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How to mine Ravencoin in 2020

Oct 20, 2020

What is Ravencoin

Ravencoin is a decentralized platform forked from Bitcoin in 2018. The developers are aiming to create a real-world use case for the blockchain. Previously, the altcoin worked on the X16R algorithm; today, it is based on KawPoW. Unlike many other projects, Ravencoin didn’t do any pre-mining or hold an ICO for fundraising. Also, the network doesn’t have masternodes, and RVN software is available for everyone.

The main features of Ravencoin:

Block Reward is 5000 RVN
Block Time is one minute.
There is a limited supply of 21 bln. coins
The coin is ASIC-proof to avoid any centralization threats.
The development team doesn’t hold RVN and doesn’t profit from the coin’s issue.
You can mine Ravencoin with 3 GB GPU (doesn’t mean that it’ll be profitable)

About the KawPoW algorithm

KawPoW is a new algorithm replacing the previous X16R and X16Rv2. The old algorithms were designed to be ASIC-resistant, but after some time, the RVN network became flooded with ASIC devices.

To fight ASIC dominance, the Ravencoin team decided to change the algorithm. Now the network hash power is distributed between thousands of GPUs. Additionally, users can mine RVN with old 3 GB video cards.

Ravencoin mining hardware

Ravencoin mining is available on AMD and Nvidia video chipsets. Despite the changed algorithm, Ravencoin is still one of the most accessible cryptocurrencies to mine today. It doesn’t require powerful gear that’ll cost you a fortune. Even if you’ve got powerful GPUs, you could easily switch to other coins that require more hashrate.

Traditionally Nvidia cards were superior to AMD solutions. The mining speed on the top “Green” video cards was better than that of AMD. But as soon as KawPoW was integrated, AMD cards became profitable on the KawPoW algorithm and now are a good alternative for Nvidia GPUs. Anyway, let’s take a look at the best options available on the market:

Nvidia GTX 1080 – provides a great balance between productivity, power consumption, and price. Besides, it is widely used for the mining of other cryptocurrencies.
AMD RX 570 – a cheap AMD video card that costs about $160 can be paid off in one year.
GTX 1660 Ti – the most energy-efficient graphics card for Ravencoin mining. It manages to generate 16 MH/s at 90 W. Currently; it costs around $300.
Nvidia RTX 2080 Ti – this GPU will generate more profit than any other mining equipment for Ravencoin. In one year, you can theoretically earn around $600 with one GPU.

In addition to the GPUs mentioned above, plenty of other powerful and decent RVN coin mining equipment is considered.

RX 470 – 12.50 MH/s, 150W
RX Vega 56 – 22.00 MH/s, 230 W
Radeon RX 5700 XT – 21.00 MH/s, 170 W
Radeon VII – 30 MH/s, 240 W
GTX 1070 Ti – 15.00 MH/s, 130 W
RTX 2060 – 18 MH/s, 130 W
RTX 2070 – 21.00 MH/s, 150 W

Ravencoin Mining Software

You need to download software for RVN mining and input your pool data, wallet address, etc. in the executable file. If you mine on Windows, we recommend you make sure you have a firewall and antivirus protection:

Gminer – a miner for multiple algorithms, including KawPoW. The program is available only for Nvidia cards. The developer’s fee is 2%.
Kawpowminer – Ravencoin mining software with some impressive features: on-GPU DAG generation, realistic benchmarking against arbitrary epoch/DAG/block number, OpenCL devices, and more.
TeamRedMiner – crypto miner optimized for AMD GPUs with support of the KawPoW algorithm. The developer’s fee is 2%.
T-Rex – miner supporting 30 algorithms. It is available for “green” cards and compatible with Windows and Linux. Devfee is only 1%.
TT-miner – Windows and Linux miner for KawPoW, MTP, and other algorithms. The dev fee is 1%.
NBMiner – AMD compatible software with a 2% developer’s fee.

RVN mining Pools

The final piece of your mining puzzle is to choose a decent mining pool. Pools are still the most stable and reliable method to make money with mining. Even though RVN is an ASIC-resistant currency, it requires a lot of hash power to mine it successfully.

2Miners – The multi-asset pool with the largest hashrate (560 GH/s) for Ravencoin. The pool commission is 1% with the PPLNS payment method.
Ravenminer – popular Ravencoin pool with 204.4 GH/s. The fee is 0.5% for PPLNS, and 2% for PPS. The service doesn’t require any registration; the payouts can be conducted every 3 hours.
Coinotron – this pool can boast 300 GH/s. The pool automatically pays out everything you’ve mined every 30 minutes.
MinerMore – The platform has 78.28 GH/s for Ravencoin. All payouts are made with the PPLNS method and a 1% pool fee.
NanoPool – another popular multi-currency pool with Ravencoin. The service generates 35.4 GH/s of RVN hashrates. The Fee is 1%, the payout commission is 0.00005 RVN, and the payout scheme is PPLNS.

Ravencoin cloud mining

If you don’t want to set up a massive mining rig of GPUs, try cloud mining. To do this, you rent third party hardware by paying a subscription. You don’t need to worry about electricity bills, equipment maintenance, etc. Everything is under the control of the service provider. Sounds great, right?
Anyway, equipment maintenance will be included in your check; you’ll need to estimate your rewards and check if the income will cover the rent. Here are two decent options for cloud mining with high ratings and reputations:

Nice Hash
Mining Rig Rentals

Ravencoin Wallets

Ok, before you start mining, you need a place to keep your mined Ravencoins. Despite being a young project, Ravecoin already has massive support from third-party wallets. So there’s a broad array of RVN wallets available for you.

The official Ravencoin wallet – the official Ravencoin wallet for desktop is an easy to use application developed by the Ravecoin team. The developers are continually updating the wallet code, so you will be the first to try all the latest RVN coin features. The wallet is compatible with Mac, Linux, and Windows OS. Also, don’t forget about your device’s security and make sure only to download this wallet from its official website.

Exodus Wallet – a well-known multicurrency wallet for hundreds of digital currencies. The application offers robust security features with the integrated ShapeShift cryptocurrency exchange. The wallet is available for Windows, Mac, Linux, iOS, and Android.

The Trezor Model T – if you’re looking for a hardware RVN wallet, then Trezor’s got you covered. The new flagship Trezor Model T supports Ravencoin together with an additional 1000 coins. The hardware wallet is equipped with a touchscreen, powerful processor, and card slot for Micro-SD, which can be used for data encryption.

Ravencoin Paper Wallet – your private keys will be printed on a piece of paper, meaning that there’s no way for a hacker to steal your money. Generate a wallet on a special website and print the booklet with addresses. Share your public address to receive coins and keep your printed paper wallet in a secure palace.

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