If you are looking to mine cryptocurrencies, which I believe you are, then you might want to know which coins are best for mining. Crypto mining is a profitable business, only if done right! Your mining rewards depend largely on what and how you mine. Besides choosing the right crypto coin and best hardware, your electricity cost and rig set up also impacts your profitability.
Cryptocurrency mining is a process of verifying transactions to make sure that they follow certain rules of the network. It is the process through which a new crypto coin is issued and the network is secured. If you’re new into crypto mining, you’ll new a few things before you embark on your crypto mining journey. It’s best to get a powerful ASIC miner to earn maximum profit. You will also need a mining software and coin wallet for storing your reward earnings. For solo mining, you will need many other things also for setting up a rig. However, it’s better to join an online mining pool or opt for mining colocation to increase your profitability and income stability.
Once you’ve decided which method to choose for mining, the next important consideration is the coin selection. For most crypto enthusiasts it’s quite confusing to pick the best cryptocurrency to mine. This is a difficult decision because many cryptos are nothing but scams. And mining a wrong coin can leave you with a heavy loss. So, without any further ado, let’s explore the best coin to mine in 2019 and 2020.
Bitcoin, the world’s first cryptocurrency still ranks number one in terms of its market capitalization. Bitcoin was introduced in 2009 and crypto fans still consider it as the most profitable coin to mine in 2019. However, due to its ever-rising popularity and development of advanced hardware, Bitcoin’s mining difficulty has increased. The basic GPU home rig setup is no longer profitable in 2019. If you want to successfully mine this top-rated crypto coin, you’ll need to invest in the latest ASIC mining rigs. Also, if you don’t live in a cold climate with cheap power, it’s best to consider mining colocation to get the best return on investment.
Ethereum has marked its position next to Bitcoin. It is regarded as the second-largest cryptocurrency and one of the best coins for mining. Ethereum, also known as Ether is an open-source and decentralized cryptocurrency network based on an Ethash proof of work algorithm. Ethereum has great long-term potential and is expected to become one of the most valuable assets in the cryptocurrency space. But since it’s an established digital coin, you’ll need very powerful computers to mine Ethereum. It is also predicted that several applications can be built on top of the Ethereum network. If this becomes a reality, the value of Ethereum may reach to a whole new level.
Litecoin is another top-rated coin in the crypto markets. Litecoin (LTC) is an open-source software that ranks as the world’s fourth-largest cryptocurrency in terms of market capitalization. It’s due to its popularity that mining Litecoin is not possible with PCs or basic miners. This peer-to-peer cryptocurrency offers better storage capacity and quick confirmation which makes it a good option for mining in 2019 and 2020.
Grin is also another profitable coin for mining this year. This cryptocurrency is the new favorite of mining enthusiasts because of its unlimited supply. This open-source project offers other benefits also like privacy, scalability, and fungibility. Grin has received the support of several Bitcoin supporters and is traded actively on Hotbit crypto exchange.
Bitcoin Gold (BTG)
Bitcoin Gold which was launched in 2017 is basically the fork of Bitcoin. Its framework and block rewards are the same as Bitcoin but reward worth is not equivalent to Bitcoin. Mining Bitcoin Gold is considered profitable because it requires minimal setup. It is also a safe and minimal risk investment. This is because if the value of BTG goes down, you can use your Antminer for mining some other coin.
Monero is the most advanced privacy coin in the crypto sphere. This coin which is based on a proof-of-work hashing algorithm CryptoNight has pioneered the era of private money. If you’re looking for superior transactional privacy, Monero is the right option for you. As open-source private money, Monero generates 3.38 XMRs as block reward every 2 minutes. Mining this cryptocurrency is quite simple. All you need is mining hardware and simply download and install Monero mining software.
Ravencoin is a relatively new coin in the market which gaining interest of crypto miners. This crypto coin was launched on January 3, 2018. Ravencoin is an open-source ‘peer-to-peer’ blockchain network which is built on a fork of the Bitcoin code. This network can efficiently handle the creation and transfer of assets based on Bitcoin and Ethereum. This American-made blockchain quickly became popular because of the X16R algorithm t