How To Mine Ravencoin (RVN): All You Need To Know
Ethereum is moving to Proof of Stake and many current GPU miners are left with the question: what’s next?
Selling expensive graphic cards or renting them out is an option, but many people simply enjoy GPU mining and are not ready to give up just yet!
Thankfully, Ravencoin appears to be a great alternative to mine.
Once Ethereum’s Proof of Work days are over, we expect Ravencoin will become a target of more miners in the near future - both newcomers as well as veterans.
In this guide, we will show you:
- How to mine Ravencoin;
- What Ravencoin mining pool and mining software to use;
- Things you must know about RVN mining.
What is Ravencoin (RVN)?
Ravencoin is defined as an open-source project built upon what we call a fork of the Bitcoin code.
While using the UTXO (Unspent Transaction Output) system from Bitcoin as well, Ravencoin presents itself as a worthy alternative for the Ethereum Blockchain.
This coin uses a Kawpow mining algorithm, which makes its mining ASIC-resistant.
So, thanks to the Kawpow Algorithm and its ASIC-resistant nature, those who want to start mining Ravencoin can do so with much lower mining hardware than usual.
To learn more about Ravencoin mining algorithm and more, check the RVN whitepaper here.
Why is Mining Ravencoin Important?
Ravencoin mining is essential to maintain the network genuinely decentralized.
Getting RVN mined subsequently leads to more transactions taking place and coins being released.
Each miner contributes to validate transactions without experiencing external exploitation.
The computational power invested by a miner helps to create and add more blocks to the blockchain.
Of course, Ravencoin mining requires resources.
In order to generate enough revenue, you need to take electricity costs into account.
For example, understanding these costs will help you save money in the long haul, depending on the hardware you use.
How To Mine Ravencoin
If you want to start mining today in the Ravencoin network, then you must be prepared.
By default, miners will need to set up both software and hardware before starting the RVN mining process.
If you are an experienced miner, then you know how important it is to consider all things before even starting to mine any kind of asset.
Therefore, in this guide, we’ll thoroughly show you the right process for mining Ravencoin efficiently.
Step 1: Set a Ravencoin Wallet Address
It’s fundamental to have a Ravencoin wallet address before starting.
There are many Ravencoin wallets out there.
You could opt to download an external exchange wallet, such as Trust Wallet, or choose the official wallets by clicking here.
The thing is that you need a receiving address for the mining rewards you’ll get, so don’t sleep on the wallet!
Step 2: Setup Hardware
Once you have your RVN wallet address set and ready to go, the next step is to properly select the hardware.
Nvidia Cards and other graphics cards are often the top choices of both PC and Linux users.
Your Nvidia GPU or AMD GPU will need at least 4 GB Ram in order to work.
In order to learn more about Nvidia GTX, Nvidia GPUs, or AMD cards, we highly recommend to you to specialized Ravencoin mining communities, such as Ravenland.
Step 3: Setup Mining Software
There are different Ravencoin mining software that you can download depending on the graphic cards and other specifications of your Linux or PC device.
In order to install mining software, you must give permission to the file to get into your system once you download it.
Windows and other OS security measures will think that the file is corrupted before starting, so allow the file to work on your device’s main menu.
Among the most popular mining softwares we have Kawpowminer and NBMiner - the choice is yours.
Step 4: Choose a Mining Pool
It’s important to choose an RVN mining pool in order to start mining.
Mining pools combine the power of many computers to make the mining job more efficient and quicker.
You can check a list of official mining pools on the official Ravencoin website.
Once you have selected the pool, you need to set up the custom pool name in the software you have previously chosen to work with.
Step 5: Start Mining RVN!
So, now you have it all: the RVN wallet address, the pool, the hardware, the software… you are ready to mine!
Always consider that the funds you send to your wallet address will depend on the minimum requirements of the pool you have chosen.
Also, never forget to include all the costs related to electricity and other factors in order to make the best out of your experience.
That being said, the day to mine has come.
Get your sweet Ravencoin revenue in your wallet and move on!
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How To Mine Ravencoin FAQ
How Long Does it Take to Mine 1 Ravencoin?
According to a Ravencoin Mining Calculator, it will take you an average of 0.016 days to mine 1 Ravencoin.
That being said, the Ravencoin price today is $0.1138.
The price will obviously vary depending on the fluctuation of the market, so take this into account so you can properly calculate your profit and time invested.
Is Ravencoin Mining safe?
Most softwares dedicated to mining cryptos are safe enough.
Still, we highly recommend you to check the background of a software before deciding to use it.
You don’t want silly hackers using your PC as mining rigs, right?
To learn more about Ravencoin safety measures and characteristics, go to the official Ravencoin website.
Karen is a senior technical writer and copywriter at Hypegrowth. Her area of expertize are social media apps and new media.