Getting started mining Monero

Getting Started with Monero
There are plenty of guides to help you get started mining Monero available on the web, so you can refer to those for plenty of detail on the topic.

But as an overview, you will need a couple things to begin.

  1. A wallet/address to receive all of your mining efforts
  2. A mining-pool to use
  3. Exchanging your Monero

Step 1. Get a wallet
Before you can start mining, you will need a wallet. A wallet is where you will "store" all of the coins that you earn/mine. There are a few options when choosing your wallet, but to be safe, you are best off downloading an official wallet for your operating system. There are some online wallets, which may be convenient, leave you without direct control over your hard earned coins.

In some mining pools, you also have the option to mine directly to an "exchange wallet", which may be convenient, often comes at a much higher withdrawl minimum, and sometimes incur additional fees.
Once you have a wallet setup, you will get an wallet address. You can then use this address as the destination for all you mining efforts.

Step 2. Select a mining pool
There are many mining pools out there to choose from. All pools perform the same basic funtion: people combine their collective mining power and split the rewards according to effort. In general, you want to look for a few things when selecting a mining pool.
  • Pool hashrate. This determines how often blocks are found.
  • Pool fees. Nearly all pools take a small fee, which ranges from 0.4% - 4%
  • Payout threshold. This determines the minimum amount you need to earn before you can withdraw your XMR
  • Pool Difficulty This can be extremely important for web mining performance. High difficuly pools should be avoided.
Monero Mining Pools
Pool Name
Location
Fee
Minimum Payout
Port Difficulty
Approx. Hashrate
USA
1.5%
0.2 XMR
20000 diff
19 MH/s
Germany
0.5%
0.05 XMR
100 diff
4.5 KH/s
USA
0.9%
0.1 XMR
10000 diff
4 MH/s
Europe
1%
5 XMR
15000 diff
40 MH/s
USA
0.5%
0.5 XMR
20000 diff
600 KH/s
MANY
0%
0.03 XMR
100 diff
3.5 MH/s
USA
0.4%
0.2 XMR
200 diff
40 KH/s
USA
1%
0.2 XMR
5000 diff
1 MH/s
USA
1%
0.2 XMR
5000 diff
1 MH/s
DE
0.2%
1 XMR
1000 diff
500 KH/s
USA
1%
1 XMR
120000 diff
65 MH/s
USA
0.15%
0.1 XMR
7500 diff
130 KH/s
USA
0.6%
0.3 XMR
2000 diff
45 MH/s
USA
0.5%
0.25 XMR
1000 diff
120 KH/s
USA
0.6%
0.3 XMR
1000 diff
1 MH/s

The pool's difficulty can GREATLY effect web mining performance. Please consider this when selecting your pool. The lower the difficulty the better, for web miners.
Please Note: This is just the list of currently supported pools. If you'd like your pool added, please email me and I'll be glad to add it.


Step 3. Exchanges
An exchange is where you can buy or sell your coins. So, unless you are planning to hold (HODL) your Monero, you will need to eventually tranfer your coins to an exchange, in order to sell them.

Some common/popular exchanges for Monero are: