small single board computer like Raspberry Pi 4 can become a miner to help validate the transactions and get the rewards in form of XMRs, the cryptocurrency of monero blockchain. Just like how a bank keeps the record of who sent money to whom, the amount as well as the date and time, similarly in case of blockchain this immutable information is maintained within distributed blocks connected by a network. Without going too much into the detail, for someone new into the web3 ecosystem - A blockchain is a distributed ledger which keeps records of every transaction happening over it. You can skip the inner details and jump straight to the build part down in the post if you like. Nevertheless, this project is kind of a fun to build, it allows you to mine cryptocurrency called XMR of Monero blockchain, profitable or not you can no doubt brag about mining cryptocurrency at your home to your friends, so let’s get started □ Using a separate docker images for build-time and run-time within the same Dockerfile, we will see why it’s important and how to achieve that later in this post This is in fact a fun project which you can build along to learn more about web3 and being a developer advocate, I’m also gonna use this project to share about the concept of : I tried a few things like buying some cryptos on an exchange, made a couple of web3 projects and joined a gazillion of discord channels doing the morning ritual of gm(good morning!) and responding to WAGMI(we all gonna make it!) but this one specific project called Monero caught my attention and I wanted to share it with the community here.īefore proceeding I want to put out that this is in no way an endorsement of the project or whole blockchain/web3 ecosystem in general, nor it’s a financial, get rich by mining cryptocurrency advice. Lately I’ve been hearing a lot of hype around web3- cryptocurrencies, NFTs, DAOs, DeFi, GameFi and all of these cool jargons giving me a lot of FOMO (Fear of missing out), so I decided that I’m gonna try some of them for myself and see what’s it all about.
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