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As the Ethereum blockchain is slowly but surely moving to proof-of-stake, many current GPU miners are left with the question: what’s next? Okay, selling their high-priced graphic cards or renting them out is one option, but many miners simply enjoy GPU mining and are not ready to give up on it.
Luckily, RavenCoin emerges as a great alternative to mine. Once Ethereum’s proof-of-work days are over, we definitely expect for RavenCoin to become a target for miners in the near future, both veterans and newcomers.
In this brief guide, we’ll uncover all you need to know if you want to start mining RavenCoin in the future. But, before we get to that part, let’s start from the beginning and explain what RavenCoin or RVN is and what it’s used for.
What Is RavenCoin?
Initially launched on January 3rd, 2018, RavenCoin, or RVN, is an open-source network that permits instantaneous transactions between holders built on a fork of the BTC code. It uses the UTXO (unspent transaction output) system. As we already mentioned, RVN relies on the proof-of-work (PoW) consensus mechanism and uses the KAWPOW algorithm that aims to overcome the centralization of mining by utilizing “over-the-counter” graphic processing unit memory and computing capabilities.
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The primary purpose of RavenCoin is to permit users to create and transfer assets efficiently. Put differently, RVN is an alternative to blockchains like Ethereum, which also supports digital assets. According to the company’s official whitepaper, RavenCoin gets its name from the Game of Thrones world of Westeros, where ravens are the messengers that carry statements of truth.
What Is RVN Used For?
RavenCoin can issue tokens to represent real-life assets, as for example, the RavenCoin tokens can represent gold, shares, virtual goods like NFTs, and other types of assets. Nevertheless, the platform can't create smart contracts.
Just like Bitcoin, RavenCoin has a limited supply of 21 million coins. The network is powered by its native token RVN, which pays for the blockchain's transactions fees and serves as a reward for the network's validators. With a new RavenCoin block being created every minute, currently, the reward for a block is 2500 RVN.
Okay, so now that you know what RVN is and how it's used, it's time for us to explain this coin's mining procedure, which currently sits at $0.07 per coin.
How To Mine RVN?
The primary steps you need to go through in order to start mining RVN include getting an RVN wallet to receive your rewards, installing a mining software compatible with the KAWPOW algorithm, and selecting a mining pool. Oh, we forgot to mention that you’ll need a GPU with at least 4 GB RAM.
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Get A RavenCoin Wallet
Like with all other crypto mining processes, you’ll first need to get a RavenCoin wallet to receive the rewards you’re going to receive from RVN mining. You can go with an exchange wallet or choose any of the RVN-supporting wallets, but our recommendation is to go with the official RVN wallet, Raven Core.
Download your RVN wallet and all mining software from trusted sources to minimize the risk of malware infecting your computer or computers. After you download the software, install the wallet on your device and wait for it to synchronize with the blockchain.
Install A Mining Software
After installing your wallet, you’ll also need to download and install compatible mining software with the KAWPOW algorithm on your device. The mining software you can use to mine RavenCoin includes Kawpowminer, T-Rex Miner, G-Miner, TeamRedMiner, Nanominer, and NBMiner. You might consider using the last one as it’s an efficient RVN mining software compatible with both AMD GPUs and NVidia. Download and install the most recent version.
Select A RVN Mining Pool
In order to mine RavenCoin, you can select any available mining pool. Nevertheless, no pool must have too much control over the network to maintain decentralization. So, if a given mining pool has over 50% hashing power, it can be dangerous for the entire network.
Select the mining pool of your preference and click on it. Afterward, it will take you to its website, where you can find all reliable details about the pool, including the pool’s address, which you’ll need to configure the mining software.
Final Words
Now that you know the basics of mining RVN, you’re ready to hop on the RavenCoin bandwagon. After all, RVN mining is made readily available for all crypto enthusiasts and individuals. For example, gamers who already own powerful GPUs might find that mining RVN can be a decent side hustle that generates passive income.
While the price of the coin will probably increase in the future, it’s always important to keep an eye on the market, electricity costs, and the price to maintain the hardware to ensure that your RVN mining stays profitable.