Electronic currencies have become widely known relatively recently. Until recently, only Internet users and people who were interested in the financial market knew about them. Now almost everyone has heard about cryptocurrency; there are many who want to make money on it. One of the most popular methods of earning electronic currency is mining. Next, you will find out which cryptocurrencies can be mined now and whether it is profitable at all.
Which cryptocurrency mining is more profitable in 2018?
It is difficult to answer the question “What is the most profitable cryptocurrency for mining?” The cryptocurrency market is characterized by high volatility , and the difficulty of mining is growing every day. Any user who decides to engage in mining must choose the currency for mining. But, at the same time, it is necessary to take into account:
- Liquidity. High demand for crypto will allow you to quickly make an exchange or sale at a favorable rate;
- Price. Mainly expressed in fiat money. The higher the value of the coins, the more expedient it is to mine them;
- Volatility. The price of some currencies may fall by 20–30% in a day, which will entail losses. It is necessary to choose a cryptocurrency with the least volatility;
- Capitalization and popularity of crypto money. The more popular a currency is, the less likely it is to fall in value;
- Difficulty of extraction. The lower the total computing power, the higher the profit;
- Mining method. Mining can be carried out in several ways. In the first case, the equipment is connected to the network, mathematical calculations are performed ( Proof of Work ). In the second, a certain amount of currency is purchased and stored in the wallet. After this, the user has a chance to receive a reward for mining ( Proof of Stake ). And there are also a number of other ways.
- Development prospects. If a currency has good potential, then its price can be expected to increase in the future. Thus, combine the extraction of crypto money with investments.
When answering the question “Which cryptocurrency is profitable to mine in 2018,” you need to first of all think about the likelihood of making a good profit. In this case, you should not count on fabulous earnings; this will require significant investments.
Considering the above criteria together, each user will choose the most profitable mining, taking into account the available resources and their own preferences. It is recommended to look for detailed information on forums, where experienced users will tell you which mining is more profitable.
Isn't this a hoax?
In general, the very idea of cloud mining is not fraudulent. Companies buy equipment, build data centers, select countries with cheap electricity, hire service personnel and rent the whole thing out to investors for a fee.
However, in fact, there are not so many REAL cloud mining projects In the wake of the general popularization of cryptocurrencies, projects like HYIP and various scammers are making great money.
Masquerading as cloud mining, cunning scammers begin to collect money using Mavrodi’s own notes. And then, when the time comes for payments, or the scammers have collected what they consider to be a sufficient amount of “donations,” they announce a temporary cessation of work, technical problems, and so on. In fact, investors will never get their money back.
Is it worth mining Bitcoin?
Bitcoin is the very first digital currency, the founder of Blockchain technology. After its release, many were engaged in mining for fun, without realizing the possible prospects. For a long time, the most profitable cryptocurrency for mining was Bitcoin; users earned money even by mining this cryptocurrency at home.
Bitcoin's capitalization now exceeds $116 billion, which is almost half of the total value of all electronic currencies. But is it the most profitable cryptocurrency to mine? The answer is no. Along with the high cost of the coin, the number of miners increased, and, accordingly, the complexity of the network. Taking this into account, those users who have significant power can make a profit. Ordinary users can find a more profitable cryptocurrency for mining.
If you decide to start mining Bitcoin, then you need to do it in a pool. By teaming up with other network participants, the chance of making a profit increases significantly. All earned coins will be transferred to your personal wallet.
Various pools and aggregators
Cloud mining is also offered by pools like MinerGate and NiceHash . Here everything is organized on a more private level, since you will be working with a pool and miners who have kindly decided to provide some of their equipment.
True, only a very brave investor would agree to enter NiceHash after a recent hack (hacker attack). Minergate did not seem to have such problems. Currently this pool offers contracts for Monero and Bitcoin. In fact, the option with pools may be even more profitable for you, since the conditions here will not change, and you can choose the pool yourself.
Cloud mining aggregators are available on Telegram, and also work through a regular website. An example of such a resource is CMSHP .
TOP 5 best cryptocurrencies for mining in 2018
We continue to figure out which cryptocurrencies are best to mine in 2018. Here are presented those altcoins that are already quite popular, but have significant growth prospects.
Ethereum
This cryptocurrency appeared relatively recently, but quickly gained popularity. Now it is in second place in terms of capitalization , second only to Bitcoin. Analysts note that Ethereum has every chance of overtaking Bitcoin in a few years. The main features of Ethereum are:
- Support for smart contracts. They have a wide range of capabilities, so in the future they will be used in almost all spheres of life;
- Based on Ethereum, you can develop your own decentralized projects.
Until recently, Ethereum could only be mined using video cards. ASIC processors are now available for sale. This can significantly reduce the profitability of mining on video adapters.
Bitcoin Cash
Bitcoin Cash is a hard fork of Bitcoin - a cryptocurrency that separated from the original blockchain at a certain block. The reason for the hard fork was the desire to solve one of the main disadvantages of Bitcoin – the speed of confirmation of transfers. The block size has increased from 1 to 8 MB.
Since the value of Bitcoin Cash is not yet as high as that of Bitcoin,
the complexity of the network is an order of magnitude lower. Considering the potential, we can say that Bitcoin Cash is the best solution for mining and subsequent storage.
Litecoin
One of the first altcoins, which appeared back in 2011. The founder of Litecoin is a former Google employee, Charles Lee. Even at that time, he saw several significant flaws in Bitcoin, which he corrected in Litecoin. The following improvements have been made:
- A simpler encryption algorithm is used ;
- The issue of coins is 84,000,000 ;
- The speed of confirmation of new blocks has increased by 2.5 times.
You can mine Litecoin both on ASIC processors and on regular video cards, so you can organize mining at home.
Monero
This cryptocurrency has a high degree of anonymity , which is why it has gained recognition from users. Now the cost of one coin is $170, but in the future, according to experts, it could reach several thousand dollars.
The CryptoNight algorithm used is more demanding on RAM, which must be taken into account when purchasing equipment. Mining rewards are calculated with inflation of approximately 1%, which allows you to maintain interest in the coin. The main feature of Monero is the possibility of combined mining - users have the opportunity to simultaneously use the power of the video adapter and CPU .
Zcash
If you are deciding what is the best way to mine, Zcash will be one of the best options. The cryptocurrency appeared only a year and a half ago, but is already among the 30 most popular. The currency provides complete anonymity without compromising functionality . Zcash can be considered the most optimal cryptocurrency for novice miners, since the complexity of the network is not so high, mining on ASIC processors is impossible.
A significant advantage is the liquidity of the coin ; it can be purchased on all popular cryptocurrency exchanges. The volatility of Zcash is lower than that of other cryptocurrencies. As with Bitcoin Cash, it is recommended to keep some of the currency for yourself in the hope that it will increase in value in the future.
Technical characteristics of AMD video cards
| GPU: | Memory capacity: | Memory type: | Shader processors: | GPU frequency: | Memory frequency: | TP: | TDP: | Nutrition: |
| Radeon RX 560 | 2-4 GB (128 bit) | GDDR5 | 1024 | 1275 MHz | 1750 MHz | 14 nm | 80W | 1x6Pin |
| Radeon RX 570 | 4-8 GB (256 bit) | GDDR5 | 2048 | 926 MHz | 1650 MHz | 14 nm. | 120W | 1x6Pin |
| Radeon RX 580 | 4-8 GB (256 bit) | GDDR5 | 2304 | 1120 MHz | 2000 MHz | 14 nm. | 150W | 1x6Pin |
| Radeon RX Vega 56 | 8 GB (2048 bit) | HBM2 | 3584 | 1471 MHz | 1600 MHz | 14 nm. | 210W | 2x8Pin |
| Radeon RX Vega 64 | 8 GB (2048 bit) | HBM2 | 4096 | 1546 MHz | 1890 MHz | 14 nm. | 295W | 2x8Pin |
*the presented technical characteristics are relevant for reference samples of video cards.
Is it possible to mine cryptocurrency on a home PC in 2022?
One of the most common questions that has recently appeared on forums is: “What cryptocurrency is currently profitable to mine on a computer?” The fact is that with the growing recognition of digital coins, the requirements for equipment also increase. Now mining most popular cryptocurrencies on a computer is no longer profitable. The exception may be only a few coins. One of them is Monero. But this will require a PC that provides high performance. Mining on average-power computers will not bring the desired profit.
What is the best way to mine cryptocurrency on not the most productive computers? There is little choice here. You need to choose coins that have a very low network complexity. It should be understood that the exchange rate of such currencies is unstable; the value can fall by several tens of percent in just a couple of hours. On the other hand, in the future, the price of the coin may rise, which will bring profit to its holders.
An example of the growth of some coins in 2022
Bitcoin made waves in the media when it hit $20,000, but in terms of percentage gains, it didn't even crack the top 10.
Older altcoins like Dash have seen impressive growth, reaching 13,900% gains in mid-December. Dash price retreated somewhat, finishing the year with a 9,265% gain, ranking fifth in the rankings.
Likewise, Ethereum had a banner year, finishing at number six with a gain of 9,162%. Litecoin, one of the oldest altcoins, closed the year with a gain of 5045% and took ninth place.
The new coins also performed very well against NEM and Ardor, finishing in second and third place respectively. Stellar, Binance Coin, OmiseGo and Golem round out the top ten. Bitcoin took 14th place with an increase of 1318%.
New cryptocurrencies for mining
In the case of mining on a personal computer, it is recommended that the currency not only have low difficulty, but also be recently released. In almost every case, the cost of new crypto money is very low, but if there is an interesting idea and competent promotion, the coin can shoot up, providing its holders with significant income. When choosing a new digital currency for mining, you need to take into account the following criteria:
- Name. Unconventional and exciting;
- Decor. The currency must have an original and high-quality logo and official website. This will indicate that the creators are committed to actively promoting their product;
- storage wallet
- Premine. Before launching a cryptocurrency, developers can mine a certain amount of the currency themselves. It is recommended that the digital coin does not have a premine;
- Encryption algorithm. You need to choose a cryptocurrency that you can mine at the initial stage without investment.
The advantage of mining new crypto money is the possibility of solo mining. Since there are not so many people mining new coins, you can get good rewards without commission costs ( usually pools charge a commission of 1 to 3% ). In general, mining newly created cryptocurrencies is an excellent option for home mining that does not require large investments.
Monacoin (MONA)
Mona is a fork of Litecoin that appeared in 2014. MONA has distinctive features that make it a promising cryptocurrency for mining:
- The Lyra2RE algorithm constantly changes the complexity without expending huge computing resources.
- Peer-to-peer architecture makes each network participant as competitive as possible in coin mining.
- Transactions are confidential and do not require any personal information.
- Ease of transactions, wallet management and other client actions.
- MONA has not yet become a popular cryptocurrency, which allows for fast transactions.
Unfortunately, the MinerGate service does not support MONA, and NiceHashMiner has not yet returned to work.
Monacoin mining will have to be configured manually. To do this, you need to download the cpuminer program and register on the mona.suprnova.cc pool. Next, you need to edit the bat file by entering your wallet number and pool. Then in the firewall settings you need to allow access via UPnP and open the pool port. The last step is to launch the batch file.
