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So, you want to start mining cryptocurrencies, but you don’t know how to do it? Here is a guide that explains some interesting options which you could mine.
You need to make the decision yourself which to choose. But this list could inspire or perhaps inform you.
After the end of this article, I hope that you will have greater knowledge about which cryptocurrencies are available to mine.
My list of top cryptocurrencies to mine in 2020!
Do you have a mining rig?
If this is the case, you simply have to choose the cryptocurrency that attracts you the most.
Let’s get to it then, now I will review seven of the best cryptocurrencies to mine in 2020!
1. Mining Monero
If you want to mine a highly intresting cryptocurrency, then Monero could be worth looking into.
It is an open-source privacy cryptocurrency that appeared in 2014, and whose returns surprise more than one minor.
The mining of the Monero requires the use of the Monero mining software or joining a Monero mining pool.
In either case, you benefit either from the use of a mining software or from a pooling of mining efforts, and the gains can come very fast.
Monero is one of the most popular privacy cryptos, that attracts a lot of users because of its privacy features but also for being non-ASIC.
2. Mining Dash
DASH is an alternative cryptocurrency with privacy features.
It allows private and instant transactions. A transaction is said to be private when the network on which it takes place uses proxies to protect the sender and receiver of the transactions.
Your IT support will be used in particular to validate or verify transactions transiting on the network. For this provision, you will receive crypto money. The method of remuneration for minors is POW (Proof Of Work).
The mining algorithm is X11. The mining algorithm is the algorithm by which transactions are encrypted.
Dash is mined with an ASIC miner (Application Specific Integrated Circuits), the same ones used for Bitcoin mining. The best mining device in Dash is the Antminer D3 from Bitmain.
Remember that one of the keys to success is to be able to resell your Dashes at the right time when the price is at its highest. To familiarize yourself with this process
- You can buy DASH at many exchanges, some are Bitmart, HuoBi, and Binance.
- DASH was mentioned as one of the top coins on our Masternode list recently learn more
3. Mining Litecoin
Another popular option is the silver Bitcoin crypto, namely Litecoin.
Before you can mine Litecoin, you must have at least two high-performance graphics cards. It is possible to use the ASIC Scrypt miner for better profitability.
Similarly, it is a must to have a LTC wallet before you start.
I think Litecoin still has a lot of potentials, so this is the time to familiarize yourself by buying Litecoin and learning to resell it at the right time.
- You can buy Litecoin at Binance or OKEx for example.
- Learn more about how to buy Litecoin here
- And find out which are the best Litecoin wallets here
4. Mining Bitcoin
It is no coincidence that Bitcoin is on this list right?
It is the very first cryptocurrency to have been created.
It is the most known and popular cryptocurrency out there. Hence the tough competition in mining, unfortunately.
One thing is certain, and this virtual currency will always be appreciated over the next 12 months. The minor will have the choice between an ASIC miner and a rig of several graphics cards. Otherwise, it is advisable to use a cloud-mining.
Mining is often a long process, and during this time of implementation, if the Bitcoin price is bullish, you lose an opportunity.
With this in mind, it is advisable to learn to speculate as quickly as possible, even with a very small amount.
- Binance or Coinbase (get $10 BTC for free when buying for at least $100) are two great places to buy Bitcoin at.
- Learn more about Bitcoin
5. Mining Ethereum
Ethereum is a blockchain that is constantly growing in power.
With its cryptocurrency ETH it is probably the second most poplar cryptocurrency to mine.
You must have a wallet for the transfer and storage of ETH. Also, choose a mining software that is characterized by stability and compatibility with Nvidia and AMD cards.
We recommend that you start speculating now, even with a small amount, do not forget that reselling your crypto-money miner at the right time and a key element of success.
- Ethereum is a very popular coin and used by millions, you can buy it at most cryptocurrency exchanges. Some are Changelly, Coinbase and Binance
- Learn more about Ethereum here
6. Mining Ethereum Classic
Ethereum Classic is a crypto born from the Hard Fork (divergence), a kind of update performed on the Ethereum network or Blockchain.
Indeed, in July 2016, Ethereum’s management authorities decided to split into two Blockchains in Block 1. 920,000 after one of the intelligent contracts implemented for management from Ethereum was hacked.
The mining algorithm, i. e. the algorithm by which the coins and transactions of the Ethereum Classic are encrypted, is the SHA3.
To mine Ethereum Classic, you have to:
1 – install the GETH software that allows your computer to communicate with the rest of the Blockchain and synchronize transactions as well.
2 – A command line window will ask you to configure a user name and password.
3 – To specify to the software you want to mine Ethereum Classic rather than Ethereum, you will need to type in the command line window: geth -rpc -oppose-dao-fork.
4 – You download the Ethereum Ethminer mining software and install it with administrative rights.
5- Go to the “Program Files” folder on your disk C, search for the folder cpp-Ethereum, enter it.
6- Right-click, then “run command line here”
7- In the new command line window, enter the command ethminer -G and then enter. You must wait a few minutes before you see the mining begin.
- Ethereum Classic can be bought at; Binance and OKEx amongst others
- Learn more about Ethereum Classic here
7. Mining Bitcoin Cash
Bitcoin Cash is a crypto that emerged after a hard fork (divergence) on the network or crypto management program called Blockchain, of Bitcoin.
There was a lot of debate and difference of opinions amongst Bitcoin miners, Bitcoin developers, and the BTC community.
Why? Well, there had been many discussions around the future of Bitcoin technology. And especially around the questions for Bitcoins scalability issues. Meaning how well it could handle increased transaction volumes.
During the height of 2017 often BTC transactions were stalled and took days to complete. All due to the high pressure of people wanting to buy and send Bitcoins,
So after much infighting, a hard fork was done. And Bitcoin split into two separate coins. One with the name of Bitcoin. And the other Bitcoin Cash.
Where the last block mined during this update becomes a kind of crossroads from which two different Blockchains now leave, the updated version and the one with the old configurations.
Anyone can put their computer at the service of the Bitcoin Cash Blockchain to participate in the cryptographic parts mining activity. For each transaction check or mined token, the Blockchain gives you a portion of a coin in return: it is the remuneration by proof of work (POS).
The mining algorithm of Bitcoin Cash is the SHA256. To mine Bitcoin Cash, it is, therefore, necessary to have a computer, graphics cards, or dedicated equipment such as ASIC SHA256 miners.
If you prefer the cloud mining option instead, i.e., delegating this task to online servers and not using your computer equipment, you can use the services of Hashflare and Genesis Mining.
- If you want to find more information about how to mine Bitcoin Cash this guide
- And here is a guide to some of the best Bitcoin Cash wallets to use
- You can buy Bitcoin Cash at OKEx, Binance and Coinbase
What are the pros and cons of mining cryptocurrencies?
Mining is an increasingly less lucrative activity due to fierce competition. Indeed, in order to have the chance to solve the greatest number of hashes and possess the most cryptocurrencies, you need to have computer tools that offer the best computing power.
To start mining cryptocurrencies you need to make a decision based on a couple of different things.
- What is your budget for buying both the necessary equipment? And any additional costs?
- Which cryptocurrency are you interested in mining? There are more cryptocurrencies than just Bitcoin to mine today.
Mining farms are basically large-scale mining operations. Intended to be used for the sole purpose of mining coins. Bitcoin and other cryptocurrencies are today such a lucrative business that they are attracting these mining farms all over the world.
The more difficult its execution is. Knowing that the most popular cryptocurrencies are generally the most profitable, you will often have to invest in a lot of money if you want to mine the most lucrative cryptocurrencies.
With that, we mean that the higher the competition there is for a specific coin, Bitcoin for example. The better the competitors will need to be, and so forth the equipment will also be much better.
Also much more expensive too! So unfortunately if you are on a shoestring budget then mining Bitcoin might not be the right for you.
But don’t worry I have covered a range of coins that could be the best cryptocurrency to mine right now for you!
Briefly, what is cryptocurrency mining?
The purpose of mining and miners is vital to any Proof of Work blockchain. Their role in the network is to validate existing transactions and add new ones to the chain of blocks, i.e the blockchain.
Technically how that works is that they use computational power in the form of mining equipment. Either a computer at home or a specialised mining rig at one of those mining farms.
This is how it works for mining Bitcoin and other cryptocurrencies today
We the users want to send our Bitcoins to other people or to pay for services. Every time we do this today we pay a fee. This fee goes to the miners of the network as a payment for the service to use the Bitcoin network.
But there are also block rewards today on the network. This is how new coins are mined and added to the network.
So today there are two incentives for miners to work on the network. In the future when all coins are mined the reward model will only be based on the transaction fees.
Besides, as we have seen above, the difficulty of mining varies according to the number of people who mine, so the most popular cryptocurrencies cannot be mined with a conventional computer. You will, therefore, have to equip your computer accordingly to improve its computing performance or even buy an ASIC miner.
Which are machines specially designed for mining cryptocurrencies (learn more about ASIC miners and their profitability here).
So once again depending on:
- Your budget
- And which coin you like/want to invest in
You can make a decision to start mining a coin that suits you.
How to evaluate which is the best coin to mine for you
You will need to make your own investment decision. This list contains my favourite cryptos to mine and some educational information about each of them.
But don’t just buy these cryptos because you read on this list. Do your own research, talk with financial advisors if necessary.
Hopefully this list can be educational and inspiring nonetheless.
I have selected my favourite cryptos to mine based on how popular they are, how well they work to mine and how difficult it is to get started mining them.
If you have a high-end computer and are willing to invest reasonably, then you could mine cryptocurrencies such as the Monero.
Because Monero is right now designed so that you can’t for example mine it with an ASIC miner.
This is good news for you if you don’t want to spend extra money on a miner and use your high-end computer at home.
However, if you absolutely want to mine the best cryptocurrencies with this type of equipment, you can try to register on a mining pool (learn more about mining pools here).
With mining pools you share efforts and rewards shared with other contributors.
You will receive a percentage of the earnings generated by the pool based on your contribution in hash rate.
Ok so that’s a few interesting cryptocurrencies which you could mine.
I hope this list was informational and that you learned something new. When it comes to selecting a cryptocurrency to mine I would go for the crypto that I believe in the most.
No point mining something that you don’t believe in? Unless it of course could generate a lot of revenue for you.
But to be honest making money from mining isn’t easy. Unless you have free or really cheap electricity.
So I think mining cryptocurrencies like Bitcoin would be more of a hobby rather than a way to make money from.
Do you think mining is still profitable, or will it be in the near future? Tell us! Just below.
BONUS: We make things easy! You can see the profitability of mining each coin with your current hardware here: https://whattomine.com/, you can fill every field from your hash rate to your power consumption (and cost) to get a specific profit.
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Hello and welcome to Go Cryptowise.
My name is Per Englund and I’m a long-term fan and investor of Bitcoin and other cryptocurrencies. I’ve been around the space for a good few years, learning how it all works and to be a part of this engaging community.
Now it’s time for me to share my experience with others. I am also a business and product developer so I know first-hand what it takes to create a successful product, brand and customer experience.
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