Most popular cryptocurrencies to mine in 2018 - review
What is mining?
To put it simply, mining is earning cryptocurrency. To do this, one has to download a special program to their personal computer and install it. After that, the program will process the data, and the miner will receive the reward - coins.
If we use terminology to describe it - mining is an activity aimed at maintaining a distributed platform and generating new blocks. In the process of mining, complex arithmetic calculations take place, which leads to the appearance of a certain number of virtual coins, presented in the form of an alphanumeric code.
The best cryptocurrencies to mine in 2018
It is quite difficult to determine the most suitable cryptocurrency for mining. The cost of any digital coin can change several times within a month. In such conditions, no cryptocurrency expert will try to calculate the potential profit from mining for a whole year.
Most experts believe that for profitable mining one should choose the top 10 cryptocurrencies by capitalization. Let's take a closer look at the top three digital currencies.
Bitcoin is the most popular digital currency. At the end of 2017, its rate reached $20,000. Now bitcoin price has lowered and it can be purchased for $11,000.
A ticket to the BTC market is already too expensive. And bitcoin mining has become so complicated that the total computing power of all devices in its network is 800 times greater than that of the fastest supercomputer.
To mine bitcoins, you will have to invest a large sum of money in specialized equipment, the so-called ASIC-devices. At the moment, one Antminer S9 block can earn 0.6 BTC per year, consuming 1375 watts of energy. To earn 1.2 BTC in a year, you need two blocks, while the electricity consumption will increase to 2750 watts.
If a large amount of equipment is not available, you can use the services of cloud mining and rent the computing power. The income will depend on the selected capacities.
As for video cards, mining digital gold with their help is already irrelevant because of the industrial scale of its generation.
Ethereum is considered the main competitor of bitcoin. This coin holds second place by capitalization. Ethereum can still be mined with the latest versions of AMD video cards, but most say that it is not very profitable - you can reach a mark of $2-2.25 in 24 hours of operation. And the card should not overheat. A good motherboard is also required; it has to have several PCI-E x16 outputs for video cards and a strong power supply unit of at least 750 watts. At the moment, the price of 1 ETH is $1198.
Another cryptocurrency to mine is Ripple. This altcoin is designed for fast and secure transactions with minimal fees. Direct Ripple mining is impossible, but there are two ways of earning on this cryptocurrency - through exchanging or participating in calculations.
There are services that provide XRP mining. However, in reality they offer to mine other cryptocurrencies, which they then exchange for Ripple.
New cryptocurrencies to mine
Mining popular cryptocurrencies sets high software requirements. To get high returns, you need to invest more than a thousand dollars. Not everyone can afford such investments. Therefore, mining cryptocurrency on regular PCs is quite popular. For such purposes, new cryptocurrencies are suited best. Specialists say that theoretically, any digital coin can get to the top 10.
Experts advise to consider the following criteria when choosing a new cryptocurrency to mine:
- name - most users choose a unusual, exciting and sonorous virtual coin names;
- design - original and high-quality logo, official website, software: these factors determine the external perception of digital currencies and the potential for their use;
- premine - before the official launch of the algorithm, developers can mine the cryptocurrency themselves. Advantage should be given to coins with a zero premine index.
- encryption algorithm - you should choose coins, which can be mined at the initial stage without investments.
Which cryptocurrencies to mine in 2018?
Choosing the right cryptocurrency to mine in 2018 is not that easy. But we can confidently say that you can get revenue from bitcoin mining only with the help of ASIC devices, and for profitable ETH mining, you need the latest video cards and farms for 6-12 GPUs.
Mining other top-class digital currencies can bring a small profit due to the growth of their value, but it is not possible to get large profits without investing. Individual mining will work for new cryptocurrencies. Mining is a good option for generating income, but it requires certain knowledge and investments.
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