Cryptocurrencies which are most reliable for the mining operations.
Mining profitability has decreased on a general basis
Bitcoin, when initiated in 2009, gave rise to many other cryptocurrencies and the process didn’t seem to be ending there. As time progressed, constant development was observed concerning the crypto domain and not only in respect to Bitcoin. Newer, cryptocurrencies were developed with more efficient protocols, incorporated than Bitcoin and involving different mining techniques. Bitcoin mining, 5 to 6 years back was affordable for a small scale business, as the mining equipment were not as expensive as they are today. As the hash rate has quadrupled, Bitcoin mining has become obsolete for Solo miners.
What’s gone is gone! But the future is ahead. Therefore, let’s gain some insights about the cryptocurrencies which are profitable for the current generation.
Bytecoin experienced a price surge of almost 5600% in the year 2017 itself. One of the most interesting points is that the cryptocurrency can be mined through any normal CPU or GPU and doesn’t imply the use of ASIC miners.
The privacy-focused cryptocurrency coin is based on the cryptonote algorithm and is ASIC resistant, therefore, sufficient returns can be expected if one initiates to mine Monero.
The second largest cryptocurrency is still viable to be mined through the CPU and GPU mining equipment. Ethereum value has increased by 200 times since the past 2 years.
The Electroneum Cryptonote based cryptocurrency is a pioneer in bringing the Mining industry in the hands of people and making the mining process possible through the usage of Smartphones.
The official Zcash hard fork experienced an 800% increase in the value in the last quarter of 2017. The Crypto coin supports the mining process through desktops too.
Based on CryptoNight V7 algorithm, the cryptocurrency coin has been very famous in the internet industry. The cryptocurrency acquires the processing power from its website users.
The cryptocurrency coin utilizes the modified version of Bitcoins Proof of Work protocol and enables various kinds of mining initiatives.
Although developed for fun, Dogecoin gained popularity and has been the most profitable regarding mining operations. However, the users can boost the process by utilizing GPU instead of CPU.
The privacy-focused next-generation crypto coin must not be confused with Dash. The mining process is made possible through the usage of CPU or GPU.
The cryptonote algorithm based cryptocurrency is the only one which is specially developed to be mined only through a 64 bit CPU.
Ethereum Classic (ETC)
Although quite unpopular in the cryptocurrency domain, the original Ethereum blockchain is still profitable to an extent, concerning the mining process.
The cryptocurrency coin utilizes merged mining where existing mining equipment is sufficient for the process.
Another privacy-focused cryptocurrency coin based on the cryptonote algorithm turns out to become quite profitable concerning its mining operations.
The Proof of Research-based crypto coin rewards the users based on the computational power they spend for various Scientific computations.
The cryptocurrency coin utilizes both CPU as well as GPU for its mining operations. It is originally, a fork of Litecoin.
The Mining industry concerning various coins has been flourishing within a past few years at a very rapid scale. The concept of merged mining is nothing but, where the cryptocurrencies utilize the existing the mining equipment in the market, to avoid wastage of mining rigs. The ASIC miners are dominating the Mining industry and are highly reliable and efficient when it comes to the return on investments.
Points to ponder before initiating the mining process
Various practical implications have not been covered in the article. Therefore, the users are advised to make an extensive research and only then initiate the mining process. Also make sure to confirm the legal implications of mining operations in your locality, as various countries have restrictions on it. Long story short, collaborating with mining pools is far more efficient than solo mining.