So, what happens to the miner’s reward after all 18.4 million Monero coins are mined? The current reward for verifying ( mining) 1 transaction block is around 4.99 XMR, plus a transaction fee of 0.06573XMR. Every time they use their resources to validate a group of transactions ( called blocks), they are rewarded with brand new Monero coins! A question that often comes up is: what’s in it for the miners? Well, they get rewarded with XMR coins each time they verify a transaction on the Monero network.Now, if Carl were to send the $100 to Ava using Monero, then who would validate and record this transaction? The answer is: Monero miners! This removes the need for banks to confirm transactions.
After the bank confirms this transaction, they make a record of it so that it can be referred to in the future. In this scenario, it is the bank’s job to make sure that Carl has enough balance to make the $100 payment to Ava.
In the previous example, suppose Carl sends $100 to Ava via bank transfer.Monero miners perform two important tasks: This number will continue to increase until there are 18.4 million Monero coins in circulation. So, now that you know a bit more about Monero and how it differs from Bitcoin, it’s time to find answer your next question - what is Monero mining? What is Monero Mining?Īt the time of writing, there is a total of 15,829,795XMR in circulation. This has made Monero a good option for beginners and other people who don’t want to invest lots of money to start mining. Instead, Monero mining can be carried out using your computer’s CPU/ GPU. An ASIC can cost anywhere between $600 to $1000, which has made Bitcoin mining unattractive for anyone except professionals.įortunately, Monero mining doesn’t require you to purchase an ASIC. Monero Mining Does Not Require an ASICĪn ASIC ( Application Specific Integrated Circuit) is a special type of hardware used for Bitcoin mining. What is the safest Bitcoin wallet? Read this guide find the safest Bitcoin wallet to protect your funds.
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