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