If your choice of investment is Ethereum, but your current portfolio contains Monero and you want to switch XMR to ETH, our service can help you do this at the best rate. In the crypto world, it is always recommended to study the technology that lies behind this coin or the other before you make the choice of investment.
Monero was created with the same purpose as Bitcoin allowing users to make peer-to-peer transactions without any third-party governance. All the Bitcoin is considered as an anonymous crypto-currency, you can still trace of the transactions on the blockchain network and see the wallet addresses where the funds come to. Monero is designed to make blockchain transactions fully untraceable.
Launched as a fork of Bytecoin in 2014, Monero has the Ring signature system in the background which provides full anonymity. In the system, users get the number of keys for confirming transactions without revealing their personalities.
It’s a different story with Ethereum. Vitalik Buterin, Ethereum’s creator aimed to launch not only a decentralized cryptocurrency, but also a whole platform for developing decentralized apps. Ethereum network contains many bugs due to the complexity of the code and new alternatives are already invented. However, you might still want to exchange Monero to Ethereum for investment purposes.
What is Monero mining algorithm?
If you are a cryptocurrency enthusiast and you want to convert XMR to ETH, it’s wise to learn more about technologies that underlie these projects in order to make the right choice.
Monero utilizes the algorithm called Cryptonite for mining and it can also be used to create bitcoin. This is a proof-of-work algorithm created specifically for low capacity CPUs so it can be used on the consumer-grade hardware. Although the logic that stands behind mining Monero is the same as the one that underlies Bitcoin (you have to know the location of a block in order to find the next one), it’s not possible to mine Monero on specialized ASICs.
What is Ethereum mining algorithm?
If you’ve decided to convert ETH to XMR, keep in mind the following.
Similar to Bitcoin and Monero, Ethereum is based on the Proof-of-work (PoW) mining algorithm as well, but the whole system that underlies this digital currency is different. Ether is created in such a way that it can be mined only on the end-user hardware and it cannot be monopolized by huge pools of miners. Usual people that mine ether on their home PCs can make more profits than huge companies. Moreover, the person who stands behind creation of Ethereum, Vitalik Buterin, has the plan to switch the projects to the proof-of-stake algorithm which will eliminate the necessity of spending electricity to create new coins.
You should be aware of the coins’ supply before you decide to buy XMR with ETH or vice versa.
The circulating supply of Ethereum equals to 107,805,741. Its maximum supply equals to emission infinite.
For XMR, the circulating supply equals to 17,216,282, while its maximum supply equals to emission infinite.
If you want to use our XMR to ETH converter, also pay attention to the market capitalization.
For Ethereum, the current market capitalization equals to $22,556,308,084.00. Monero’s capitalization equals to $1,293,973,441.00.
Volume of transactions
During the last 24 hours, Monero’s volume of transaction made up $8,734,766,195.44. For Ethereum, this index equals to $123,180,857.22.