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.
Largest pools for RVN mining
The best mining pools for Ravencoin are presented in the table:
|Year of Creation
Ravencoin cloud mining
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:
- Video card (or several video cards) NVIDIA or AMD with at least 4 GB of memory;
- 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:
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.
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).
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
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.