Crypto mining is basically validating transactions that have adhered to specific rules in the network and adding them. Miners compete with one another in solving mathematical challenge problems that come in crypto hash functions. The miners who find the solution first, are paid.
The process of mining itself is done via various means. The best way, however, is setting up a mining farm. However, a mining farm can prove to be quite expensive. They require sophisticated CPUs, efficient power supply and cooling systems.
There are other convenient alternatives to mining farms. The growth of the crypto sector, mining can be done on a CPU, is easy and doesn’t require technical skills. The process can also be done on a smartphone through platforms like ETN. Anywhere else and you will need a graphics processing unit or mining chips to validate the transaction. Another convenient method is cloud mining.
Bitcoin has always been the best coin to mine. But the high processing power has made mining bitcoin no longer profitable. Miners are left with no option but to searching for the most suitable currency for mining among hundreds of altcoins in the market today. There are altcoins that are pretty profitable to mine. We have compiled just a few of them for you to consider;
The Grin Coin
The grin coin is built on the mimblewimble protocol. The fact that the grin coin system has enhanced privacy, reduced Blockchain capacity and scalability makes the coin stand out. it has received support even from hostile maximalist despite its limited supply.
Now, 2019 has started well for the cryptocurrency with the same receiving support from major websites praising the efficiency of Grin’s Mimblewimble protocol to solve problems.
You only need an Nvidia card (1070-20280ti) hardware to validate the transactions. In addition, download grin official miner and mining pools made up of 97% of grin’s hash rate power.
Ethereum for GPU mining
Ethereum is the second largest crypto by market cap. It is also among the best to mine due to the smart contract feature in the network.
Ethereum can be mined with GPU. When mining through this method, an Ethminer card is recommended. When you consider the efficiency and convenience of GPU mining it’s worth the cost.
Mining the Ethereum can prove difficult. It attracts a few people but you can earn significant incomes if you use the correct mining rig.
Litecoin mining with ASICs
Litecoin is another mining venture. Now, Litecoin is a P2P currency that enables cross border payments. In comparison to other cryptocurrencies, its confirmation is quick and has better storage capacity. These features make Litecoin among the best currencies to mine.
There are a few alternatives when it comes to Litecoin mining. One option is the use of the Antminer L3++ an ASIC mining hardware. The ASIC mining hardware are convenient for Litecoin because of the balance between money, hash rate and power consumed. If you are starting out, make use of pools like Antpool, Litecoin pool and LTC.
In conclusion, if you have the right hardware and software, crypto mining can be very lucrative. You also need to adhere to the set guidelines to make sure your investment is secure. Before venturing into mining, gather all the appropriate knowledge concerning the desired currency to be on the safe side.