CRYPTO NEWS AGREGATOR
Tue, Sep 7, 2021 5:15 PM by Max E.

Ravencoin Mining Software: The High Flight of Ravencoin

Ravencoin mining software

Let's dive into Ravencoin (RVN) and explore its basics, mining software, key features, and recent updates!

What Is Ravencoin Used For?

Ravencoin is a fork of Bitcoin that allows for the simplified issuance of unique assets. The Ravencoin protocol uses the Proof-of-Work consensus algorithm and Bitcoin's UTXO model.

Who Created Ravencoin And When?

In 2017, Bruce Fenton, co-founder of the Bitcoin Association, former CEO, and member of the Bitcoin Foundation's governing board introduced the Ravencoin concept. 

The developers decided to realize it on the most powerful code base – Bitcoin. The code was copied as open-source and licensed by MIT, refined, and released as Ravencoin.

Ravencoin was announced and launched on Bitcoin's ninth birthday, January 3, 2018. There was no Ravencoin ICO, pre-mine, or distribution of rewards to founders.

Ravencoin Mining Software: Ravencoin Mining Rigs, OS, And CPUs

Although it was originally planned to allow RVN mining only using ASICs software, mining Ravencoin with CPU processors using powerful Nvidia (from the 1080 Ti series and more advanced) and AMD video cards is still possible. Nvidia's video cards were originally the only ones capable of mining Ravencoin. However, today, mining with AMD is affordable and even more profitable.

The optimal settings for Ravencoin mining software on a specific module will have to be set manually. But before that, you need to check if your PC has all the necessary drivers for the CPU. In addition, you should disable antivirus programs that recognize mining software as viral and block it.

Although the performance of video cards is lower than that of ASICs, in the case of Ravencoin mining, CPUs show a very good result, and the costs of purchasing them will be significantly lower.

For mining on the KAWPOW algorithm, a special DAG file is loaded into the memory of the video card. The memory of different video cards is not summed up, the DAG file must be loaded into the memory of each card separately.

The DAG size is constantly growing. At the moment, the size of the DAG file on the Ravencoin network is 2.960 GB, so this cryptocurrency can only be mined by video cards with more than 3 GB of memory. Video cards with less than 3 GB of memory cannot mine RVN. 

  • Video cards with 3GB of memory will stop mining on September 12, 2021.   
  • Video cards with 4GB of memory will stop mining on August 18, 2023.
  • Video cards with 6GB of memory will stop mining on June 28, 2027.

The calculation is valid primarily for mining in the Linux operating system. Windows uses more video card memory for drawing the interface, so the DAG file remains slightly smaller and cards running on Windows will stop mining earlier.

There are many programs on the Internet that support the Ravencoin coin. You can get cryptocurrency using the standard Windows or Linux OS, or the specialized Hive OS. The best utility is TeamRedMiner, Wildrig and Nanomine are also worth a look. They give a lower hash rate, but also the power consumption is reduced.

  • Nvidia: it is better to use video cards from this manufacturer for mining other cryptocurrencies, however, if the price of Ravencoin rises, good profitability can be achieved with Nvidia. For crypto mining, it is recommended to choose TT-miner, T-Rex or NBMiner
  • Hive OS: professional miners use Hive OS built on top of Linux. This OS can be run on a PC or smartphone.

How To Mine Ravencoin?

On May 6, 2020, Ravencoin (RVN) implemented a new mining algorithm KAWPOW – a variation of ProgPOW with parameters developed specifically for Ravencoin. 

In a pool, mining is carried out jointly with other users. Ravencoin solo mining means that the user is mining alone. Mining pools are a more efficient way than solo mining, but you will have to give a certain percentage of the profit for the opportunity to use other people's capacities.

Solo mining is recommended only for experienced users if Ravencoin mining calculator confirms that you can find more than two or three blocks in 24 hours. If you are not sure which type of mining to choose, you should choose mining in a shared pool.

Ravencoin Mining Profitability

Mining profitability is easily calculated using the WhatToMine calculator. Other Ravecoin profit calculators include CoinWarz, Coin Calculators, CryproCalc, etc. In the case of using an RX 580 series video card, the income will be $20-25 per day, excluding electricity costs.

Wallets For Ravencoin

Setting up a wallet for withdrawal is not difficult. You can download the application on the official Ravencoin website on a PC or smartphone. The cryptocurrency is also supported on Exodus, Trust Wallet, Ledger Nano, Atomic, and some others. To ensure the safety of funds, it is recommended to store digital assets in a "cold" wallet.

Where Can I Buy Ravencoin?

You can buy Ravencoin on crypto exchanges Binance, Huobi Global, OKEx, ZG.com, VCC Exchange, and others.

How To Buy Ravencoin?

To buy RVN, you need to register on the exchange, confirm your email, activate two-factor authorization in the settings. Then you need to top up your balance. This can be done using fiat and electronic means.

 Then you need to move to the trading terminal and activate the required currency pair. Most often it is RVN / BTC. Then generate a buy order (value, quantity, and type are entered). Upon completion of all operations, you can check the state by going to the "Funds"  –"Balance" section.

To sell or exchange RVN, you need to go to the "Funds" – "Deposits" section, activate the RVN / BTC trading pair. We form an order, where we indicate the price and quantity (if the order is a market one, only the quantity is indicated).

After verification, the "Sell RVN" button is pressed. The generated order will remain in the trading history until the moment of its execution. You can cancel if you want.

How Much Is Ravencoin Worth?

The initial period of growth in the value of the coin and the volume of project capitalization was followed by a period of protracted correction. a month after the start of the crypto project, there was a two-fold collapse of the exchange rate indicators of Ravencoin.

In May 2021, the token managed to regain its position somewhat, but already in the summer, a long period of stagnation in the exchange rate indicators of the coin began.

This situation led to a loss of interest in cryptocurrency on the part of representatives of the crypto community, which was the main reason for the collapse of the RVN rate to 1-2 cents. According to CoinMarketCap, Ravencoin price today is … $0.1435.

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