What is Monero?
Monero is a decentralised cryptocurrency, it is similar to Bitcoin but has some very fundamental differences, mainly:
- It has a very strong focus on privacy - unlike Bitcoin which has a public ledger and allows anybody to view wallet balances and transaction details. Monero on the other hand keeps data and transactions private and offers a great deal of privacy. This is one of the main reasons we believe Monero will soon become a leading cryptocurrency.
- Scalability - Monero is able to dynamically scale its block size to be able to cope with increased demand without requring any kind of software upgrade or 'fork'. It also utilises a block reward 'penalty' which is a defense against potential spam attacks clogging up the system.
- ASIC resistant - Monero offers a very high level of protection against the use of ASIC chip miners. Many people believe that the Bitcoin mining ecosystem is controlled by a select group of companies and pools that have very large budgets and are able to invest in large amounts of hardware. Average users aren't really able to contribute to keeping the bitcoin industry going through mining efforts. Monero is different, for this very reason this website allows anybody with any device to contribute to the Monero mining system and earning some money!
These are just some of the benefits that Monero has over Bitcoin. Although currently 1 Monero is worth far less than 1 Bitcoin, Monero has seen a huge increase in value over the past couple of years - originally $0.50 and now the current price is:
What is a Monero address?
When you create a Monero wallet you will be issued a Monero address. This is essentially a long string of 95 characters used to identify your wallet. When payments are made to or sent from your wallet, this address will be used. This is the address you will input into our website to start earning.
Sending and receiving Monero
To send and receive Monero you will need a Monero wallet. There are two types of wallet you can use; a third party provided wallet through a company such as mymonero, or a local software wallet. We recommend a software wallet, mainly because you have complete control over your funds. You don't have to rely on another service that ultimately controls your funds. If you are reasonably technically profficient then you can download the monero software wallet here. If you are not comfortable setting up the software wallet and using it, please use the mymonero web wallet, it is owned and operated by one of the main Monero developers and all the private keys are extremely secure and safe.
Converting Monero into real money
Monero can be converted into real money at a number of different websites. The most popular currently is Kraken. From here you can desposit your earnt Monero and sell for USD, EUR and other currencies. In addition, your Monero can be exchanged for other cryptocurrencies including Bitcoin.
Monero coin division
You will notice on our site that your earnings are shown as a figure to 8 decimal places such as 0.00004300. Monero is divisible to 12 decimal places, however we will show your balance to 8 decimal places since you won't be earning any less than this.
How much can you earn?
How much Monero you earn depends on how much processing power you want to use to mine it and also the number of devices you want to mine from. On a reasonably powerful computer you can easily mine a few hundred units every few seconds. If you are able to use multiple devices you can easily scale up and earn a large amount of Monero. Remember, once you've clicked the 'start mining' button on our website, thats all you have to do! You can just sit back and watch your earnings come in.
How do you get paid?
We pay our users every 24 hours automatically to those who have earnt the minimum payout balance which is 0.01 Monero or 1 million units.
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