Monero XMR is a virtual currency more private and anonymous than Bitcoin, born in 2014 from the fork of Bytecoin BCN. Monero after the bifurcation from Bytecoin, the developers undertook to improve their original code and integrate the CryptoNight algorithm for mining, where the order of transactions is voted on, new features in the protocol and the fair distribution of money.
On the other hand, specifically, the technology that allows the absolute privacy of Monero is called ring signatures (ring signatures). This is a group of cryptographic signatures in which the only one of the ones that appear is real, but there is no way to indicate which one it is or where it came from, because when they are mixed, they all seem valid. So when making a transaction anonymity is maintained except for the parties involved
According to the performance calculators on several websites, the profitability of mining Monero is still high, and the profits are substantially using the right equipment. We know that mining is something that can consume us many technological resources, investment and energy that translate into money. But Monero has been quite stable over time, so it’s still profitable to mine even in the Cloud.
MinerGate recommends it as the currency with the best return when you choose the “Smart Mining” option within the MinerGate GUI Miner.
If you are interested in mining Monero, you have to know this 5 Monero mining facts:
1. A currency without limits or infinite
Unlike other cryptocurrencies, the maximum amount expected for Monero is virtually infinite. Its main emission curve will be given over the next 8 years and will reach around 18.4 million coins. After that, a constant ’emission queue’ of 0.6 XMR per block every two minutes will cause a 1% inflation that will continue to fall, although the system has been designed so that miners can always get at least 0.3 XMR per block. In this way, there will be no shortage of rewards for them, which will keep the blockchain safe.
The latter, of course, is proprietary to the platform and is based on the already described CryptoNote protocol, much more opaque than the original Bitcoin blockchain.
Bitcoin has an emission of only 21 million, after which the experts will have to decide how to continue.
Flexibility is another of the main features offered by Monero, alluding to that no government, foundation or central institution is responsible for the platform, and that maintenance is on behalf of its developers, who in turn have had various partners without anyone occupying any particular position.
Also, it is emphasized that its mining algorithm will not allow the centralization of this by large companies, as has happened with Bitcoin since until now it is not possible to develop ASIC devices for its algorithm.
You can use your mining rig, PC or even your cell phone to mine XMR (MinerGate app for Android). That flexibility is one of the great advantages of Monero.
Flexibility in storage, since you can store it in computer wallets, smartphones wallets and paper storage (cold storage).
After the increasing regulations on the part of China and other countries, the mining and the transfers of cryptocurrency still enter a category of “without legality” since the governments do not own control of any means on them, for that reason they cannot charge taxes or use them with regulated measures.
That is why security of transactions is very important, when you decentralize a process, you need security and privacy to validate that process, and therefore, in a world where private information is public, Monero has come to change the rules of the game, updating the security by adding an “I2P security update”.
This is the ‘software’ I2P, with which the anonymity will take another step further: although in the case of sending bitcoins the recipient does not know the IP address of the sender, those who undermine the cryptocurrency created by Nakamoto can know which. However, when that technology is implemented in Monero, not even they will be able to know it.
The segment of cryptocurrencies is one of the most talked about, but compared to the big references -currently, bitcoin and Ethereum- there is a large group of tokens and altcoins, alternative cryptocurrencies among which lately one can hear people talking in a prominent way: Monero (XMR).
This cryptocurrency was born in April 2014 with a purpose: to provide an alternative focused absolutely on privacy and that was not based (like many others) on the bitcoin code. This has made it an increasingly attractive alternative in various areas, but above all in a disturbing one: that of cybercrime.
4. You can make a passive income anywhere
Many people are opting for high-security level cryptocurrency due to the fact of the personal information that each day is more difficult to save. Our grandparents told us that if you want to store something very secretly, hide it under the mattress of your bed. Monero is the digital version of that security of our grandparents since it encrypts the transaction and the IPs of the users, so you make sure that your money, whatever it is, is completely safe without third parties that know all your activity.
The advantage of miner Monero is the ease that low-budget computers or even Rasberry Pi can mine from any console or computer and the ease of using PoW (Proof of Work) to solve problems is an advantage to decentralize mining.
We are aware that one of the great challenges of cryptocurrencies is acceptability, which is based on the ability to adapt to all markets to transact from micro sales to large investments.
Monero due to its great capacity of support and security is having a boom to be implemented in the day to day retail.
Currently, the doors are open, since it has an interesting list of Gateways with compatibility in WordPress Woocommerce and If you are from Australia you can pay your bank accounts, loans or any invoice through BPAY using Monero for example.