What is the best cryptocurrency to mine? how profitable is crypto mining? Can I mine my own cryptos? What do I need to mine cryptos?. These are among the questions that you might be asking yourself when you hear cryptocurrency mining being mentioned.
There is a process various cryptocurrencies are verified and added to blockchain digital ledger. This process is what is referred to as cryptocurrency mining or crypto mining. Although crypto mining is not the most profitable and cheap way of earning crypto like it used to be, it is still a legit way of passive income.
Miners are now more experienced and they would only mine cryptos that are profitable and promising,The reason is that there are a lot of expenses involved in mining and no one would want to waste resources on cryptos that are not profitable. With enough knowledge and the right mining software you can mine your cryptocurrency.
Do you think you're ready to start mining crypto?
Well, then you need to know the most profitable CPU and GPU coins.
What defines the profitability of crypto mining?
- The Price Of Cryptocurrency
If a coin is more profitable, then the mining should be profitable.
This applies only to short term investment. However, you can decide on mining a promising coin and wait for it to grow.
- Block Generation Time
When more blocks are generated by the network it increases reward chance for a found block.
- Mining Difficulty
CPU and GPU mining in 2019 has been quite challenging and difficult due to the number of miners involved.
It is possible to find a coin that still you can make a profit mining without much competition.
- Electricity Cost
Electricity cost is the most important when calculating mining profitability.
Let find out the electricity bill in a different country the cheapest electricity bills.
How to select a coin to mine in 2019/2020
There are several factors to consider before you choose the type of coin you will mine. They include;
- Which exchange allows the coin
- Ensure the coin is legal
- The possibility of withdrawing the coin to fiat
Top 5 alter coins to mine in 2019/2020
3. Grin (GRIN)
Grin crypto is best for GPU mining. It relatively a new coin in the market.
The coin uses the cuckoo cycle concept. It has unlimited coin,this makes it more attractive to the miners.
There is no public ledger in grin unlike in bitcoin. To attain its scalability privacy it uses bitcoin’s join method.
2. ZCash (ZEC)
It was released in 2016 October. It is liked by many because it is completely anonymous in the transaction.
People like this feature a lot. The coin is convenient for trading and selling.
Current Price: $32.39
3. RavenCoin (RVN)
It appeared in 2018 July.RVN can be easily exchanged in different platforms.
It recommended to miners because it uses the X16R algorithm.
Raven coin specializes in peer to peer transfer of assets.
It enables users to create and trade in the real world and the digital market.
Current Price: $0.02412247
- Monero (XMR)
This is open-source crypto. It was created in 2014 April.
It focuses is on fungibility, privacy, and decentralization. Monero uses obfuscated public ledger.
You can use GPU and CPU to mine.
Current price:$57.90 USD
- Ethereum Classic (ETC)
Ethereum Classic is an open-source, public. distributed computing platform.
It has a bit higher block reward. It has a higher inflation rate and scarcity.
Through the use of Nvidia or AMD cards, you can enjoy passive income.
You can join a mining pool if you have mining power, this increases mining profitability.
Crypto mining is worth it. Ensure that your mining budget corresponds with what you're going to mine.