Is crypto mining lucrative presently? It hinges on what to mine and how to accomplish this further to electricity bills which may range according to localization of your farms. Bitcoin doesn’t rule the blockchain dance floor anymore: the mining process is abundantly difficult since it claims entire farms jam-packed with tremendous servers to derive a single block. Miners are constantly looking for a golden calf in the form of a new profitable coin, which most do not yet know about. By a twist of fate, there are a plethora of wonderful new altcoins encouraging to profitably mine.
Access Profitability First Before starting new coins to mine
Crypto miners are now way more intelligent and experienced. The sophisticated ones prefer mining the mainstream crypto coins due to their proven algorithms. Despite this, plenty of enthusiasts keeping up with new coins with low-trading indices in order to mine or mint several blocks and overcome transactions hoping to reach the stars.
Before start envisaging the most fruitful new coins to mine, let’s uncover what determines digital coins mining profitability:
- Cryptocurrency price. The relation is simple: the more valuable e-coins are, the more advantageous mining should be. This works best only with short-dated investments. Sit tight and test the waters with mainstream coins then wait until their price boosts.
- Block formation time. The more blocks are formatted within the network, the greater the opportunity of being rewarded for a detected block.
- Cryptocurrency mining difficulty. Several types of mining are likely to be challenging since a bunch of miners are engaged. Nevertheless, it’s real to discover a coin with which a decent profit is possible without rivalries.
- Equipment suitability. Here it all depends on your budget expectations and a coin of choice complexity. Conduct a scrupulous investigation. It’s critical to continuously upgrade mining equipment, but frankly speaking, everlasting investments are a real pain for a pocket.
- Electricity bills. Such a resource-intensiveness is crucial when calculating crypto mining output.
- Price forecasts;
- Market capitalization;
- Experience of developers;
- Social media presence.
How to pick the best new coins to mine?
Even if you think you have picked the top-of-the-line mining equipment meeting modern demand and are looking to mine hundreds and thousands of coins, reckon on how and wheresoever you will avail yourself of it. Read on key aspects that really matter:
- The capability of withdrawing crypto coins to fiat money. If any problems occur, a modern person needs to have some kind of a safety net, which refers to the ability to quickly and relatively cheaply convert his own newly mined funds to fiat or acquire some mainstream coins like BTC or ETH. It is critical to pay attention to the cost of the fees that the user will have to pay.
- It is extremely important to consider the exchanges supporting cryptocurrency since the possibility of further turning the selected coin into a means for making payments also depends on them.
Pay attention to exactly where the withdrawal of mined items is available. Often the only way to get your mined treasures, as in case of young, unpopular, or mediocre coins, is to transfer them to an internal wallet of any crypto exchange. Several websites that do not boast a sufficient level of heft and are forced to engage with shitcoins (even if their mining seems fruitful), reckon upon lucrative commissions as the only way to stay afloat. In this specific instance, the miner will be obliged to yield a serious share of the earnings only for the costs of withdrawal.
- Make sure the crypto coins of choice are legal.
Certain cryptocurrencies are highly-demanded in definite fields. For example, the most popular coin in the field of cryptojacking is Monero. As of today, law enforcement agencies, to the extent possible, have begun investigating cases related to obtaining unauthorized access to the computing power of other users. Therefore, you must be utterly careful and know your crypto coins inside out. Dealing with cryptocurrencies, which allow you to completely hide the data chain with information about the sender and the recipient, attracts heightened awareness of public authorities. If you detected that the cryptocurrency is totally banned in your country – better don’t even think of buying and trading it.
- When you’ve chosen which cryptocurrency to mine, then asses the long term use of acquired equipment. The mining process is advancing and being complexified exponentially so that it’s marred by losing its value.
Top-tier crypto coins to mine
When investigating the business processes, people typically come across the keystone of any investment – “do not put all your eggs in one basket” – so, it’s also valid on the cryptocurrency market. Those who do not want to appear out of pocket need to focus on several cryptocurrencies at once.
For instance, if the price of bitcoin falls, then its mining is absolutely unlucrative. Considering all the profitability indicators, mining Bitcoin Cash is more profitable than Bitcoin itself. However, the situation may vary with the growth of the cryptocurrency rate, which means that it is advantageous to mine both digital coins on top and those with great potential.
Let’s analyze the most promising crypto coins so far.
It’s an open-source cryptocurrency based on MimbleWimble protocol. Many experts are of the opinion that this is an inveterate technological breakthrough and a project indicating a new stage in the development of the blockchain.
Augmented privacy: cryptography based on elliptic curves and one of the commitment schemes allows you to create opaque transactions that can be checked up for accuracy.
A small blockchain that allows you to gradually increase the amount of data and perform scaling based on the number of users, and not on the number of transactions. The number of users is equal to the number of unspent outputs, so there is no need to include individual transaction data in each block.
Mining: Cuckoo Cycle which is the Grin PoW mining algorithm- is the simplest PoW algorithm known with which it’s possible to distribute mining rewards based on the type of devices used, including ASIC and GPU.
AEON was created particularly for people who covet to pay and live freely, for those craving to be part of the cryptocurrency revolution and want to experience something brand new.
It is based on the CryptoNote protocol and embraces the CryptoNightLiteV7 algorithm, as well as the following functions:
- surefire anonymity and data protection,
- untracked payments – a ring signature;
- ASIC resistance.
The goal of the project is to be absolutely secure, anonymous, showcase fast transactions, and high adaptability.
A new generation project aimed at providing the community with financial freedom by creating a completely private value exchange system based on the MimbleWimble protocol.
Beam developers believe that their brainchild is an utterly useful money tool for everyday use. According to them, the core advantages of Beam cryptocurrency are:
- high level of anonymity, scalability and energy efficiency;
- flexibility and a wide range of application variations in multifarious fields;
- hassle-free crypto tool for transferring funds;
- high level of decentralization provided by compatibility with a handful of mining equipment;
- availability of Opt-in Auditability and Atomic swap functions;
- both online and offline transaction coverage.
The BEAM digital currency is the native token of this blockchain project and acts as a means to accumulate and transfer value between network users.
When all is said and done
The above mentioned digital coins are the most powerful, simple, and beneficial to mine so far for both enthusiasts and newbies. Crypto mining should be considered as a secondary type of activity that will slowly but steadily you’re your wallet thicker by giving you additional income. Treat it as collecting the golden dust rather than collecting gold bars. Just make sure to scrupulously study the spotlights of the crypto item you want to mine. Mining of altcoins, the value of which is likely to fall before selling them, means that you allegedly end up with a wallet filled with ordinary dust instead of gold. As with any other type of investment, you need to set some reasonable goals and conduct a performance analysis that will give you a clearer idea of how much you can invest to become a miner.