How to find the best cryptocurrencies to mine in 2022? One of the best ways to earn passive income through crypto is mining. While it does not involve the special excavators and deep tunnels underground, crypto mining is profitable when you have the right tools. Basically, it would help if you had a powerful computer and electricity (lots of them) to complete the blocks.
Depending on the type of algorithm, mining can be different based on the cryptocurrency used. For instance, if it has a Proof-of-Work (PoW) hashing algorithm, you’ll need to be prepared for huge electricity bills and top-notch mining equipment. Proof-of-Stake (PoS), on the other hand, requires you to have large amounts of the said crypto.
So, what are the best cryptocurrencies to mine?
This review will look at some of the most profitable cryptocurrencies in terms of mining costs. Essentially, a high currency conversion rate doesn’t count for profitability, and it boils down to the cost of mining the said crypto. So here are some of the most profitable cryptocurrencies that might bring good value to money.
Starting in Jan 2018, RaveCoin is a profitable currency to mine as it uses the KAWPOW algorithm. This makes it a great option for beginners and an interesting choice if you want to mine with GPUs. RaveCoin was created to handle the smooth creation and transfer of assets from one party to another.
Since the coin was released around the same time as Bitcoin, it uses the same transmission system. So to mine RVN, you’ll need a wallet and create an address where the coins will be sent. Then you can select a mining pool and start your RVN mining.
Ranked #14 in the cryptocurrency market, Monero is a leader in privacy coins. Plus, it is one of the first coins to have a successful take-off just a year after its launch. When released, Monero was selling at $10, and within 12 months, its value had increased to $494. This made it one of the most profitable coins to mine in 2021.
Monero emphasizes the CryptoNote System, which mainly focuses on the importance of equity in mining. Monero has a market capitalization of $3 billion, and investors are rushing to get it because it has an unlimited supply. Unlike Bitcoin and most cryptos, Monero has an unlimited supply, which means its RandomX hash algorithm doesn’t increase as much as Bitcoin.
Another popular blockchain to mine is the Ethereum Classic. Made to keep Etherium intact, ETC was launched in 2016 and has had a good performance run over the past few years. It has a market capitalization of $13 billion with a limit of coin supply to 210 million.
ETC uses Ethereum’s modified version of Ethash called EtcHash algorithm supplementing the Smart Contracts and DApps. Mining Ethereum Classic is easy. All you need is a wallet and a decent graphics card supporting the currency requirements.
A few popular miners to use for mining ETC include NBMiner and GMiner. Also, mining ETC is fairly simple because it has a shorter block time when compared to other cryptos- It’s only 13 seconds.
Dogecoin is that viral crypto with a dog logo created as a meme but is now a strong altcoin globally. It was built in 2013 and has broken a few records for profitability and prospects ever since.
Although it is not easy to mine on its Scrypt algorithm, you can still use a GPU/CPU to streamline the mining process and efficiently perform (roughly 1 minute block time). That said, it is best not to mine Dogecoin solo and instead use mining pools or cloud mining.
LiteCoin is an open-source cryptocurrency project distributed under the X11/MTX protocol. LTC uses almost the same programming as Bitcoin, but it was tweaked to have a faster transaction speed, reducing the utility bill. Otherwise, everything else is similar to Bitcoin.
Litecoin mining is not a hassle as you’re not confined to buying ASIC chips. Instead, you can easily use GPUs and get your rewards in about 2.5 minutes. Just like Dogecoin, LTC uses a Proof-of-Work algorithm function called Scrypt. However, due to Scrypt’s nature, you’ll need access to high amounts of energy for efficient LTC mining.
Previously known as Darkcoin, DASH was created to provide an anonymous and decentralized payment system. Dash has the main algorithm of eleven Proof-of-Work algorithms with a hash function also known as X11. As a result, it is classified as a top hacker-proof cryptocurrency since hackers will have to decrypt all 11 algorithms at once to hack the system.
A bold difference between Dash and Bitcoin is the Instant Send Technology which makes transactions almost instantly and with no additional charges. It is also known to have less power consumption when mining- nearly 30% lower than most cryptocurrencies. As a result, it is a stable crypto to look at and consider mining in the future.
Cardano is an excellent cryptocurrency with a good-looking future ahead of it. The coin facilitates transactions at lightning-fast speeds and has a flexible framework. However, mining Cardano is a bit different from most coins. The crypto uses the Proof-of-Stake system to validate transactions.
On the bright side, critics say the coin has more potential to outperform Bitcoin and Ethereum. Plus, Cardano uses Ouroboros to allow the coin to create blocks and validate transactions within its blockchain. This means it can allow other cryptocurrencies to use its platform for product traceability and identity management.
Mining cryptocurrencies requires a few pointers in mind and the equipment at hand. First, you must consider your device’s hashrate, network range, and electricity costs. How much you’ll make from mining depends on these factors. Ideally, you want to decide based on what resources you have and what purpose your endeavor is. But even with this review, you should still do more research and carefully assess the risks before choosing which cryptocurrency to mine. Plus, if you’re unsure of mining, there are more than 200 crypto assets to invest in.