Remember the gold rush in the 19th century when millions of people migrated to America at a breakneck speed to mine the precious metal? Those times are over, but today humanity is chasing another craze- cryptocurrency mining.
Did you know that cryptocurrencies still can be mined with a usual computer or home GPU? Let’s observe the most promising crypto coins that be obtained at home via your laptop, PC or a special mining GPU.
While deep-pocketed Internet users are investing heavily into generated virtual coins, others decide to mine crypto using their computers, graphic processing units, and even smartphones. Want to join their rows? Let’s find out what is the best cryptocurrency to mine using technologies at your fingertips.
What is crypto mining?
To put it simply, crypto mining is processing of transactions with different forms of cryptocurrency: they are verified and added to the blockchain’s digital register. Every time a transaction is completed, a crypto-miner needs to ensure the authenticity of data and update the blockchain with this transaction. Crypto mining presupposes competing with other miners to solve difficult mathematical problems with cryptographic hash functions to update the data in the Blockchain.
The crypto-miner who cracks the code first is rewarded: he or she can authorize the transaction and earn a small amount of cryptocurrency of their own. In order to stay competitive, a crypt miner needs to have a powerful computer with special hardware tailored for mining.
If Bitcoin used to be the best cryptocurrency to mine until July 2017 or earlier, today you need very expensive equipment to obtain the coin. So if you want to start mining without breaking the bank, put a heavy focus on altcoins- some of them still can be mined with the help of a usual CPU or GPU.
How to mine cryptocurrency?
Back in 2010, you could easily mine Bitcoins with your Pentium 4, but modern requirements to mining have soared. In fact, the best way to mine cryptocurrency is to organize a mining farm, i.e. a datacenter that is technically equipped with advanced CPUs, cooling system, and power supply to mine crypto. However, it will cost you an arm and a leg, so let’s observe alternative ways:
A CPU in your computer. More or less powerful laptops are able of sophisticated computations and can be used to obtain some kinds of altcoins.
A smartphone still can be used to mine crypto! For instance, ETN (electroneum) currency was designed to attract numerous smartphone users to cryptocurrency adoption.
A GPU (graphic processing unit) is a special processing device, that’s also called a “mining ASIC chip”. Its price varies from $100 to $3,000, but it can be way more efficient than the above-mentioned methods.
Cloud mining means you lease equipment in a data center for a certain fee and get crypto instead. That’s the most optimal choice for those who don’t want to exploit their own technical facilities for mining.
If you realize your PC isn’t strong enough to mine properly, you can do it collectively with other Internet users. Join the best cryptocurrency mining pool (like Slush, BTC.com, 21 Inc) and unite with people alike to reach better processing efficiency.
The best cryptocurrency to mine 2018
Experts claim that Bitcoin isn’t the best cryptocurrency to mine anymore– too much processing power is required at miner’s end. However, there’s a myriad of altcoins that you can get using the devices at your hand. What is the best cryptocurrency to mine at home? Here are some considerations.
The best cryptocurrency to mine with CPU
You can get these coins by simply installing and running special software on your computer of the laptop:
Dash (DASH) is an open sourced currency that allows for instant transactions. The main reason to mine DASH is that it private, safe, and can be used to make real purchases.
With Steem, the process of mining is completely different. This is a Blockchain-based platform where rewards and votes are transformed into crypto. Therefore, contributors can earn the virtual currency instead of using their computer to mine it traditionally.
Litecoin is a P2P currency that also enables fast payments globally. It has quicker confirmation rates than Bitcoin, better storage efficiency, and reliable support. If you want to work with valuable and promising coins, Litecoin is the best cryptocurrency to mine now.
Bytecoin is another hit: its cost rose by 5.600 percent in 2017! The currency is based on the CryptoNote protocol and allows for anonymous P2P transactions. It can be obtained with the help of Xmrig software that’s available in two versions– for GPU and a simple PC.
There are numerous altcoins you can mine on your PC.
Best cryptocurrency to mine with GPU
If you purchase a GPU for mining, you can try getting more valuable coins. Which of them deserve your attention?
Monero (XMR) was the best cryptocurrency to mine in 2017 with GPU as it witnessed an exponential growth. This is a cryptocurrency for anonymous transactions that’s considered to be one of the most well-established coins today. Official website recommends installing MonersSpelunker on your GPU for mining XMR.
Ethereum, the second biggest capitalized cryptocurrency after Bitcoin, can still be mined via GPU or CPU. It is highly valuable due to the “smart contracts” it implements, as well as safety and speed of transactions. In the last year, Ethereum’s price raised by 200 times, and only continues growing. One of the most convenient and efficient GPU solutions for Ethereum mining is Ethminer.
Electroneum (ETN) was launched in September 2017, and the advanced CryptoNote algorithm it uses can make it one of the most promising coins in 2018. In fact, you can mine ETN with almost any device. For Nvidia GPU, install XMR-STAK 2.2 miner.
The world of cryptocurrency opens new opportunities for tech-savvy users: they can make money with minimal effort letting their computers and GPUs do the job. But before you rush to install mining software on your device, figure out which cryptocurrency is worth putting money and effort into.