March 12, 2021 (Investorideas.com Newswire) Cryptocurrency mining can be hectic at the beginning when you have to decide which currency is best to mine in. There are plenty of options available in the market and every currency may seem perfect for mining. Most people choose bitcoin as it is ruling the cryptocurrency market these days and it is easily available on platforms like the bitcoin formula.
However, there are plenty of factors to keep in mind before you begin the process of mining. The cost of cryptocurrency for mining may vary from country to country because of the different electricity costs.
While bitcoin is a well-known cryptocurrency which most people choose for mining, below listed are some other currencies that you can consider for mining in 2021:
ZCash (ZEC)
ZCash or Zero Cash was launched in 2016 and quickly gained popularity amongst people. Miners specifically prefer this digital currency for mining because it is completely anonymous. The mining algorithm in it allows using a mining graphics card.
Furthermore, the currency has a total coin supply of 21 million coins which is similar to bitcoin. The hashing algorithm used in this currency is EquiHash, which is quite common and simple to solve. The block mining reward is 10 ZEC.
Ethereum Classic (ETC)
Ethereum Classic is a well-known cryptocurrency that is commonly used for investing and trading. The Ethereum Classic came into being after the attack on the Ethereum network in 2016.
After this attack, the network split into two blockchains and the original blockchain is known as the Ethereum classic. The coins are profitable to mine. The currency uses the Ethash hashing function along with the proof-of-work algorithm. The block mining reward is 3.2 ETC, which was released in the March 2020 undertaking.
Grin
It is a relatively new cryptocurrency that was introduced back in 2019. The currency gained popularity because of a unique mixture and balance of privacy and scalability. It utilizes the MimbleWimble protocol, which is quite popular in the cryptocurrency market. The hashing functions used in this mining are CuckARood-29, CuckAToo-31, Cuckaroom-29 and for algorithms it uses proof-of-work. The mining reward is 60 Grin per block.
Litecoin is much similar to bitcoin but it is known for several exceptional features like the high speed of transaction, low fees, and a higher number of coins. In short, Litecoin has strong functionalities, which has appealed to a lot of miners.
The simple and easy to use mining procedure is also appreciated by the miners. Just like the coins mentioned above, Litecoin also has a proof-of-work algorithm. The hashing function used by Litecoin is Scrypt. Lastly, the mining reward of one block of Litecoin is 12.5 LTC.
Ethereum is another cryptocurrency in our list of the best cryptocurrencies to mine in 2021. As you might already know, Ethereum is ruling the market at second position after bitcoin and is gaining its popularity slowly. The platform of Ethereum is specifically preferred by miners and investors because of the smart contracts introduced by the platform.
Just like Ethereum classic, Ethereum also uses the Ethash hashing function and proof-of-work algorithm. The supply of Ethereum is not limited which acts as another profit for the miners. The mining reward of Ethereum is 2 ETH.
Monero
Here is another privacy-based coin that is popular and loved by miners and traders because of the extreme anonymity. The coin was introduced in the market in 2014 and quickly became a well-known currency due to its high privacy. It is one of the best options for CPU mining. The hashing function is RandomX and the algorithm is proof-of-work along with a mining reward of 1.73 XMR.
Conclusion:
Don’t think that bitcoin is the only option available for mining; many cryptocurrencies can generate profit for you in mining. In fact, others can generate more profits due to less saturation in the market.
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