Monero or XMR is one of the most famous privacy coins in the cryptocurrency world. The roots of the coinage can be traced back to a white paper published in 2013 by an individual or group known only as Nicolas van Saberhagen.

The white paper criticizes Bitcoin, which was launched in 2009, insisting that privacy and anonymity are the most important aspects of electronic cash.

With these qualities, the Monroe coin was launched the following year.

Today, XMR has the third largest developer community after Bitcoin and Ether. True to its roots, Monroe Coin maintains the privacy, anonymity and security of all transactions using the token through 3 technologies.

These are ring signatures that obfuscate the sender's address, covert addresses that hide the recipient's address, and ring-secret transactions that keep the amount of each transaction secret.

Due to its untraceable nature, the Internal Revenue Service (IRS) has awarded a bonus to anyone who can develop tools to track Monroe Coin in 2020.

In addition to being used for trading and completing transactions anonymously and privately, Monroe coins can also be mined.

This means you can work to validate transactions that use tokens and receive rewards in the form of a portion of XMR tokens for your efforts.

If you don't really like the idea of becoming a trader, or if you want to reduce the cost of investing in coins directly, then mining is a great way to get involved in this cryptocurrency.

This is the checklist needed to start mining such privacy-oriented tokens.

Monocoin Wallet

Just like when investing or trading, you need to have a digital currency package in order to start mining. This is where you store the rewards for the work you do.

There are several types of wallets to choose from, and to find the best Monroe Coin wallet for you, you need to understand your options and the qualities you want your wallet to have.

There are different types of Monocoin wallets, the main options are full wallets, light wallets, hosted wallets and paper wallets.

Full wallets are able to support their own nodes and then add to existing nodes in the cryptocurrency network.

Since this type of wallet uses the miners' own nodes for transactions, it offers better privacy.

However, having your own node also requires you to support the Monero blockchain, which is now approaching 100 GB and beyond.

If having your own nodes is not your top priority, then you can use the more convenient option to keep your Monero storage.

On the one hand, light wallets do not require you to keep your own nodes. Instead, these wallets connect you to a node that gives you access to your XMR storage.

On the other hand, using an escrow wallet requires that custody of your tokens be given to another entity.

To view your tokens, you will need to provide proof to your custodian that you are who you claim to be and that your janitor has had the opportunity to claim your tokens for their own.

Finally, using a paper wallet means storing your coins in a computer that is not connected to the Internet.

This storage method provides a higher level of security for online malicious third parties, although it is also prone to human error.

Mining Machines

In addition to having a digital currency package to protect your mining profits, you will need to set up a mining device.

Many coins require specialized mining hardware called ASICs (Application Specific Integrated Circuits), but the Monroe coin is designed to be ASIC resistant.

It is possible to mine cryptocurrencies using a computer equipped with a GPU or CPU accessible to the average consumer. Ideally, the hardware you choose should be able to provide high arithmetic power, which is simply an indicator of the speed per unit mined.

Mining devices that can achieve higher hash rates can process more data in less time. To check the mining performance of your hardware or whether it is suitable for mining, you can use online benchmarks compiled by members of the cryptocurrency community.

Mining Software

Last but not least, you need software specifically for mining Monroe coins. There are many popular programs that support tokens, some of which are free, while others charge a developer fee.

Technology is constantly changing, so it's important to keep a close eye on developments even after you've chosen a mining plan at the same time.

Start and refine your mining setup

Once you have these components ready and have access to electricity and the Internet, you are ready to start mining.

To do this, you need to download the mining software on your computer, configure it so that the rewards for your mining efforts will be sent directly to your Monroe Coin wallet and you're ready to go.

Over time, you can make improvements to your mining equipment to improve efficiency, continue to mine alone or work with other miners to improve your chances of making a profit, or even change the components of your mining setup to suit your preferences.

There is a learning curve to mining cryptocurrency, but take your time and you will eventually master it and come up with strategies to make this activity more profitable for you and the coin community.