Cryptocurrency mining can be extremely rewarding if done right. Many people earn substantial amounts of money by running full mining nodes for various cryptocurrencies. This guide will share a few meaningful cryptocurrencies you, too, can mine via GPUs to earn rewards and contribute to their decentralization. The cryptocurrencies listed are a personal choice, and you will have to choose your favorite cryptocurrencies to mine based on their profitability as well as your beliefs in the cryptocurrency’s future potential.
You will require a set of things to embark on your mining journey:
Personal curiosity. You need to constantly read, research and learn, as mining technologies improve very rapidly which results in new ways of optimizing your coin mining results. The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.
First of all, you need to choose a GPU. The market is flourishing with a numerous number of video cards and choosing the right one is not an easy task. Here are the most important things you need to consider while choosing a GPU for mining:
You need to constantly read, research and learn, as mining technologies improve very rapidly which results in new ways of optimizing your coin mining results.
Yes and No. It mostly depends on the electricity costs in your location and the price of the altcoin. The most profitable altcoins for your graphic cards can change day after day. You can monitor this on whattomine.com to determine the most profitable cryptocurrency to mining with your GPU and electricity costs.
You are the lucky one if you have cheap electricity (less than $0.1 per hour) and already have GPUs. But if you are only at the beginning of your journey, consider this type of mining as a hobby and self-education process. You will manage to earn just a few bucks a week so don’t expect to get rich or make much profit.
Do you have a mining rig? If this is the case, you simply have to choose the most profitable virtual currency to mine. The question then arises as to which cryptocurrency offers the most potential. Several cryptographic currencies offer prospects for better mining performance.
Let’s get to it then, now we will review of the best cryptocurrencies to mine in 2020!
Making a list of top GPU mineable cryptocurrencies without including Ethereum can be considered criminal. Ethereum, which is also known as Ether, is an open-source, decentralized cryptocurrency of the Ethereum network. This network acts as a fuel for the decentralized projects it hosts. Ether is a GPU mineable cryptocurrency and is based on the Ethash proof of work algorithm. At the time of writing, if you assemble and optimize an excellent GPU rig, you can expect handsome profits as its current block reward is around 2 ETH per block.
GPUs that are recommended for ETH Mining are NVIDIA as well as AMD.
Ethereum Classic can be mined using a couple of GPUs. It has a higher block reward at 4 ETC and is one of the most profitable cryptocurrencies around. This is despite its higher inflation and scarcity. It works well with both Nvidia and AMD graphics cards.
Although some people may think that Dogecoin is not a serious currency and just an internet joke, it is a great educational tool. DOGE is the most effective solution for people who want to engage in mining and GPU-mining especially. It is one of the easiest cryptocurrencies to mine. Of course, you won’t get rich but it will provide valuable experience for mining beginners.
If you don’t want to buy an ASIC, you better join a mining pool. Mining pools will let you mine coins together with other DOGE miners so you will get your coins much faster.
Litecoin is one of the most successful Bitcoin hardfork ever. Because it uses Scrypt protocol, it will work even in low setup hardware, making it one of the best GPU mining coins. It is also less volatile than many other altcoins and offers high-speed and moderate transaction fees. It is currently the #5 world cryptocurrency with a market cap of $5.3 bln.
Monero is one of the most unusual cryptocurrencies as it pioneered the era of privacy and private money itself when it comes to the crypto industry. Monero is an open-source private cryptocurrency that is aimed towards people who want to transact funds and messages privately. The ability to be completely private gives Monero a serious use case, as well as a probable long life in the world of crypto. On top of that, Monero recently got included by many wallets. Value miners, which mine cryptocurrencies solely based on their use case and future potential (rather than current profitability), are certainly considering XMR as their cryptocurrency of choice.
Monero is based on the CryptoNightV8 proof of work algorithm. It generates 3.38 XMRs per block, which occurs every 2 minutes.
Recommended GPUs for XMR mining are NVIDIA cards as well as AMD cards.
ZCash was ASIC resistant too. Why was? Because since then Bitmain has released special ASIC miners for the ZEC cryptocurrency, so today there’s no point to mine it solo with a GPU. Better join one of the mining pools like Pooling or Minergate.
You can mine ZCash on Nvidia or AMD but the graphic cards by Nvidia give bigger hashrates for ZEC mining than solutions of their “red” competitor.
BTG is another anti-ASIC cryptocurrency. Despite BTG being based on the same algorithm as ZCash it can resist ASICs. Back in 2018, the BTG team updated the Equihash algorithm to the new Equihash-BTG, so GPU mining is still very much in play. The experts don’t recommend using AMD cards as they don’t perform well. GTX 1050Ti, GTX 1060, GTX 1070, and GTX 1080Ti graphics cards are all good options for mining BTG.
Raven Coin is a new cryptocurrency launched in 2018. The network is unavailable for ASIC miners thanks to the X16R algorithm, which mixes the X15 and SHA512 algorithm depending on the hash of the previous block. Thus, ASICs don’t threaten the Raven Coin blockchain. The interest in RVN is only growing if we take a look at the mining difficulty chart.
Grin is a relatively newer cryptocurrency on this list. It is based on the MimbleWimble consensus algorithm which ensures the privacy of transactions within the network. It offers unlimited coins, and the complexity of mining changes dynamically depending on the hash of the network. This is a suitable coin for GPU mining and is totally protected from ASIC miners.
The coin is currently traded on 24 crypto exchanges including Poloniex, HitBTC, KUCoin, and many more.
The most successful coin miners spend hours every week studying the best ways to adjust and improve their coin mining performance.
We hope that this article to crypto mining but also which are the best cryptocurrencies to mining in 2020 was helpful.
We hope that by now you can make a smart decision about which coin to mining. But also how to evaluate which is the best coin to mine for you?
Miner, therefore, requires heavy investments, particularly in graphics card frames (GPUs) commonly known as rigs specially designed to support the algorithms of a single cryptocurrency.
Today, to mine Bitcoin, for example, it is better to have ASIC miners, expensive and only dedicated to this task, and to the 256 algorithms of Bitcoin. If in the case of dedicated miners, you are sure to make the most profits, you will unfortunately not be able to use them for other currencies or other uses.
Besides, a change in the currency algorithm would make your equipment obsolete. If you have chosen graphics cards instead, you would need powerful ones to reach the computing power of a dedicated miner, which requires heavy investments.
There are many people that think that they can use Bitcoin anonymously since they do not have their personal identities on the blockchain, but this is not correct since Bitcoin can easily be tracked back to the owner due to its permissionless protocol.
The mining itself has been greatly simplified with people developing simpler mining software that can be set up by almost anyone. And while the latest software with Windows-based GUI is probably a best option for a mining beginner, more complicated text-based mining programs are still available for experienced miners.
If you have been following banking, investing, or cryptocurrency over the last ten years, you may be familiar with “blockchain,” the record-keeping technology behind bitcoin. And there’s a good chance that it only makes so much sense.
Do you want to earn money from cryptocurrencies? Well, who doesn’t! Hence, in this article, I am going to share with you some of the best ways of making money in the crypto-sphere.