Cryptocurrency is the new face of the financial world that has been continually leveraging digital transactions. Many cryptocurrency platforms are providing their services and strengthening the system. Ravencoin is one such blockchain platform which is specially designed to create and transfer peer to peer assets. With Ravencoin, you can create assets, either fungible or non-fungible.
Below are the various use cases of Ravencoin enabled by the blockchain:
- Table Management
- Wine Management and Trading
- Fund Management
- Tokenize Water Supply
- Regulate Security Token Insurance
Ravencoin is a newly found platform which is merely two years old. Within a short period, Ravencoin has managed to carve out a significant position in the market. It can be safely asserted that it is only the tip of the iceberg that we are witnessing. The true potentials of Ravencoin are yet to be discovered.
How To Start Mining Ravencoin?
Ravencoin is all about creating assets. Hence, mining is an important fragment. It is a newly found coin that uses the x16R algorithm. Ravencoin was designed to become a cryptocurrency with ASIC resistance. For those who are not aware of ASIC, it is specialized hardware used to mine certain algorithms much faster than GPU mining. ASIC is ideally used for better efficiency and speed in the mining process. It is also famous for its decentralized mining process that helps in increasing the efficient mining process.
As ASIC is quite expensive than the GPU or CPU mining, the hash power is only limited to fewer people that improves its mining. Those who are interested in mining Ravencoin must know that it requires a high-end Ravencoin mining rig to mine efficiently. This article will further help you in RVN mining.
Why Should You Engage in Ravencoin Mining?
It is evident that Ravencoin is a rising and flourishing cryptocurrency and if you notice the market dynamics, you would understand that the high demand is enough to mount up your income. Ravencoin is a highly secured platform that helps the users to mine without worrying about the hacking. The primary reason behind Ravencoin mining is its secure decentralized networks that offer equal and fair distribution. Unlike other cryptocurrencies, Ravencoin is free from scams and hacking, so it is by far the best mining platform you can engage in.
General Mining Tips
Before starting with the guide to mine RVN, it is essential to get acquainted with some mining tips that will help you all through the mining process.
- If you are using GPUs for mining, make sure to have the latest drivers.
- A majority of the mining software will be flagged as a virus in your virus scanners. So, if you are using them on your gaming computer, make sure to exclude mining software from your antivirus.
- As mentioned earlier, use a high-end RVN mining rig to get the best results.
- It is always better to prefer GPU mining over CPU mining.
Step By Step RVN Mining Guide
Ravencoin mining can be made profitable if you follow the right steps to complete the mining. Take a look at the below step by step guide that will help you streamline the mining process.
Step 1- Mining Environment
GPU Mining- Nvidia
When it comes to RVN mining, NVidia is the best player you can have by your side, if you are aiming to make some profit. There are many programs for GPU mining with Nividia. It is essential to choose the best mining software that will be compatible with your operating system.
GPU Mining- AMD
AMD is also one of the popular mining environment for GPU based RVN mining. There are many compatible software that will support GPU mining in AMD. Make sure to go through all the popular mining software that will work well with your system.
You need to buy the hardware for the mining with at least 4GB+ RAM to support the mining. Use the PCI slots to connect the GPUs. Make sure to install the latest version of the GPU drivers.
Step 2 — Get RVN Wallet Address
To start reaping the benefits, it is essential to have an RVN wallet where you can safely keep your coins. Binance is one of the best exchange wallets that you can think about. Download its latest version on your system and extract the archive to run the raven-qt.exe file. After synchronizing, go to file and then “Receiving Addresses.” In case you don’t have any address, you can create a new one by clicking on “New.”
Step 3 — Connect Miner With The Pool
If you want to mine in the pool, you would need to connect the miner with the pool. There are many popular mining pools that you can use for RVN mining. CCminer, HiveOS, Nicehash are some of the popular names that you can take into consideration.
Step 4 — Track Your Statistics
Once you have set up all the necessary things for the mining and connected the miner to the pool, you can now log in to your account and go to the Dashboard to review the process. From here, you can track your statistics in real-time and ascertain your mining progress.
Step 5 — Rewards
You can mine with the pool’s common RVN wallet; later on, you can withdraw your rewards to your personal wallet.
Best RVN Mining Hardware
Every crypto needs a mining rig to start the mining process, and Ravencoin is no different. But unlike other cryptocurrencies, it doesn’t require any powerful gear. It is one of the prominent reasons why a majority of miners have turned to RVN mining. As RVN uses the x16r algorithm for mining, it saves you a lot of cost for the heavy mining hardware. Other than the essential mining hardware, you wouldn’t require any additional hardware. However, if you can buy high-end RVN mining hardware that might be quite heavy on your pocket, you can enhance the chances of better productivity. When it comes to RVN mining hardware, it is essential to get hands-on with the Nvidia GPU card. It is more efficient and powerful than any other option available in the market. There are three popular options: NVidia GTX 1080ti, Nvidia GTX 1070, and Nvidia 1080. All the GPU cards are efficient, and you can choose one to start your RVN mining for free. RVN mining Android app can also help in learning the relevant information regarding crypto.
Best Ravencoin Mining Pools
Without the mining pool, you cannot complete your mining process. It is a unified platform where you can unravel your power and mine RVN chunks altogether. The hashing power decides your rewards, and using the pool will increase the probability of boosting the mining efficiency. Compared to other cryptocurrencies, Ravencoin has higher profitability. Hence, it can be considered as the ideal choice.
Some of the popular RVN pools are:
The Bottom Line
Created explicitly for peer to peer transfer and creation of assets, Ravencoin is a newly established cryptocurrency. You can also use Ravencoin to exchange assets from other blockchains like Ethereum and Bitcoin. Ravencoin used the x16r algorithm and was designed for ASIC resistance. Mining RVN has plenty of benefits that can place you in a profitable situation. It has an advanced algorithm developed explicitly for the ASIC resistance. Another major highlight of Ravencoin that has made it quite popular in the industry is that it is quite similar to Bitcoin. It doesn’t involve any pre-mine or ICO and has a transparent mechanism making it a lot simpler for users to mine.
Those who are looking forward to RVN mining can benefit from its profitability. You can also calculate your profitability with the help of the RVN mining profitability calculator. The guide mentioned above has got everything that you need to know about RVN mining and the best software and pools to help you with. We hope that the information will prove to be beneficial for you in your mining endeavors.
To learn more about RVN price prediction, please visit the following Ravencoin post in our blog.