What Is Mining?
Mining helps to keep the Monero network secure. Miners use computing power to try and solve a complex math problem. The first miner to solve the problem creates the next block in the blockchain and is rewarded in Monero for their contribution. As the price of Monero increases, so does the incentive to mine. The higher the computing power (hashrate) on the network, the more secure it is against attack.
What Is Needed
Mining may sound complicated and expensive but it’s really not. It’s really easy to try with just a desktop computer at home.
Since a single desktop computer will be relatively small compared to the Monero network, it is best to join what is called a pool. A pool allows many miners to join together to work to solve a block sharing reward as a result.
Follow the guide below to see just how easy it is to do!
How It Works
1. A mining program connects to a pool and receives some work to help solve the next Monero block.
2. The computer finds a solution (a hash) and submits it back to the pool for approval.
3. The pool accepts the hash and gets closer to being able to solve a block.
4. The pool finds a block and shares the reward relative to how much work was done for that block