Monero (XMR) is a private, secure and untraceable cryptocurrency. Arguably the most popular privacy coin in the crypto world. It focuses on privacy, decentralization, and fungibility. Monero uses a public ledger to record all transactions but this ledger is obfuscated. Meaning, anyone can broadcast a transaction but no outsider can tell the amount, destination and origin of the transaction.
If you want to own Monero (XMR), the easiest way to do it is to buy Monero from a cryptocurrency exchange like Changelly. Alternatively, you can mine or cloud mine. This article is focused on cloud mining Monero. Below are some of the best services to cloud mine Monero:
Cloud Mine Monero (XMR) at Genesis-Mining
Genesis mining is certainly one of the most well-known cloud mining companies today. It was founded in 2013, making it one of the oldest bitcoin companies. They have a well-known mining farm located in Iceland. Miners on this farm can mine multiple cryptocurrencies, including Monero.
The idea of Genesis-mining and cloud mining, in general, is quite simple. You are essentially renting a mining rig to mine cryptocurrencies for you. The company that leases its mining rig, takes care of the setup, maintenance, and electricity fees of the rig. In return, you are required to pay a fee for their service. This fee is usually deducted from your mining reward.
As of now, Genesis-Mining supports cloud mining of Monero (XMR). To cloud mine Monero, all you have to do is signup to Genesis-Mining and purchase one of their Monero mining plans:
You are required to pay an upfront fee for the entire contract duration. Genesis-mining accepts fiat or cryptocurrency as payment. Once the payment is complete, mining will start automatically.
Cloud Mine Monero (XMR) at Eobot
Eobot is the oldest running cloud mining company. It is one of the cheapest ways to get into cloud mining. You can start cloud mining with as little as $10. As of now, Eobot supports mining of over 20 different cryptocurrencies. Monero is one of their supported coins. As of now, Eobot offers 10 year and 24 hour SHA-256 contracts.
To cloud mine Monero, all you have to do is buy one of their contracts and choose the payout in Monero:
You are essentially hashing SHA-256 and getting the payout in Monero. Eobot follows Bitcoin’s difficulty. If the difficulty of the Bitcoin network increases, your payout will be lowered. But, if the price of Bitcoin rises to keep pace with Bitcoin difficulty, the payout will be constant or higher.
Eobot takes care of cooling, space, and all of the hassle of maintaining and setting up a mining rig and provides you with an easy interface to mine Monero and other cryptocurrencies. Check out Eobot here.
Buy Hash Power and Mine Monero (XMR)
Alternatively, you can buy hash power from a hash power marketplace like Nicehash and mine Monero. Nicehash is an online marketplace for buying and selling hash power. Anyone can take advantage of Nicehash, without having to spend thousands of dollars on expensive mining rigs.
Before you start cloud mining Monero using Nicehash, it is important to find the right pool. When selecting a mining pool, a good rule of thumb is to select the pool with the highest market share. These pools can offer you constant payouts and lower withdrawal thresholds. Check here to find the best Monero mining pools.
Once you select a pool, signup to it and create a worker. Depending on the pool, the process to create a worker can be different. Some pools require you to use wallet address as the username while others use your account name as the username. Check out your pool’s guides to learn exactly how to do it. I will use Poolin as an example.
First I register at Poolin using my email. Then I head over to account to create a Sub-account. I will enter a name for the sub account and select Monero as the default cryptocurrency. Now I enter my Monero wallet address like below:
Click create to proceed to the next step. Now, you will be presented with your worker name and all pool details. This detail is needed to cloud mine Monero at Nicehash:
Once you successfully create a worker like shown above, head over to Nicehash. Signup to Nicehash if you haven’t already and deposit Bitcoin to the account. It takes a few confirmations before Bitcoin is available on your wallet. Once it is ready, click on the live marketplace. This is where you will be buying hash power to mine Monero. Monero (XMR) uses CryptoNightR algorithm. So, you must select CryptoNightR marketplace:
Click on place a new order and add all the details of the pool you signed up:
This detail includes:
- Pool URL
- Worker name
You can always use Nicehash’s pool verifier to test the pool connection. There are 2 types of orders at Nicehash. Fixed order and Standard order. Fixed order guarantees constant hash rate throughout the order’s lifetime. While the Standard order is based on bidding. Standard order allows you to bid as low as possible, but if someone outbids you, your order will be paused until you become the highest bidder again. You are required to increase your bid regularly to maintain hash power available to you. If you are new to buying hash power, I suggest you place fixed orders.
When you’ve entered all pool details and set the total amount of BTC you want to spend, click “Place Order”. Mining will start immediately. Now, head over to your pool and refresh your account dashboard. You will see your worker actively mining, along with hash power contribution.
Some pools send the payout automatically to your wallet, once you reach a certain threshold, while other pools require you to make manual withdrawals. Poolin supports auto withdrawals.
Monero (XMR) is certainly one of the most well-known privacy coins in the crypto world. The easiest way to own Monero is to buy Monero from a cryptocurrency exchange. Alternatively, you can own Monero by cloud mining. Above are some of the best services to cloud mine Monero.