Cryptocurrency mining is the process of checking transactions to determine if they have adhered to specific rules of the network and added to the blockchain’s register. But what are the best cryptocurrencies to mine in 2019?
With cryptocurrency mining, miners compete with one another to solve challenging mathematical problems that come with cryptographic hash functions. Miners who find the solution first are paid.
Mining is done through various means. The best way to mine is setting up a mining farm, which is expensive. Mining farms require sophisticated CPUs, cooling systems and efficient electricity supply. However, we have other mining alternatives. With the growth of the cryptocurrency sector, mining can be done on a computer’s CPU. It is easy as it does not require any technical skills. Mining can also be done through smartphones using platforms like ETN. Elsewhere, you can use graphics processing unit (GPU) or mining ASIC chip to authenticate transactions. Lastly, cloud mining is another convenient option.
Over the years, Bitcoin was the best cryptocurrency to mine. However, with time, Bitcoin mining is no longer profitable due to high processing power. However, we have some altcoins that are profitable to mine. Here are some of the cryptocurrencies to consider.
Grin coin is built on the mimblewimble protocol. This system stands out due to enhanced privacy, scalability and reduced blockchain capacity. Despite having a limited supply, Grin has received support from altcoin-hostile maximalists. It is among the best cryptocurrencies to mine and it reached fame in 2019 when a few major websites claimed that the Grin’s MimbleWimble Protocol is a great one – that solves some actual problems.
To mine Grin, Nvidia card ( 1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti) hardware is needed to authenticate transactions. Some AMD cards can also be used to mine the Grin coin.
Furthermore, you can download the Grin official miner. Once downloaded you can use mining pools that are made up of 97% of Grin’s current hashrate power: F2Pool (40%), Grinmint (16%), Sparkpool (25%) and Pool.BTC (16%).
Ethereum is the second largest cryptocurrency in regards to market capitalization after Bitcoin. It can be mined with GPU. Ethereum is among the best cryptocurrencies to mine due to the smart contracts feature. For Ethereum GPU mining, Ethminer card is recommended. Considering efficiency, GPU is worth it even if it expensive. It is convenient for GPU mining. GPU is the currently available mining option of ether.
Generally, mining of Ethereum is difficult, something that increases its profitability. Additionally, Ethereum mining attracts fewer people, and you can earn a significant income if you use the correct mining rig.
Litecoin is a P2P currency, a feature that enables cross border payments. Compared to other cryptocurrencies, Litecoin confirmation is quick with a better storage capacity making it one of the best cryptocurrency to mine.
When it comes to mining Litecoin, we have fewer alternatives. One of the available options is the ASIC mining hardware like the Antminer L3++. ASIC mining hardware for Litecoin is convenient because of a balance between money and power consumed, alongside the hash rate. Usually, Litecoin mining hardware will cost about $400.
If you want to start mining Litecoin, you can make use of mining pools like Litecoin Pool, Antpool, and LTC.top. Furthermore, Litecoin also comes with a downloadable client (Litecoin Core) on which you can keep your LTC.
Mining cryptocurrencies can be lucrative if you have the right hardware or software. You need to adhere to all guidelines so as your investment is safeguarded. With the appropriate knowledge, you can make passive income very quickly by settling on the best cryptocurrency to mine. Before pumping money into any digital asset, study everything about the desired cryptocurrency to be on the safe side.
Ethereum Classic (ETC) is an open-source, public, blockchain anchored on distributed computing platform with smart contract functionality. The asset is an Ethereum hard fork that was developed to preserve the original Ethereum coding. Ethereum Classic is a Proof-of-Work cryptocurrency and is suitable for miners using GPUs rather than ASIC rigs.
To start mining, you need a wallet compatible with Ethereum Classic. For hardware, you can use Nvidia graphics cards such as the 1080 and 1080i. You can also mine using AMD GPUs. To mine ETC the easier way, you can use the Nanopool mining pool. The pool has made it easy since there is a quick start app. The app is easy to set up and set up the mining software. The pool has a global reputation and it carries a 1% mining pool fee.
Ravencoin is a protocol based on a fork of the Bitcoin code with additional features focused on allowing tokens to be issued on the Ravencoin blockchain. When it comes to mining Ravencoin, the X16R algorithm is used. This algorithm is known to be ASIC resistance.
Ravencoin can be mined using GPU where we have different programs for Nvidia like CCminer which lacks a Dev fee. CCminer is compatible with Windows and Linux operating systems. Once you install the miner, it is easier to set up and use.
Additionally, you can carry out GPU mining for AMD where we have programs like sgminer-gm-x16r. The software is compatible with the Windows and Linux operating system.
You can use whattomine.com to check the profitability of mining RVN. Your profitability is affected by factors like electricity consumption.
Horizen (formerly ZenCash) is an incentive-driven network that seeks to provide everyone with complete control of their digital footprint. The network seeks to offer real-life solutions beyond the ZEN cryptocurrency. Among the network’s plan is to enable the private chatting and visiting the internet privately.
When mining ZEN, the Horizen team has enabled Equihash algorithm rather than switching to an ASIC-resistant algorithm. According to the team, the network is more secure with ASICs mining. The Horizen website has listed about 27 mining pools to select from. Prominent mining pools include Zhash.Pro and F2Pool. Zhash. Pro EN, controls about 25%-30% of the hash power with a low fee of 0.5%. The pool has auto-payouts at 0.1 ZEN and global dedicated servers. This pool also features anonymous mining perfect for privacy coins.
WhatToMine is a website with information on mining cryptocurrencies. The platform is a leading mining profit calculator for crypto coins miners. The site works by combining data to isolate coins that are profitable. The user also provides the data. Due to market price fluctuations, sticking to one cryptocurrency is not a good idea. WhatToMine gives advice on the best coin that will have better returns. With cryptocurrencies, different rigs are suited to mining different digital assets.
The easiest way to use WhatToMine is keying in your graphics card and select from a pool of common GPUs. You are the required to submit the number of your GPUs, and the website will give you the card hash rate where you will fill in.
The next stage is entering the cost of electricity. Additionally, the website allows you to enter unique energy usage figures depending on different algorithms. In case you don’t have all the details, WhatTo Mine will average your electricity on the way to determine the best cryptocurrency to mine. Once the information has been submitted, WhatToMine will let you know the most profitable cryptocurrency to mine.
The website also approximates the revenue you will earn by mining the selected digital currency. With WhatToMine, there is no need of calculating profits for a week or even a month because network difficulty and currency exchange rate are not constant. It is important to note that estimated profits do not represent reality. All calculation on the website is based on luck.
Based on electricity costs and consumption, the website will give you the appropriate profit to earn over some time. Furthermore, you can isolate cryptocurrencies based on difficulty, market cap, exchange capacity, and profitability. The website also has different cryptos ranging from the largest to the smaller ones.
In some cases, WhatToMine does not list all the GPU models available in the industry. In this case, users are required to conduct some research and settle on cards that are close to their GPU.
In the event, you operate various mining rigs that come with different GPUs you can add the latest data set feature on the website.
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Generally, WhatToMine is a resourceful website that allows miners to determine which type of cryptocurrency to mine. Over the years, mining profits have declined, and such platforms are crucial to ensuring crypto investments bring maximum returns. It is simple to operate where you only need to enter your GPU, electricity cost and the number of units you have. All the numbers are run in the system and you get a recommendation on the best crypto to mine.
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