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What is Monero Mining (What Mining Machine is Used for Monero)?

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What is Monero mining? Bitcoin and Monero are both developed using privacy-prote

What is Monero Mining (What Mining Machine is Used for Monero)?

What is Monero mining? Bitcoin and Monero are both developed using privacy-protecting blockchain technology. In 2017, when we talk about cryptocurrency mining, the first word that comes to mind is “anonymity”. “Anonymity” refers to using one or more addresses to access the network and conduct transactions, which often means they can send tokens to another address to gain profit. However, despite these addresses being anonymous, they are still considered unhosted. To gain this power, the application also introduces a new reward system called Monero Staking (MR).

Since everyone’s identity is associated with an entity, no one will require their identity to be verified through KYC. MoneroStake is a digital token that can be used to create, issue, and sell private tokens. It allows users to purchase tokens that represent their ownership.

Although Monero has unique features, many other projects are still trying to take advantage of them, with some projects seeking to make their code open source. For example, Cryptokitties has started offering such services, including the NFT market OpenSea, a recently launched DeFi protocol, and AxieInfinity, which is about to go live. However, as more and more players join this ecosystem, the adoption rate of Monero has increased. It is reported that the Monero Foundation plans to distribute over 10 million dollars worth of tokens to its holders by the end of this year.

Some members of the Monero community have expressed that if the total supply of Monero reaches 21 million, Monero may become more decentralized than it is now. The founder of Monero named said, “It is because we don’t want people to get involved. If you want to be the next generation internet company and you want to keep working, you can get funding from your device.” According to CoinDesk’s data, Monero currently has about 100,000 investors. However, due to the high price volatility of Monero, it fails to meet the needs of most ordinary people, resulting in many retail investors choosing to close their portfolios to avoid risks. The mining method of Monero The process of Monero mining mainly involves several steps: the first step is to deposit on an exchange; the second step is to deposit and withdraw operations on a wallet; the third step is to directly deposit assets from a bank account; the fourth step requires a long wait to complete the entire process, allowing Monero to operate. Then, once the user’s wallet balance is large enough, the mining pool can be launched. (Note: Monero mining is implemented using the Mimblewimble protocol, aiming to address this issue.) After a round of financing, the MimbleWimble protocol was officially released. Monero originally announced in the first quarter of 2019 that it would help build a more robust financial infrastructure that allows more people to transfer across Bitcoin and other cryptocurrencies.

What Mining Machine is Used for Monero?

According to Bitcoin.com, what mining machine is mainly used for Monero mining? Currently, mainstream Bitcoin mining machines have relatively low computing power. Taking Bitmain’s M30S (God M31T) as an example: according to the latest data, the peak average computing power of the entire network on February 17, 2018, was about 64.5 Th/s, which means that if calculated at the current price, it reached around 4 Th/s at the lowest point in early 2017; and by the end of 2019, this number had risen to more than 9 TH/s, indicating that most Bitcoin miners on the market are using Antminer S19 Pro from Antpool to mine Monero.

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