With the world of cryptocurrency growing through leaps and bounds, new avenues are opening up for you to make a profit through them.
In the past year, Bitcoin was one of the cryptocurrencies that turned out to be extremely profitable for investors and became the best coin to mine.
How does mining work?
Mining is the process through which transactions using cryptocurrencies are recorded in a blockchain digital ledger.
A miner is a person who is responsible for verifying the authenticity of the transactions and updating the ledger. However, the process of mining requires solving several complex mathematical problems associated with the block that contains transaction data.
Additionally, several miners compete to solve the problems. The first miner can complete the mining process successfully is rewarded with a small amount of cryptocurrency.
Therefore, there is a stiff competition when it comes to mining! However, if you know which is a best coin to mine, you can make an informed decision.
Let’s have a look!
Best cryptocurrencies to mine
In the recent year, mining cryptocurrencies have gained unprecedented popularity. Here is a list of some popular coins for mining, depending on the hardware you use:
Dash is a coin mined through CPU hardware. Released in 2014, it is an open-sourced currency. It offers all features of Bitcoin and includes both private and instant transactions. It is one of the safest coins and can help make real purchases.
It operates on CryptoNote protocol and facilitates peer-to-peer transactions. It can be mined using CPU; having a simple PC is sufficient to mine it successfully. It guarantees complete anonymity when it comes to transactions, making it one of the best coins to mine.
Hailed as one of the most advanced and anonymous cryptocurrencies, this GPU based coin guarantees complete anonymity. It has several uses, including making online monetary transactions. You can also use it to purchase various goods, alongside trading it for various other digital currencies like BitSquare, ShapeShift etc.
A GPU based coin, Ethereum is the largest capitalised cryptocurrency after Bitcoin. The best thing about Ethereum is that it runs on an Ethereum blockchain useful to keep track of all other related agreements and transactions.
A relatively new coin on this block, it is the best coin to mine if you are new to mining. Both CPU and GPU owners can mine it, and thus, it has gained a lot of popularity in the past years!
So, mining any one of the above coins can be quite profitable!0