Some miners after some time of doing the process of mining crypto, and deducting the rewards from the expenses, found that they did not earn any profit! This issue became more interesting where some of them realized that after calculating the rewards and expenses spent, they even spent out of pocket for mining!
It was in such a situation that many miners realized that mining any cryptocurrency is not suitable according to their conditions. And they should look for a cryptocurrency whose extraction is profitable for them, considering the consumption costs. Therefore, choosing a suitable cryptocurrency can directly play a decisive role in the miner's profit from mining.
If you also want to find a suitable cryptocurrency for mining; Don't miss Asiasignal Best crypto to mine article. Also, for more in-depth news, our Asiasignal VIP channel is waiting for you to join.
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What does digital currency mining mean?
Before introducing the minable currencies, it is better to have a better understanding of the mining process by explaining it.
Crypto mining is a voluntary activity. And in it, people who are called miners or extractors provide the power or hash power of their hardware (EVMs) to the network to maintain security and confirm the transaction. In the future, these hardwares cause a new block that contains the information of the block itself and the confirmation of the previous block to be added to the blockchain network.
In the mining of cryptocurrencies, miners must solve complex mathematical problems with their hardware and receive a reward of the same digital currency they are mining.
In this process, any miner who has more powerful hardware will have more ability to solve problems. As a result, he can solve complex math problems faster and get more rewards. In this way, the network is maintained and managed by the users themselves. This is why the digital world of cryptocurrencies is called decentralized.
How many and what exchanges support cryptocurrency
Another factor to consider is the number of exchanges that support the currency. Also, the exchange where the currency is listed in terms of validity and volume of transactions is also important. Because more and more reliable exchange will cause more users to enter cryptocurrency.
As a result, the more users enter the cryptocurrency, the more transactions are made. Having a high number of transactions is very important for miners because it maximizes the amount of mining revenue.
The opposite point of this case is to suppose that you start mining a cryptocurrency that does not have a high volume of transactions. If there is no transaction, do not expect to earn much money from mining this cryptocurrency. Because mining is directly dependent on the number of transactions, and the lower the number of transactions, the lower your income will be.
In such a situation, it doesn't matter if you have the highest extraction system or the lowest extraction system; Your profit will not be enough in this situation.
The legality of extraction
Another factor in choosing the best digital currency for mining, which is more general; It is related to the legality of digital currency mining in the country where the miner lives. In some countries, digital currency mining is illegal and if found, it will be dealt with according to government laws. Note that in Iran, digital currency mining is possible by obtaining the necessary permits.
Easy mining along with long term profitability
Another indicator that can be used to choose a suitable currency for mining is to choose a currency that is currently possible and easy to mine. In addition to this ease, we can imagine a bright future for the cryptocurrency that we mine.
This means that the currency can increase its value in the coming years or months. As a result, we can profit from both its extraction and its price increase.
Of course, we suggest that if you have powerful hardware capable of mining expensive digital currency like Bitcoin, do the same and start mining Bitcoin. Because the profit of this type of extraction is immediate and short-term and it is reached very quickly.
The popularity of cryptocurrency among users
Another criterion you can consider for your chosen cryptocurrency is its popularity and acceptance among digital currency users. When a currency is popular among users, it will be well received.
Acceptance means that more users are attracted to it and invest in it.
In this case, cryptocurrency will be accompanied by an increase in demand, and as a result, its price will also increase. Also, if the demand increases, the number of its transactions will also increase. Both cases will be directly effective in increasing miners' income.
What is the best crypto to mine?
What is the best crypto to mine? Maybe if you don't know much about the digital currency market, your first and main answer to this question is Bitcoin. Of course, Bitcoin digital currency is one of the cryptocurrencies that have many capabilities, and its extraction can be a very profitable and attractive investment method for various reasons.
Considering the prices, we are currently seeing for this cryptocurrency, Bitcoin mining may provide you with a profitable way to invest in this market. But our answer to the question of the best currency for Bitcoin mining is no. Bitcoin is only one of the cryptocurrencies whose mining can lead to good conditions for the miner. But due to the existence of some important challenges including:
- Very high costs of buying a Bitcoin mining machine
- Very high energy costs for Bitcoin mining
- High extraction difficulty
The existence of heavy competition in the market for mining and the impossibility of competing with large Bitcoin mining farms and challenges like this, Bitcoin mining is not a suitable option for this investment method in the digital currency market.
What is the best crypto to mine?
Monero (XMR) digital currency
The first best crypto to mine is Monero. You have probably heard the name of this currency and know important points about it. Monero digital currency uses the RandomX hash function. This protocol is based on the Crypto Note protocol, which defines the most important value of shares in digital currency mining.
In the ranking of digital currencies, Monero is ranked 45th and has more than 3 billion dollars in market capitalization. By providing the right hardware for mining and also having a suitable wallet to store this digital currency, you will not have another challenge to extract it. After all, in less than 2 minutes, each block of this currency can be completed and placed in the blockchain network.
Litecoin
Litecoin digital currency is currently very popular among users, and mining it will never be a wrong decision. Litecoin is known as one of the strongest and most powerful digital currencies currently, which is loved by a wide range of users, both Bitcoin fans and Ethereum fans.
On the other hand, the Litecoin network supports the SCRYPT protocol, which means that you will not need to buy ASIC chips to mine it, and it is one of the best options for mining with a graphics card.
One of the most important and main features of Litecoin that made it into the list of the best crypto to mine is its very low-price fluctuations over the past years. Compared to other altcoins, this digital currency has much more stability and stability, and of course, it has very low transaction fees. This digital currency is currently ranked as the 18th best digital currency.
Ethereum Classic (ETC) digital currency
You can also go to Ethereum Classic to choose a currency for mining. Ethereum Classic was developed in 2016 with the aim of preserving the Ethereum blockchain and making it stronger. This cryptocurrency was supposed to completely cover the weaknesses. The development team of Ethereum Classic announced in mid-2021 that the maximum number of coins that can be mined is 210 million coins, and miners can finally mine the same amount of Ethereum Classic.
The network of this cryptocurrency actually has a modified version of the Ethereum mining algorithm. EtcHash mining algorithm is used to mine this currency and it also supports DApps and smart contracts.
You will only need 13 seconds to mine each block on the Ethereum Classic blockchain network. In addition to that, you can use a dedicated wallet and a graphics card to start mining Ethereum Classic and don't go for expensive mining devices, which will save mining costs at the beginning.
Zcash (ZEC)
Another one of the best crypto to mine is Zcash with the abbreviation ZEC and it was launched and developed in 2016. It is based on the resistance of ASIC and the work will be a bit challenging for the miners who want to mine.
This currency is known for the highest level of privacy among digital currencies. Therefore, many experts identify it as one of the best digital currencies from a long-term perspective. Therefore, many users are saving it for the long term; Because high security and maximum privacy regarding ZEC should never be ignored.
ZEC transaction fee is quite reasonable and is considered one of the best in the market among altcoins. The ZEC blockchain network is designed in such a way that this currency is among the easiest currencies to mine, and you can use a graphics card to mine it.
Grin digital currency (GRIN)
The choice of currency for mining should be based on costs and revenues. Just because a cryptocurrency has a high price does not guarantee that it is a good currency to mine. One of the suitable cryptocurrencies to mine in 2022 is the Grin cryptocurrency. Unlike Bitcoin, this cryptocurrency does not have a limited supply and miners are very interested in mining it.
Grin digital currency was launched in 2019 and users can mine this cryptocurrency without significant investment. This is another advantage that will be available to users for GRIN mining. This cryptocurrency also supports Cuckoo cycle to be ASIC resistant as well.
The network of this digital currency also does not keep transaction information in the network for a long time to protect the privacy of users; Less storage of information has increased the privacy of users in the network of this cryptocurrency. Also, high scalability can be considered as another advantage of this cryptocurrency.
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Conclusion
We introduced some cryptocurrencies for mining so that you can earn good income from that method in 2022. Also, we highly recommend you the Asiasignal VIP channel Where you can get all the news related to trading. Don't forget to share VIP indicator with your friends.
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