Ravencoin Mining for Beginners: Step-by-Step Guide, Tips & Best Practices

5 min read

Ravencoin Mining: A Beginners Guide on How To Mine Ravencoin

For those new to the world of cryptocurrency mining, a common inquiry arises: “What is the process behind mining Ravencoin?” Mining cryptocurrencies has become more accessible than ever, and Ravencoin stands out as one of the simplest digital assets to mine using a Graphics Processing Unit (GPU). If you’re eager to grow your cryptocurrency investments and want to earn passive income using your GPU, this guide will walk you through the steps to effectively mine Ravencoin, allowing you to start earning RVN swiftly.

Understanding Ravencoin

Ravencoin (RVN), which debuted on January 3, 2018, is an open-source platform that facilitates near-instantaneous transactions among users. Built upon a modification of Bitcoin’s underlying code, Ravencoin employs a UTXO (Unspent Transaction Output) model and utilizes the proof-of-work (PoW) consensus mechanism along with the KAWPOW algorithm. Its primary goal is to allow users to create and transfer digital assets efficiently, positioning it as a viable alternative to other blockchains like Ethereum that also support digital assets. The name ‘Ravencoin’ draws inspiration from the fantasy series Game of Thrones, where ravens serve as messengers of truth.

The Unique Consensus Algorithm of Ravencoin

Ravencoin operates similarly to Bitcoin, but it differentiates itself through its mining algorithm, which enables mining on standard computers. Like Bitcoin, it employs a PoW consensus for network security; however, instead of Bitcoin’s SHA-256 algorithm, it incorporates KAWPOW. Ravencoin has undergone two significant updates to its mining algorithm, initially transitioning from X16R to X16Rv2 on October 1, 2019, and later to KAWPOW. These updates were essential to prevent specialized mining hardware (ASICs and FPGAs) from dominating the mining landscape, promoting broader participation and decentralization.

Why X16R Was Initially Chosen

The X16R mining algorithm was designed to keep ASIC miners at bay, allowing average users to participate in the mining process. While ASICs can yield more profit in Bitcoin mining, they also render the experience less accessible for everyday individuals. The Ravencoin blockchain requires miners to tackle computational challenges that are manageable for most hardware, ensuring that these challenges do not escalate too quickly, which could potentially exclude miners from the process. This focus on decentralization is not unique to Ravencoin; other networks like Litecoin and Monero have also adopted similar strategies. However, as X16R became outdated in its resistance to ASICs, Ravencoin upgraded to X16Rv2 and eventually to KAWPOW, the current mining algorithm that allows mining via both NVIDIA and AMD graphics cards.

Ravencoin Tokenomics

Similar to Bitcoin, Ravencoin has a capped supply of 21 million coins and did not undergo an initial coin offering (ICO) or pre-mine event. The native token, RVN, facilitates transaction fees on the platform and rewards network validators. Like Ethereum’s ERC-20 tokens, Ravencoin’s assets have various applications. A new block on the Ravencoin blockchain is generated every minute, with the current block reward set at 25,000 RVN.

Applications of Ravencoin

Ravencoin has the capability to issue tokens that represent real-world assets, such as virtual goods, gold, and shares. In 2018, Chainstone Labs utilized the Ravencoin blockchain to issue 12.4 million digital shares. Additionally, users can create non-fungible tokens (NFTs) using the MangoFarmAssets RVN wallet platform. The Binance Smart Chain (BSC) also offers a tokenized version of RVN for borrowing, lending, and trading in decentralized finance (DeFi) applications. While the infrastructure of Ravencoin is well-suited for launching and trading digital tokens, it does not support the creation of smart contracts.

Selecting a Ravencoin Wallet

Choosing a wallet for Ravencoin is a crucial step before diving into mining. A wallet is necessary to collect rewards from mining activities. Several options are available, including the official Ravencoin wallet compatible with Windows, Mac, and Linux. Other popular wallets include Edge, Exodus, Mango Farm Wallet (which supports assets), and Trust Wallet. While it’s possible to store Ravencoin on cryptocurrency exchanges, this method is generally not recommended. Notable exchanges that support Ravencoin include Binance, OKEx, and UpBit. It is advisable to conduct thorough research to select the best wallet that fits your needs.

Steps for Mining Ravencoin (RVN)

Now that you are ready to begin mining Ravencoin, here are the essential steps to follow:

  1. Acquire a Ravencoin wallet to receive mining rewards.
  2. Install mining software that is compatible with the KAWPOW algorithm.
  3. Choose a mining pool.
  4. Ensure you have a GPU with a minimum of 4 GB RAM.

Step 1: Set Up Your Ravencoin Wallet

As is standard in cryptocurrency mining, having an RVN wallet is essential to receive your mining rewards. You can opt for any supported RVN wallet, but it is recommended to use the official Ravencoin wallet, Raven Core. When downloading the wallet software, be prepared for potential warnings from your operating system about security risks, which are common with crypto applications. To mitigate malware risks, always download wallets and mining software from reputable sources and consider keeping them on a separate network from your everyday devices. After setting up your wallet, ensure you record your seed phrase for wallet recovery purposes, and wait for the wallet to sync with the blockchain. You will need to obtain your RVN receiving address in this step.

Step 2: Download Mining Software

Next, you will need to install mining software on your device. Keep in mind that your operating system may flag the mining software as a potential threat. For Windows users, you will need to add an exception in Windows Security settings for the mining software folder. Recommended mining software options for Ravencoin include Kawpowminer, Gminer, T-Rex Miner, TeamRedMiner, NBMiner, and Nanominer. NBMiner is a popular choice due to its compatibility with both NVIDIA and AMD GPUs.

Step 3: Choose a Mining Pool

Selecting a mining pool is crucial for ensuring decentralization within the network. You can find various mining pools on platforms like miningpoolstats.stream/ravencoin. Be cautious about joining pools that control too much hashing power, as this could jeopardize network security. Once you’ve chosen a pool, visit its website to gather the necessary details, including the mining pool’s address required for configuring your mining software.

Step 4: Configure Your Mining Software

After downloading and unzipping the mining software, navigate to the NBMiner_Win folder and locate the start_rvn.bat file. Right-click this file to edit it, adding your Ravencoin wallet address and the mining pool address. The configuration should resemble this format: nbminer -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_WALLET_ADDRESS.RIG_ID. Save the changes and close the file.

Step 5: Begin Mining Ravencoin (RVN)

To commence mining, simply double-click the start_rvn.bat file you configured. It’s essential to note that different mining pools set minimum payout thresholds, so it may take some time to see rewards in your wallet. Just like other proof-of-work cryptocurrencies, it’s crucial to evaluate the profitability of your mining endeavors, considering factors like location, hardware specifications, and electricity costs. Using a Ravencoin mining calculator can help assess whether mining is a financially viable option for you.

The X16R Algorithm: Your Pathway to Mining Ravencoin

With the information provided, you are now ready to embark on your Ravencoin mining journey. This process is particularly appealing to both crypto enthusiasts and gamers who possess high-performance GPUs. For gamers, mining Ravencoin could serve as a profitable side hustle, generating a steady income stream. As an RVN miner, the potential appreciation of Ravencoin’s value may substantially boost your earnings. However, it’s essential to keep a close eye on market trends and weigh them against hardware maintenance and electricity expenses to ensure that your mining activities remain profitable over time.

Frequently Asked Questions

Mining Ravencoin is accessible to anyone with a GPU card and can still yield profits. However, certain graphics cards offer better hashing power, and electricity costs should be considered. Miners can utilize the Ravencoin mining calculator to assess profitability. To mine Ravencoin, you need GPUs with a minimum of 4 GB RAM. As a Bitcoin fork, Ravencoin leverages a proof-of-work consensus that relies on miners to validate transactions and create new blocks on the network. The RVN token can be mined using your device’s GPU, and most mining software is tailored for NVIDIA and AMD graphics cards. Setting up mining involves acquiring a wallet address for rewards, selecting a mining pool, and installing the appropriate software for your hardware. Popular graphics card choices include NVIDIA’s GeForce GTX and RTX series, as well as AMD’s Radeon RX series, with the RTX 3090 standing out as the top performer. However, it comes at a hefty price, and recovering costs may take time. The KAWPOW mining algorithm of Ravencoin is built to resist ASIC mining, necessitating a graphics card with a minimum of 3GB VRAM for mining. 2Miners is a prominent mining pool for Ravencoin, with a reasonable fee structure of 1 to 1.5%. It offers payouts every two hours and operates with a community of roughly 14,000 miners and 34,000 workers, fostering a supportive mining environment. Mining one Ravencoin would require about 0.006 days based on the current difficulty level, with a mining hashrate of 350.00 MH/s and power consumption of 2,900.00 watts at an electricity rate of $0.10 per kWh, with a block reward of 2,500 RVN.

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