The Ravencoin protocol, launched in 2018, originally aimed to allow users to create new asset classes and transfer ownership of them to other parties. Thus, users can create their own tokens and trade them regardless of where they live. Moreover, these assets can be transferred to any Ravencoin address. Just a week after the network was launched, thousands of miners joined it and Ravencoin began to gain significant momentum. The main reason why miners have supported the network is that it is not only profitable but also ASIC-resistant.
Thus, since most home rigs aren't successful with solo mining, the best way to increase your mining returns is to join a Ravencoin mining pool. In this guide, we decided to gather the best pools in one place and share them with you.
What Is Ravencoin (RVN)?
Ravencoin is a peer-to-peer network that uses an open-source version of the Bitcoin blockchain. Thus, Bitcoin's network infrastructure has been modified to suit the needs of Ravencoin. Also, it is a Bitcoin code fork.
Ravencoin uses a form of Proof-of-Work (PoW) mining with lime. Thus, to get RVN, miners need to solve a series of increasingly difficult mathematical problems with their computers.
When Was Ravencoin Created?
Although Ravencoin (RVN) went public in January 2018, the network was established back in 2017 and stood out due to several features. First, when the coin was issued, any user could buy it. Secondly, there was no form of pre-sale, which means even for the people working on the project, no coins were allocated. Moreover, the project also abandoned the initial coin offering (ICO).
How Does Ravencoin Work?
Ravencoin was created by Bruce Fenton, who wanted to create a network dedicated to tokenized asset transfers. Ravencoin uses a consensus mechanism to secure the network, much like Bitcoin's algorithm. Initially, the X16R algorithm was used, but it became suitable for mining using application-specific integrated circuits (ASICs), so it was decided to replace it with a new algorithm called KAWPOW. It greatly improved the Ravencoin distribution mechanism and helped lower the entry barrier for miners.
It’s designed to be Application Specific Integrated Circuit (ASIC) resistant and is designed to be effective on a miner’s GPU hardware. In addition, KAWPOW promotes decentralization, which makes the protocol different from other blockchain networks.
What Do You Need to Do for Ravencoin Mining?
For RVN mining, you need to make two steps:
— to create a wallet and generate a wallet address;
— choose a mining pool.
Anyone can mint a token customized for a specific purpose within the RVN blockchain. The tokens can be utility, security, game ones, or even NFTs. Developers can also name them, limit their supply, and set other characteristics.
What Is the Value of the Ravencoin Project?
The main essence of Ravencoin, laid down by its creators, was to allow all users to issue their own cryptocurrency tokens (RVN protocols). Thus, the network was created to help the decentralization of finance.
For now, using Ravencoin, developers can create tradable tokens that track the price of off-chain assets. As assets, gold, silver, euros, and collectibles can be issued. Thus, RVN tokens have the potential to facilitate and reduce the cost of trading these assets.
So, the main value of the project is that almost everything that has value can be converted into a token on the Ravencoin blockchain. “Ravencoin aims to solve the problem of assets transfer and trading over blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with.” - CoinMarketCap.
RVN is the native token that powers Ravencoin and pays for the platform’s transaction fees, rewards network validators for security, and validates transactions on the blockchain. Thus, the whole network is fueled by RVN. Ravencoin (RVN) has a limited supply of 21 million coins.
It also acts as a reward for the network’s validators. Like Ethereum’s ERC-20 tokens, RVN assets can be used in many ways. For instance, RVN tokens can represent virtual goods, shares, gold, and other types of assets. That’s interesting that in 2018, Chainstone Labs issued 12.4 million digital shares through the Ravencoin blockchain.
A new Ravencoin block is generated every minute, and now of writing, the reward for a block is 25000 RVN. “On January 11, 2022, at block 2,100,000 the first halving took place and the reward per block dropped from 5,000 to 2,500 Raven. This will continue with each subsequent 2,100,000 blocks until the reward amount can no longer be halved.” - Ravencoin.org.
Ravencoin Mining Limits
As already mentioned, the Ravencoin network is trying to be as accessible and open to the new cryptocurrency as possible. That is why the project started without a pre-mine and did not also undergo a token sale via an ICO.
However, the network still incorporates several aspects of Proof-of-Work coins that work with the Bitcoin network. This includes having a hard cap on the number of coins that will ever be released, like Bitcoin's fixed supply of 21 million BTC. While Ravencoin increased its maximum supply, it's fixed at 21,000,000,000 RVN coins, meaning that there will only ever be 21 billion RVN coins in circulation. “In three years since its inception (as of March 2021), 39% of coins are already mined. The total supply is capped at 21 billion coins.” - CoinMarketCap.
Ravencoin ‘halving’ is another of the mining features you need to note. Halving allows for the reduction of mining rewards as newly created RVN coins in each block decrease by half. The RVN network has coded its block halving to happen every 2,100,000 blocks, which is approximately every four years.
Mining RVN follows a 1-minute block time, which sees mining difficulty rise or fall to adjust for this limit. The difficulty adjusts as per the above block time and depends on how much mining power is being used on the network. This also relates to mining profitability, which sees more miners seek to mine RVN when prices go up and move to other chains when prices go down.
What Is a Ravencoin Mining Pool?
Ravencoin (RVN) mining pools are special platforms where miners combine their mining efforts to get the maximum return. Speaking of mining rewards, they are distributed proportionally depending on the mining power. Thus, by choosing the best Ravencoin pool, you will increase the chance of receiving a reward.
Top 7 Best Ravencoin (RVN) Mining Pools
As the Ravencoin network becomes more and more popular, there are a huge number of requests on the Internet such as the best miner for Ravencoin, and Ravencoin mining pools. Of course, you can always go to ravencoin.org and find out about all the pools that RVN supports. However, today we will turn your attention to the best Raven coin mining pools to use in 2023.
Suprnova.cc is a well-known and the largest Ravencoin mining pool so far, controlling 19.65% of the network hash power. It has an average mining fee of 1%, and servers are located around the world. Undoubtedly, Suprnova is a reliable Ravencoin pool, which is why it is popular among miners. Registration is required to use Suprnova, but this is just an email address, after which you will receive a unified login and can use it across nearly all the other pools they operate.
Ravenminer is the fourth largest Ravencoin mining pool which controls 5.4% of the network hash power and is also global which means it can be used from anywhere in the world. It is considered one of the best pools for Ravencoin largely because it uses the PROP payout system and has a small 0.5% fee. Unlike Suprnova, you do not need to register to use the Ravenminer pool.
Nanopool is a worldwide mining pool with optimized infrastructure and regular payout which has 4.7% of the network hash power. They have 1,385 miners in the pool and found 51 blocks over the past 24 hours. Now, the pool has about 278.2 Gh/s in total hash rate mining RVN. Since they have servers worldwide, this Ravencoin mining pool is suitable for everyone regardless of location. The average fee is 1% and the minimum payout is 100 RVN.
2Miners is another one of the best Ravencoin pools that has regular payments, reliable servers, and rig monitoring bot. According to 2miners.com, this is “the most profitable mining pool for GPUs and ASICs”. The fee ranges from 1% for PPLNS to 1.5% for SOLO and payouts are made every 2 hours. Now, the luck factor is 24%. The pool currently has 9634 miners online and the pool hash rate is 2.29%.
Flypool is one of the best RVN mining pools in 2023 thanks in large part to its clean and simple interface and amazing features, suitable for beginners and experienced miners alike. Now this Raven coin pool has 4192 active miners and produces 8.17 blocks per hour. Flypool has hashtags 908.1 GH/s and offers anonymous mining, a real-time PPLNS payout scheme, and accurate hash rate reporting. In addition, the pool is also global (as it has servers in Europe, Asia, and the USA) and offers low commissions of only 1%.
We ranked WoolyPooly among the best Ravencoin pools in 2023 as it currently considers the most profitable GRIN mining pool available for miners, which offers both fast payouts and the lowest minimum threshold. “Payments are made automatically after the min. payout threshold is reached. Payments do not depend on time, there can be as many payments as you like.” - WoolyPooly. At the moment the pool has a fee of only 0.9% and 5 minimum payouts, and the pool hashrate is 16.65 GH/s.
Our top of the best RVN mining pools comes to an end with KryptexPool, which is one of the best in terms of profitability. This is a new altcoin mining tool with high reliability since “the servers are located in one of the largest data centers in Europe.” Kryptex pools use a PPS+ payout scheme that pays you regularly, and the minimum payout is 10 RVN. Also, KryptexPool currently has 1893 active miners and hashrate is 43.46 GH/s.
How to Choose the Best Pool for Ravencoin?
To get the most out of mining, you need to consider several factors when choosing a pool:
- Pool Uptime. It's best to use a mining pool close to 100% of uptime since you can only earn RVN hashing with a pool when the pool is running. Not all pools disclose their up-time, so it's best to choose reliable options, such as Suprnova.
- Fees. The undoubted factors that affect your profits are the commission that the pool will charge. Often the commission is from 1% to 3%, but the lower the commission, the better.
- Payout Conditions. RVN pools often have minimum payout requirements that are also important to consider. A low minimum payout means you can withdraw your rewards faster, so choose the pool with the highest minimum payouts.
- Hashpower. A pool with higher hashpower is more likely to find blocks, but in that case, you must share the block rewards with more miners. Less hashing power means you'll drop more rewards but have less chance of finding blocks.
The Bottom Line
As the competition in RVN mining grows, so does the difficulty. That is why in 2023 solo mining will become less practical and it is very important to choose the right pool to make a profit.
Our top 7 best pools for Ravencoin will help you get the most out of your mining, especially if you consider the factors that go into choosing the right pool. Now, Ravenminder and Suprnova are great options, but you can also opt for the smaller pools described above. Due to sufficient decentralization, any of these pools will help you successfully mine and earn rewards in 2023.
Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.