Mining Ravencoin, made easy
You've heard about how hard it is to mine Bitcoin and Ethereum, but did you know there is another coin out there which is just a few cents behind Ethereum in what you could potentially earn per month?
How much can you earn?
Ravencoin (RVN) was launched in 2018 and can be easily mined with an Nvidia 1050Ti or an AMD 470 upwards and an old 1080 can bring in over $50 a month. How much you make depends on how much hashing power you can muster.
Head over to https://2cryptocalc.com/ and enter how many of each card you have. This handy tool will then tell you how much of each coin you can mine per day and how much that's worth per day. You can then do your own monthly calculation from that.
Me, I have 2 computers running. One with an NVidia 1080 and another with a 2060. These combined give me around 50 Ravencoins per day or $120 a month, depending on current market value. A single Nvidia 3090 can make 75 coins a day worth over $160 a month and costing just a few dollars in electricity.
What you need
- A computer with a GPU, be it NVidia or AMD
- A Ravencoin wallet to receive your profits
- A mining pool to help you mine
- Mining software. Gminer for NVidia or NBMiner for AMD
Lets get started
Step 1 - Get a wallet address
You need somewhere you receive your funds. If you are new to crypto don't worry, this bits easy.
Head over to the Official Ravencoin wallets page and choose which one is right for you.
Install your wallet of choice and view your receive address. It will look something like this RTYLYveGoSowUGRHzMCsqeNpbYEswok3Xd
Make a note, copy this as you will need it shortly. (you could use mine there but then I will get all your profit, not you)
Step 2 - Choose a mining pool
Forget about mining solo and claiming that 5,000 coin block reward for yourself. Unless you are a seasoned miner with a lot of power then there is little chance of you finding that block. So we need a pool. Think if it like a mining farm, on a global scale. Everyone working together to find those coins and get a share.
Which pool you choose is down to you. I get the same results from 2miners, Flypool or Cruxpool and the main difference is how many coins you need before they pay out. But for the sake of ease I'm going to suggest we use 2miners (as the download for Gminer is already configured for this).
Head over to the 2miners page to find the best pool address for you. For me it would be: rvn.2miners.com:6060
Step 3 - Download the mining software
Simply download these and extract the files to a folder on your computer, anywhere.
Antivirus warnings: Antivirus will most likely flag them. Not as a virus but as mining software. Do your own research and ensure you are safe accepting the risks. You will need to add the files to the exclusions otherwise they will not run.
Step 4 - Configure the software
GMiner - If you are using Gminer this bit is easy. Simply edit the file mine_ravencoin.bat and enter your wallet address just after where it says user. For me, mine would look like this:
miner.exe --algo kawpow --server rvn.2miners.com:6060 --user RTYLYveGoSowUGRHzMCsqeNpbYEswok3Xd
NBMiner - For AMD users you will need to edit start_rvn.bat to look like this. Again, replace your user with your wallet address. Replace the word default with the name of your computer if you wish. This is called the rig ID and helps you identify each individual computer if you want to have multiple rigs running. If it's just the one, leave it as is:
nbminer -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u RTYLYveGoSowUGRHzMCsqeNpbYEswok3Xd.default
Note: If you wish to use a different mining pool then enter their address in place of the 2miners one.
Save the file and you are ready to go. Just double click to launch the file and that's it.
You should see something like this
This shows it is downloading the next job. Has found something and sent it back to the pool. I use Flypool as my pool. You are now mining Ravencoin.
Viewing your earnings
Assuming you went with 2miners just head over to https://2miners.com/ and enter your wallet address from earlier into the search box at the top.
Don't see anything yet? Give it about 10 minutes. It takes time for your rewards to be calculated, a few hours infact.
Some things to note. Initially what you mine will be your unconfirmed balance. After the balance is confirmed, usually 2 hours, it will move to your unpaid balance.
Most pools will only pay out after you reach a threshold. For 2miners and flypool this minimum is just 10 coins. For most people you should make 10-50 coins per day, depending on your power.
Everything else is updated as you submit shares. So give it 15-60 minutes before you start getting worried it's not working.
Flypool and 2miners will automatically send the funds to your chosen wallet after you reach the 10 RVN minimum. 2miners process payouts every 2 hours and Flypool every 6 hours. But, all being well within 24 hours of mining you will have a nice and warm room as well as some freshly minted Ravencoins in your wallet.
If you can stand the heat it makes then you should see a tidy profit after just a few days. If you can do it for the month then you will have enough to buy your favourite crypto. Or, HODL and wait for Ravencoin to moon. Can you imagine making 1,500 coins a month and it reach $700 at some point!
Feel free to leave a tip below. Or, I also accept the no1 coin RTYLYveGoSowUGRHzMCsqeNpbYEswok3Xd