Ravencoin is a digital blockchain popular among GPU miners and it’s likely to become a target of more miners (both beginners and veterans) in the future.
It’s a competitive Ethereum alternative too.
If you’re wondering how to mine ravencoin but don’t know where to begin, you’ve come to the right spot!
Below, we’ve discussed all you need to know to start mining Ravencoin today. So let’s jump in!
Ravencoin is an open-source blockchain project built on the Bitcoin source code, called fork of Bitcoin codebase.
This means the ravencoin team modified Bitcoin’s blockchain code for using lower mining hardware. The rewards of mining on this chain are RVN coins.
Ravencoin also uses the popular KawPoW mining algorithm, which is protected against centralization and is ASIC-resistant (application-specific integrated circuit resistant).
This means you can use any traditional GPU for mining and don’t need ASIC hardware- a huge perk for beginner miners who are worried about how to mine ravencoin without new graphics cards.
All-in-all, Ravencoin is a solid Ethereum blockchain competitor.
Is Ravencoin Worth Mining?
If you want to learn how to mine ravencoin, it’s first important to discuss the profits you can gain. Generally, ravencoin (RVN) is worth mining and is still profitable.
While crypto mining profitability changes fast, RVN is currently worth spending effort mining.
In March 2022, around 10.5 billion RVN are in circulation out of a total of 21 billion, so there are a lot of unmined coins left.
Note that cryptocurrencies are volatile, and even ETH has seen a lot of rising and fall in charts- RVN is no different.
Both followed a similar pattern of rising till 2021 then a steep fall. However, there’s a general trend of increased value in the long run.
Chart predictions for the future indicate a $0.11 value till 2023. It will likely break the dollar margin in 2029-30.
Ravencoin Mining Guide
So you’ve decided to start mining RVN after learning everything? Great!
To start, you’ll need a GPU with a minimum of 4GB RAM, though 8GB or more is preferred.
This is because mining any cryptocurrency requires a constant operation, and the RAM must be able to keep your computer running.
Low RAM results in crashing or freezing. Higher RAM can help create the initial plot files for your ravencoin faster as well.
If you’ve got a compatible GPU or have added extra RAM, you can follow our easy guide.
All you ought to do is get a wallet for receiving and storing the coin, install a mining software that allows ravencoin’s KawPoW algorithm, and choose your mining pool.
Keep reading to find out how to mine ravencoin in 5 basic steps.
Step 01- Get A Ravencoin Wallet
To use any cryptocurrency, whether you’re mining, trading, or both, you must have the right wallet.
In this case of crypto mining, you need a wallet to which you can send the RVN you get from a successful mining operation.
Now, there are quite a few options for you to pick from. There are many RVN supported wallets that store your coins offline, along with common exchange wallets.
Unfortunately, ravencoin isn’t supported by popular options like Coinbase, so if you’re an avid miner or trader, you’ll need to sign up for a different wallet that supports RVN.
It’s recommended to use the Ravencoin Wallet for RVN- it’s the official ravencoin blockchain wallet.
Third-party options like Now Wallet, Atomic Wallet, Exodus, Flare, Mango Farm, etc are also viable options.
However, for this guide, we’re describing the process of downloading and setting up a Desktop Ravencoin Wallet as it’s the go-to wallet for most RVN miners.
First, go to the Ravencoin website and download the software. You may receive an alert from your Windows system that the app should be blocked as it may be harmful to your device.
If this pop-up message comes up, don’t worry. Allow the file to download by hitting the “Keep” button.
It’s a standard message that comes with most crypto apps and the wallet is totally safe.
That being said, it’s recommended to keep all your mining apps on a separate network from your daily-use one, especially if you use third-party wallets.
Avoid using a device that has your financial information stored on it, or one that’s used for online purchasing.
After you’ve downloaded the .exe file, install it on your device then set up a new wallet.
Note that a seed phrase will appear on the screen, so write it down somewhere and keep it safe.
You’ll need this to retrieve your RVN wallet later on, in case of some damage to your device.
After you fill in every field and create the wallet, wait for it to pair with the ravencoin blockchain.
Next, it’s time to fetch the ravencoin receiving address for your RVNs. Click on Recieve > Request Payment > Copy Address.
This is the recipient address you can put in your mining app. If you prefer, create a label for this address so you’re aware that these are the RVN rewards from your mining runs.
Step 02- Download Mining Software
After setting up an RVN wallet, it’s time to install your mining software on the device. Like the wallet, this can trigger a malware prompt and the OS can block the installation.
If you’re using a Windows PC, go to Windows Security and make an exception for your software.
You can do this by searching Windows Security in the Search bar, then going to Virus & Threat Protection > Virus Threat & Protection Settings > Manage Settings > Exclusions.
Remember to add an exemption for the complete folder where this unzipped software is present.
When in Exclusions, click Add or Remove Exclusions> Add an Exclusion. Choose the “Folder” option and find the mining software location on your PC.
There are several great mining software for RVN, Kawpowminer, and NBMiner being some of the best from the list.
Kawpowminer is an OpenCL, ProgPoW mining software that has no developer fee. It uses Ethereum-based ProgPoW implementations and is supported by Nvidia cards (Nvidia CUDA mining).
You also get Proof of Work for your mining pool. T-Rex Miner and Nanominer both charge a 1% developer fee while TeamRedMiner, NBMiner, and Gminer charge a 2% developer fee per mine.
All these work with both Nvidia and AMD cards with the exception of T-Rex Miner and Gminer, which only use Nvidia.
If you want an effective ravencoin mining app that works on both AMD and Nvidia GPUs, we recommend using NBMiner.
Download the latest versions, as the app gets regular updates and bug fixes.
Step 03- Pick A Mining Pool
The next step is to find an available mining pool. Cryptocurrency mining pools are essentially groups of miners that share their computational resources.
Combined, these resources significantly increase the probability of coming across a block and successfully mining for cryptocurrency.
When a mining pool receives a reward, it’s divided among the participants based on the work done. You often need Proof of Work from your mining software.
You can also go solo and mine yourself instead of joining a mining pool, but you’ll need a dedicated device with large hashing output to get good rewards.
Mining pools are generally better- for example, a pool with 6 devices offering 335 megahashes/sec each, you can generate 2 gigahashes of mining power. This leads to a faster hash function.
To join a mining pool, you can visit miningpoolstats.stream/ravencoin. Most pools are on the site.
To ensure decentralization, avoid joining a pool with a high control over a network. Mining pools with more than 50% hashing power are dangerous to join.
Once you find the right pool, click on it and give all the details a thorough read. Note the mining pool’s address for later use.
Step 04- Configure The Mining Software
To explain, we’ll be working with NBMiner software. Start by unzipping these files on the PC, then go inside the main folder.
Search for NBMiner_Win > start_rvn.bat. Afterward, right-click on start_rvn.bat and edit it.
Once inside start_rvn.bat, you need to add the wallet address you copied from your RVN wallet in the first step.
If you want, replace the “default” in the address with your mining GPU’s name.
In the same file, you have to add another address- the one for your mining pool. Once you choose the pool in the third step,, copy its address and paste it before the wallet’s address.
The start_rvn.bat file’s text will look like this:
nbminer -a kawpow -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_WALLET_ADDRESS.RIG_ID
Finally, save and close this sart_rvn.bat file.
Step 05- Begin Mining
To begin mining raven coin, double-click and open the start_rvn.bat file. You’ll see your current hash rate here too. Run your miner and then look up your mining pool website.
Here, you can see whether or not the miner is working fine.
Every pool on the site we mentioned has a minimum amount you must mine for receiving a payout, so you need to wait a while before seeing a reward in your crypto wallet.
Every device has a varying hash rate and level of power efficiency which determines how profitable your crypto-mining venture is.
Electricity costs need to be taken into account as well. The profitability of this business depends on your location too.
If you want to calculate whether or not mining ravencoin is profitable for you depending on your device and location, you can try the Coinwarz calculator.
It works well and can help in making smart mining decisions.
And that’s it!
Now you’ve begun to mine ravencoin. You can continue mining, storing, and trading online.
Enjoy your new RVNs!