If you are searching for cryptocurrency mining, it’s obvious that you already know what cryptocurrency is and how does it work. In simple words, cryptocurrencies are transferred from one user to another without the need of a centralized entity i.e. bank or government department. This means as an individual, you can send or receive any cryptocurrency from any person in the world. Because there are risks involved and people can claim they have more currency than they actually have, each transaction is first verified and then added to the Blockchain.
This system or verification of each transaction is known as mining. Keep in mind that even if major cryptocurrencies need mining, there are still some currencies that don’t require mining at all. When a miner completes a task, he is rewarded which makes sense why people want to mine cryptocurrencies. Each currency has their own reward value which means some currencies pay higher rewards while some pay less. When you are planning to select a cryptocurrency for mining, reward value is the greatest factor to consider but there are other elements as well.
Key Factors in Selection of Cryptocurrency for Mining:
- Size, speed and quality of your hardware i.e. computer
- Level of difficulty
- Award value
- Market price of the cryptocurrency
- Reputation of cryptocurrency
- Required duration to complete mining
Best Cryptocurrencies to Mine in 2020:
Dash coin is a small part of Bitcoin but it’s made for easier and quicker transactions of cryptocurrencies. The fact that the transactions you make with Dash coin can’t be traced back to you is the key reason why people use this currency for dark web trading and purchasing illegal items i.e. weapons and drugs. If you are familiar with popular mining techniques, Dash coin uses X11 algorithm for mining. If you want to estimate the rewards that you get with mining this cryptocurrency, keep in mind that market value of Dash coin is more than $4 Billion. You can mine Dash coin while using CPU but there are some limitations and if you use GPU, the rewards are higher.
If you are familiar with cryptocurrencies, you already know that by the total value and market cap, Ethereum is the 2nd highest ranking cryptocurrency in the world. Maybe the market price isn’t that impressive but keep in mind that this currency is operation for less than 5 years and within this short period of time, it has gained so much worth and value in the market. It’s no secret that mining Ethereum is difficult and requires high end equipment but the rewards are also have higher value which means it’s all worth it. You can mine Ethereum by using your computer’s GPU or you can pool mine when your equipment is not fast enough for mining.
Litecoin has been in existence for more than 8 years and because of the fact that there are no transactions charges for peer-to-peer cryptocurrency transfer is the reason that after Bitcoin and Ethereum at the 1st and 2nd places, the 3rd place is occupied by Litecoin. Time to generate each block of Litecoin is smaller which makes it quicker to mine compared with Bitcoin. For each block to decode miners get 12 LTC or Litecoins as reward and mining Litecoin is not that difficult compared to other high end cryptocurrencies. While mining Litecoin, you have familiar options; you can use your CPU, GPU or you can join a mining group and pool mine.
Electroneum was introduced in the market around 3 years ago and the core objective of this currency is to enable mobile mining. There are chances that you might not have heard of this cryptocurrency but still it’s a good and well trusted currency with solid reputation in the market. Even if you can find computers at every step, there are still places and people in the world who don’t have excess to high speed internet and fast computers and this is where Electroneum shines brighter as it allows mobile mining. If you are among the people who like to mine on a computer, don’t get angry as Electroneum can also be mined on a computer using available CPU and GPU.
Monero is also a very popular and trusted cryptocurrency and it’s operational since 2014. For the first 2 years, there wasn’t any improvement in the value of this currency but the growth hiked in 2017 and now this cryptocurrency is among the top players around the world. Monero is best known among individuals for having all the features of a private bank where you can deposit and withdraw any amount that you want while staying anonymous. One part that you are particularly interested in is that Monero can be mined and it’s not that difficult to mine but keep in mind that the mine rewards are also smaller. Again, this is the currency that you can mine while using your GPU or you can also join a reputed pool and mine as a team member.