The world of cryptocurrency has exploded in recent years, with people from around the globe becoming invested in the new and exciting decentralized currency. Other than trying to trade cryptocurrency, another way in which people get their hands on cryptocurrency is through what is known as mining. This is the process of using computers with a lot of power to complete complex calculations. The miner that is able to do this first will receive what is known as a block which equates to a number of new coins that then enter circulation.
If you think you might be interested in mining cryptocurrency, then take a look below at some of the best cryptocurrencies that people like to mine.
Starting off the list is probably the most well-known cryptocurrency that just about everyone has heard of by this point. It’s quite easy to see why this cryptocurrency is so popular among miners. It is the first cryptocurrency that was ever made and is worth the most amount of money. Unfortunately, because this cryptocurrency is so popular, it is a lot harder to mine successfully than some of the others on this list. The upside to this is that if you do manage to get your hands on a new block of Bitcoins, you will make some serious profits. At the moment, a single block equates to around 6.25 Bitcoins. At the time this article was written, one Bitcoin was worth just under $21,000 which means that you would have made over six figures if you were the first person to complete the complex calculations.
Number 2 on this list is another cryptocurrency that is hugely popular and has made a big name for itself as being very innovative. This is Ethereum, and it has paved the way for creating a new way for contracts to be completed safely and securely online. Because Ethereum doesn’t quite have the global reputation that Bitcoin does, it will be a little easier to mine. However, the profits will be less. A single block of Ethereum equates to around 2 Ethereum coins. Ethereum can be mined just like Bitcoin, using CPUs and GPUs to complete complex tasks. When this article was written, a single Ethereum coin cost around $1500 which means that if you did manage to get your hands on a block of Ethereum, you would make a nice profit.
ZCash is a relatively new cryptocurrency compared to a lot of the others on this list, having been created in 2016. There are a few reasons why miners have been attracted to this cryptocurrency. One reason is that the coin is relatively stable, and the value doesn’t fluctuate much, making it a somewhat safer investment. A lot of miners see it as a good opportunity to get in early on a relatively new coin with expectations of the value increasing substantially in the future. A single block of ZCash equates to 2.5 ZEC coins, and it is expected that all of the coins will be mined by 2032, so people will want to snatch up as many as possible while they still can.
Grin is another cryptocurrency that is new to the crypto scene. It was created back in 2019 and is regarded as being quite an easy cryptocurrency to mine compared to a lot of the others on the market. This means that you don’t have to make a considerable investment in powerful equipment to get started, so you can get a feel for what it’s like to be a crypto miner. A single block of GRIN is worth 60 GRIN, which is a substantial amount of coins. Although the value of GRIN is nowhere near the same as some of the other cryptocurrencies on this list, due to the high amount of coins you receive when you obtain a block of GRIN, people are attracted to the possibility of this coin going up in value in the future. This is why many people are trying to mine as much as possible while they still can.
Monero is a cryptocurrency with the reputation of being one of the most profitable ones you are able to currently mine. With a single block of Monero, you will receive 2.15 MXR, with the total amount of blocks that are up for grabs being around 2.2 million. This means that the amount of MXR on offer is finite, which is a big reason why people are trying to get their hands on as much as possible of this coin before there are no more to mine.