Are you searching for the best cryptocurrency to mine? If so, then you should already have an idea of how it works.
Cryptocurrency seems to be somewhat complicated, and it is especially for those who are just about to venture towards it.
If you still haven't grasped how cryptocurrencies run, check out our easy guide before you go on. It includes an overview of cryptocurrency mining, how to calculate your profits, and which types are out there.
Now, if you're already on this game, let's get started on the exciting part, shall we?
Ten best cryptocurrencies you should mine
Here's a rundown of the top cryptocurrencies to mine in 2020, and probably for the year 2021 ahead.
Litecoin (LTC)
Litecoin is a popular choice among miners, and they do so for a good reason. The good thing about this one is that you can trade it nearly everywhere, and it's a stable cryptocurrency.
With Litecoin, you can easily exchange, spend, and even withdraw. Further, it doesn't require a significant investment on your part to get a good profit.
Litecoin has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: Scryp
- Block LTC Mining Reward: 12.5 LTC
- Official Website: https://litecoin.org/
RavenCoin (RVN)
RavenCoin began as a result of a Bitcoin fork way back in 2018. This cryptocurrency has been steadily gaining popularity since then.
The reason is that it offers fantastic features, such as a mobile wallet and messaging. Further, it provides enhanced compatibility than others.
Since it is already available for trading on many platforms, it makes an excellent choice for miners out there.
RavenCoin has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: X16R
- Current RVN Mining Reward: 5,000 RVN
- Official Website: https://ravencoin.org/
Ethereum Classic (ETC)
Another product of a hard fork is the Ethereum Classic, which originated from Ethereum. This cryptocurrency is available for mining via GPU. Further, it offers 4 ETC reward per block.
Still, it's something worth considering because it's prone to higher inflation and scarcity.
Ethereum Classic has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: Ethash
- Current ETC Mining Reward: 4 ETC
- Official Website: https://ethereumclassic.github.io/
Dogecoin (DOGE)
Initially created for fun, Dogecoin now gains a significant position in the crypto market. Doge lies among the top 30 cryptocurrencies worldwide. It has a market cap exceeding 300 million.
It runs on the Scrypt protocol and is not an expensive coin to mine. Thus, it's another excellent choice if you're a mid-level miner.
DOGE has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: Scrypt
- Current DOGE Mining Reward: 10,000 DOGE
- Official Website: https://dogecoin.com/
ZCash (ZEC)
If you are someone who values privacy, then ZCash is your best option. This coin of privacy launched way back in 2016.
Ever since the time it started, it has become a go-to place for heavy users of the deep web. Since it's impossible to track, it has become an excellent choice for those who value privacy so much.
ZCash has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: Equihash
- Current ZEC Mining Reward: 10 ZEC
- Official Website: https://z.cash/
Grin (GRIN)
Grin is one of the trendiest cryptocurrencies and, indeed, a great option to mine in 2020. Unlike Bitcoin, which limits at 21 million BTC, this so-called privacy coin has an unlimited supply.
Grin is available on the cryptocurrency exchange Hotbit.
Grin has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: MimbleWimble
- Current GRIN Mining Reward: 60 GRIN per block
- Official Website: https://grin-tech.org/
Monero (XMR)
Another coin that is ideal for private ones is Monero. It offers a unique level of randomness or anonymity. Despite that, its fees are not so competitive.
One distinct aspect of this cryptocurrency is that you can choose either GPU or CPU method. It constantly alters its algorithm to prevent ASIC-mining.
With such a coin, it generates a 3.38 XMR reward every two minutes. Thus, it makes a highly profitable coin to mine.
Monero has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: CryptoNightR
- Current XMR Mining Reward: 2.47 XMR
- Official Website: https://getmonero.org/home
Electroneum (ETN)
The same as Monero, Electroneum is also an ASIC-resistant coin. ETN started in 2017, and it is available for mining either with CPUs or GPUs like AMD and Nvidia.
Moreover, ETN also has a mobile app that serves as a wallet. Through such, you can directly transfer and store your block mining rewards.
ETN has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: CryptoNight
- Current ETN Mining Reward: 7,000 ETN
- Official Website: https://electroneum.com/
Ethereum (ETH)
As one of the best, Ethereum doesn't require any introduction, even for starters. Way back in 2019, ETH has recovered its second place among the world's top coins. For this reason, it expects nothing but a significant upward recovery. It is due to following a reward reduction from 3 to 2 ETH.
Mining this coin is a lot more expensive than other cryptocurrencies in the market. Thus, it may require more considerable investment on your part.
ETH has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: Ethash
- Current ETH Mining Reward: 2 ETH
- Official Website: https://www.ethereum.org/
Bitcoin (BTC)
While Bitcoin has high costs on mining, it remains the top choice for miners worldwide. Since an upward movement could follow in the future, there has been a steady increase in competition.
Still, it's important to remember how the mining reward went down to 6.25. For this reason, it may be harder for middle-sized miners to opt for this choice.
As of the moment, Bitcoin mining gets widely dominated by ASIC miners. Thus, CPU and standard GPU mining methods offer no profits.
BTC has the following:
- Algorithm: Proof-of-Work (PoW)
- Hashing Function: SHA-256
- Current BTC Mining Reward: 12.5 BTC
- Official Website: https://bitcoin.org/
Summary
If you are into cryptocurrency mining (or at least about to venture into), you have various options.
Indeed, cryptocurrency mining isn't something easy to handle. However, if you know how to execute it properly, it can be gratifying.
The trends may make it quite tempting for you to venture out into mining. However, it would be best to take your time first. Conduct further research on your choice of coin and make a solid plan to pursue.
Published: 10/29/2020
