Not that long ago the “mining” only meaning was to get gold or other minerals under the ground. Nowadays, when the world more likely to earn a profit on the virtual surface, the process of mining reached the second connotation.
The cryptocurrency is, without doubt, the new gold. And as it happened before, a small number of people want to buy it. The most attractive way, as usual, is to get something for free. The cryptocurrency is not an exception. There are two ways to expand your digital chattels – Faucet using and Mining. The latter is our primary concern today.
Mining as It Is
The creation of new structures, or as they are commonly called blocks in the Blockchain in order to ensure the functioning of cryptocurrency platforms, is the process of Mining. Commission fees or released cryptocurrency units are the source of bonuses (coins) that are given to the one who was able to work out this mathematical problem. Different cryptocurrencies use different calculating models. Such calculations are used by cryptocurrency algorithms to protect against the reuse of the same units, and the reward encourages people to spend their computing power and support the operation of networks.
This process could be done with the help of both PC and mobile phones. Though, the heating problem may appear during the Mining.
In order to overcome the main problems of Bitcoin mining, such as long transactions, lack of anonymity, complicated and expensive mining, insufficient functionality, over the past 8 years, new cryptocurrencies have been created. Now in the world, there are about 2000 Altcoins that do not require special mining devices.
There are Several Ways to Mine:
- If you are mining not that “trendy” cryptocurrency, your personal laptop, which RAM is good enough, would be the most reasonable decision.
- Depends on the currency you choose mobile phones may also help you to mine everywhere. For example, Electroneum coins are developing open tools with the intention of making mining more convenient.
- The good old loan is still relevant in the digital world. Cloud mining offers you to buy resources you need to mine temporarily and discharge them as your target will be succeeded.
- If quick money is not your aim and you want to mine proficiently ASICs Chip or GPU (Graphical Processing Unit) is what you need. The issue price varies from 100$- 2000$ which depends on the computing powerof the device.
Most Profitable Coin to Mine:
#1 Ethereum
The improved version of Bitcoin was introduced in 2015 and over 4 years became the second largest currency after Bitcoin. It is still not the easiest currency to mine, but you can do it more effectively than with Bitcoin. More than that, it`s network is promised to be a background for such widespread app as Airbnb and Uber’s riding. If it worked out the token would go through the ceiling.
There is the talk of the decentralized app like Airbnb and is created on Ethereum network if it got proved successfully then the value of token would go through the ceiling. You can mine it with the help of Nvidia cards and AMD.
#2 Monero (XMR)
This cryptocurrency has proven itself in the market for its reliability, privacy, and speed. Since 2017, it gives steady progress. Moreover, the actives are not tracked and transactions remain anonymous. As the whole nation north Korea uses it on dark web market on a regular basis it is surely worth a shot.
Monero`s algorithm is CryptoNight which makes it available for mining on the PC with the help of CPU or GPU. Though, the official website suggests downloading its own GUI edition of wallet to keep coins safe and sound.
#3 Dash Coin (Dash)
Dash coin, earlier known as Darkcoin, stock up the fan club all over the world too. The simple mining via GPU and CPU gives a turnover of 0.8 million circulating in the market. It`s max supply capacity totals of 18 million. It acts by means of X11 algorithm. Also, it has such pools for mining as Zpool and Supernova.
#4 Electroneum
This coin is believed to be truly the new word in cryptocurrency mining. It was introduced back in the year 2017. Due to its mobile-friendly operating system, the only thing you need to do mining is your smartphone. And yet it has a desktop wallet which is also simple in use.
According to many specialists, it can embark the new era of decentralized cryptocurrency mining.
#5 Dogecoin
Dogecoin is another PC-friendly cryptocurrency which suggested to be mined with the help of the official desktop wallet encoding your folder beforehand.
CPU is the thing you can use to mine it, though you need to better your graphics card. AMD or NVIDIA graphic cards seemed to be the finest variant. CGminer, CudaMiner, and GUIminer are the pool you may use for mining.
#6 Litecoin (LTC)
Unlike Bitcoin, Litecoin has smaller transaction time and higher max supply limit of 84 million. It is decentralized and supports on the largest mining pools like LitecoinPool, AntPool. What is more, you can earn 25 litecoins per block for mining.
Such attractive characteristics of this cryptocurrency are pushing out Bitcoin from the market.
#7 Vertcoin
The Vertcoin developers announced a one-click miner lately. Both available on the CPU and GPU it requires AMD or NVIDIA graphics cards. The mining pool is recommended to be chosen in relevancy to your computing power. If it is not higher than two graphics cards Network 2 should be your choice. It is also advised to have the extra fans for cooling your PC.
#8 Ravencoin
Ravencoin is an American blockchain built on a split of the Bitcoin code. It was presented on January 3rd, 2018. Ravencoin is directed to asset transfers grounded on Bitcoin and Ethereum. It has obtained its admiration not that long ago. Though, the X16R algorithm has proven itself as a reliable algorithm for mining.
Other worth mentioning cryptocurrencies are Grin, Horize, AEON and Father coin. Accessible both on the PC and mobile phones with the CPU maintaining those young cryptocurrencies stay competitive among other trendier coins.
Conclusion
Weighing your options, you can choose any currency from the list, but be sure that you have the following things before you embark the world of mining:
- A safe coin wallet that will store your profits;
- Software for mining;
- Membership in a stable and safe online mining pool;
- Currency exchange membership to exchange the coins you’ve mined for cash;
- A PC with good calculating power, graphics cards, and extra fans.
Also, it is very important to identify the potential of the cryptocurrency you are going to mine before investing in it.