April 9, 2019, | AtoZ Markets - Cryptocurrency mining is the process of checking transactions to determine if they have followed to specific rules of the network and added to the blockchain’s register. The common conception about mining is that it’s extremely expensive because it requires a massive amount of electricity and highly specialized mining rigs that are almost not profitable.
While it may be true that the mining difficulty of cryptocurrencies is very high, and that mining cryptocurrencies are nowadays a multibillion-dollar business dedicated to large centralized mining pools with specialized ASICs miners, however, this isn’t true.
In this article, we will look at the best cryptocurrencies to mine in 2019 as well as why that’s the case.
What is cryptocurrency mining?
Crypto mining is the process of checking transactions to determine if they respect all the specific rules of the network and making them eligible for the addition to the blockchain’s register. In mining, miners compete to solve the challenging mathematical problems with cryptographic hash functions, using either CPU, GPUs, or ASICs mining equipment. The miners who find the solution first gets the reward.
Best cryptocurrencies for mining in 2019
There are many miners who say that crypto mining is slowly declining. Whether that is, on a global scale, true or not, it’s difficult to say. However, picking new currency to mine is not a very simple task.
Things tend to change quickly in the crypto world. Hence, choosing new crypto to mine should involve an in-depth analysis of every aspect of the cryptocurrency.
One of the most important aspects one should be aware of is the mining difficulty. Recent price fluctuations, market capitalization, and the number of use cases are also very important aspects. Determining the profitability is constantly fluctuating parameters, it is best if you use a good online mining calculator.
#1 Litecoin (LTC)
Litecoin is one of the most popular and oldest cryptocurrencies on the market, and it is a solid pick for those looking to start mining. Litecoin has very fast transaction speed, the block generation time is limited to 10 minutes, and has a better storage capacity than most cryptos.
The best technique to mine Litecoin is with the help of ASICs miners. This means that the coin requires a big early investment. To ensure a decent profit while mining LTC is to join one of the many mining pools, such as Litecoin Pool, Antpool, and LTC.top.
#2 Dogecoin (DOGE)
There are many reasons why one should consider Dogecoin for mining. It is the altcoin with the most innovative community, and it can also be mined using a simple PC. The users are most likely to get a profit by opting for a bit more mining power with the help of AMD or NVIDIA graphics cards. For CPU mining users can use CPU miner, while those using GPUs can opt for CGminer, CudaMiner, and GUIminer. Some of the best mining pools for Dogecoin are CoinEx, Prohashing, 1Coinpool, and Aikapool.
#3 Grin (GRIN)
Grin is a cryptocurrency that is expected to have a decent rise in 2019. It is built on top of the MimbleWimble protocol, and the project is based on privacy, scalability, and reduced blockchain ability.
Grin can be mined using an excess of GPUs, such as various models of Nvidia cards (1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti) and AMD cards (570, 580, Vega56, Vega64). Also, it can be mined using the project’s official miner called GrinGoldMiner (GGM). However, some of the best pools include F2Pool, Grinmint, Sparkpool, and Pool.BTC.
#4 Vertcoin (VTC)
Vertcoin is a decentralized cryptocurrency designed specifically to be ASIC resistant. This makes it perfect for individual mining with either the CPU or GPUs. The coin can be mined with a large array of AMD and Nvidia graphics cards, and with the help of its official miner called One-Click Miner.
#5 Monero (XMR)
Monero is not only one of the most popular cryptocurrencies to date, but it is also one of the best privacy coins in the world of cryptos. It uses a very advanced POW hashing algorithm known as CryptoNight which is also ASIC-resistant.
Monero can be mined by simply using a computer’s processing power. However, for an increase in rewards, a miner can opt for a more powerful GPU. AMD graphic cards seem to be the best for mining Monero, but Nvidia ones work as well. The most popular for a mining software platform to mine Monero coin are MultiMiner and GUIminer.
Even though cryptocurrency mining is not as popular as before, but it can still be profitable with the right approach. The main thing to remember is that it is very important to do proper research before fully committing to a particular cryptocurrency to mine.
Please share your thoughts with us in the comment box below.