As you know, in addition to buying digital currencies, one more way to get currencies is to mine them. Of course, not all digital currencies have the capability to be mined, and only a few of them can be obtained using this method. On top of all the best cryprocurrency for mining bitcoin stands today. Due to its high price, mining bitcoin requires the availability of expensive hardware resources that are not available to many. For this reason, I want to introduce the best cryptocurrency for mining and introduce a number of mineable digital currencies that will be more cost effective in comparison to Bitcoin.
What do you need to mine cryptocurrencies?
I have talked about the process of mining cryptocurrencies in the past and i’m not going to address this again here. In order to clarify the issue, however, we need to state briefly that mining cryptocurrencies requires a variety of hardware and software resources without which the mining process is not possible. Many people assume that mining a cryptocurrency is a free method for earning money, which is completely wrong, and if we consider all the aspects, it would be even more expensive for us to mine a digital currency than to buy it.
Given that mining operations require the use of powerful resources such as computer hardware, miners, graphics cards, efficient cooling systems, and various mining software, we also need to consider the devices used for mining have a high cost of electricity and may not only be profitable, but also end up in huge losses.
So, in addition to considering all these aspects, you should also consider that with which resources you already have and which cryptocurrency is more cost-efficient for you? If you do not pay attention to this, you may waste your time and money and even get one tenth of the cost you have spent. So selecting the best cryptocurrency for mining is an important point to consider.
Best cryptocurrency for mining
As you know, Bitcoin is on top of all the best digital currencies for mining. One Bitcoin is now priced at over $6,000, so the best cryptocurrency for mining Bitcoin. However, Bitcoin mining is no longer like it was in the past, and it’s now very difficult and even advanced systems are unable to mine it.
Currently, Bitcoin mining is only profitable for people who have very powerful hardware resources and, on the other hand, the cost of consuming electricity for them is very low. Otherwise, mining each unit of bitcoin can cost thousands of dollars which is not cost-effective at all.
As I mentioned before, Bitcoin is not the only cryptocurrency that can be mined and there are other options and other coins as well. It what follows, I will provide you with a list of best cryptocurrency for mining.
Monero (XMR) is one of the most widely used cryptocurrencies that many experts in the field of mining digital currencies now believe is the best cryptocurrency for mining. One of the best features of this currency is the ability to mine it using the GPU and CPU, which makes it possible to mine it even without having to buy ASIC miners and mine it only by using graphic cards and computer processors.
To mine Monero, all you have to do is download the mining software from its original website and install it on your computer. After running the software, everything is done automatically and your computer starts the mining process. The block time of Monero is about 2 minutes and since the value of each Monroe unit is now more than $100, it is a cost-effectiveness digital currency for mining.
Ethereum is known as the second largest digital currency after bitcoin, with the largest market cap among cryptocurrencies. This currency is also a mineable currency, which can be introduced as one of the best cryptocurrency for mining. The mining difficulty is very high in Ethereum, however, if you have the resources to mine this currency, it can still be said that mining Ethereum is profitable.
Ethereum can be mine like Monero using AMD and Nvidia graphics cards. This has encouraged many miners to start mining Ethereum. Unlike Bitcoin, this cryptocurrency does not define a boundary for the allowed number of mined coins. For this reason, mining Ethereum is considered to be cost-effective.
Electroneum is another mineable cryptocurrency that has gained popularity and many people have attempted to mine it. One of the reasons why mining this cryptocurrency is cost-effectiveness is that mining this currency is possible on smartphones since it is optimized for mobile platform. Mining Electroneum is possible with ordinary mobile phones and that is why it is one of the best cryptocurrency for mining especially for those who do not have many resources involved in mining digital currencies.
In addition to mobile phones, graphic processors can also mine this currency and quickly mine a large number of them. But at the moment, the value of each Electroneum unit is very low and it is about two cents, which has led to very few people willing to mine it. But if you can mine a lot of this currency, you can hope to get a good profit soon.
Dogecoin is another digital currency that can now be considered as one of the nominees for the title of the best cryptocurrency for mining. This currency can be mined using regular computers, and as a result, the number of people who have tried to mine this currency is gradually increasing. Dogecoin can be mined through both the CPU and the GPU.
Currently, there are many exchanges supporting this currency, and after being mined, it can be converted to other currencies. Because there is no need for hardware miners to mine Dogecoin, it seems to be very efficient and useful option for those who are planning to start mining.
Zcash, which is also a digital currency suitable for investing, is also listed on the list of the best cryptocurrency for mining. Zcash can also b emined using a graphics processor, which is one of the reasons for its popularity in comparison to other currencies. You can even mine Zcash using CPUs or cheaper GPUs and get plenty of Zcash at a fairly small cost.
Of course, if you add to the power of your processors to mine Zcash, you will definitely be more profitable. Zcash currently is placed in the top 20 based on market cap, and each unit is worth more than $120, indicating that it can have a good future.