Since Bitcoin is pretty much old news in today’s world, most people already know that it, just like most other cryptocurrencies, is obtained through a process called mining. The common conception regarding mining is that it’s extremely expensive because it requires massive amounts of electricity and highly specialized rigs that are almost not profitable.
While it may be true that the mining difficulty of Bitcoin is very high, and that Bitcoin mining is nowadays a multibillion-dollar business dedicated to large centralized mining pools with specialized ASICs miners, cryptocurrency mining is far from dead. Quite the opposite, actually.
In this article, we will look at the best cryptocurrencies to mine in 2019 as well as why that’s the case.
What is cryptocurrency mining?
In short, crypto mining is the process of checking transactions to determine if they respect all the specific rules of the network, making them eligible for the addition to the blockchain’s register.
The way it works is straightforward: miners compete with each other to solve the challenging mathematical problems that come with cryptographic hash functions, using either CPU (quite rare nowadays), GPUs, or ASICs equipment. The miners who find the solution first are paid.
Choosing a new currency to mine
There are many people who say that crypto mining is slowly declining. Whether that is, on a global scale, true or not, it’s difficult to say. However, one fact remains the same as before: picking new currency to mine is not very simple.
Things have a tendency to change quickly in the cryptosphere. Hence, choosing new crypto to mine should involve an in-depth analysis in regards to every aspect of the coin (technology used, philosophy, market value, the team, the roadmap, etc.).
One of the most important aspects one should be aware of is the mining difficulty of the coin. Recent price fluctuations, market capitalization, and the number of use cases are also very important aspects. Because determining the profitability is related to a plethora of constantly fluctuating parameters, it’s best if you use a good online mining calculator.
Best cryptocurrencies to mine in 2019
Litecoin is one of the most popular and oldest cryptocurrencies on the market, and it’s a very solid pick for those looking to start mining an already established currency. Litecoin has very fast transaction times, the block generation time is limited to ten minutes, and has a better storage capacity than most cryptos out there.
Undoubtedly, the best way to mine Litecoin is with the help of ASICs miners, which means that the coin requires a big early investment. The best way to ensure a decent profit while mining Litecoin is to join one of the many mining pools, such as Litecoin Pool, Antpool, and LTC.top.
There are many reasons why one might be interested in investing in Dogecoin. After all, it’s the altcoin with the most “philanthropic” community, and surprisingly or not, it can also be mined using a simple PC. Of course, users are most likely to get a profit by opting for a bit more mining power with the help of AMD/NVIDIA graphics cards. For CPU mining, users can use CPU miner, while those using GPUs can opt for CGminer, CudaMiner, and GUIminer. Some of the best mining pools for Dogecoin are CoinEx, Prohashing, 1Coinpool, Aikapool, and MultiPool.
Currently ranked 186th (at the time of writing) on CoinMarketCap, Grin is a coin that’s expected to have a decent rise in 2019. It’s built on top of the MimbleWimble protocol, and the project itself is based on privacy, scalability, and reduced blockchain capacity.
Grin can be mined using a plethora of GPUs, such as various models of Nvidia cards (1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti) and AMD cards (570, 580, Vega56, Vega64). Also, it can be mined using the project’s official miner called GrinGoldMiner (GGM). Some of the best pools include F2Pool, Grinmint, Sparkpool, and Pool.BTC.
Vertcoin is a decentralized currency designed specifically to be ASIC-resistant. This makes it perfect for individual mining with either the CPU or GPUs. Vertcoin can be mined with a large array of AMD and Nvidia graphics cards, and with the help of its official miner called One-Click Miner. Of course, GPUs will most likely yield bigger rewards, but the upfront investment is bigger.
Monero is not only one of the most popular cryptocurrencies to date, but it’s also one of the best privacy coins out there. Currently ranked 13th on CoinMarketCap, Monero uses a very advanced Proof-of-Work hashing algorithm known as CryptoNight which is also ASIC-resistant.
This fact, as well as the fact that it’s a very popular privacy coin, makes Monero one of the best coins to mine at the current moment. Monero can be mined by simply using a computer’s processing power. However, for an increase in rewards, opting for a more powerful GPU is the way to go. AMD graphic cards seem to be the best in the business for mining Monero, but Nvidia ones work as well. The most popular Monero mining software platforms are MultiMiner and GUIminer.
Even though cryptocurrency mining is not as popular as two, three years ago, it can still be profitable with the right approach. The main thing to remember is that it is very important to do proper research before fully committing to a particular type of coin to mine. We hope this guide proved useful information to you and we wish you all the best in your future mining endeavors.