Mining ravencoin with nvidia video cards. – myrandomtechblog.com

Ravenscoin main goal seems to be based on using the blockchain for documenting ownership and transfer of assets. You can go to ravencoin.org to read the whitepaper. But to summarizesome of it, Ravencoin is based on a fork of the Bitcoin code. Ravencoin is free and opensource, so while it does have a community backing and some people developing it. My understanding is there is no CEO, and no person actually “In charge” of the project. There appears to be no Pre Mine, ICO involved which is a plus. If your interested in the project I suggest you visit the website. COIN Details

Ravencoin is mined using the x16r Algorithm which is one of the things that first caught my interest with this coin.

The x16r algorithm (I will just say x16r for short now) is being used as it is currently more asic resistant then some other algorithms being used by other coins. The reasoning for going with an algorithm that is more asic resistant, is to be more decentralized. What is really cool about x16r is that it actually consists of 16 other algorithms operating in a chain fashion with a random order being used based on the last 8 bytes of the hash of the previous block. The algorithms being used by x16r are the following. 0=blake

Looking at my mining rig in the mining pool right now, I can see it is currently averaging around 30.9 Mh/s. But is has fluctuated a lot higher and lower depending on which algorithm they are on. (In the chart below I also have a Gigabit GTX 1060 and a Sapphire RX570 8Gb I am testing. But those are not included in any stats for this article)

Basically you would just take your average KWh per month and multiply it by what your electric company charges per KWh. Then you get your monthly cost. I can just plug in my cost per KWh (.12) and my meter calculates it for me. So as you can see below it will cost me about $42. a month to run the mining rig. (BTW, this is a great power meter that can even keep track of your costs as you accrue it, You can check out my review on it here. You can find the meters used for under $30 bucks like I did. ) Ravencoin Rig averaging about $42 a month in power costs. Is mining Ravencoin profitable?

OK, now that we know the costs of mining Ravencoin with my RIG, how many coins will I make? There are a few calculators for calculating this on the web. I tend to use whattomine or ravencalc which you can find online. But with the current difficulty it appears I will make about ~150 coins a day. Now the difficulty can go up and down so this is just a rough estimate. With Raven at about .03 per coin that would be around $4.5 USD a day. So if it stayed at that price I would be making approx. $135 a month if I keep mining it, then subtract $42 for power costs. Which would end up leaving about $93 a month if nothing changed. Then you have tax implications for what you earn depending on where you live. The price of the coin could go up or down, GPUs can break, The coin could turn out to be worth nothing leaving me with just power bills to pay and taxes. So none of this is financial advice on if you should mine or not. This is just a fun hobby for me and wanted to share my experiences. If you decide to buy hardware to mine with, I suggest you also figure in the fact that the difficulty will probably keep rising and the amount of coins you make could be less then what the online mining calculators show as time increases. My mining Rig

I plan to do a getting started in mining article soon. But if your new to mining, check out the ravencoin.org website and you could get started by downloading a wallet. This will give you an address to mine to. Then you would need to download a program to start mining. I suggest googling ravencoin miners as there are few out there. (I am using Nevermore). Then you need to find a mining pool to start mining on. (This also gets added to your mining software config) Some mining pools have a getting started section to help out. The pool I am currently mining on is ravenminer.com