Monero is one of the most popular cryptocurrencies and Aeon started as fork of one of the earlier versions of Monero. The goal of the Aeon team is to make a cryptocurrency which can be mined with CPUs and GPUs, and to attain a degree of resistance against mining by ASICs.
So, you can still mine Aeon with a CPU or GPU-driven rig, and in this article we will explain to you how you can mine Aeon and why mining Aeon can deliver real profits. We will provide a thorough step-by-step guide that covers three key areas:
- Choosing the optimal mining hardware and software
- Setting up and configuring your Aeon mining rig
- Joining a mining pool to mine Aeon
Don’t forget, if you want minimum effort when it comes to mining Aeon you should consider signing up with a Aeon cloud mining vendor – you won’t need to worry about buying hardware and there’ll be no concerns about expensive energy bills. We’ll discuss cloud mining later in this article.
Why Aeon mining is profitable
Like we said, Aeon is a fork of Monero and the reason Aeon was created was to make a cryptocurrency which is mobile friendly – a coin that can be run on laptops, mobile devices and personal computers. The principle of Aeon lies in a proof-of-work mechanism which allows more efficient (faster) verification of transactions on the Aeon blockchain, compared to Monero.
Aeon achieves this by reducing the amount of data which is kept on the blockchain – this also leads to improved levels of anonymity, while it is also possible to mine Aeon on a computer that does not have much storage.
There are other differences between Aeon and, say, Bitcoin. Aeon is based on a algorithm called CryptoNote, this algorithm is different because it enforces a higher level of verification – which also means that there are more blocks that are orphaned. This lighter proof-of-work mechanism means much better performance on the device, by a factor of ten or more.
Also, Aeon payments are by default sent anonymously. However, if you prefer a transfer that can be traced, you can accomplish this. There is a quick and fee-free transfer option for payments which are not sensitive – it is called an exchange transfer. So, Aeon uses the technical benefits of Monero but there is a unique twist to Aeon – the creators of Aeon is a distinct community with specific goals. It may well be that Aeon is the perfect coin for you to mine.
Optimal Aeon mining
You don’t need an ASIC mining rig to mine Aeon – you can use either a CPU or a GPU-based miner, and both Nvidia and AMD GPUs are supported. You have plenty of options when it comes to mining – think about a Claymore miner, an SRB miner or perhaps something from XMRig. However we think your best option is XMR-Stak. The XMR-Stak software is available on Github, you just need to set it up correctly to mine Aeon efficiently.
Interestingly, XMR-Stak allows you to mine using both the CPU and the GPU in your computer. Furthermore, it comes with an easy user interface while it also optimises to achieve the best hashrates. You also get detailed statistics while it also supports connecting to multiple mining pools. Note that XMR-Stack is actively being developed, we expect a lot of improvements to come in the near future.
Requirements for mining Aeon
When it comes to mining Aeon, hardware is your primary concern, but you need to take care of a few other points too. One of these includes an internet connection that you can depend on. Why? Well, you need around the clock access to the internet to be able to access the blockchain and claim any mining profit that is due to you. You also need a Aeon-compatible wallet to receive your mining proceeds. To summarise:
- Buy mining hardware (we recommend a GPU miner)
- Obtain mining software compatible with Aeon
- Ensure your internet is reliable, and make sure you have at least 8Mbit/sec throughput
- Get a wallet that can store your Aeon coins
Choosing your Aeon mining hardware
First, from a software perspective, we suggest you jump in by using XMR-Stack because it gives you a lot of flexibility – you can use either a CPU or a GPU, and when it comes to GPUs you have a choice between AMD and Nvidia too. There are plenty of CPUs you can consider, but we would recommend you look at one of the high-end AMD or Intel chips.
Always compare all the important factors of a miner before you jump in and buy – think about the price of the GPU, the hash rate as well as the overall power consumption
Other points to think about before you start mining Aeon
Crypto mining rigs use a lot of power and also generate heat, so you need to make sure your rig is kept cool to make sure it performs day in, day out – cooling can make the difference between losing the money you invested in your rig, or making a ongoing profit.
Noise is another factor you should consider. Cooling your rig will lead to fan noise, so your mining equipment needs to be in a location where noise is not a problem. Plan accordingly, and read expert advice on how to deal with the noise created by a mining rig.
You also need to choose whether you prefer to mine Aeon on your own as an individual (solo mining) or prefer to mine Aeon as part of a mining pool. We think joining a pool of Aeon miners is better for profitability, mining in a pool means more regular pay-outs so you get a steady flow of revenue instead of occasional large lumps. There is a mining fee involved, but the degree of revenue certainty – you would usually get a daily payment – means that mining pools are often a better option.
You have plenty of options when it comes to joining a mining pool, we suggest you consider both the fee of the pool, where its servers are located as this affects latency and, of course, the mining pool’s reward system.
Configuring your mining hardware and software
Our guide below will explain everything you need to know to get up and running mining Aeon on a Windows computer. The instructions are for XMR-Stak, in addition to XMR-Stak you will need a wallet that can accept Aeon coins as well as a Windows PC with an internet connection. We’ll also explain how you can connect to the Aeon mining pool of your choice. One thing to consider: we suggest that you never use the wallet address of an Aeon exchange, instead use a dedicated Aeon wallet.
- Determine your wallet address and put it in the clipboard
Find out what your wallet address is and put the address into your clipboard so that you can paste it into the mining app.
- Download and run XMR-Stack
XMR-Stack is located on Github. Find the file xmr-stak-win64.zip where you saved it, extract it, and navigate to the folder it’s extracted into. Next, double-click on xmr-stak.exe to start the mining app. You might get a warning for Windows or anti-virus software, just tap “yes” or “allow to run” when prompted.
- Instruct XMR-Stak to start mining Aeon
Once XMR-Stack is open, type “aeon7” and press enter to get started.
- Connect XMR-Stack to the mining pool
Enter “mine.aeon-pool.com:5555” and press Enter, this will configure Aeon to use that mining pool – so that your PC can contribute to the mining pool
- Add your wallet address
Your wallet address should still be in the clipboard. To paste it, click the program icon which sits in the left, upper corner of the XMR-Stack window – access Menu, select the Edit submenu and then click Paste. Press Enter. If your wallet address is no longer in your clipboard, simply minimise the XMR-Stack window and copy and paste your wallet address.
- Password and questions
When prompted for a password, leave it blank, and make sure you answer “no” to all the other prompts. A password is not required to view your mining stats, and your mining proceeds will be deposited into your wallet automatically. Assuming you did everything we explained above correctly your XMR-Stak app will now be connected to the mining pool and will be mining actively.
During mining you can type “c” for the connection status, “h” to see your hashrates and “r” to see a table of results.
Mining Aeon in the cloud
Setting up XMR-Stack and paying for the hardware to run it can be too high a hurdle for many of us. An alternative is cloud mining where you rent the computing power to mine Aeon – none of the electricity bills or hardware costs will be your responsibility. You sign a contract with a provider and in turn “rent” the mining resources.
There are a lot of advantages to mining in the cloud: you don’t need to buy the hardware, results come in immediately and you don’t need to worry about noise or heat. Finally, you can usually get your payments in a cryptocurrency of your choice – it needn’t be in Aeon coins.
Working out your Aeon profits
It’s useful to know how much you can earn by mining Aeon: you can weigh up your earnings against hardware and energy costs and so decide whether mining is profitable or not. Using the calculator below you can work out what you’ll earn in a fiat currency like USD or EUR, but note that because the block reward and price of Aeon fluctuates, the result we provide is indicative only – it is not completely accurate, and can change quickly.
Using the calculator is simple, you just need to type in your hashrate alongside the power you consume (in watts) including your electricity rates and, of course, the fee you contribute to the mining pool. If you are using cloud mining the calculation is even simpler – just type in the hashrate and the fee you are paying.
Common questions about Aeon
How long do I have to mine to earn a single AEON coin?
It depends on your hashrate, but by example if you are hashing at 2000 hashes per second it will take you three days to mine a single AEON coin.
What is the maximum mineable amount of AEON?
The supply of AEON coins is capped at 18.4 million
Is the raspberry pi any good at mining AEON?
The raspberry pi is not really a very powerful computer. You can technically mine AEON with a pi but the process will take forever, a raspberry pi cannot compete against a GPU.
How profitable is it to mine Aeon, and should I bother?
Many miners can do well if they mine Aeon, but it depends on a range of factors. Use a calculator like the one above to work it out.
Can an iPhone mine AEON?
Yes you can mine AEON with your iPhone but you won’t mine very productively and there is a risk of damage to your iPhone due to overheating.
A few more facts about Aeon
Aeon is a fork of Monero and was launched in 2014. The Aeon fork of Monero has no instamine nor a premine, there is no developer tax and Aeon is fully funded by community contributions. In 2018 the development fund for Aeon was up to USD 1m. The protocol that supports Aeon is CryptoNote, and it uses a CryptoNight Lite algorithm.
This brings a number of essential features. Aeon is anonymous, the way it works protects its user’s data too. You cannot trace payments on Aeon thanks to its ring signature and transactions can’t be linked either. The Aeon blockchain is resistant to analysis and resistant to ASIC mining – in other words, you can use a CPU or GPU to mine Aeon.
Aeon has a maximum supply of 18.4m coins and is still actively under development – in fact, the coin’s roadmap is also in flux.
The team behind Aeon
Aeon was launched in 2014 on Bitcoin Forum by a developer who decided to stay anonymous. However, towards the end of the year it looked like Aeon had been abandoned as the original developer was no longer working on it. That said by 2015 a new developer took over – his username is Smooth.
This handover was with the approval of the Aeon community, and Smooth continued to work on Aeon alongside his work on the Monero project. At the time the Aeon project was rebranded and the team announced a new roadmap for Aeon.
In April 2015 Smooth became the lead developer on Aeon – Smooth is, to this day, one of the most knowledgably people in the cryptocurrency sphere. Smooth is still continuing his work for Monero.
The hashing algorithm behind Aeon
CryptoNote is the protocol behind Aeon, the coin uses CryptoNight-Lite as its algorithm – and this means that you can use the CryptoNight all-in-one miner. Bitmain released a CryptoNight ASIC miner, after that many CryptoNote coins developed forks to change the way their Proof-of-Work consensus works. Aeon, for example, adopted the Lite V7 algorithm.
Regulations around Aeon
Several countries are very pro-crypto, this includes the USA, Russia and Canada. Some countries have banned the use of cryptocurrency including Nigeria and China. South Africa, Australia, the United Kingdom and the European Union are all working on different ways to regulate the trade in cryptocurrencies.