In this article we will review Monero cloud mining. Monero, XMR, is a crypto currency known for its privacy. We will investigate which trusted companies offer Monero cloud mining, if there is the possibility of free contracts and in addition we will compare Monero VS BItcoin. We cover the following subheadings.
- What is Monero Cloud Mining?
- What trusted sites can you use?
- Is there free Monero site?
- Is there free software for Monero mining?
- Who offers Monero contracts?
- What is the Profitability?
- Monero Mining Algorithm
- Additional resources on Reddit
- Difference between Monero and Bitcoin Cloud Mining
- The Best Monero Mining Site
What is Monero Cloud Mining?
What trusted sites Can be used for monero?
Genesis Mining is the only cloud mining site that has offered Monero contract. However, in March 2019 the status was sold out.
Is there free Monero Cloud Mining?
No, there is no free Monero cloud mining provider.
Is there free Software for Monero Mining?
MinerGate is а multicurrency pool that offers an opportunity to mine Monero. You just start the software and look for the most favorable cryptocurrency to extract for the moment. However, you can force it to select Monero.
Below you can see a screenshot from Minergate when we mine Monero XMR in April 2019. We have tested Minergate’s software on several occasions and with a laptop it has never covered the electricity cost. For a gaming computer, the calculations look completely different and then it can be worth counting on the revenue vs. the costs.
Are there Monero Contracts?
Only Genesis Mining has offered Monero contracts. These were fixed-time contracts over 2 years and maintenance fee were included. In the screenshot below you can see the plans offered from Genesis Mining. In addition, you can see that Genesis Mining do offer cloud mining contracts for Bitcoin, Litecoin, Zcash, Dash and Ethereum. In April 2019 only Dash cloud mining contracts are available from Genesis Mining. Don’t forget to use our discount code “allcloud” for 3% off.
Monero Cloud Mining Profitability
There are no active Monero cloud mining contracts for the moment.
Monero Mining Algorithm
Monero, much like cryptocurrencies available for cloud mining, offering proof of work (PoW) algorithm that allows investors to mine them. The said algorithm is CryptoNight, a hash-based function system that is based on CryptoNote protocol. The blockchain offers publicly available ledger records where all transactions are viewable. The creator of the cryptocurrency, Nicolas van Saberhagen, made the said blockchain technology and token in 2014.
It is important to note that, from the beginning, Monero was designed to be mined by ASIC mining equipment.
Additional resources on Reddit
MoneroBeginners private subreddit
Monero (XMR) official subreddit
Monero VS Bitcoin Cloud Mining
- Monero and Bitcoin use two different mining algorithms. Monero uses Cryptonight mining algorithm and Bitcoin uses SHA-256 mining algorithm.
- Bitcoin requires much faster mining hardware called ASICs. Moneroa has been developed so that ASICs should not have as much advantage over CPU mining. The purpose of this is that everyone should be able to participate and thus increase the degree of decentralization in the network.
- Monero has an adaptive block size, which means that if the transaction volume becomes high, the block size is increased automatically. This is a great advantage over Bitcoin, which can provide very long transaction times.
Best Monero Cloud Mining Site
There is no company offering Monero cloud mining at the moment. MinerGate is а multicurrency pool that offers an opportunity to mine Monero. At Minergate you load their software and use your own computer for me the most profitable coin. You can manually select Monero if you do not want Minergate to automatically select the best cryptocurrency to extract.