Which cryptocurrencies should be mined in 2020: what is beneficially and can bring profit?

In case you take the decision to mine a variety of alcohols in order earning money and in the hope of becoming rich, first of all, you must decide on the blockchain that you prefer to support. Today there are more than 1.5 thousand of them. There are numerous promising projects, as well as completely unpromising projects among them. How not to get lost among the ocean of alternative digital assets and correctly manage your investments?

Nuances that should be thoroughly examined before mining any cryptocurrency

You will need a kit of mandatory elements before mining any cryptocurrency but not just altcoins:

  1. A repository of private digital information, better known as a crypto wallet. It is protected by a password known only to its owner. An electronic wallet is designed for storing coins. It contains a detailed transaction history.
  2. Software designed for altcoin mining and provided free of charge.
  3. Connecting to the mining pool – an association of miners who have combined their power to increase profitableness and regular payments of received rewards. If you mine outside the pool, the risk that the reward will pass you by is high.
  4. Placing the units in a ventilated area or using an immersion cooling system.
  5. Hardware: a graphics processing unit (GPU) from ATI or Nvidia or ASIC for mining. Currently, mining equipment costs from $100 to $3,000 per video card or ASIC.

What risks accompany mining?

Any profitable activity, including cryptocurrency mining, is associated with some risks:

  1. Loss of access to the digital wallet. You can forget your password, damage your drive or get locked out.
  2. Dishonest organizers of the mining pool. A pool managed by rogue administrators risks becoming your last resort. Admins will steal rewards, reduce percentages of total rewards, and so on.
  3. The electricity cost. The cost of 1 kW/h of electricity is important at the lowest rates in the cryptocurrency market. Bitcoin, Litecoin, Ethereum, Peercoin, or Feathercoin — any of them is profitable at a cost of 0 to 0.05 cents per kW.
  4. Hackers. Unfortunately, exchanges and wallet hacking is not uncommon in recent years. So, the threat of a hacker attack remains.
  5. Cryptocurrency may fall sharply in price (but it can also grow).

However, if you perform the following actions you can bypass all these vulnerabilities:

  1. Store funds on a digital wallet that is not connected to the network.
  2. Choose reputable pools. The most popular among numerous miners are Genesis, NiceHash, Hashing24, MinEx, hashcoins datacenter, MinerGate.
  3. Look for sources of cheap electricity.
  4. Perform operations only with small amounts of cryptocurrencies on the exchange.
  5. Track course changes and learns the financial part.

Best altcoins for mining at the beginning of 2020

It is difficult to choose the most profitable and non-Scam option among more than 1,500 projects. However, there are quite promising projects.

Monero

This electronic currency is consistently acknowledged as a progressive confidential coin. The cryptonight hash algorithm is its core. It is created with exceptions that make it hard to mine Monero using ASIC. However, there are no problems with getting a coin on a non-productive PC.

First of all, you will need a processor and utilities for it. You must buy a video card to increase revenue. It will create all the necessary conditions for increasing computing power. GPU is better suited for Monero mining. However, there is also the opportunity to use Nvidia cards quite successfully. Experienced users recommend the MultiMiner and GUIminer programs for digital coins mining. Important addition: each user of this electronic platform has the opportunity to save the digital funds on the official Monero wallet.

Ravecoin

The x16r algorithm has had a huge impact on the rising popularity of Ravencoin. This is the tool that the community uses for mining and confirming blocks.

The x16r algorithm is practically a collection of sixteen different algorithms. They are used arbitrarily in the mining process. The hash of the preceding block is an important aspect of determining the sequence of algorithms used. It is not easy to program the ASIC to process the algorithm due to a random combination. If any person makes an attempt to create an ASIC for X16R, developers can replace the algorithms that are used in it.

The zealot/enemy-1.08 miner is ideal for Nvidia cards. However, this source is not opened and takes 1% off as a bonus for developers.

Grin

This is the newest project in the field of cryptocurrencies, focused on privacy and with an unlimited offer. It unexpectedly found support among both traditionally experienced miners and newcomers.

The perfect tools for Grin mining are listed below:

  1. AMD cards: 570, 580, Vega56, Vega64.
  2. Nvidia cards: 1070, 1070ti, 1080, 1080ti, 2070, 2080, 2080ti.

If profitable mining is your main goal, then you should definitely accede one of the pools listed below, which make up 97% of the current Grin hashrate:

  • F2Pool (40%);
  • grinmint (16%);
  • sparkpool (25%);
  • Pool.BTC (16%).

ZENCash

ZenCash is more like an ecosystem with an anonymous money network, a messaging service, a content exchange platform, and a decentralized organization. This is a promising resource for maximum privacy.

The system includes three subsystems: ZenChat, ZenPub, and ZenHide. ZenCash makes it possible to exchange encrypted messages using the blockchain. The AES-256 algorithm is used for this. The text window is limited to 512 characters.

ZenPub allows posting content, primarily documents, using IPFS via a text field or z-address. ZenHide hides communication points and anonymizes users from the actions of regulators and other authorities.

AEON

This platform actively uses CPU resources using Cryptonite-light PoW. This significantly reduces the CPU-GPU productivity gap: users get a three-fold enhancement in CPU hashing speed instead of a two-fold improvement for the GPU compared to the standard (Monero-style) Cryptonite PoW. In addition, there are no ASICs in the network yet.

ETN

ETN was built on the Monero blockchain using the CryptoNight algorithm. It aims to conquer the games market. Currently, ETN does not need a computer. It is enough to use mobile devices for making transactions and convenient payments. You don’t actually do mining but rather get coins transferred to keep the app running — this is the proof-of-elapsed-time version.

Feathercoin

This kind of electronic fund was released to the market as an alternative option to well-known and widely distributed digital currency bitcoin. It appeared in 2013 against the background of a small trading volume. Feathercoin uses NeoScrypt. It is better to mine it with the help of the GPU.

Dogecoin

At first, it seemed that the programmer Billy Marcus was just joking. Many traders did not take his Dogecoin project seriously. Moreover, they did not consider it a full-scale cryptocurrency. A funny dog of the Shiba Inu breed from a famous meme has become its symbol. The Internet community liked the concept. Dogecoin ranks 34th in the token rating coinmarketcap.com. It has the largest market capitalization to date. It executes the Scrypt algorithm. The issue is projected to reach one hundred billion coins. The power of a standard computer is sufficient for mining coin.

You should definitely download the desktop wallet from the official website to get digital funds.

Vertcoin

This altcoin appeared in the world of cryptocurrencies not so long ago. It is created on the Lyra2RE algorithm for processing exchange operations. Vertcoin was created with the condition that it was impossible to develop specific mining equipment for it. Specialists recommend 2 pools that can be selected depending on the power of the devices involved. If we are talking about 1-2 video cards, then you should give preference to Network 2. If your farm is much larger, it is better to choose network 1. This platform works equally well with both video card manufacturers.

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