Pool mining requires you to have your own mining rig. There are a lot of different mining pools out there, and we recommend researching them thoroughly before joining one. If you want to find a good Bitcoin mining pool, read this article. Cloud mining allows you to mine crypto without owning a mining rig or having to pay for electricity. Conversely, if you already own a mining rig, you can rent it out to help pay for the various expenses and costs — but then your profit will be reduced, too.
Usually, the miners you rent belong to large-scale mining companies that incur much lower costs than individuals with one or two mining rigs. The main thing people are looking for when choosing to mine is profitability. You also have to consider the costs associated with running a mining rig for said cryptocurrency, consider how much of it you will be able to get per day, the number of blocks that you need to mine to make a profit, and so on.
A good way to calculate the profitability of your future mining operation is to use a mining calculator. Input the crypto you want to mine, your hardware, hashing power, and so on to see how much profit you have the potential to make per day.
Alternatively, you can also use a website like whattomine. Ether uses a proof-of-work hashing function Ethash. It can still be profitable to mine if you do it in a pool or via cloud mining. It is not a good idea to mine Ethereum solo even if you do receive the full block mining reward.
However, ETH has the same advantage Bitcoin does — you can be more or less sure that its price will remain strong for the next few years. Considering it is more profitable than Bitcoin to mine, Ether still deserves a place on our list as one of the most profitable cryptocurrencies to mine. We recommend joining mining pools or considering cloud mining if you want to make a profit mining Ethereum, however.
Ethereum had to do a hard fork back in in order to recover from a DAO attack. Ethereum Classic is, just as the name suggests, a slightly modified and upgraded version of that original, pre Ether. It can be mined using CPU and graphics cards. With a market cap of around 6 billion USD, Ethereum Classic undoubtedly has a lot of fans, albeit less than its younger cousin.
Overall, it can be thought of as a nice alternative to Ethereum — the reduced complexity of mining Ethereum Classic is balanced out by its less stable and lower price. Monacoin is a fork of Litecoin. As this is a lesser-known cryptocurrency, it is a lot easier to mine than ETC or ETH, making it a little more profitable.
Vertcoin is a cryptocurrency that uses the Lyra2REv3 proof-of-work hashing algorithm. This was done to ensure a more equal distribution of the coin, as ASIC-compatible cryptocurrencies are often mined by centralized ASIC mining firms and pools, making the whole process a lot less democratic. Vertcoin creators made the coin ASIC-resistant to boost decentralization — one of the cornerstones of the original ideas behind crypto. The company that created it also focuses quite heavily on privacy , which made this coin popular in the crypto world.
Grin is a fully open-source and community-driven cryptocurrency. Each minute, a block of 60 grins is mined, creating one coin every second, forever. Such linear emission with a fixed block mining reward creates a constant increase in supply but decreases the rate of inflation. This design not only ensures the long-term security of the blockchain but also makes the mining process a lot more fair and democratic. Grin is by no means a popular cryptocurrency, but it has a dedicated community of users that believe in it.
Being less popular, it is easier to mine and can bring in steady profits despite its low price. Monero is a privacy coin that was created in It is based on the CryptoNote protocol and uses the RandomX hash function. This is yet another ASIC-resistant cryptocurrency. It has promising long-term prospects. Overall, Monero definitely is one of the most profitable cryptocurrencies to mine.
It is one of the best cryptocurrencies to mine using GPUs, making it good for beginners. This coin is ranked within the top by market cap, making it a worthwhile GPU mining venture. DGB is a fast-growing blockchain focused on the security of digital payments and decentralized applications dApps. DigiByte, based on the UTXO technology, uses five different independent algorithms to process transactions on the network.
Aeternity is an open source intelligent platform launched in January It is aimed at solving the scalability and security problems that many cryptocurrencies face. Aeternity is currently one of the most profitable coins for mining due to the unusual approach to the network and the speed of operation. Metaverse is a cryptocurrency launched in June The most profitable way of mining ETP at the moment is to participate in a large and reliable mining pool with the goal of combining the hashing power of all miners participating.
However, LTC transactions are cheaper and four times faster. The mining reward of LTC can be very high. Yet, please note, that LTC mining requires a powerful hardware setup that consumes a large amount of energy. Dogecoin is not only very easy to mine, but it also can be quite profitable. It uses the Scrypt mining algorithm. Check out our detailed how-to guide on mining Dogecoin here. Bitcoin Gold is a fork of Bitcoin that uses a proof-of-work hashing algorithm called Equihash or Zhash.
The main goal pursued by BTG developers was to prevent the monopolization of mining operations by major owners of ASIC devices, thus restoring principles of decentralizing and independence. BTG looks like a good choice for beginners to start crypto mining using graphics processing units. Even if the BTG exchange rate drops down, you will be able to use the hash power of your GPU for mining other digital currencies. There are a lot of cryptocurrencies out there, so it can be hard to decide which one you want to mine.
Some are better, some are worse when it comes to mining and profitability. But, in the end, you will have to make a decision based on what resources you have, what goals you are after, and, additionally, what chain and project you might be interested in supporting. You might be using an unsupported or outdated browser. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.
To help you get your bearings, these are the top 10 cryptocurrencies based on their market capitalization, or the total value of all of the coins currently in circulation. As with most cryptocurrencies, BTC runs on a blockchain , or a ledger logging transactions distributed across a network of thousands of computers. Because additions to the distributed ledgers must be verified by solving a cryptographic puzzle, a process called proof of work, Bitcoin is kept secure and safe from fraudsters.
Related: How To Buy Bitcoin. Both a cryptocurrency and a blockchain platform, Ethereum is a favorite of program developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens NFTs. Ethereum has also experienced tremendous growth. Related: How To Buy Ethereum. The Binance Coin is a form of cryptocurrency that you can use to trade and pay fees on Binance , one of the largest crypto exchanges in the world.
Now, it can be used for trading, payment processing or even booking travel arrangements. It can also be traded or exchanged for other forms of cryptocurrency, such as Ethereum or Bitcoin. Related: How To Buy Cryptocurrency. Developed to help power decentralized finance DeFi uses, decentralized apps DApps and smart contracts, Solana runs on a unique hybrid proof-of-stake and proof-of-history mechanisms that help it process transactions quickly and securely.
Created by some of the same founders as Ripple , a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies. Somewhat later to the crypto scene, Cardano is notable for its early embrace of proof-of-stake validation. This method expedites transaction time and decreases energy usage and environmental impact by removing the competitive, problem-solving aspect of transaction verification present in platforms like Bitcoin.
Cardano also works like Ethereum to enable smart contracts and decentralized applications , which are powered by ADA, its native coin. Terra is a blockchain payment platform for stablecoins that relies on keeping a balance between two types of cryptocurrencies. Terra-backed stablecoins, such as TerraUSD, are tied to the value of physical currencies.
Their counterweight, Luna, powers the the Terra platform and is used to mint more Terra stablecoins. Likewise, when its value falls compared to its base currency, this encourages users to burn their Terra stablecoins to mint more Luna. As adoption of the Terra platforms grows, so too does the value of Luna. From Jan. Similar to Ethereum and Cardano, Avalanche provides blockchain software that can create and execute smart contracts powered by a native token in this case, AVAX.
Since its launch in , Avalanche has rapidly grown, thanks in no small part to its comparatively low gas fees and fast transaction processing speeds. We've combed through the leading exchange offerings, and reams of data, to determine the best crypto exchanges. Cryptocurrency is a form of currency that exists solely in digital form. Cryptocurrency can be used to pay for purchases online without going through an intermediary, such as a bank, or it can be held as an investment.
While you can invest in cryptocurrencies, they differ a great deal from traditional investments, like stocks. If that company goes bankrupt, you also may receive some compensation once its creditors have been paid from its liquidated assets. Cryptocurrency is treated as a capital asset, like stocks, rather than cash. This is the case even if you use your crypto to pay for a purchase. Multiple companies have proposed crypto ETFs, including Fidelity, but regulatory hurdles have slowed the launch of any consumer products.
As of June , there are no ETFs available to average investors on the market. You can buy cryptocurrencies through crypto exchanges , such as Coinbase , Kraken or Gemini. In addition, some brokerages, such as WeBull and Robinhood, also allow consumers to buy cryptocurrencies.
Kat Tretina is a freelance writer based in Orlando, FL. She specializes in helping people finance their education and manage debt. John Schmidt is the Assistant Assigning Editor for investing and retirement. Before joining Forbes Advisor, John was a senior writer at Acorns and editor at market research group Corporate Insight.
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Haven Protocol. Ethereum Classic. Vertcoin; Bitcoin; Monero; Ravencoin; Haven Protocol (XHV); Ethereum Classic (ETC); Bitcoin Gold; Dogecoin; Grin; ZCash.