How to mine monero on chromebook ? Yes, it’s possible and this tutorial will show you how to do it. While mining Monero won’t make you a millionaire overnight, it can still be fun and profitable if you know what you’re doing!
What is monero?
Monero is an open-source cryptocurrency created in April 2014 that focuses on privacy and decentralization that runs on Windows, macOS, Linux, Android, and FreeBSD. Monero uses a public ledger to record transactions while new units are created through a process called mining. Monero aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made as well as making the mining process more egalitarian.
Monero’s development team is also planning ahead with research work such as ring confidential transactions. This feature will hide amounts sent as well as make transactions untraceable. It was inspired by Confidential Transactions which hides both amounts and participants of a transaction in Bitcoin and has been deemed generally secure. Ring signatures mix groups of signers into one signature which improves privacy.
There are different ways to mine monero on chromebook and each method has its own set of instructions.
How to Mine Monero on Chromebook
First is to mine using computer’s graphics system (GPU). Another option is to use Central processing unit (CPU). Some mining methods can allow you to use CPU and GPU simultaneously. Then finally we can also mine monero using the cloud based mining.
Monero uses CryptoNight proof-of-work hash algorithm which can be CPU mined making it suitable for botnets and other forms of malicious activity. Therefore some people may find it harder to get started in mining because they don’t have powerful hardware but if you have a modern PC or laptop it’s possible to earn some coins even though it won’t be as profitable as specialized equipment.
We will start by downloading and registering in a mining software such as Cudo Miner, Kryptex or NiceHash.
To open an account on Cudo Miner, follow the account creation and verification instructions. Change the default payout coin to Monero from bitcoin by going to settings then payment
After clicking on “Get started”, you will be redirected to the device setup page. Here you will click on SET UP A DEVICE, choose your operating system and download the miner. You will be provided with installation instructions for your operating system.
If you’re logged in through the console, navigate the Devices tab and click setup a device or connect a device.
Once installed, go ahead, and configure your settings. Enable Third-Party miners to allow the application to download closed source miners.
It’s even easier to use a cloud-based mining service, such as Genesis Mining, which doesn’t require downloading anything. Just create an account and sign up for one of its three fixed mining packages. You can also choose between a 12-month and a 24-month runtime subscription for each bundle.
The 12-month run-time packages range in price from $525 for 17.5 MH/s hash rate to $4,498.50 for 150 MH/s hash rate. The run-time packages for 24 months range from 12.5 MH/s ($499.99) to 125 MH/s ($4,999). A custom package that lets you specify how much money you wish to spend also is available. Aside from Monero, you can mine Bitcoin, Ethereum, Litecoin, Dash and Zcash.
Step 1: Buy hashing power.
Are you dissatisfied with the amount of hashing power provided by your CPU and GPU? How you buy your hashing power depends on what kind of hardware you want to use to mine. You can invest in a CPU, GPU, or even some cloud hashing power from NiceHash. To learn more about all three options, read here. Regardless of what you choose, once you’ve chosen your hardware and set up an account at NiceHash (read: How to buy hashing power), all that’s left is installing their software and pointing it at one of their mining pools
Step 2: Join a mining pool.
Most people should join a mining pool, especially if they are mining with a laptop. Being a member of a mining pool, which pools members’ processing power, will result in more consistent rewards. Mining on your own and competing with pools or mining farms with large amounts of hashing power is difficult.
If you are using NiceHash, you can use SoloPool or Zergpool to mine XMR.
Step 3: Monitor the markets & withdrawal to your cryptocurrency wallet.
As a cryptocurrency owner, it makes sense to watch the cryptocurrency markets for changes in prices. For example, if you have bitcoins, you may want to watch the value of your holdings. You’ll want to keep a close eye on how well that altcoin is doing on the market. If you invest in a certain altcoin and think it has potential, you’ll want to monitor its market performance. One example is dogecoin, which is based on a popular internet meme and started as more of an inside joke.
What Is the Best Cryptocurrency to Mine? – How to mine monero on chromebook
As of the end of 2021, the best cryptocurrency to mine was Monero. It was better than Zcash, which was in turn more profitable to mine than ETH, LTC and other cryptos. Why? Because it takes less power and is easier to set up with your everyday laptop or computer. If you want to start mining cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC) or others, you’ll need computing hardware and a cryptocurrency wallet for each coin you want to mine with. Each one uses different types of equipment that perform different functions
Should you mine cryptocurrency?
Mining cryptocurrency is an option, but it’s not profitable as of 2022. Cryptocurrency isn’t backed by any central bank or government—it’s supported by encrypted algorithms and digital tokens—which means that it is extremely volatile. More importantly, mining cryptocurrency with standard hardware (your phone, computer) will never net you significant income. The math will tell you otherwise, but simple economics makes earning money through mining monero nearly impossible at scale today.
Where to buy Monero (XMR) and other cryptocurrencies.
The most obvious place is to buy it on an exchange such as Coinbase. However, these exchanges have very low purchasing limits and often charge high fees. A better way is an exchange like Binance which has much higher daily limits and doesn’t charge anything for deposits of less than 50 XMR (Monero) so you don’t need thousands of dollars of value in order to purchase it.
In conclusion, we can say to mine monero on chromebook is worthy a try because it wont involve tools that costs thousands of dollars. Though we ain’t saying that it will be that simple that simple to set it up because it involves some important steps like having to create a Monero wallet which can be created from the official monero site. You willalso need the monero xmrig downloded in your pc, once both of these are ready then your good to go! You can start mining