If you ever thought about stepping into the crypto mining industry, you will definitely need to know what are the best crypto options to mine.
You might already be aware that crypto mining does not mean creating a new coin. Instead, it means releasing the coin from the entire supply chain.
Most crypto projects have a limited supply of coins, which causes their value to increase as they become scarce.
It is not easy to choose a token from thousands of options to mine.
Revenue Performance and profit depend on the selected mining type, computer specifications, and even market trends.
Factors you need to consider before choosing a cryptocurrency for crypto mining
Do many Exchanges support this coin?
It is essential to check which exchanges support tokens. If a less popular exchange supports the coin, it means that withdrawals can only be made to the internal wallet of the cryptocurrency exchange.
In this case, even if mining seems profitable, miners are forced to pay high commissions to exchanges because these unrecognized exchanges are forced to use junk coins and rely on high commissions.
Is crypto mining legal in your country?
Some countries have not legalized or banned cryptocurrency mining. If your government does not allow you to conduct illegal transactions, it is best to avoid risks. However, in some countries, authorities allow highly anonymous digital currency transactions because they are perfect money laundering tools.
If you find it hard to mine coins in the place or country where you live, it is best to choose the trading option instead.
Possibility of withdrawing from legal currency
Transaction fees on each trading platform allow you to convert newly mined coins into legal tender. You can also buy well-known tokens, including Bitcoin, Ethereum, or Ripple.
Taking all these factors into consideration, we will introduce you to the best cryptocurrencies for mining. We will also show the appropriate monthly profit from mining these cryptocurrencies.
*The profit is calculated at 25 MH/s, and the power consumption is 125 watts, which may vary according to price changes.
Six coins that are the best options for crypto mining in 2021
- Ethereum-Ethereum’s Ether is one of the most popular options for crypto miners. This development company is popular with its innovations-smart contracts. Ethereum has an excellent market capitalization (currently more than 242 billion US dollars). However, keep in mind that it is usually challenging to mine if you plan to make a small investment. Expected profit in a month: $33.25.
- Ethereum Classic-When Ethereum blockchain divided in two, the company released Ethereum Classic. It is a popular cryptocurrency with a market value of more than 6 billion U.S. dollars and many supporters. Expected profit in a month: 27.89 USD
- ZCash;-ZCash is a popular cryptocurrency, mainly because the development company focuses on privacy. However, you can not easily mine ZCash by designing ASIC-resistant, but their value is not that fragile, so they are very suitable for long-term planning. Expected profit in a month: 45.06 USD
- Digit byte/DGB;-is another option for crypto mining. It is an open-source blockchain and asset creation platform that started in 2014. It currently uses five different algorithms to improve security. The upper limit of cryptocurrency is 21 billion coins. Expected profit in a month: $274.73
- Litecoin;-The developers designed it as a streamlined version of Bitcoin. It provides fast, secure, and low-cost payments by leveraging the unique attributes of blockchain technology. One notable thing about Litecoin miners is that they can also merge my Dogecoin. Expected profit in a month: 18.09 USD
- RavenCoin;-The developers launched in 2018. Though, traders still see it as a relatively new coin. It is famous mainly because of the features that come along with it, like the mobile crypto wallet. It makes the coin interesting for crypto mining. Additionally, it is constantly traded on top exchanges, making it highly liquid. Expected profit in a month: 72.10 USD
Why is Bitcoin not on the list?
It is true that Bitcoin has the most excellent market capitalization (almost $700 billion) and that it is the most valuable cryptocurrency.
However, Bitcoin mining is not the best option to mine as Bitcoin is so popular that many miners worldwide tune in to the few pools that try to snatch at least a tiny bit of Bitcoin.
As a result, you will need to wait for countless hours before the first drops of Bitcoin start coming in.
We hope our article gave you a few ideas about what crypto mining is, how to choose the best crypto option for trading, and what risks you might come across.
To conclude, cryptocurrency mining is a harsh and risky industry. The market fluctuates, which results in price movement. Be aware of the risks, and make confident decisions.