How to Mine Ravencoin in 2021? | Ultimate Guide by Cryptogeek
Cryptocurrencies market share continues to grow with the combined cap surpassing Apple's $2.35-trillion stock worth. In this context, finding a viable and accessible cryptocurrency asset is a bit of a unicorn.
However, Ravencoin or RVN for short is still a developing project that offers you just that – an entry into the crypto world with an asset that has shown resilience and growth potential.
Today's article is about how to mine Ravencoin in 2021 and what the most efficient ways for you are.
We will explore each and weigh the pros and cons if such exist, and help you understand what makes the best choice for you personally.
Table of Contents
- What is Ravencoin?
- Ravencoin Mining: Calculator
- Create a RVN Wallet
- Solo Mining
- Pick RVN Software
- Pool Mining
- Things to Watch for in Pools
- Is Ravencoin Worth Mining In 2021?
What Is Ravencoin?
Ravencoin is a P2P network designed to transfer digital value between participants. The project is a Bitcoin fork. It operates on an independent blockchain developed by the company.
The project is open source and it does not use an ICO or masternodes with the focus being on community growth.
Developing consistently well throughout the years, interest in Ravencoin mining is growing exponentially.
We will take a look at all you need to know how to come prepared and take the path that is feasible and sustainable for you to the point where you can enjoy a successful year in Ravencoin mining.
It's good to keep in mind the following things. Ravencoin uses a Proof-of-Work (PoW) concept and mining is ASIC resistant.
Because of the ASIC resistant nature of the mining process, RVN mining relies on graphic cards and the hashrate is expressed as Mh/s.
You will notice that the hashrate from one video card to the next varies, but is usually between 10 and 25 Mh/s at today's standards.
Ravencoin Mining: Calculators
The first thing to do is calculate costs and see proof of whether Ravencoin mining is going to be feasible.
Ravencoin mining calculators summarize much of this information providing you with a detailed breakdown of everything you need to know, including:
- Time to mine RVN
- RVN Mining Hashrate
- Power Consumption (Watts)
- Electricity Costs
- Mining Profit
Calculators will summarize everything you need to know and help you find out how much time you need to commit to get a single Ravencoin block mining on your own, for example.
With this information available, it's time to look at the two most popular ways of mining Ravencoin in 2021. That is through solo mining or pool mining.
For example, at current hashrates you would need around 100 days to complete a Ravencoin block on your own.
Create a RVN Wallet
You are just a moment away from starting Ravencoin mining. Before you do, you will need a trusted wallet to obtain, store or transaction your RVN. Cold storage is always the option we recommend.
Look into viable Ravencoin wallet solutions and make sure to register one following all security suggestions, including a recovery phrase and a password. Once you do, store the bulk of your RVN cold.
Ravencoin Solo Mining
Solo mining means that you do not want to share or split the mined RVN with anyone. It also means that you have the hardware, energy supply and ambition to realize the full profits of your investment.
Solo mining for RVN is not difficult at present energy requirements. The coin is far from being as exorbitant in energy consumption as Bitcoin from which it forked.
Still, to start mining you will need to factor the costs and efficiency of your operation and compare it to the potential gains and yields.
To solo mine, you can use two methods. Once is to go down the road of AMD GPU mining, which will require a little more tech-savviness on your part in setting up the software necessary to mine.
You can alternatively join a Ravencoin SOLO mining pool in exchange for a small fee. The solo pools come with greater hashrate but they will charge you a fee of around 1.5%.
Personally, we prefer to join a pool as it allows us to download the relevant mining software, edit the bat file and proceed with the other instructions to set it up.
The process is very straightforward and while you have to play around with the technical side of things, the setup is going to end in success as the pools have inherent interest in having you as a miner.
That means that should you need help, you will receive it. In light of this, you ought to ask yourself, is solo mining for you?
Even in a pool, you will rely on luck as you are not very likely to get much if anything at all. What community members say about solo mining is that you are going to rely on random chance.
If you have the resources to invest in your own pool, this could be a viable path but you need to calculate your costs and potential gain.
Pick RVN Software
If you intend to mine solo, you will need to pick the right software. One way to do this by referencing what software solutions are currently used in mining pools.
Setting up your own software will then be a combination of how accessible a piece of software is and what functionalities are featured.
Overall, they all require a bit of reading to configure them right, which is usually listed in the software's documentation. We recommend sticking with solutions that are popular with miners in the first place.
Popular choices include BMiner, NBMiner or DamoMiner, as they all provide you with a reliable solution to mine Ravencoin.
Ravencoin Pool Mining
Pool mining seems to be the way to go when considering mining Ravencoin. The added benefit here is that, while you share the yields, you have a much greater chance of block discovery, and mining it quicker.
Remember that Ravencoin has limited supply and even though half of the total has been mined, the more RVN is discovered, the harder it would become.
Pooling your computing power will guarantee higher discoverability, lower the costs and ensure a steady flow of RVN to your wallet.
Pool mining has certain benefits that allow you to locate a trusted community pool that guarantees operational stability.
On the project's official page, you can find around two dozen RVN pools that are there to offer you the best possible mining experience.
As mentioned before, pools have their distinct advantages that go beyond the frequency and size of the payout.
For once, setting up a pool is much easier because companies that run such pools will make it easy to join and if you end up experiencing a problem, you will have a reliable party to turn to.
Things to Watch For in Pools
Joining a pool is great, but it's equally important that you do your due diligence and see what each pool has to offer you.
There are several things that we recommend you keep an eye out for, if anything just for the sake of being fully informed:
- Minimum payment
- Pool fees
- Pool size
These three metrics usually help new and existing RVN miners to decide on whether they would be interested in mining as part of one pool or another. The minimum payment is there to tell you how often you can cash out.
Pool fees will vary from 1% to 3% and they are contributed to the pool's owners for maintaining and running the operation.
Pool size usually means that you have to share the potential yields with more people, but you also access RVN much easier, which makes large pools perfect for beginners.
Is Ravencoin Worth Mining in 2021?
There is no doubt about this. Ravencoin remains a viable mining cryptocurrency in 2021. Not only is the global market growing as a whole, but so is RVN.
Interest in the coin is still at a level that makes it easy for newcomers to enter and join as solo or pool miners, resources permitting.
Ravencoin is hardly crossing the half-way point of the global supply, which gives new miners plenty of incentive to join.
Veterans are able to consolidate their gains by using their expertise into producing higher and better yields.
Institutional investment in cryptocurrency should not be ruled out and Ravencoin's transparent and dedicated blockchain makes it a desirable digital asset with sufficient and healthy interest going into it.
Mining it is a feasible and cost-efficient way of obtaining RVN still in 2021.