To most people, financial privacy is very important, but banks, big corporations and even governments monitor, regulate and control financial transactions. The implication of this is that there is no safe place to conduct private transactions where individual can pay for good and services in total anonymity. Secondly some countries place trade restrictions on other countries for various economic and political reasons and sending/ receiving financial transactions from individual in restricted countries, through traditional banking systems can be a challenge. Monero (XMR) like many other cryptocurrencies helps to solve problems of this nature by allowing almost anyone anywhere to conduct financial transactions with no limitations or restrictions. There are several ways to get monero and these include purchasing on a cryptocurrency exchange, doing work and being paid in monero or mining for monero on a crypto mining rig. In this tutorial you will learn how to mine for the Monero (XMR) cryptocurrency on a computer running Linux Ubuntu. The method that you will learn below is CPU mining and not GPU mining. If you would also like a PDF copy of this tutorial, click on the DOWNLOAD PDF TUTORIAL button below.
1) To download Ubuntu system and package updates, you need to run the following commands:
sudo apt-get update && apt-get upgrade
Ensure to install these updates so that you do not face challenges on the next steps.