Cryptocurrency mining is an exciting way to get started in the crypto space. Mining is the process of adding compute power, usually in the form of CPU, GPU, bandwidth, RAM, or the combination of them all, for the production of new coins.
In an analogous world, think of it like resources and manpower needed to mine for gold. Once mined, the gold is molded and put on the market. Crypto mining has the same principles for profitability that have been practiced since man discovered value in trade. Below are five cryptocurrencies that have been profitable for its miners.
Apart from being the world’s first P2P cash system, Bitcoin is the first cryptocurrency to be mined and exchanged between peers. Millions of crypto traders and investors have considered mining Bitcoin since 2009. In the mining process, a P2P computer is used to secure and verify transactions on the Bitcoin network and miners are entitled to a reward that’s calculated and credited in Bitcoin.
Bitcoin’s second halving was followed by the bull run of 2017. The next halving is coming up in 2020 and that’s when the block reward will be halved for miners across the network. If the recent bull run is a precursor to a 2020 bull run for the halving, then Bitcoin is likely to cross $50000.
Litecoin is an open-source project that is currently the fifth most traded cryptocurrency in the world by market cap. LTC gained over 300% in the past year and is preparing for the next bull run. Compared to other cryptocurrencies, Litecoin has superior storage capacity and faster speed for network confirmations. The next halving for LTC is scheduled for August 2019. LTC has been strong through almost all of 2018 and the first half of 2019. It has been picking up pace and there are more miners getting added to the LTC network every day.
Grin is the latest cryptocurrency being mined in 2019. It is a privacy coin with an unlimited supply and Bitcoin maximalists have been taking to it since 2018. As with Litecoin, Grin is an open-source project and has received a positive response in mining pools around the world. It is being traded on a few exchanges including hotbit.
Aeon is a lightweight and mobile friendly cryptocurrency that can be mined using CPU. It requires less computing power compared to other cryptocurrencies and the focus is on privacy and anonymity for end-users. AEON is built upon Monero’s cryptonote hash and has features like one-time keys, ring signatures, and blockchain analysis resistance. It uses PoW and allows faster verification. AEON has a block time of 4 minutes versus Bitcoin’s 10 minutes.
Ravencoin is a relatively new coin in mining pools, it was launched in 2018. It is built on a fork of the Bitcoin code. It is an open source P2P blockchain that handles the transfer of assets between two peers. The asset transfers on Ravencoin are based on Bitcoin and Ethereum. It has gained popularity due to its X16R algorithm.
With well over 2,000 cryptocurrencies there are many mining opportunities that can have good profit margins. Before investing in mining equipment or dedicating a node, be sure to do your due diligence. Read the reviews and requirements before getting started.
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