Which cryptocurrencies to mine are profitable?

Mining profitable cryptocurrencies this year is clearly the question that all miners are asking themselves. Be aware that depending on the period you are looking for, the answers will differ. Machines evolve and so do cryptocurrencies, don’t forget that. This is why answering the question of how to mine profitable cryptocurrencies cannot be an easy path.

Bitcoin is certainly the first cryptocurrency to be mined in the world. That said, with the difficulty rate becoming ever higher, many people have started mining other cryptocurrencies. Above all, given certain price surges, it turns out that it is now much more profitable to mine altcoins than bitcoin.

That said, you may be one of the bitcoin “maximalists,” that is, one of those who swear by bitcoin. In that case, I suggest you read our article on the best ASIC bitcoin miners. If you are open to other altcoins, you are also on the right page and the right article.

Otherwise, you have three options available to you if you want to make money with cryptocurrencies.

• You buy cryptocurrencies and store them to resell them after an increase.
• You make masternodes and you live on the interest.
• You can mine cryptocurrencies on your own to resell them immediately.

If you are looking to invest in cryptocurrencies to earn profits from the impending rise of cryptocurrencies, read this article here. Otherwise, you can continue reading this article to find out which are the best cryptocurrencies to mine which are the most profitable, therefore.

What you need to know before you start mining cryptocurrency:

Here's what you'll need from a set of things to take on your mining adventure:

• A wallet of the currency in question. Your wallet is a password-protected storage space.
• Free mining software, like that ofAMD.
• A membership in an online mining pool, which is a community of miners who combine their computers to increase their profitability and income stability. Mining outside of a pool will almost certainly mean that you will not be the one to solve the math task. Basically, if you mine alone, you have no chance of earning cryptocurrencies.
• A registration on an exchange platform like Binance. This will allow you to exchange your cryptocurrencies into euros.
• A physical installation preferably located in a cool, air-conditioned space.
• A desktop or custom computer designed for mining.
• An ATI/Nvidia graphics card (GPU) or specialized equipment called a mining ASIC chip. The cost will be between US$90 and US$3 new for each GPU or ASIC chip. You can read our article on the devices to have for mining bitcoin.
• Patience and a good dose of curiosity. You will need to constantly read, research and learn about the cryptocurrencies you mine. Indeed, there are constant new features and updates. Know that the miners who mine the most cryptocurrencies are also the people who are the most aware of what is happening in the crypto world. They are constantly improving their performance.

What are the risks of getting into cryptocurrency mining?

As with any business (mining cryptocurrencies is business, indeed), there are risks to take into account when mining a cryptocurrency:

• Losing your digital wallet.
  You can lose your wallet by simply losing your credentials. You can also lose it by damaging your hard drive.
• Losing your cryptocurrencies due to a fake mining pool: A mining pool run by dishonest administrators from unregulated countries could steal your cryptocurrencies. Likewise, some mining pools collect excessively high membership fees which can reduce your profits.
• Electricity costs could make your mining unprofitable. The most wise thing would be to mine cryptocurrencies in a country where the cost of electricity is low. Above 14 cents per kilowatt, mining currencies such as Bitcoin, Litecoin, Peercoin or Feathercoin will not be profitable. This is why the largest mining farms for these cryptocurrencies are located in China or Latin America.
• Run into hackers. It is possible that a talented and evil hacker could break into your mining pool and empty users' wallets, including yours, without qualms or shame.
• You could mine a cryptocurrency that will lose value over time. Let's say you decide not to sell your coins at the time you mine them, but rather to hold them for a while. Just like gold or any other commodity, it is possible for the market value of your cryptocoins to change over time. If the value drops, you could find yourself sitting with a bag full of peanuts.

These risks, while real and dangerous, can certainly be reduced. Here are some suggestions for how to best manage your cryptocurrency mining business. Here are the good habits to adopt for mining cryptocurrencies in 2019.

1. Store your wallet on a removable memory drive like a USB stick. This is very important because you will be able to detach it from your computer and network when you are not using it. Regularly transfer your coins from your online storage (if you use a cloud computing service) to your detachable wallet so that they don't accumulate online. Yes, don't forget that the weak point of hacked people is that they stay online. Also, remember to get into the habit of backing up your wallet every two days and keep your password written down in a safe place. You can very well write it on a USB key, an encrypted email or a sheet of paper left in a safe place at your grandmother's house for example. And, please, get in the habit of clicking on bogus links that promise to double your bitcoins in 2 minutes. No, that's not going to happen, trust me.
2. Go for a reputable storage/cloud pool. Cloud pools/services with active online communities that have a good reputation are your best bet. Hashflare, Genesis Mining (which I find ideal), Hashing24, Minex, Minergate, NiceHash are some of the most often mentioned examples.
3. Control and lock in your electricity costs. Some electricity providers will allow you to lock in your kilowatt-hour rate for a year or two. If you can do it for 14 cents or less per kWh, do it. 10 cents per kWh and less is an excellent rate, not only for cryptocurrency mining but also for your usual daily consumption. So call ENGIE or another supplier to negotiate prices.

Now that you know what you need to mine cryptocurrencies and you also know the possible risks, let's move on. You now know enough to start your small cryptocurrency mining business.

So what are the easiest cryptocurrencies to mine?

Know that the answer is not fixed. There aren't really any answers. The only thing we can give are indications based on current trends. We also draw inspiration from cryptocurrency miners around the world.

Look at the situation this way: once a new cryptocurrency hits the market, it is still unknown and can be mined easily because it is not very well known. As the community begins to know her, people and miners become interested in her. As a result, this same cryptocurrency will become increasingly difficult to mine. Basically, what you need to remember is that the more you are among the first miners, the stronger your gains will be in the long term. Don't hesitate to mine cryptocurrencies that no one talks about (but which still have a solid background!).

So, the best way to find coins that are easy to mine is to sift through crypto forums and groups and choose coins that look promising, but still lack a strong presence in the community. Mine and accumulate new coins as much as possible and hope that the price will skyrocket some time later once there has been more trading and a larger enthusiast community.

So here (without further ado) are the best Altcoins available for mining.

The Ravencoin

One of the reasons Ravencoin has gained popularity so quickly is the X16R algorithm it uses for proof-of-work mining. The X16R algorithm is currently composed of 16 different algorithms, which are used randomly during mining and whose order depends on the hash of the previous block. Because of this randomness, it is extremely difficult to program an ASIC machine to mine the X16R algorithm. And even if someone tried to create an ASIC for the algorithm, developers could simply change the algorithms used in the X16R.

From what we've read, the general consensus is that for Nvidia cards the best miner is Zealot/Enemy-1.08. The downside of this miner is that it is closed source with a 1% developer fee.

There are several ways to estimate your mining profitability with Ravencoin. The first site remains the WhattoMine.com reference (which works with all cryptocurrencies). The second is RavenCalc, which gives you the same information as WhattoMine.

Finally, you can use the bot in the Ravencoin Discord channel by entering “!” Hash xx”, where “xx” is replaced by your hashing power. The bot is quite accurate in telling you your estimates.

The Grin

Grin is the latest darling of the cryptocurrency world. A new privacy-focused coin with an unlimited supply has surprisingly seen support among those who love bitcoin (and aren't too fond of altcoins and other cryptocurrencies).

Equipment needed for mining Grin

Nvidia cards: 1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti
AMD cards: 570, 580, Vega56, Vega64

Note that this is not an exhaustive list, but if you have the cards above it should work.

Download their official miner from GrinGoldMiner (GGM) and join one of the following pools, which account for 97% of Grin's current hashing power: F2Pool (40%), Grinmint (16%), Sparkpool (25%), and Pool. BTC (16%). ).

ZENCash

The ZEN already has more features than both ZCL/BTCP with very active development. If you own mined coins, you can also set up masternodes (with 42 zen) generating around 25% ROI each year, which is more money in your pocket than simple, pure cryptocurrency mining. Additionally, masternodes do not require you to lock your tokens. Therefore, if you decide to sell one day, you are free to sell your cryptocurrencies afterwards. He's also always in the top 5 or higher on WTM (the acronym for WhattoMine, of course!).

The Aeon

Aeon is the most user-friendly processor because of its Cryptonite-light PoW. This significantly reduces the performance gap between CPU and GPU: you get a 3x improvement in hash rate for CPUs compared to just XNUMXx for GPUs compared to regular Cryptonite PoW (Monero style) . It doesn't seem to be beaten down by ASICs yet, at least not as much as the others.

Electroneum (ETN)

I love this crypto and I explained it to you how to mine electroneum with your smartphone. The ETN is basically built on its own blockchain originating from Bitcoin. It aims to capture the mobile gaming and online payment market. Currently, it is easy to use mobile devices to make quick transactions and micropayments. You're not actually doing pure mining, rather you're getting cryptocurrencies to keep the app running. This is a version of proof of work. This is clearly an ultra-simplified form of mining. Looking forward to other cryptocurrencies getting started.

Bitcoin Gold (BTG)

Bitcoin Gold is a fork of Bitcoin that was created to evict ASICs and allow it to be mined with GPUs. Quite simply. In addition to disrupting the monopoly of the super powerful ASIC miners who were becoming more and more expensive. Bitcoin Gold mining equipment is also a minimal risk investment, as you won't have to throw away your Antminer BTG if the cryptocurrency crashes. With this device, you can simply use your hashing power to another altcoin (from this list) and continue mining cryptocurrencies quietly.

Feathercoin (FTC)

Feathercoin is a cryptocurrency that was launched as an alternative option to Bitcoin. This currency was created in 2013 when its transaction volume was low. Feathercoin uses NeoScrypt and GPUs are great for mining it.

LenMonero

Monero is regularly recognized as the most advanced coin when it comes to privacy. In fact, we also say that about Zcash. It is based on a proof-of-work hashing algorithm, called CryptoNight, which is designed with certain specifications that make it difficult to mine Monero using ASICs. In turn, it is relatively easy to mine Monero on your PC.

To mine Monero with your processor, simply download the Monero mining software and install it on your computer. Using only your computer's processing power, you can generate new Monero coins. However, you can increase your income by purchasing a graphics card that will increase your computing power, allowing you to mine Monero even more. AMD graphics cards are best suited for this task, although Nvidia cards will also work. The most commonly used Monero mining software is MultiMiner and GUIminer. You can store your Monero coins on the official Monero desktop wallet by going to the official site.

Dogecoin

Dogecoin is another very popular cryptocurrency that can be mined using just a PC. Programmer Billy Markus has created a fully functional Internet cryptocurrency capable of storing value and being used for mini transactions… on the same image of a shiba, the Chinese dog. It's obvious the internet loved the idea and Dogecoin currently holds an impressive 34th place on coinmarketcap.com's list of coins with the largest market caps. It uses a Scrypt hashing algorithm and plans to issue 100 billion coins, in total. Besides, if you want earn dogecoin for free, I invite you to read the article.

To mine Dogecoin, start by downloading the official wallet from the Dogecoin website.

Dogecoin can be used with just your CPU or by boosting your mining power with an AMD/NVIDIA graphics card. CGminer, CudaMiner and GUIminer are the best mining software to mine Dogecoin using GPUs. To use CPU Dogecoin, you can use CPU miner.

It is also possible (and recommended) to join a mining pool to get better returns. CoinEx and MultiPool are good choices.

Vertcoin

Vertcoin is a relatively new altcoin that uses a proof-of-work Lyra2RE algorithm to verify transactions. Vertcoin was also designed to be ASIC resistant. This means that it is designed to withstand the development of specific hardware to be used for mining purposes by large cryptocurrency mining operations. In addition, the founders have set up a miner for this cryptocurrency which can be installed in one click. This Minor (available here) is a GUI that makes exploration easier for both CPU and GPU users. It features two mining pools based on your computing power. If you have less than two graphics cards, you should choose network 2; If you have more, choose Network 1. Vertcoin supports AMD and NVIDIA graphics cards.

Conclusion on which cryptocurrencies are the most profitable to mine?

Ultimately, there is much, much more cryptocurrency that can be mined. You may even have the chance to be one of the first miners of a cryptocurrency that will increase in value.

As a general rule, if you want to be one of the pioneers, you will need to consult the following sites:

• Coinwarz
• Minergate
• Whattomine.

These specialized sites compare the profitability of mining several cryptocurrencies by comparing it to bitcoin. This way, you will know if mining a particular cryptocurrency is more profitable than mining Bitcoin.

Before making a decision, visit one of the sites mentioned above. Your individual profitability may still vary as the calculator does not take into account exchange rate difficulties and fluctuations, lapsed/rejected/rates, pool efficiency and its fees.

All things considered, mining on commercial hardware won't net you much profit. Laptops are particularly NOT suitable for cryptocurrency mining as they risk overheating. However, if you are a gamer, your powerful computer can help you mine small cryptocurrencies. Be aware that even people using 4 GPU mining rigs struggle to generate more than $10 in profit per day. Buying 4 AMD RX 580s is quite a hefty investment and not many people are willing or able to do it.

However, more and more people are investing in cryptocurrencies in this way. Some regularly spending thousands of dollars on mining equipment. Still, even the most advanced mining hardware could earn you around $50 per day. There are places where this can be considered quite a bit of money, and generally speaking, it's basically the daily minimum wage in most developed Western countries. If you generate 50 euros per day in France, it will be barely enough to live on. That said, the work isn't too strenuous and you'll have plenty of time to wander around while your computer generates money.

Mining profitable cryptocurrencies should be considered a secondary activity that can earn you money in the long term.

Think of it as a way to "collect gold dust" rather than collecting full-sized gold nuggets. Just make sure to research the cryptocurrency you want to mine; Don't be afraid to be a pioneer or to buy substantial equipment. That said, find out about the crypto you want to mine. Indeed, it will still be hot potato for you if you have decided to mine a shitcoin..

Likewise, if you don't have the courage to take the plunge, you always have the option of CloudMining as Genesis Mining.