How to Mine Ravencoin
One of the popular altcoins is the Ravencoin token. It was originally created as a peer-to-peer digital network designed to facilitate the transfer of assets between owners. Transactions made here are notable for their instant execution speed and security. This cryptocurrency was developed based on Bitcoin and has many similarities with it, but there are also some unique features. Below we will take a closer look at what features this token has to offer and how to mine RVN.
We do not urge readers to invest in risky assets, but only describe the opportunities in this area.
Features of Ravencoin
Ravencoin cryptocurrency has certain features that separate it from other coins. Some of the primary ones are:
- Ability to increase the block size for additional transactions;
- High decentralization, eliminating the possibility of mass mining;
- RVN is backed by Binance, which hosts about 25% of all transactions in the currency;
- Open source code;
- High confidentiality;
- Transaction processing speed is 10 times faster than BTC.
Users are motivated to start mining this currency not only by the benefits of RVN, but also by its profitability. Miners can expect a reward of $5,000 RVN per block, while the value of the coin is about $0.0266*. Next, let's look at how to mine Ravencoin with GPU and what equipment and software is needed.
*The data is current as of March 2023.
What is necessary for mining
The raven coin mining process involves two main parts. It is the hardware and the mining software. Despite the growing popularity of this coin, its mining can be associated with some issues. Special focus needs to be placed on performance, cooling systems and careful configuration. However, the undeniable advantage is that you can start mining with an ordinary computer instead of buying professional equipment.
Mining a cryptocurrency such as Ravencoin is performed by using GPUs from Nvidia or AMD. ASIC can also be used. The rest of the components should be picked based on the specification of the chosen video card and the budget.
RVN coin uses the KawPow algorithm. Solo mining is possible but requires a farm with a good hashrate. This demands a powerful rig and an impressive investment of money, which is not suitable for everyone. Therefore, in most cases it is mined with the help of pools, the number of which is quite large. Many people prefer Binance Pool, but there are other options:
- minermore, etc.
After selecting a pool, it is necessary to download, install and properly configure the mining software. Depending on the type of video card, different programs are used, but there are universal options, such as NBMiner, Gminer, Kawpowminer.
You should remember that when joining a pool, the user will have to contribute a percentage of the profit in the form of commission fees. Most often the commission does not exceed 1-2%, but each platform establishes its own terms. Coins obtained by mining should be stored in a safe wallet.
Before you start mining Ravencoin, it is recommended to check the profitability level of this coin. This is necessary in order to estimate the potential net income, as well as to determine the payback period of the equipment, if any investments have been made. Several factors have both a direct and indirect effect on profitability. The coin price is not fixed, but varies with market activity. There is also a periodic doubling of miners' rewards for blocks. Additionally, there are influencing factors such as:
- Equipment performance;
- Expenses for maintaining the mining process;
- Overclocking of video cards;
- Market situation, trends;
- Complexity level of the network, etc.
To simplify and automate calculations, there are specialized calculators. They help to calculate the profitability of mining based on existing or planned equipment. The calculations include many parameters, allowing you to give fairly accurate predictions, though not definitive. Keep in mind that the complexity and costs of mining increase over time.