2020 is here, and it is again a good idea to make a profit by mining. This innovative technology holds so many possibilities. You just have to ensure that you have a wallet for receiving the earned money. If you don’t and you have to go through exchanges, you risk being hacked and losing some profit.
In this article, you will get to know the Exodus crypto wallet, which is very popular because:
- It supports more than 100 crypto assets
- It is very easy to use and has a nice design
- It is available for mobile, desktop and hardware wallet
- It enables you to exchange to other cryptos
- You can synchronize it with your desktop and mobile
- There is constant customer support
The best coin for mining at the moment
We would consider Zcoin to be the best choice. It was firstly created as an extension to Bitcoin. It was named ZeroCoin in the beginning, but after it was met with controversy, it changed to Zcoin. It possesses an MTP mining algorithm that allows anyone to mine XZC. It could be mined using CPU or GRU, which is a huge plus. Other good coins at the moment are Ethereum Classic and Grin.
The best long-term coin
You will be able to profit quickly from the previously mentioned Zcoin, but if you are more into a long-term strategy, you should consider Ethereum. It was created in 2015 and became popular with the Blockchain 2.0 movement. Since then, it has been the choice of many miners because of its successful growth. It was the basis of the creation of decentralized finance, which later replaced old and traditional products and services. In this way, a secure and transparent way of dealing with loans and asset issuance appears to have great benefits (for example, there is no need for a middleman).
Ethereum has some competition, but still makes use of its advantage as a first mover. It has developed a very big community and the largest ecosystem. The prediction is that its price will go up, which makes it a good voice for long-term mining.
Just to mention that the original Bitcoin needs an initial investment in ASIC equipment.
What is the best choice for GPU mining
If you are more short-term oriented, then you should consider Zcoin, Ethereum Classic, or Grin. On the other hand, for a more long-term strategy for profitability – go for Ethereum.
What is the best choice for Nvidia mining
The cryptos mentioned above will be mined just fine with Nvidia. It again boils down to your strategy and whether it is short- or long-term. For the former, it would be good to go for Zcoin, and for the latter – Ethereum.
What is the best choice for CPU mining
A small percentage of miners use CPU. However, recently Monero, which is a premier privacy coin, has changed its algorithm. Now it has become more CPU-friendly. In this way, you could get some XMR in case you have a good CPU around.
Make a profit by mining and minimize losses
Many people hold onto a certain coin and continue mining it even though it is no longer profitable. Sometimes they just want to help the network with security and decentralization by hash rate and individual mining. If you think about it, it is not a good idea to keep doing it since you are operating at a loss when taking into account the electricity bills and the cost of maintenance. You should better buy the asset since, in this way, you will own more crypto in the future. You could continue with this mining only if you are using the generated heat from this procedure to heat up your home.
This article contained the newest information regarding the fast-growing and developing world of cryptocurrency. It would be best if you remembered always to consider the following:
- Complications with hash rate and mining – because of all the competition nowadays, it is much more difficult to mine, and it used to. Going after more specialized crypto is wise, and if you are from the first ones to find it, then you’ll be able to make a good amount of money. As time passes and it becomes more widely recognized, it will also get harder to mine it.
- Value of crypto – has the price going up, or are you predicting that it would move in this direction?
- The timespan for the new blocks – what is the needed time for the creation of new blocks? The shorter the period, the better since this would mean that you will have more chances for mining.
- Liquidity – you have to plan for the coverage of costs for mining, for example, electricity. To do this, you should consider a coin that could be easily sold, and you won’t get stuck with some numbers on the screen.