Bitcoin Is Not the Sole Option to Invest in Crypto Coins

best coin to mine

When Bitcoin (BTC) was launched in the year 2009, people were not familiar with this new digital currency which was named as cryptocurrency, a worldwide virtual currency that could be transacted on an internet platform without involvement of the central banking system. It was just considered as a method for underworld and illegitimate transactions. This is true from the perspective when banks are not involved in some money transactions, but no one had ever though that this could be one of the investment options.

Bitcoin mining

The value of Bitcoin was basically negligible in initial years of its launch and it was $0.003 in March 2010, but reached all-time high over $19,000 just below touching mark of $20,000 in December 2017. So, someone can assess this remarkable increase in Bitcoin’s market price in just over eight years of its existence. There is hardly any currency or stock that can attain this level in such a short span and that’s why Bitcoin mining became the best way to invest in contemporary time.

best coin to mine

Bitcoin is the popular cryptocurrency

Bitcoin was not the only coin the market price of which was mounted. There were some altcoins that followed the trend of rising prices. There was, however, setback for crypto markets when cryptocurrency capitalization was made. Which is the best coin to mine in the present? Bitcoin, even as today, is the most popular cryptocurrency which is used in crypto payment system. It is a good alternative to fiat currencies such as USD, EUR, GBP and many others.

Bitcoin is not the only coin to invest

There are many benefits of Bitcoin mining because it is the largest and oldest cryptocurrency, the leader of altcoins. Bitcoin has support from all leading cryptocurrency exchanges and digital wallet and thus, easy to buy, but its price is too high and its transfer fee is also high. Its transaction is also slow. The best recourse for investors would be to look for growing altcoins.

Know How to Choose the Best Coin to Mine as per Processing System

best coin to mine

Buying, selling, and mining of cryptocurrency has become a big business today. The total value of cryptocurrency in the world today exceeds 350 billion US dollars. Around $17 billion worth of cryptocurrency gets sold and bought every day, and that’s why common men are seeking the best coin to mine.

Cryptocurrency is a high-risk investment; it is evident from the rise and fall of Bitcoins worth. On 2017, one Bitcoin had a value of more than $20,000; today it amounts to 7,576.24 US Dollars.

Cryptocurrency mining

It is becoming increasingly difficult to mine Bitcoins as it has an availability of only 24 million and the number of people mining them is increasing at a faster pace.

However, other crypto-coins are regularly emerging in the market as the best coin to mine. Some cryptocurrency networks demand the use of expensive and power intensive equipment while others require only a smartphone.

Let’s look at the options for mining available –

ASIC Mining – Application – Specific Integrated Circuit is a microchip that executes hashing algorithm as fast as possible. It has been developed for a single custom algorithm and can calculate 100,000 times faster hash than powerful CPUs. Also, it requires very low power to operate and appears smaller.

best coin to mine

GPU Mining – Mining is also possible through the use of video cards or Graphics Processing Units. An investment in a GPU serves a double purpose as it also helps to run computer games. Coins like Ethereum, Bitcoin gold, Electroneum can be mined with the use of GPU.

CPU Mining – It’s possible to mine some coins using CPU as well. It was initially possible to mine Bitcoins, at a rate of 100 coins a day. However, as a cryptocurrency gets increasingly popular, the algorithms to hash them also become gradually complex.

Coins that one can mine using CPU –

DASH –

  • It’s a peer-to-peer open source currency.
  • Usable to make purchases of real goods in some places
  • DASH offers the possibility of confirming transactions in seconds.

The ability to mine this cryptocurrency with minimal requirement makes DASH probably the best coin to mine for beginners

LITECOIN –

  • Has quicker confirmation rates compared to other coins
  • Operates on proof-of-work consensus
  • Usage of the script algorithm makes it possible to run Litecoin’s blockchain with a CPU.

 Coins to mine with GPU –

Dogecoin –

  • Uses peer-to-peer encryption to send money
  • Use of scrypt algorithm similar to that of Litecoin; hence, these are mined with GPU.

Vertcoin –

  • Uses Lyra2RE proof-of-work algorithm to verify transactions
  • ASCI resistant; hence, no competition from large cryptocurrency mining operations

With the rise of cryptocurrency, economic institutions are ramping up their research to understand where they fit. Today, people are also trading cryptocurrency with the help of different organisations.