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Best Coin to Mine for Short Term and Long Term
According to an old Chinese proverb, the best time to plant a tree was twenty years ago. Guess the second best time? NOW! Before now, if you couldn’t beat them, you organize for them to be beaten. However, when you’re talking cryptocurrency, you have no choice but to join them. Without further ado, this article is to expose you to the best cryptocurrency coins to mine for short term and long term.
Even though the train is already in motion, it’s never too late to hop on. People are often discouraged by the fact that the price of bitcoin has soared beyond measure and it seems impossible to catch up. However, there are over 5000 cryptocurrencies available our there in the market. There’s no cause for alarm. If you follow this guide carefully, you should glean necessary information which will set you on track.
What is Cryptocurrency Mining?
You shouldn’t go too far picturing the process of digging for gold or other precious stones when you hear the word “Mining”. However, Mining in the context of Cryptocurrencies refers to the process by which the transactions on the blockchain are authenticated. Essentially, this is the process which causes digital coins to be released. It involves using processing power of a hardware unit to solve mathematical equations and help the network create new coins.
Best Cryptocurrency Coins to Mine for long term
Anyone with the required hardware and essential facilities participates by solving a cryptographic problem faster than other miners. When this is successfully completed, the miner is then rewarded based on a stipulated agreement.
It is important to note that for many of these coins, the requirement is a computer with decent computational power and cheap electricity costs. Initially, CPUs were utilized, however, Graphics Processing Units (GPUs) are now preferred. Special Application-Specific Integrated Circuit (ASIC) hardware is now being used to mine cryptocurrency.
That being said, before you start Mining, check many sources and do your research, a good tool to us is : Cryptocompare https://www.cryptocompare.com/mining/calculator for mining preparation.
This is one of the most advanced digital currencies in terms of privacy and security. The proof-of-work algorithm it utilizes makes it relatively easy to mine this currency using a personal computer. It is as easy as downloading the Monero mining software on your PC and installing it.
If your personal computer has graphics cards such as AMD or NVIDIA, it is even better. Even though your computer’s processing is enough to generate a decent income, you can increase your earnings by purchasing a graphics card. Software you can also get include MultiMiner and GUIminer. You should, however, remember that you need Monero desktop wallet to store your coins.
The recent spike in price has made it a very profitable venture and the market situation is very promising at the moment. If you’re looking for short or long term cryptocurrencies to mine, this should be at the top of your list.
This currency is another cryptocurrency which can be conveniently mined with the aid of a PC. The first step to becoming a miner of dogecoin is to download the official wallet from the company’s website. To ensure the safety of your coins, it is important to encrypt the wallet accordingly.
The mining software to be utilized include CGminer, CudaMiner, and GUIminer if you are using a graphics card. However, CPU miner can also be downloaded for free. It is also advisable to join a pool of miners to increase the income. The advantage is that the hardware is stronger and this makes the process of searching for and confirming problems faster. The pools you can join include CoinEx and MultiPool for short-term Dogecoin mining
This is one of the newest coins on the block and it is a potential long-term currency to mine. It also uses a proof-of-work algorithm for authenticating transactions. One inherent feature, however, is that it is ASIC resistant. The implication of this is that specific hardware cannot be used for cryptocurrency mining.
The miner has a very easy and user-friendly Graphical User Interface (GUI). You can download the miner and join any mining pool of your choice. This mining pool, however, should be based on your computing power. NVIDIA and AMD graphics cards are also supported. In order to mine this cryptocurrency long-term, you need to be able to get compatible devices which will stand the test of time.
Normally, most miners spend almost all their income on generating electricity. This is why some governments declared cryptocurrency mining illegal in their countries. Fortunately, Zcash has very minimal electricity costs and this makes it a potential short-term profitable coin to mine.
In fact, research showed that the power cost of Zcash is around $0.6 while Dash and Litecoin are around $3 and 2$ respectively. It is also a very valuable coin and the price rose from $47 in January 2017 to $700 in 2018. This promises to be exciting for miners in 2018.
Ripple is out to revolutionize the way payments are being made. It is also changing the way currencies are being mined. Currently, the speed of transaction and the ease of use are factors which place Ripple up there among cryptocurrencies with potential. The value is currently estimated to be $0.9 and the market capitalization is capped at 35 billion dollars. Mining this currency would prove very valuable in the long run.
Dark coin, the 11th largest cryptocurrency by market capitalization is now selling for over $1100. Considering the fact that at the beginning of 2017, it cost $9, this is a noteworthy feat. The reason for this spike is attributed to the low transaction fees. Bitcoin’s transaction fees range between $1 and $20, Dash costs $0.40. The difference is crystal clear. Dash is arguably the cryptocurrency with the highest potential for long-term returns.
The self-acclaimed Chinese Ethereum. This digital coin is redefining the face of smart contracts and cryptography. According to the company, the aim is to engender a smart economy where digital assets are completely run by smart contracts. The company is very futuristic about its plans and this makes NEO a wonderful cryptocurrency to mine long-term.
This currency, however, differs slightly from conventional cryptocurrency as it can be created via programming languages like C and Java. The market price is about $70 and the market capitalization is almost $5 billion. This definitely signals something good from NEO’s end.
This is one of the most popular cryptocurrency in the market today and the . Bitcoin is open-source and its design is public, no one owns or controls it. If you are looking for short term mining, Bitcoin is your best bet.
Another coin to mine for short term is Ethereum. This coin is at the forefront of technological advances in the cryptocurrency world.
I honestly don’t know any digital currency to mine for short term. Please, if you do comment below. Furthermore, a careful look at some of the coins mentioned reveals extra tips to note when mining them. These considerations are to be double-checked in order to maximize the profit. It is also important to note the reasons why people choose to invest in cryptocurrency mining and also bear in mind that because of the volatility of the Cryptocurrency world, there is no 100% certainty. It would be wise to do your own research and study the digital currency you want to mine.