You may choose to mine the coin on your own or join a mining pool to improve your odds of success.
How to Mine Shiba Inu (SHIB)
Shiba Inu (SHIB) is emerging as a really popular cryptocurrency and a lot of people are showing interest... Read more
Advantages of mining Ravencoin
These are some of the unique qualities that make Ravencoin an interesting cryptocurrency to mine:
- Ravencoin is just halfway through its worldwide supply, which provides plenty of motivation for new miners to join
- It’s completely open-source and community-driven.
- It features Equo Launch, which guarantees everyone an equal opportunity to mine or acquire RVN, no tokens are issued at the launch.
- Ravencoin lets you generate and sell any real-world asset and digital asset over a network.
- Institutional investment in cryptocurrency is not out of the question, and Ravencoin’s transparent and dedicated blockchain makes it an attractive digital asset with plenty of interest.
Mining Ravencoin (RVN)
To mine Ravencoin, you will first need a wallet, then install the mining script on your PC and let it run, and finally, check your mining stats on Unmineable.com.
Let’s get started.
Step 1: Get a Ravencoin wallet
Like with most other crypto mining methods, you will need a wallet to transfer your mining rewards.
You can use any of the 3rd party RVN wallets (look under "3rd Party Wallets") or an exchange wallet. However, the official Ravencoin wallet (look under "Desktop Downloads"), aka Raven Core, is preferred.
For this guide, we are going to use the Windows version.
Note: When you download the wallet software, you’ll get a warning from the operating system that it will be stopped because it might harm your device. It is the case with the majority of crypto applications.
After Raven Core is downloaded and installed, the next step is to create a new wallet. Make a note of the seed phrase so you can retrieve your wallet if something happens to your device.
After creating the wallet, allow enough time for the Raven Core wallet to be synchronized with the blockchain. You’ll need to obtain an RVN’s receiving address. You can get it by going to Receive > Request Payment > Copy Address.
You may optionally add a label to this address to indicate that these are Ravencoin mining rewards.
Step 2: Get the XMRig MSVC
Download the XMRig MSVC from its official site or the Github repository. Extract the .zip, and open up the file pool_mine_example.cmd (inside XMRig folder) with your code or text editor.
Look for codes similar to the following:
cd %~dp0 xmrig.exe -o pool.hashvault.pro:3333 -u 48edfHu7V9Z84YzzMa6fUueoELZ9ZRXq9VetWzYGzKt52XU5xvqgzYnDK9URnRoJMk1j8nLwEVsaSWJ4fhdUyZijBGUicoD -p x pause
Changing the Pool URL
The Pool URL is located in between
xmrig.exe -o and
-u. Replace the existing with either of the following, depending on which is nearer to your current location:
USA: rx-us.unmineable.com:3333 Europe: rx-eu.unmineable.com:3333 Asia: rx-asia.unmineable.com:3333
Adding your wallet address
Add a new line in between
pause, and paste in this line of code:
RVN:RXsEDR2XD91EabXa2QScdBQ8Zfh36pbN1p.wkid01#e4xd-wmzl -p x
Replace the current address (
RXsEDR2XD91EabXa2QScdBQ8Zfh36pbN1p) with your raven wallet address.
Refer back to Step 1 if you are unsure of your address.
The workerID (
wkid01) can be the name of your computer or the name of the machine assigned for the mining.
The code after
e4xd-wmzl) is important; it helps reduce the mining fee from 1% to 0.75 percent.
After making all the changes, your final set of codes should look something like the following:
cd %~dp0 xmrig.exe -o rx.unmineable.com:3333 -u RVN:RXsEDR2XD91EabXa2QScdBQ8Zfh36pbN1p.wkid01#e4xd-wmzl -p x pause
Now, right-click pool_mine_example.cmd and run the file as administrator, and you should be mining Ravencoin in no time.
Step 3: Check your mining Stats in Unmineable
Unmineable.com is a mining pool that pays you in whatever coin you want for mining with your CPU utilizing RandomX.
Log into Unmineable and then select Ravencoin as the coin you want to mine.
Select RVN as your cryptocurrency. Go to the RandomX Tab and paste your address into the box that says “Enter your address to check your stats:” Then click on the green button.
You’ll be able to examine your account balance and even request a payment once you’ve done this.
As the mining of RVN becomes more competitive, the difficulty of mining it will increase. As the network grows in hash power, modifications are made to accommodate it. That can only mean that solo mining at home will become less effective.
To aid decentralization, you may join one of these smaller pools. And maybe with your hash power, that smaller pool will begin finding a block a day.