5 Most Profitable Cryptocurrencies to Mine In 2018
January 30, 2018 (Investorideas.com Newswire) Cryptocurrency use and awareness has increased tremendously in the world over the last couple of years. This publicity is owed greatly to Bitcoin which was the first cryptocurrency to break its boundaries and have investors all over the world trying their luck on this new "lucrativ" trade. After that, more cryptocurrencies have emerged from all over the globe.
However, there are significant questions that come to mind when the issue of cryptocurrencies is brought up. These questions include; what are cryptocurrencies? How are cryptocurrencies obtained? How does the cryptocurrency trade occur? What is the future of this business? And lastly, what are the risks involved in this kind of trade. The question that I will answer in this article is how cryptocurrencies are obtained which will lead us to the issue of cryptocurrency mining.
Cryptocurrencies simply are some form of digital money that use cryptography that is designed to make the only monetary transactions secure and most importantly, anonymous. Cryptocurrencies are obtained by either buying it online and selling it after the value has increased or mined.
Cryptocurrency mining is complex as well as lucrative. Some well-informed miners have made their fortune by mining and selling coins they have obtained online. In simple terms, cryptocurrency mining is the process by which transactions of these coins are verified by miners with supercomputers and added to the digital ledger which in the case of bitcoin, is known as the blockchain. People who make some effort to confirm and verify these transactions with the help of computers and other powerful technologies are known as cryptocurrency miners.
Having formed the basis of this venture, there arises the question, who can mine these cryptocurrencies and which is the best platform to mine these cryptocurrencies? The answer is simple and clear; anyone can mine these online currencies though it is not easy to do so.
With the right hardware and the necessary skills, anybody can be able to mine it. There are certain requirements essential for any cryptocurrency miner. For one to mine it, one will need supercomputers, a skilled miner, the cryptocurrency network and lastly the transaction together with the blockchain ledger. I am sure that with the above requirements fulfilled, one can comfortably embark on the career of cryptocurrency mining.
By 2017, there have been numerous cryptocurrencies that have emerged which were mainly after the success of bitcoins in the market. Most of these currencies are yet to pick, and for the few which are out on the market, some are hard or complicated to mine.
This, however, is a list of the best cryptocurrency that any miner would be interested in due to its simplicity and availability regarding mining this year.
At the top of our list, we have bitcoin. Among all the cryptocurrencies in the market, Bitcoin is the most profitable of all coins. It had a market cap of $94.3 billion. Currently, the market price of $11,770.00. The reward for verifying a blockchain of ledgers currently is approximately12.5 bitcoins which based on the value of one coin; it's a huge sum. Mining of bitcoins is done using software such as Bitmoose, 50miner, diablo miner and RPC miner among others which can be used to mine it.
Bitcoin mining software is available some being free while others are purchased, and it requires a skilled miner to make good use of them. In 2018, one can never go wrong when investing in bitcoin mining though its value is still highly unstable.
2. Ethereum Classic
Second on our list is Ethereum classic. It has a market cap of approximately $30.8 billion. It has a decentralized platform whose original Ethereum blockchain. Although its coin value is still low, ETC is known for its huge tokens for minors. Its value is also increasing at a fast rate which makes it worth mining. The best part about mining ETC is the ease of setting up a rig and mining it using affordable machinery.
3. Lite coin
Litecoin is the third most profitable coin to mine by the end of 2017. It has an approximate market Cap of about 3.3 billion. It is one of the best cryptocurrency to mine with consumer grade graphics processing unit making it far much cheaper to mine than most coins. Currently, Litecoin values at $190 with approximately 54.9 million coins in circulation. The main competitive advantage for Litecoin is its affordability when it comes to setting up the mining rigs since they can be mined using the affordable equipment.
However, Litecoin has its downside which is the fact that, it is not used officially in many countries and also the users are responsible for the safety of their own purse hence less secure than other cryptocurrencies.
Dash is a complete digital transaction cash management platform almost similar to bitcoin. It was previously known as Xcoin or Dark Coin. It has a market cap of $2.3 billion with its current value being approximately $825. It is secured by a two-tier network for complete security and uses a decentralized network which will eliminate the third party hence no third party to trust. It can transfer money to any place in the world at an instance hence obtaining the name Dash.
For a miner, Dash coins are gaining value over time since people now prefer fast and secure means of transacting money not mentioning it protects the identity of the transaction, it is, therefore, a worthy venture.
The last on our list is Monero which has a Market cap of $1.4 Billion. It is an open source virtual currency which was established recently in 2014. Its current market value per coin is $346. It is best known for offering anonymous transactions to its users which cannot be traced. Its history has also been impeccable since it has had an upward trend from the time it has been established.
Monero mining is very lucrative due to its cryptographic algorithm which was designed to be resistant to ASIC's mining. Therefore, anybody with a CPU or GPU can mine Monero making it affordable for any miner to establish a rig.
From the more above list, any miner cannot go wrong when investing to mine any of the above coins. The huge risk involved in this business comes with great rewards. Think about it.
Thank you for reading this content. I hope it will help you to make a wise decision.
Author: Ronny Martelli
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