Cryptocurrencies are getting all the rage from investors and crypto enthusiasts globally. Despite the recent turmoil that the exchange market saw, crypto enthusiasts share the vision that it is only temporary, and the market will bounce back to an even higher number in some time. As risky as it is to commit your money to cryptocurrencies, the returns it offers to investors are extraordinary and worth some sleepless nights (due to its highly volatile nature).
It is no secret that people are trying to find the most profitable cryptocurrency to invest in. However, mining a cryptocurrency can be a promising avenue to explore if you do not want to commit your money directly. Many individuals who possess computer systems with Graphics Processing Units (GPU) or PCs equipped with application-specific integrated circuits (ASIC) are building mining rigs to mint money.
As a result, this article will let you know about the various features of mining and which cryptocurrency is the most profitable to mine.
How To Mine Cryptocurrency?
To embark on the cryptocurrency mining journey, go through the points mentioned below and understand the process thoroughly.
- Download free mining software from the internet. Please beware of the software you are choosing. Sometimes, a few download extensions entail system malware which might damage your PC.
- Carefully choose a coin wallet that will hold all your crypto mining earnings, and allow you to view every transaction.
- Once you have set up the shop, it is time to get yourself chummy into an online mining pool. Get the membership, and join the community of miners who are well-versed with the entire process. Individuals usually join a pool to ensure a stable income and profit consistency.
- You will also need to get a membership at an online currency exchange.
However, guarantee that your computer can hold the pressure you will subject it to when you start your mining operation. Once you are done with all the steps mentioned above, you are good to go with mining cryptocurrencies. To join the best GPU crypto mining pool, visit woolypooly.com.
Best Cryptocurrency To Mine In 2021
The first thing that would flash in front of your eyes when you hear the word “cryptocurrency” is Bitcoin. It is probably because you have heard about it so much that it is possibly the only thing you retain about the industry. Since all the buzz surrounds Bitcoin, it is impossible to de-tangle the two.
However, if you are thinking that you would embark on your cryptocurrency mining journey by minting Bitcoin, it is probably not the best idea. Since many miners are already mining Bitcoin, it is hard to compete in a pool that is saturated with systems with considerable power. Therefore, consider mining the following cryptocurrencies for a much higher payout.
Monero (XMR)
Probably one of the most underrated alt-coin Monero is a cryptocurrency that can get you a significant payout. With more than $3 billion in market capitalization, it is ranked 14th in the cryptocurrency market list in terms of valuation. It is relatively easier to set up a mining rig for it. All you need to do is acquire the hardware, a cold wallet, and mining software, and you are all good to go.
Ethereum (ETH)
Ethereum is gaining the competitive edge against Bitcoin since it is the second-most valued cryptocurrency in the market and the most popular after your majesty itself (Bitcoin). Therefore, be rebellious and consider mining Ethereum and its spin-offs such as Ethereum Classic and Cash. Since a lot of marketplaces are emerging on Ethereum, the blockchain will surpass Bitcoin in the coming years.
Metaverse (ETP)
An open-source, public blockchain domain offering digital identities, assets, properties, and oracles, Metaverse provides a robust infrastructure for organizational and social needs. Apart from this, you can convert your ETP gains into other more profitable cryptocurrencies to gain the most out of your mining operations.
Dash (DASH)
Representing a very quirky amalgamation of the word digital and cash, Dash was initially released as Xcoin, which changed to Darkcoin in a few days before finally being renamed to Dash. It is also an open-source platform that allows users the freedom to spend anywhere and at whatever they want. You can move your currency anyway on Dash, and no one would know (except the blockchain’s ledger).
Litecoin (LTC)
Famously forked from the Bitcoin protocol, Litecoin is a robust payments platform that allows individuals to execute transactions seamlessly. Recently, the trading curve for the cryptocurrency has been exhibiting a promising trend, flocking investors to buy and miners to build a rig for it. Litecoin can help you gain profits in the future since it has been accepted by the entire investor community quite appeasingly.
Dogecoin (DOGE)
Started as a joke, this cryptocurrency did not witness traction until recently when Elon Musk vouched for it. With a market price of $0.00026 in December 2020, Dogecoin has reached a market mobilization of $0.558. Therefore, mining this cryptocurrency makes sense considering it cannot be a hedge against inflation since there is no market supply cap. Some of the most efficient software platforms to mine Dogecoin using your GPU unit include CudaMiner, Cgminer, and GUIMiner.
Cardano (ADA)
One of the most robust cryptocurrencies, Cardano has a sparkling future, even if you do not see it yet. Cardano strives to offer a seamless user experience by executing fast and reliable transactions.
Conclusion
Although no one cryptocurrency takes the entire cake, mining multiple coins on your GPU or ASIC-equipped systems can benefit you in the long run. You can even convert your mined cryptocurrency into the ones that are doing better on the market. Therefore, there are limitless options available to individuals wanting to step into the competitive arena of mining.
You can consider mining the coins mentioned above or research on your own to go with the coin that your gut says will profit the most. Nevertheless, it will be raining profits once you start your mining endeavor.
