Ravencoin (RVN) is the diverging version of Bitcoin that was created to help ease transactions. It uses the algorithm known as KAWPOW, which makes it ASIC-resistant and assist it to prevent it from being centralised. Many people are switching from other cryptocurrencies to mine Ravencoin for its high advantage. Even Ravencoin sometimes comes up high on the list of solvent coins.
But to work on the crypto we have to think about on which cryptocurrency we should invest, calculating the overall return of the investment. To know all about other factors, I have already discussed all these things in my previous “What is Cryptocurrency Difficulty – A Brief” blog. Please refer to that blog to know more about this difficulty thing.
Mining Process in Brief
So after knowing the difficulty of mining Ravencoin, you need to focus on the overall hardware and softwares. The drive of your mining tool is the central processing unit (CPU), which you could utilize to mine some cryptocurrencies. Although, in the present day you need a graphics processing unit (GPU) to mine most of the crypto coins. But in case of Ravencoin (RVN) you can use both of the CPU and GPU to mine it.
Another important factor when mining the Ravencoin is Hashrate. Your mining machine can compute millions of hashes per second while looking for the correct hash. It means the greater the hash rate, the higher the number of these computations. The hash rate of your machine depends upon the overall summation of the power of your Central Processing Unit (CPU) and Graphics Processing Unit (GPU). So to get a higher hash rate you need to build a machine with higher model graphics cards. You can also make a mining rig of 3-4 graphics card, if it suits your budget, to get more hash rates while mining.
You can have a good mining rig with Nvidia or AMD graphics cards, you can comfortably mine Ravencoin – any way you choose to mine individually or can join other miners in a mining pool. But you have to keep in mind you need a good amount of hashrate to compete with other miners of the pool and that means you might need higher GPU power to get a minimum amount of profitability. You can go with the latest graphics cards of Nvidia above 1050 ti to make a profitable mining rig, in this current year of 2021.
If you have these above-mentioned requirements fulfilled, you are now ready to start mining the Ravencoin (RVN). Another step you have to take is to install the mining software and choose a mining pool from the available RVN mining pools. After building a good mining rig you have to identify the best mining pool or mining software that is the most suitable for you. And which pool gives you the maximum hash rates when mining through the software. Having a hash rate of 20MH/s can give you an estimated profitable value of 80 – 90 USD/month, so you can see you have to get a higher hash rate of around 30 – 40 MH/s to get a profit of around 150 USD/ month.
So this is it, now you have known all the things regarding Ravencoin (RVN) and how you can mine it. You can also trade on Ravencoins, but let’s keep that for another blog. Make your mining rig as you find suitable and start mining now!