In this Cryptocurrency for Beginners guide, you will learn all you need to know about how to mine Ravencoin on your PC from any location.
If you are new to the crypto market, then you must have come across mining articles that give an insight on how to mine some major cryptocurrencies rather than buy them from an exchange. There are many cryptos out there that are available for mining, but this article will be focused on Ravencoin.
Why Ravencoin? As a beginner in mining crypto assets, ravencoin is one of the easiest that can be mined using your GPU.
What is Ravencoin?
Ravencoin (RVN) is an open-source network that was launched on January 3, 2018. It basically allows almost instant transactions between holders and was built on a fork of the Bitcoin code. Ravencoin also uses the UTXO (Unspent Transaction Output) system and relies on the proof-of-work (Pow) consensus mechanism and the KAWPOW algorithm.
What is the purpose of Ravencoin? Well, its main purpose is to enable users to create and transfer assets efficiently. Ravencoin is an alternative to other blockchains like Ethereum. You can view more about the official whitepaper, Ravencoin.
Ravencoin summarized features:
- Proof-of-work mechanism
- Block time is one minute.
- It is among the top 50 cryptocurrencies on Coinmarketcap at the time of writing this guide.
- Anyone can mine Ravencoin (RVN).
- Ravencoin is open-source.
Requirements for mining Ravencoin
You now understand a little about how Ravencoin works. The next step will be to start mining some for yourself, but before you do, there are some necessary gadgets and software that will help to mine ravencoin, and they are:
- A GPU with at least 4 GB RAM.
- Fast internet connection that will keep your mining rig running 24/7.
- Stable power supply that can provide your rig with the large amount of watts it needs.
- Well ventilated environment to keep your mining rig cool at all times.
- A Ravencoin wallet to store the coins you mine.
- A mining software like CCMiner.
- A mining pool like RavenMiner or Nanopool.
How to Mine Ravencoin
After you have gone through the list of requirements, you can now set up your rig by following the steps below.
- First, you will need a Ravencoin wallet address to receive your rewards. You can get a wallet address from Ravencoin official website or from exchanges.
- Download CCMiner software from Github. This mining software is available for both Windows and Linux systems and also works well with Nvidia.
- Next, install the software and create a batch file in the miner’s folder and add the line: cminer-x64.exe -a algorithm -o stratum+tcp://mining_pool:port -u wallet_public_key -p c=coin_symbol
- If you are using Linux, create a script file and add the above line.
Choose a mining pool from this list of recommended pools that works well with Ravencoin. You can view Ravencoin compatible mining pools here. - After you find your preferred mining pool, create an account. Get the username and worker information if you need them to mine Ravencoin, and note down the pool’s address and port for configuration.
- Configure the pool by changing the algorithm to X16R. You should also replace “mining_pool” with the name of the pool you have chosen, the “port” with 3636, the “wallet_public_key” with your wallet address, and “coin_symbol” with RVN. The setup should reflect the changes you have made.
- Now, double-click the batch/script file to get your miner working. You should see something similar to the screenshot below.
- The miner window should display the GPU model, the fan speed, and the temperature.
That’s all. You can now wait for the first RVN to hit your wallet.
Depending on the pool you are using, there should be instructions on how to go about the configuration process. So, you need to check to see whether you will get instructions from the pool you have joined.
