How to Mine Ravencoin: The Comprehensive Guide

    Ravencoin is a Bitcoin fork. It means that RVN inherited this network code. According to creators, Ravencoin is the improved version of Bitcoin, with higher level of decentralization and mining available to the most of users.

    As a separate coin Ravencoin has its own specific characteristics. First, the KawPoW mining algorithm – ASIC-resistant algorythm that allows one to mine RVN using video cards. Second, the speed of creating a new block is 10 times faster than in Bitcoin – it takes only a minute. Ravencoin also has a halving mechanism. In January 2022 the reward for miners was halved from 5000 RVN to 2500 RNV per block.

    In this article I’ll talk about different types of RVN cryptocurrency mining and how to choose and configure the necessary equipment.

    What is Ravencoin mining?

    Ravencoin mining is the process of creating and confirming new blocks and recording them in the RVN blockchain.

    The Ravencoin network works thanks to mining and miners (people who mine coins). RNV miners are rewarded in the network’s native currency (currently 2500 RNV per block).

    Ravencoin uses the KawPoW mining algorithm (a form of PoW algorithm), thanks to which you can mine the native currency of the network using video cards in pools or solo.

    How does Ravencoin mining work?

    Unlike most top coins, Ravencoin can be mined using GPU. According to the project team, they wanted to “put power back in the hands of graphics card owners”.
    Since the network is a fork of Bitcoin, the KawPoW mining algorithm that underlies Ravencoin is almost identical to the parent network. In total, the developers of the coin plan to issue 21 billion RVN.

    How difficult is it to mine Ravencoin?

    The difficulty is a network parameter that represents how many times a miner needs to calculate the hash function to create a new block. The more computing power (hashrate) involved in the network, the longer and more difficult the mining process will be for the miner. Ravencoin network feature is the increased attention to decentralization. The creators of the project sought to make mining more accessible even for users who mine solo using GPU. For this reason, the difficulty of mining Ravencoin is lower compared to the top coins.

    Ravencoin mining types

    Ravencoin can be mined using GPU’s. You can mine RVN coins on your own, in pools or using cloud mining contracts.

    Ravencoin solo mining

    Solo mining remains relevant in the Ravencoin network. The mining results directly depend on what hash power the user owns. If a solo miner finds a block, the entire reward for the block goes to him. But RVN mining is more profitable when you join pools.

    Ravencoin pool mining

    To increase the chances of finding a block, miners join pools. When a pool finds a block, each of its participants receives a part of the reward. Thanks to the combined power of miners, the pool is able to provide a higher hashrate than independent mining, so, you can earn more.

    Read also: Mining Pools.

    Largest pools for RVN mining

    The best mining pools for Ravencoin are presented in the table:

    Name Address Mining Fee Year of Creation
    Binance Pool https://pool.binance.com 1% 2020
    AntPool https://v3.antpool.com 3% 2014
    F2Pool https://www.f2pool.com 0% 2013
    2miners https://2miners.com 1% 2017

    Ravencoin cloud mining

    It is also possible to mine RVN at leased miners. Popular cloud mining services for Ravencoin are Nicehash and MiningRigRentals.

    What do you need to mine Ravencoin?

    To mine Ravencoin, you will need to choose and buy at least one video card, install mining software and create a cryptocurrency wallet for RVN.

    Ravencoin mining equipment

    If you are going to mine RVN, then you will need a set of equipment:

    1. Video card (or several video cards) NVIDIA or AMD with at least 4 GB of memory;
    2. Motherboard;
    3. Internet connection from 10Mbps.

    For efficient RVN mining, the following video cards are most often used (you can use the newest models too):

    • NVIDIA GeForce RTX 3060 Ti;
    • NVIDIA GeForce RTX 3070;
    • NVIDIA GeForce RTX 3080;
    • AMD Radeon RX 5700XT;
    • AMD Radeon RX 6700 XT.

    Ravencoin mining software

    Top of sowtware miners for RVN are listed in the table below:

    Miner Official website Fees
    Kawpowminer github.com/RavenProject/Ravencoin 0%
    GMiner https://cgminer.info/ 0%
    T-Rex https://trex-miner.com/ 1%
    TeamRedMiner https://www.teamredminer.com/ 2%

    Ravencoin Wallet

    To store mined RVN, you need to download and install a wallet. Popular wallet options are:

    • Trust Wallet is a mobile application for “hot” coin storage. Convenient for daily use;
    • Exodus – this service provides “hot” storage of assets and quick access to user’s funds. Used in desktop, browser and mobile versions;
    • Ledger Nano X is the top “cold” storage hardware wallet with the highest level of security.
    Trust Wallet
    Trust Wallet
    Read also: Best crypto wallets.

    How to mine Ravencoin? Step by step guide

    Mining RVN consists of 5 main steps: buying mining equipment → setting up a wallet → installing software for the miner → connecting the miner to the pool → launching RVN mining.

    Step 1: Buy ravencoin mining equipment

    Mining Ravencoin will require one or more video cards. When choosing equipment, consider the following parameters:

    • Hashrate – the more GPU has the better;
    • RAM – from 4 GB;
    • Energy consumption – the less energy the equipment consumes, the more you earn;
    • Cooling system – it is recommended to use cards with multiple fans;
    • Hardware warranty.

    Step 2: Set up a wallet to receive Ravencoin

    Install a wallet on your computer or phone (or use browser extensions), go to the RVN section and get an address to receive coins. Save this wallet address, it will be needed on the step when of setting up the miner software. All mined RVN coins will be trasfered to it.

    Step 3: Install Ravencoin mining software

    The next step is to download and install the mining software. After installing a mining software, you have to create login and password to enter the miner interface, and proceed to setting up the mining software.

    Step 4: Connect your equipment to the pool

    Select a pool for Ravencoin and connect a miner to it. The pools with high hashrate and low fees are preferred.

    The algorithm of actions is as follows: find and copy port numbers and pool URLs → paste them in the miner interface (you may need to create workers in the selected pool).

    Ravencoin in Binance Pool
    Ravencoin in Binance Pool

    Step 5: Start mining

    The last step is to start the mining process. After running the process, you should monitor stability of the Internet connection, condition of equipment and periodically check the connection to the blockchain.

    Pros and cons of mining Ravencoin

    GPU mining;
    Easy hardware setup;
    Solo, in pools, in the cloud are available;
    Large choice of miners (there are also free ones);
    1 minute to create a new block;
    Ability to increase mining speed by overclocking equipment;
    Protection from ASIC miners.
    Low potential profit.

    Conclusion

    Ravencoin is most profitable to mine using video cards (GPU). Solutions from Nvidia or AMD are best suited for this purpose. To start mining Ravencoin: buy a video card and other necessary equipment, install a cryptowallet with Ravencoin support, download and configure software, connect the miner to the pool and start RVN mining.

    FAQ

    Is Ravencoin mining still profitable?
    Yes. The network is protected from ASIC miners, and the Ravencoin cryptocurrency is mined on video cards. You can do it yourself by joining a pool or by purchasing a cloud contract.
    How much can I earn from mining RVN?
    Depends on the hardware and its hashrate, total network hashrate, current mining difficulty and other factors. For example, if you mine RVN on Geforce RTX 3060 Ti, then with a hashrate of 30.52 MH/s, your daily earnings will be $0.16.
    What is the best Ravencoin miner?
    You can choose one of the following miners for RVN mining: GMiner (0% fees), Kawpowminer (0% fees), T-Rex (1% fees), TeamRedMiner (2% fees).
    How many RVN coins can I mine in a day?
    The profit of a miner depends on many parameters: the hashrate of the equipment used and the network as a whole, the complexity of mining at the moment, equipment and other parameters. For example, using one Geforce RTX 3060 Ti and that has hashrate of 30.52 MH/s, you can mine 17.58181991 RVN per day.
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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
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    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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