What To Mine? The Best Coins To Mine Today!
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Cryptocurrency mining involves various processes that miners have to go through to get rewards in the form of digital currency. It is simply a way of creating validity of a particular coin to give it value. Cryptocurrency information is usually stored in data blocks. These blocks are connected or interlinked to form what is called a blockchain. Creators or developers of these data blocks are required to verify all transactions in the blockchain. Since analysis and verification are tedious, they employ the services of miners and give them rewards.
Miners utilize their computer power to skim through the transactions and sort them out. This sorting and verification involve solving complex mathematical problems trying to get to the correct hash. Once a miner or a group of miners hit the correct hash, they present the solution to the developer, who rewards them with a block of coins. The miners also receive a commission of the transaction fees. This process is what is referred to as the proof of work (PoW).
Mining of any particular coin becomes increasingly difficult with time. Developers often cap the maximum number of coins that can be mined and decrease block rewards sequentially making it more difficult to mine. This increase in difficulty makes it unprofitable to mine as one would require investing in more powerful and faster machines. However, issuers reward miners with higher commissions giving them an incentive to continue producing new coins. Mining is the primary method by which new coins are created.
The Best Coins to Mine With GPU
GPUs are graphics cards specialized for solving the cryptographic problems involved in the mining process. The graphics cards are much faster than the CPUs or Central Processing Units that were used in the initial stages of cryptocurrency development. These graphics cards are of different types. Certain GPUs mine various algorithms/coins better than others. It is important that you get the right GPU depending on the coin/s you want to mine. Here are the best cryptocurrencies to mine with GPUs.
Zencash (ZEN) is one of the best cryptocurrencies to mine using GPUs in 2018. This coin runs on the Equihash algorithm. The current circulating supply is around 4.2 million while the maximum supply is 21,000,000.
If you want to mine this coin, you will first need to get a wallet. There are various ZEN wallets including web, mobile, paper and Linux wallets. You can find these wallets from ZEN official website zencash.com. As of July, if you mine ZEN with a hash rate of 870 h/s, with a 360 W power, taking into account that the cost of the power s 0.1 $ per kWh, the block rewards would be 11 ZEN. As the exchange rate is 0.027813 BTC the BTC value would be $6,462. All in all, you can record 0.0028 BTC per month and 0.033 BTC per year.
The next step once you find a suitable wallet is identifying a good mining pool. It is difficult to mine these coins relying only on your rig as it will be slower in finding the correct hash as compared to the several mining pools trying to mine the same coin. Since not all mining pools are profitable, it is important that you do proper research and analysis to find the most profitable mining pool. You also need to stay within the pool you choose for at least 24 hours. A few mining pools that you can join include; Zenmine Pro, LuckPool, ZhashPro and Mining Speed.
Consequently, a break down of the profits you would expect to make per day include (Estimated amount):
- rx 480, hash rate 290 Sol/s, will give you 0.0274 Zencash (ZEN)
- rx 580, hash rate 290 Sol/s, will give you the same 0.0274 Zencash (ZEN).
- GTX 1060, hash rate 300 Sol/s, will give you 0.0283 Zencash (ZEN).
- GTX 1070, hash rate 444 Sol/s, will give you around 0.0419 Zencash (ZEN).
- Keep in mind this is without your electricity cost.
This coin was among the best altcoins. It is the largest coin in market value after Bitcoin. It is mined by the Ethash algorithm. You can mine it using the AMD graphics card and is one of the most profitable coins to mine today.
AMD and Nvidia are the best cards you can use to mine Ethereum. With GTX 1050ti card, you can get 13,5 mhs hashing power. For more hashing power, you can join EtherMine, EthereumPool or NanoPool mining pools.
Here is the breakdown of the profitability you would expect per day when mining this coin as at the time of writing without factoring in the cost of electricity.
- rx480, hash rate 29 Mh/s= 0.0021 ETH
- rx580, hash rate 29 Mh/s = 0.0021 ETH
- gtx1050ti, hash rate 15 Mh/s = 0.0011 ETH
- gtx1070, hash rate 30 Mh/s = 0.0022 ETH
This is also among the best coins to mine with GPUs. It uses the same Equihash algorithm as Zencash but has less profit than the latter. Zcash price is extremely volatile, but it is still profitable to mine. The only advantage ZEC has over ZEN is that ZEC is in more exchanges than its counterpart and is more popular. Zcash’s has prospects of improving its profitability as better AMD are developed, but this is a case to observe over time. Zcash mining pools include FlyPool and NanoPools.
Here is the breakdown of its extimated profitability per day with the level of difficulty and price as at the time of writing. Electricity costs haven’t been factored.
- rx480, hash rate 290 Sol/s = 0.0028 ZEC
- rx580, hash rate 290 Sol/s = 0.0028 ZEC
- gtx 1060, hash rate 300 Sol/s = 0.0029 ZEC
- gtx 1070, hash rate 444 Sol/s =0.0043 ZEC
- gtx 1080ti, hash rate 750 Sol/s = 0.0072 ZEC
As you can see NVidia is much better for this algorithm.
BitcoinGold (BTG) is a hard fork of Bitcoin. The main aim of this hard fork was to restore the use of GPUs in mining. The coin has shown promising growth over time. The coin uses the same Equihash algorithm as ZEC and has been listed on multiple exchanges. It is among the best crypto to mine considering its relationship with Bitcoin. The mining pools you can mine to increase your profitability include PoolGold, Mining PoolHub, and BTGPool.pro
The profitability per day of mining BTG as at the time of writing without considering electricity expenses include.
- rx48, hash rate 290 Sol/s = 0.0220 BTG
- rx580, hash rate 290 Sol/s =0.0220 BTG
- gtx 1060, hash rate 300 Sol/s = 0.0228 BTG
- gtx 1070, hash rate 444 Sol/s = 0.0337 BTG
- gtx 1080 ti, hash rate 750 Sol/s = 0.0570 BTG
This is the original coin that remained with the old algorithm after the Ethereum hard fork. Despite the drop in its price, it still remains among the most profitable coins to mine. In the past few weeks, the issuance of Callisto (CLO) as a reward to ETC holders pushed the price of this coin a little bit higher. However, it has been dropping like all the others though it is still a profitable coin to mine. Some of the mining pools you can join to get some profits from mining ETH include ETC.EPool, MinerGate, F2Pool, and NanoPool.
Consequently, the estimated profitability per day as at the time of writing without factoring in the cost of electricity include:
- rx480, hash rate 29 Mh/s = 0.0608 ETC
- rx580, hash rate 29 Mh/s =0.0608 ETC
- gtx 1050ti hash rate 15 Mh/s = 0.0314 ETC
- gtx 1070 hash rate 30 Mh/s = 0.0629 ETC
- Antminer E3, hash rate 180 Mh/s = 0.3772 ETC
Nicehash is an algorithm (not a coin) which you use to mine other cryptocurrencies and get paid in Bitcoin (BTC). Since this is an algorithm, you do not need to be an expert in crypto mining to make a profit using the algorithm. You only need to identify what to mine, then let Nicehash.com do the difficult part of trying to get the correct hash for you. Just make sure you have the right graphic card be it Nvidia or AMD for the coin you want to mine. Once you identify this, then all you need to know is which coin to mine, then let Nicehash do the mining for you.
Even though Nicehash was hacked in December 2017, they paid back everyone their dues leaving them in debt. They plan to repay all their debt as soon as possible. There are other algorithms you can use to mine various digital currencies, but you can simply use Nicehash if you have AMD and Nvidia graphics cards and mine multiple coins. You will not need multiple wallets or exchanges to cash out your coins as you will be paid in BTC. You can use any reliable exchange that accepts BTC (and almost all do) to cash out your profits.
If you want to find out how much you will earn based on the card you choose to use, Nicehash has a mining calculator that will assist you in calculating your profits. Here is what you should expect to earn a day with the market prices as at the time of writing.
Please note that in this calculations the electricity cost is assumed to be 0.1 USD / kWh and after the deduction of the costs the profit is as follows:
- AMD rx480 8gb= 0.00010856 BTC
- AMD rx580 8gb= 0.00011432BTC
- NVIDIA gtx1050ti gb= 0.00004148 BTC
- gtx1060 6gb= 0.00006711BTC
- gtx1070 8gb= 0.00010914 BTC
This is just an average or estimate profitability as the prices of cryptocurrencies are very volatile. The profits can be higher or lower depending on the specific coin’s performance. It is important that you check the price and performance of the coin you want to mine as the profitability depends on various factors including the difficulty in mining, the market conditions, and the strength of your mining pool.
Best Coins to Mine with CPU
At the inception of the first cryptocurrencies, it was possible to mine the coins using ordinary CPUs. A simple Pentium4 PC could mine up to 100 BTC in 2010. As the digital currencies began increasing in value, so did their mining difficulty increase. CPUs were eventually rendered useless as miners adjusted to the more powerful and faster GPUs. Eventually, various technology companies began manufacturing specialized mining equipment called ASICs.
GPU mining is more specialized than CPU since the graphics cards focus on the hashing process. CPUs perform multiple functions making them slower than GPUs. CPUs are thus slower and not as profitable for mining as GPUs or other miners are. The best coins to mine with CPUs are:
As for GPU mining, you will also need a wallet and an exchange to sell the coins you mine using your CPU. Monero (XMR) has seen some positive growth in the recent times. The current circulating supply of this coin is around 16 million XMR.
Some of the wallets that you can use to keep your Monero coins once you manage to mine include MoneroAddress, MyMonero, Ledger and Trezor wallets. You can sell the coins in Poloniex, HitBTC, Bittrex and Shapeshift exchanges. Below are some revenues to expect from some CPUs for mining Monero without any calculations concerning the costs.
- AMD Ryzen 7 1700X 600 H/s 95W- 24h: 0.003840 XMR
- Intel Core i5-6600K 220 H/s 91W- 24h: 0.001408 XMR
- Intel Core i7-5960X 400 H/s 140W- 24h: 0.002560 XMR
This is another coin that you can mine using CPU in 2018. The coin has shown some prospects of increasing its value. It has a circulating supply of around 15,831,459 AEON with a market cap of more than 20 million USD. You can use Simple Wallet from Aeon cash website to store your coins and Bittrex, HitBTC and TradeOgre exchanges to sell the coins. Below you may find the list of the CPU miners you can use for mining AEON and the estimated rewards, the electricity costs being 0.1 USD / kWh
- AMD Ryzen 7 1700X 600 H/s 95W 24h: 0.162951 AEON
- Intel Core i5-6600K 220 H/s 91W 24h: 0.059750 AEON
- Intel Core i7-5960X 400 H/s 140W 24h: 0.108444 AEON
Summing Things Up
Looking at the figures in profits one expects from the various mining ventures, it is not as profitable compared to the cost of the mining equipment, the time input and the cost of running the equipment. It would be better and more profitable to buy and keep the coins expecting them to increase in value than to go through all the trouble involved with mining.
Thank you for taking your valuable time to go through our What to mine?” guide. We hope that we’ve given you valuable information that will assist you to make an informed decision. It is our ultimate goal to keep you updated on the latest developments in the cryptocurrency industry. You are welcomed to check out our site for more informative articles.