Monero

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Monero

Monero (XMR) is a secure, private, and untraceable cryptocurrency that allows users to make anonymous transactions. Unlike many cryptocurrencies that are derivatives of Bitcoin, Monero is based on the CryptoNote protocol and possesses significant algorithmic differences related to blockchain obfuscation.

Monero vs Other Cryptocurrencies

Monero distinguishes itself from other cryptocurrencies like Bitcoin through enhanced privacy features. While Bitcoin transactions are transparent and traceable on the blockchain, Monero uses stealth addresses and ring signatures to obscure the sender’s identity, making it a preferred choice for users prioritizing privacy.

Buying Monero

Buying Monero (XMR) involves a few key steps to ensure both security and ease of transaction. Unlike more mainstream cryptocurrencies, Monero’s focus on privacy sometimes means it can be a bit more complex to purchase. Here’s how you can buy Monero safely:

Choose a Reliable Exchange

Not all cryptocurrency exchanges offer Monero due to its privacy features. Here are a few reputable exchanges where you can purchase Monero:

  • Kraken: Offers direct purchases of Monero with fiat currencies like USD and EUR.
  • Binance: Provides options to trade Monero against other cryptocurrencies.
  • LocalMonero: A peer-to-peer platform that allows users to buy Monero directly from sellers using various payment methods.

Set Up a Monero Wallet

Before purchasing Monero, set up a secure wallet to store your XMR. This ensures that you retain full control over your coins following the purchase. Refer to the [Monero Wallet Guide](https://www.getmonero.org/resources/user-guides/securely_purchase.html) for detailed instructions on setting up your wallet.

Download the wallet and other necessary files [here](https://www.getmonero.org/downloads/).

<syntaxhighlight lang="shell">

  1. extract tar

tar -xvjf filename.tar.bz2

  1. move into directory

mv monero- ./.AppImage </syntaxhighlight>

Purchase Process

  • Register and Verify Your Account: Sign up at your chosen exchange and complete any necessary identity verification processes.
  • Deposit Funds: Transfer fiat or cryptocurrencies into your exchange account. You can use bank transfers, credit cards, or other cryptocurrencies depending on your location and the exchange.
  • Buy Monero: Navigate to the XMR trading section of the exchange and place an order to buy XMR at either a specified limit price or the current market price.

Transfer Monero to Your Wallet

After purchasing Monero, transfer it from the exchange to your private Monero wallet. It is advisable to do this immediately to avoid the risk of hacking or exchange outages affecting your investment.

<syntaxhighlight lang="shell">

  1. Example of transferring Monero to your wallet

wallet-cli --wallet-address 'YourMoneroAddressHere' --tx-amount 'AmountOfXMRtoTransfer' </syntaxhighlight>

Secure Your Purchase

  • Backup Your Wallet: Ensure you have reliable backups of your wallet data.
  • Keep Your Private Keys Secure: Never share your private keys or wallet seed with anyone.
  • Enable Two-Factor Authentication (2FA): For additional security, enable 2FA on any platform involved in your Monero transactions.
    1. Mining Monero

Monero mining can be performed using CPUs and GPUs, though it is optimized for consumer-grade hardware, making it accessible for individual miners. For detailed guidance on GPU mining, visit [How to Mine Monero with GPU](https://www.monero.how/how-to-mine-monero-with-gpu).

Solo vs. Pooled Mining

  • Solo Mining: This involves mining alone, where the rewards are entirely yours if you discover a block. However, the chances of solving a block alone can be lower, depending on your hardware’s capabilities.
  • Pooled Mining: By joining a mining pool, you combine your hash power with others, increasing the chances of earning mining rewards, though you will share these rewards with other pool members. Pooled mining is recommended for most users due to its consistent payout structure.

How Much Could I Earn?

Use this [Monero Mining Calculator](https://www.monero.how/monero-mining-calculator) to estimate potential earnings based on your hardware’s hash rate and network conditions.

Graphical Setup Before You Start

Crypto Basic Setup

To begin mining Monero, you’ll need:

Install Ubuntu on the System

Download and Install the CUDA Toolkit

<syntaxhighlight lang="shell">

  1. taken from the NVIDIA website 20240421

wget https://developer.download.nvidia.com/compute/cuda/repos/ubuntu2204/x86_64/cuda-ubuntu2204.pin sudo mv cuda-ubuntu2204.pin /etc/apt/preferences.d/cuda-repository-pin-600 wget https://developer.download.nvidia.com/compute/cuda/12.4.1/local_installers/cuda-repo-ubuntu2204-12-4-local_12.4.1-550.54.15-1_amd64.deb sudo dpkg -i cuda-repo-ubuntu2204-12-4-local_12.4.1-550.54.15-1_amd64.deb sudo cp /var/cuda-repo-ubuntu2204-12-4-local/cuda--keyring.gpg /usr/share/keyrings/ sudo apt-get update sudo apt-get -y install cuda-toolkit-12-4 </syntaxhighlight>

Download Drivers

Search for “Additional Drivers” and ensure that your driver is installed and up to date.

<syntaxhighlight lang="shell">

  1. Setup system and install dependencies

sudo apt install sudo sudo apt update sudo apt install -y git curl

  1. Install xmr-stak (supports both CPU and/or GPU mining)

sudo apt install libmicrohttpd-dev libssl-dev cmake build-essential libhwloc-dev -y sudo git clone https://github.com/fireice-uk/xmr-stak.git mkdir xmr-stak/build cd xmr-stak/build sudo cmake .. make install

  1. Configure xmr-stak

cd ./bin ./xmr-stak </syntaxhighlight>

  1. Current Issue 'make install' compilation fails due to invalid conversion xmr-stak [issue #2731](https://github.com/fireice-uk/xmr-stak/issues/2731)

Enable Both GPU and CPU

<syntaxhighlight lang="shell">

  1. To use both CPU and GPU mining, enable the dependency for hwloc and hugepages.

sudo sysctl -w vm.nr_hugepages=128 sudo echo " soft memlock 262144" >> /etc/security/limits.conf sudo echo " hard memlock 262144" >> /etc/security/limits.conf ./xmr-stak </syntaxhighlight>

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