Launched on January 3, 2018, Ravencoin is an open source project that has been built on a fork of the Bitcoin code. This cryptocurrency has specialized in the transfer of unique assets through the interplanetary file system (IPFS) and messaging.
Its main objective is to facilitate the efficient and frictionless creation and transfer of assets from one entity to another.
The project has some prominent backers such as Bruce Fenton, board member of The Bitcoin Foundation and, unlike most projects in the crypto ecosystem, did not launch any ICO to fund itself, but had a multi-million dollar investment from Overstock.
Its cryptocurrency is Ravencoin (RVN) and, like Bitcoin, it has a limited number of tokens which is 21,000,000 units. As of today, RVN’s circulating capital is 8,302,055,000.
RVN’s current price is $0.1806 at the time of writing this post, with a market capitalization of $1,493,716,430.
Ravencoin (RVN) is an altcoin based on the proof-of-work (PoW) algorithm built using the Bitcoin Unspent Transaction Output (UTXO) model, being a fork of the Bitcoin code.
Originally, RVN ran on the x16R2 algorithm. But, since its fork on May 6, 2020, it adopted a new mining algorithm called KAWPOW (derived from ProgPOW and ethhash) that aims to overcome the problem of mining centralization by utilizing GPU and computational capabilities.
This is why Ravecoin is ASIC resistant . This means that it can only be mined with GPUs, thus allowing most people to participate in Ravencoin mining. In essence, everyone has the same opportunity to mine or buy RVN.
In short, these are the unique features that make Ravencoin an interesting project and the 52nd largest cryptocurrency in the world.
If you want to start mining Revencoin, the first thing you have to do is to choose a computer that will facilitate the extraction of this token. That is to say, you will have to choose a Hardware for your PC that will allow you to start mining RVN.
As I already told you, Ravencoin is ASIC resistant, this means that it can only be mined by GPU and, therefore, you will not need very powerful equipment, nor spend too much energy.
It is advisable to use AMD or Nvidia graphics cards with at least 3Gb of RAM.
You can check the profitability of your hardware on the WhatToMine; website
When choosing software for your mining equipment, you need to consider the type of GPU you are going to use.
At Bitnovo we recommend the following Ravencoin mining software:
As you probably already know, when mining a cryptocurrency, you can decide to do it alone (solo mining) or you can join a mining pool. If you want to mine alone, keep in mind that getting rewards would require more work and more time. On the other hand, if you join a mining pool, it will be faster and easier to earn rewards but you will have to share them with the other participants in the pool.
To you the choice.
If you are interested in mining with a Mining Pool and you don’t know which one to choose, here is a list of mining pools for Ravencoins.
When it comes to earning rewards from Ravencoin mining, you will need to store the tokens earned in an RVN compatible wallet. Although you have many options at your disposal, I advise you to use the official Ravencoin wallet.
This is a native wallet app created by the RVN team. The app does not require registration and connects directly to the Ravencoin network so developers cannot get information about your funds.
A desktop version is also available, which is also a software that can be used for mining.
According to Coinwarz’s Ravencoin mining calculator, depending on the type of hardware used to mine RVN, 49.44573384 RVN can be mined per day with a mining hashrate of 70.00 MH/s, a block reward of 5000 RVN and a difficulty of 142,394.46.
After deducting energy costs and mining rights, the final daily mining profit is $7.94 in RVN.
Thanks to its functionalities, Ravencoin has a great advantage over most popular cryptocurrencies as it is ASIC-resistant and its mining algorithm has been adopted to minimize centralization risks, giving all miners the possibility to be able to mine alone and more easily earn their rewards.
These characteristics make Ravencoin mining highly profitable.