How to Mine Ravencoin – A Complete Beginner’s Guide
Many believe that mining cryptocurrencies is an expensive venture. While that isn’t far from the truth, you can now mine Ravencoin cheaply using your computer’s GPU. If you wish to generate passive income and increase your cryptocurrency holding, read this article to learn about Ravencoin mining to start earning the RVN token.
Understanding Ravencoin
Ravencoin was launched in early 2018. It is an open-source network known for facilitating quick transactions between RVN holders. RVN is the native token of this crypto project.
Ravencoin is a fork of Bitcoin. It uses the KAWPOW algorithm and the Proof-of-Work consensus algorithm. The former is adopted in order to prevent ASIC equipment from mining Ravencoin. This makes it possible for an ordinary person who does not have the required resources to set up an expensive mining farm to mine RVN.
Unlike Bitcoin mining, which requires the use of heavy power-consuming equipment to solve computational problems, Ravencoin mining, on the other hand, requires miners to use their regular computers to solve those puzzles.
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Ravencoin (RVN) Tokenomics
Ravencoin has a total supply of 21 million tokens, similar to Bitcoin. The crypto project wasn’t launched using an Initial Coin Offering. As mentioned earlier, Ravencoin is powered by RVN. This digital asset is used to reward miners and collect network fees. So, how much do Ravencoin miners earn per every mined block? As of November 2023, miners are rewarded 25,000 RVN.
Use Cases of Ravencoin
Revencoin can be used to issue tokens that represent assets in the real world. For instance, five years ago, Chainstone Labs used Ravencoin to issue over 12 million digital shares.
Moreover, NFT creators can launch their unique digital assets on Ravencoin. Also, investors can use RVN’s tokenized version, which runs on the Binance Smart Chain, to explore the decentralized finance space.
Ravencoin (RVN) Wallets
Your Ravencoin mining journey starts with selecting an RVN wallet. This wallet is needed to store your mining rewards. Besides Ravencoin’s official wallet, you can store RVN in Edge, Trust Wallet, Exodus, and Mango Farm Wallet.
You can also store your RVN tokens on crypto exchanges like UpBit, Binance, and OKX, though it is not advisable.
A Step-by-Step Guide to Mining Ravencoin
Follow these steps to Start mining Ravencoin:
Get Yourself a Reliable Ravencoin Wallet
As stated, a Ravencoin wallet is necessary as it allows you to receive and store your mining rewards. We recommend you use Raven Core, the official wallet of Ravencoin. To get it, visit ravencoin.org. Note that when installing it, your computer will warn you that the wallet is likely to cause harm to your device. This usually happens with many crypto apps.
After you have successfully installed Raven Core, create a new wallet and remember to keep the seed phrase safe. To access your RVN receiving address, click “Receive” and then “Request Payment.” You will find the address there.
Download and Install Ravencoin Mining Software
When installing Ravencoin mining software, you will also receive a warning notification. Software for mining Ravencoin include Nanominer, NBMiner, TeamRedMiner, T-Rex Miner, GMiner, and Kawpowminer. We recommend NBMiner since you can use it efficiently if your device has an AMD or Nvidia GPU.
Select a Ravencoin Mining Pool
To discover your preferred mining pool, head to miningpoolstats.stream/ravencoin. Click on the mining pool to check details such as its address, which you must include in the mining software.
Configure Your Ravencoin Mining Software
Let’s say you picked NBMiner as your preferred mining software. After downloading its folder, click “NBMiner_win” and then “Start_rvn.bat.” At this stage, you will be required to add your RVN receiving address and the selected mining pool address and then save the changes.
Start Your Ravencoin Mining Journey
To begin mining RVN, double-click the “Start_rvn_bat” file. Your hash rate will be displayed on the window that opens up. Note that the mining rewards you will receive depend on the hash rate that your device produces. And that’s how simple it is to start earning passive income through mining Ravencoin.
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