Best Cryptocurrencies to Mine in 2022

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    Mining is one of the most popular ways to make money with crypto. However, it has been steadily becoming less and less profitable as time goes on. Despite this, mining is one of the most essential components of the crypto world, both because of its necessity for the normal functioning of the blockchain, and because of its near-cult status. Mining is something many crypto enthusiasts want to try even if it won’t bring them any profit. However, that doesn’t mean that cryptocurrency mining can’t be profitable – or easy.

    In this article, we will explain everything you need to know about cryptocurrency mining and then take a look at the best digital currencies to mine. 

    What Is Cryptocurrency Mining?

    how to build a mining righow to build a mining rig

    As we have said in some of our previous guides on crypto mining, it, unfortunately, does not include such exciting objects as pickaxes or diamonds. Fortunately, however, it also doesn’t require you to do any manual labor to get to a treasure arguably more valuable than the shiniest of gems – cryptocurrency.

    To put it simply, cryptocurrency mining is the process of solving complex mathematical equations in order to validate crypto transactions. Mining can be different based on the cryptocurrency being mined: if it has a proof-of-work (PoW) hashing algorithm, it will require to spend a lot on electricity costs and have top-notch mining equipment. Proof-of-stake (PoS) based cryptocurrencies require you to own a large amount of said crypto: the more you have, the more profit you can get. That’s why it’s called proof of  “stake”, PoS.

    How Can You Mine Crypto?

    Crypto mining can be divided into 3 categories depending on what hardware is used. Here they are.

    ASIC Mining

    ASIC miner, or an Application-Specific Integrated Circuit Miner, is probably the least well-known yet the most efficient form of crypto mining hardware there is. Unlike CPUs or GPUs, ASICs are designed for a single purpose: for ASIC miners, it is naturally “mining”, or solving complex math problems that validate and secure the blockchain.

    Generally, most ASIC miners are designed and created to mine specific cryptocurrencies. ASICs are generally not that expensive, on average costing around $300 to $500. ASIC miners are around 100,000 times more efficient and have a higher hash rate than the best CPU and GPU miners – they have a lot of mining power. However, one downside of ASIC mining is that it is not available for all cryptocurrencies. Additionally, unlike the other two mining equipment types, ASICs are not upgradeable and aren’t as durable. You might like to read this article to learn more about ASIC miners.

    GPU Mining

    GPU, or Graphics Processing Unit, is basically a graphics video card we use for things like watching movies or playing games on our computers. It can also be used to mine cryptocurrency. 

    GPU mining isn’t as efficient as the ASIC one (although the hash rate can still be high) and is on average more expensive. However, it gives miners flexibility, allowing them to mine different coins using the same hardware device. Additionally, GPU miners can also be used for non-mining activities, and are something that many people already own.

    On the other hand, although most people already own a GPU, the computer it is used by is likely not strong enough to be considered a profitable mining rig that will be good enough for GPU mining. So not only will you have to buy an expensive GPU, but you will also have to pay for a computer that can actually support it. Moreover, due to GPUs’ high power consumption, maintenance fees for GPU miners are high, too.

    In order to mine with GPU (or CPU), you need not only the usual wallet-hardware combo but also compatible mining software. Learn more about the software you can use for GPU mining and CPU mining here. 

    CPU Mining

    CPU, or Central Processing Unit, is the oldest and, well, the most outdated type of mining hardware. CPU miners allow you to mine crypto using your computer’s processing power.

    Not only is it extremely slow and inefficient, but CPU mining is also harmful to your computer. The profit you will make with a CPU miner will in most cases be incredibly meager, and won’t be worth it. 

    CPU mining also includes mobile mining… which is definitely not worth it. It’s easily overloaded, consumes too much power, and overheating will damage your device – all for a little to no return in terms of profit. 

    However, CPU and mobile mining are both a good choice for people who are after the experience and not the profit, since you don’t really need to make an initial investment. If that’s the case for you, make sure you choose a cryptocurrency that isn’t too hard to mine and one that doesn’t require a lot of computational power. We discuss the best CPU miners in this article.

    Crypto mining methods

    Other than by the hardware used, crypto mining can also be divided into 3 subcategories depending on what method was used to extract the coins.

    Solo Mining

    Just like the name suggests, solo mining involves the miner acting solo, without any type of support from others. This can be anything from a newbie farming coins on their phone to a large-scale mining operation that involves warehouses full of mining rigs. Unless you have the latter, this mining method won’t be very profitable, if at all.

    Pool Mining

    Pool mining is done by using the collective power of several devices working together to mine a single block. Although the costs and power consumption are reduced, so are the profits: the block mining reward is divided between everyone in the pool. Pool mining requires you to have your own mining rig.

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