Last Updated on September 11, 2023 by cryptocreed
Ravencoin is one of the fastest-growing cryptocurrencies and Ravencoin mining is still easy in comparison to other trending coins like Bitcoin. But the biggest questions are how to mine Ravencoin and whether it is profitable or not.
Missed the chance to mine Bitcoin in the early days then you must try Ravencoin as it seems promising and supported by major platforms. The Ravencoin team is also very active
The number of PoW (Proof-Of-Work) coins has increased in the last few years new coins like Ravencoin, Kaspa, and Nexo are trying to make their position in the cryptocurrency market.
Ravencoin almost ditched major coins and became one of the best alternatives to Ethereum.
What Is Ravencoin?
Ravencoin is a newly launched blockchain and decentralized cryptocurrency. It was founded in 2018 but gained popularity after 2021. It uses the Unspent Transaction Output (UTXO) system.
Ravencoin uses the popular consensus mechanism called Proof-of-Work (PoW), The team started coding the blockchain using Bitcoin code and you can also say that it is a Fork of Bitcoin.
The coin RVN is based on the mining algorithm KawPow.
The name Ravencoin comes from the popular reel show called Game Of Thrones World of Westeros, In this show, messengers are called Ravens.
The main feature of Ravencoin is it allows anyone to create & issue their own tokens on the Ravencoin blockchain
It is backed by Medici Ventures (owned by Overstock.com). Later they formed the Ravencoin Foundation to manage the Ravencoin project.
Mining Ravencoin is GPU-friendly. Which means it can be mined with NVIDIA and AMD graphic cards.
Why Mine Ravencoin?
Mining old coins like Bitcoin and Monero coins is not profitable with GPUs and mining with ASICs is already expensive as the cost of the machine is high plus high electricity costs can’t be borne by cost-friendly miners.
In the early days Ravencoin was possible to mine in CPU but later as the number of miners increased mining with CPU became hard.
Currently mining GPU is an affordable and profitable mining method for every type of miners.
Mining vs. Staking Which One Is Profitable For RVN?
Mining is where you mine coins by yourself, Mining includes the cost that you have to bear and it can be profitable or maybe not. Once you start mining and covered hardware costs then you are already in profit which can go up at any limit depending on your Rigs.
But with staking, you are limited to % of APR provided by platforms. Staking is a system where you put your coins for a decided time and get % after staking ends.
If you are not capable of purchasing hardware and bear mining costs then Staking is the best option for you but if you can do Rig mining then you should go with it as it is more profitable than Staking.
Best Ravencoin Mining Wallet
Choosing a trusted wallet is necessary. You should choose the wallet according to your needs. For mining, core wallets are always the best wallet but for those who want to hold for a long time, they should go with Hardware or Paper wallets.
Here is the list of the best Ravencoin wallets.
How To Start Ravencoin Mining – Step By Step Guide
Mining needs to start from somewhere and it starts from choosing the wallet. If you are a beginner and want to start Ravencoin mining then follow the given steps.
Mining Algorithms (X16R, X16RV2, & KawPow)
In starting Ravencoin used the X16R algorithm but when the team found that X16R is ASIC friendly and more coins can be mined easily they decided to make more community by upgrading to a new mining algorithm.
In October 2019 the coin was upgraded to the X16Rv2 algorithm and after some, they upgraded to a new algorithm called KawPow. This upgrade prevents ASICs and FPGAs from mining RVN coins.
Best Hardware For Ravencoin Mining – Profitable RVN Mining Rig
Choosing the best hardware for mining your RVN is most important in the whole mining process because it shows how many coins you can mine daily and how much profit you can make from the whole mining process.
We picked some of the best GPUs for mining RVN. We used the Ravencoin Mining Calculator to check which GPUs are profitable for mining Ravencoin.
Note: Links contain referral links if you purchase using our links then it will help us to generate revenue.
- Nvidia RTX 4070
- Nvidia GTX 1050
- GeForce RTX 3080Ti
- GeForce RTX 4090
- Radeon RX 7900 XTX
- You can also explore other GPU Mining Rigs on Amazon.
Ravencoin Mining Pools
Choosing the best and most profitable mining pools can affect your mining revenue. If you mine in your own pool then you have to mine SOLO which is not very profitable hence you have to go in a Public pool for which you have to join others.
It is possible by joining by public mining pool. The mining pools have fees that can affect your revenue by a few percentages like 1 to 3%.
Ravencoin Mining Software
Ravencoin miner software can decide how you mine the coin. Once you have decided to choose the wallet and hardware you have to choose software now.
Software is used in mining to connect hardware to coin networks, it helps to carry out the whole mining process.
While downloading the Software your computer or browser might give you a warning you can ignore this warning.
- Kawpowminer (open-source, for Nvidia cards)
- Gminer (1% developer fee, for Nvidia cards)
- T-Rex Miner (1% developer fee, Nvidia cards)
- TeamRedMiner (2% developer fee, command-line software, AMD cards)
- NBMiner (2% developer fee, Nvidia/AMD cards)
- Nanominer (2% developer fee, Nvidia/AMD cards)
Set Up Miner and Start Mining
It’s time to edit your mining software and enter the details from your pool. Each pool comes in its own settings which you have to use in this software.
Each software has different files but all software has one file where you have to enter details for example CCMiner and NBMiner have .BAT file
Search for NBMiner_Win > start_rvn.bat. Afterward, right-click on start_rvn.bat and edit it.
nbminer -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_WALLET_ADDRESS.RIG_ID
In CCMiner software you will find something like this
ccminer -a x16r -o [pool url] -u [wallet address] -p [password] -i 19
After saving this mining software file you can start mining. To start RVN mining you have to open file start_rvn.bat file.
Frequently Asked Question
Is Ravencoin worth mining?
Ravencoin is still a new coin and has already been adopted by many players, also Difficulty is low hence it is worth mining Ravencoin for now.
Can Ravencoin still be mined?
Yes, still you can mine RVN coin.
Can Ravencoin reach $1 dollar?
There is a high chance the price per RVN coin can reach $1 in the next bull run.
How many coins are in Ravencoin?
The total coins available in the market will be 21,000,000,000 RVN
How do I cash out Ravencoin?
You can use exchanges to exchange and withdraw your Ravencoin in the form of Fiat in your bank.
Who are Ravencoin competitors?
Flux and Kaspa are major competitors of Ravencoin.