Monero FAQ

How to mine Monero?

There are different ways to mine Monero, so there is no need to buy special equipment or hardware to produce XMR tokens. Users can enter Monero mining pools and become a part of them by providing processing power. By acting as a mining team, more transactions are verified and the rewards are divided among the members, from which 0 to 2% will be deducted for fees.
In order to successfully mine XMR, it is recommended to use capable equipment for mining with CPU or GPU that achieve a high hashrate, although a profitability of the results can only be maintained if the price of the electrical service is not very high.

How to buy Monero?

The best way (and the easiest) to buy XMR tokens is by registering on an exchange platform that allows you to acquire different cryptocurrencies and send them to an external wallet service or save them within the platform if it has an integrated wallet. You can buy Monero with fiat currency or cryptocurrencies like Bitcoin or Ethereum.

Where to buy Monero?

To obtain Monero you do not necessarily have to mine it or receive it as a form of payment, but you can simply register in an exchange platform in which Monero is listed (such as Kraken or Binance) and buy as many XMR tokens you want. Some platforms allow this process through fiat currencies or cryptocurrencies such as Bitcoin and Ethereum. It is always recommended to use reputable exchange companies to ensure the transparent purchase and safekeeping of your tokens.

What is Monero?

Monero is an open source cryptocurrency and blockchain project that was designed to protect privacy and anonymity in each of the transactions that take place on its network. Monero software can be run on Windows, macOS, GNU/Linux, Android, and even BSD systems. The project was born to offer a safe, private and anonymous option, which not many cryptocurrencies can fulfill simultaneously.

How to mine Monero with CPU?

To mine Monero with a CPU, you must acquire one that meets the hashrate and capacities necessary to keep working smoothly (or use the one you already have if it is a capable equipment), a CPU that can process at least 300H/s will do the job. The next step is to download and install the Monero mining software (XMR-STAK-CPU is very popular). After the software is installed, join a mining pool and you will be only minutes away to start mining Monero.

How to store Monero?

You can save your XMR tokens by sending them to a personal wallet address, as long as it comes from a secure wallet service. However, one of the safest ways to store Monero (and any other cryptocurrency) is hardware wallets like Ledger, where your tokens will remain offline and inaccessible to any hacker.

How to buy Monero with USD?

You can buy Monero with USD through exchange platforms that support this type of transaction, such as Kraken. To buy XMR tokens with fiat currency you must complete a KYC (Know Your Customer) procedure where you will confirm your identity and/or bank details/debit card. Once your request is approved, you can use the USD from your bank account to receive Monero to the wallet you specify.

How much is Monero worth?

The current price of monero is $127 USD and is at the time of this publication at a support level, having rejected the resistance established at the $139 USD level. Depending on the market fluctuations, the price of Monero could attempt a second breakout of said resistance or fall below $127 if it fails to reject this support level.

Where to store Monero?

There are multiple wallet services with excellent reputation and commitment to their users that can be used to save XMR tokens (and basically any other cryptocurrency that they have listed). These services can be mobile applications or web platforms, although no option will be as secure as hardware wallets.

How to mine Monero with GPU?

Although (as we explained above) Monero can be mined with CPU, mining Monero with GPU will be vastly better in terms of performance and capacity. If you don’t have a capable enough graphics card, you will have to purchase one that fits your budget and can provide the performance you need (600H / s works fine). Then you will have to install a mining software such as XMR-STAK-NVIDIA or CCminer, choose a wallet where you can receive your rewards and once you have the operating software, the Monero mining will start without problems.

What algorithm is Monero?

The first Monero mining algorithm was CryptoNight PoW, a very different from HashCash, the Bitcoin mining algorithm. CryptoNight PoW was designed to work properly on ordinary CPUs, which detracts a bit from the popularity of the mining process via graphics cards (GPUs) or specialized ASIC hardware. However, Monero updated its protocol to RandomX, a new Monero mining algorithm whose objective is (like its predecessor) to keep the network protected from ASIC mining, allowing only mining per CPU, and at the same time providing enormous security to its protocol and blockchain.

How to buy Monero on Windows?

The procedure to buy Monero will be the same regardless of the operating system of your PC. In any case, you can register in a cryptocurrency exchange service that allows the purchase of XMR tokens (either with fiat currency or other cryptocurrencies) to later send them to a secure wallet.

How does Monero work?

Monero is a cryptocurrency whose operation is focused on mining blocks, such as Bitcoin. However, the mining protocols and algorithms are very different. Monero currently uses RandomX, a highly cryptographic mining algorithm, and is focused on systems with privacy and anonymity in mind. This algorithm was designed to create a completely random (as the name implies) “work zone” or scratchpad with high memory consumption, and which includes advanced virtualization techniques to keep it running continuously.

How to sell Monero?

In the same way that you can buy XMR tokens on exchange platforms, you can sell them. To sell Monero, you will only have to be registered with one of these platforms and send the tokens to be exchanged to the address that is specified. If you want to sell your XMR tokens for other currencies, you can use sites like Changelly or Shapeshift, while in others like Binance or Kraken you can get USDT or USD in exchange for Monero.

How to get Monero?

You can obtain Monero in different ways: If your profession brings you closer to the cryptocurrency ecosystem, you can receive XMR tokens as a method of payment for your work. If you are interested in crypto mining, you can mine Monero from your computer (as long as your PC has the capabilities) or you can simply buy Monero through different crypto exchange platforms.

How to mine Monero on Mac?

Although it is possible to mine Monero with Mac computers, it is not highly recommended. In fact, considering that these computers are very sensitive to overheating and do not use 100% of their processing power, mining cryptocurrencies with them will not guarantee the performance you are looking for and will jeopardize the integrity of the hardware. However, if you want to mine Monero from your MAC you will have to install the mining software (we recommend XMR-Stak) and you will have to compile it to your computer through a few simple steps. By properly configuring the software, join a mining pool and start getting XMR slowly.

How to send Monero?

Sending Monero to another wallet is similar to carrying out transactions with other cryptocurrencies. Once you have accessed your personal Monero wallet, you will have to specify the amount to be transferred and the destination wallet address to which you want to send the XMR tokens. Confirm the transaction through 2FA (if the service requires it) and your tokens will be sent successfully.

Where is Monero blockchain stored?

The Monero blockchain (like other core files) is kept in C:\ProgramData, although this section is usually hidden. In order to access the blockchain, click on “View” and search for “Hidden items”, where you will click again to see the folder. In this folder you will find the location of the Monero blockchain.

How to check Monero balance?

To see your Monero balance you must access the wallet service where you store your XMR tokens. Each token has an estimated value (currently it is $ 127), so the value equivalent to fiat currency will depend directly on how many tokens you have. If your wallet supports different cryptocurrencies, go to the Monero section and you should see your XMR balance. It should be noted that if the price of Monero changes, the value of your tokens in fiat currency will also change, although you will continue to have the same amount of XMR.

How to buy Monero anonymously?

One of the easiest and most practical ways to buy Monero anonymously is through LocalMonero, a platform where you can also save your XMR tokens. However, as there is a leak of information by the exchange and payment processors, we recommend using the Tor browser to not leave a record of these transactions. The first step is to register on the platform and become a member, which will allow you to buy Monero with the currency of your country (or whatever you have) and make transactions with other merchants. It is important that you choose a reputable and rated trader to be sure that he is a good candidate for the trade. For maximum anonymity in the exchange, choose a payment method that involves cash and you will minimize the leakage of information that options such as Paypal or bank transfers have.

How to trade Monero?

You can trade Monero in different ways, but the most popular of them is through exchange platforms with advanced trading options (such as futures or the Spot market). Basically you will have to choose a pair of cryptocurrencies (XMR / USDT, for example) and after a market analysis that determines which of both currencies is about to enter an uptrend/downtrend, place your long/short order in the market according to your conclusions. Binance is a good option for crypto trading with Monero.

How to invest in Monero?

The best way to invest in Monero is to analyze its performance in the market over the last few months and wait for it to touch a low level (For example, $50 USD). The idea is to buy multiple XMR tokens and sell them when the price rises to a much higher level, thus leaving you a large profit margin for each token acquired. If you are looking to invest in Monero for the short term, futures trading may be a good option, although the risk is much higher.

Who accepts Monero?

Monero can be used to pay for certain services over the internet (especially in platforms and businesses where the privacy and anonymity of users are promoted) and as a method of payment to someone who wants XMR tokens. Most of the companies that accept payments in Monero focus on VPN services, gaming, and sometimes storage and technology.

How many Monero coins are out there?

There are currently 17,741,494 XMR tokens in circulation since its launch in 2014 and it has a capitalization of $2,136,695,630 (at the time of writing this FAQ). Despite the fact that it has become a very popular cryptocurrency, there is still time for us to experience the full potential of this project.

What is a Monero payment ID?

The Payment ID is an optional field that you can fill when making a Monero transaction, which can identify it. Monero Payment IDs are not necessary if you are trying to send XMR tokens to an ordinary person, although for deposits to exchange companies or acquisitions of services you should include it at the time of processing the transaction, in order to confirm that this transaction is yours .

How to get a Monero wallet?

To have a Monero wallet you have two options: Buy a hardware wallet like Ledger where you can send XMR tokens and save them with offline storage or register in a wallet service / exchange platform with support for a Monero wallet. In any of the options you can save your tokens or withdraw them at your convenience, although it is always recommended that you choose the safest option to protect your cryptocurrencies.

How much can you make mining Monero?

Like the mining algorithm, the way Monero block rewards are worked is very different from Bitcoin. The current block reward is 1.35 XRM. Not bad considering that a block can be mined successfully in 2 minutes, although the profit as such of a miner will depend on the CPU / GPU, the difficulty factor and the price of XMR.

How to mine Monero on Linux?

To mine Monero with Linux it is necessary that we install the XMR-Stak miner, which is one of the most popular open source mining pools in the crypto mining community, since it can be used for many other cryptocurrencies such as Haven, Ryo and many other tokens that work with the Cryptonote algorithm. Get the correct binaries to mine when setting up the mining terminal. You will receive your wallet address, your pool address and your other data.

How long to mine 1 Monero?

To set 1 Monero as a mining reward, you would have to have a CPU/GPU capable of maintaining continuous high performance. For example, with a CPU that works 12KH/s without pauses you could get 1 XMR per month (or at least 0.5 XMR every two weeks). Any return less than that will pay off much less. It should be noted that the Monero reward decreases over time.

What is a good hashrate for Monero?

The fastest monero mining hashrate on record so far has been 1.28GH/s, marking a limit where any performance close to that will do an excellent job. Some miners have teams that gather up to 20KH/s that do not stop for any reason and maintain a decent mining. Getting extremely high hashrate levels can be very expensive and would require some exceptional pieces of hardware.

How to use a Monero wallet?

After you have registered in a wallet service, you can access it with your information (email, password) and confirm your entry through 2FA. Once inside, you can use your XMR address to receive tokens and use other addresses to send them. Your XMR address should be visible when choosing the “Deposit” option and it is always recommended to create a new address when receiving funds. You can send tokens in “Withdraw” or “Send” (depending on the service). The hardware wallet mechanism is similar, although you must manage your private keys and the funds are kept offline permanently.

How long does Monero take to transfer?

Considering that each block is mined every 2 minutes and it takes at least 10 confirmations for a transaction to reach its destination, the estimated time for the XMR tokens to become effective is approximately 20 minutes.

How to hold Monero?

You can hold Monero by buying/mining/accepting them and not spending them. The point of the crypto holding or “Hodling” is to gather as many tokens as you can based on the probability that very soon, said cryptocurrency will reach its maximum potential and its token will increase in price dramatically. Thus obtaining excellent returns in a long-term investment.

How private is Monero?

Monero is indeed one of the most private and anonymous currencies in the entire crypto ecosystem. XMR tokens are mixed with other payments once a transaction is made, making it impossible to know the destination and movements of these transactions. In fact, Monero is so private that it has been a favorite of DeepWeb users basically since its launch.

Why is Monero dropping?

Many exchanges and trading platforms are pushing Monero aside for its near-extreme privacy and anonymity measures. Being an ideal cryptocurrency to be used in illegal businesses and payments that involve highly illicit activities, they have unlisted Monero from multiple platforms where it had good trading volume. The fact that Monero is perfect for hiding the identity of its users can be a double-edged sword.

How to join a Monero mining pool?

To start mining Monero, you must join a mining pool, which you can access from the mining software that you will have to install. Search and find the mining pool you want to join (mineXMR for example), from which you will receive a link and a port to join once it has synchronized with the software. You can monitor your progress in the wallet that you will have in the pool.

How to receive Monero?

To receive Monero you have to access the wallet service with which you are associated. It can be a platform / application wallet, hardware wallet or the same wallet of the mining software, although if you are constantly receiving XMR tokens there it is better that you have an external one. Look for the “Deposit” option where it will show you your Monero address. Copy and send that address to the person or platform that will send you XMR and wait at least 20 minutes for the transaction to take effect.

How to update a Monero wallet?

Updating your Monero wallet consists of only a few steps. For example, if the software you are using involves CLI you can start with:
Download the new binaries for the update (on windows it looks like a .zip file, and for Mac OS and Linux it looks like a tar.bz2 file)
Extract the new binaries to the directory of your choice.
Copy the new binaries and paste them over the directory with the old binaries.
Your software will be up to date and so will your wallet.

How to buy Monero with Kraken?

First, you will have to create an account on the Kraken platform, where you will choose a username and a solid password. To buy Monero with any currency you have access to (USD, EUR, GBP …) you will have to complete a KYC verification process in which you will provide identity data and link other accounts. Deposit funds (fiat or crypto) to have a balance and be able to fill an order. Search XMR and enter your order in BUY.

How high can Monero go?

XRM has reached an ATH (All Time High) of $549 USD. It is too early to say that Monero has reached its maximum potential, which means that this price (Although it is the ATH) is perhaps not the maximum point that Monero will ever touch. This cryptocurrency has had an excellent performance. Although perhaps it is better to invest in it in the long term since it is not as volatile as Bitcoin, Ethereum or even Bitcoin Cash. It is not safe to say how high you can go in the future, but there is a good chance that XMR will exceed its ATH.

How big is the Monero blockchain?

The Monero blockchain is exactly 63.75 GB in size and has a total of 17,741,217 XMR tokens at the time this FAQ is written. The Monero blockchain is relatively small when compared to a blockchain like Bitcoin, which is approximately 285.06 GB in size.

How to convert Bitcoin to Monero?

You can convert BTC tokens to XMR and vice versa through a cryptocurrency exchange service that has both tokens listed. Platforms like Changelly, Coinswitch and Binance allow you to exchange BTC/XMR at very good rates and with very easy-to-use interfaces.

How to cash out Monero?

If you have XMR tokens and you want to get cash, you can do it through platforms like Localmonero where you start an exchange session with another user interested in buying Monero. There are different payment methods that you can receive within the platform, and luckily, cash is one of them. You can even receive transfers from banking platforms, Zelle, Paypal or any other service that can be used on the platform.

Why should I buy Monero?

Monero is an excellent cryptocurrency project and, beyond a long-term fun, it works perfect for anonymous transactions. This is very convenient if you need to live in a country with terrible policies and you need to expand your income online. Generally, in these countries there are strong restrictions for cryptocurrencies, so the strict privacy offered by Monero can be a protective shield for these users.

How to buy Monero in the UK?

One of the easiest and most practical ways to buy Monero with GBP is through Binance, one of the best exchange platforms in the entire crypto ecosystem. After you have registered and completed your KYC verification, you will be able to deposit GBP funds and buy Monero tokens with the balance acquired in your account. Additionally, users also have the option of LocalMonero, where UK residents can trade with each other and buy Monero tokens in exchange for GBP.

How to mine Monero on Android?

Although mining cryptocurrencies from an Android device will not make you rich or the best option for your phone if it spends most of the day on, it is possible to mine Monero by downloading the MinerGate application. After installed, you will have to create an account in the application and you can start using the available processing power of the phone to mine cryptocurrencies. It is necessary to note that you should have enough space on the device for it to work.