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Cryptocurrency mining is becoming exponentially competitive. Once anyone with a PC could mine at a profit, but now you need expensive equipment to stand a chance. So what’s the most profitable crypto to mine in 2020?
Bitcoin is the most profitable if you have millions to invest
The profitability of cryptocurrency mining is highly nuanced, it depends on a wide range of variables such as hardware, electricity costs and the type of cryptocurrency you would like to mine.
Bitcoin is the most profitable coin to mine currently, although not if you are a single miner, in most cases. Bitcoin mining is extremely competitive, requires specialized hardware in the form of an Application Specific Integrated Circuit (ASIC) rig, and requires low-cost electricity to maximize returns.
Bitcoin is mostly mined by large corporations with millions of dollars invested in thousands of ASIC miners, cooling systems, and operating in countries with competitive electricity rates. Bitcoin’s current bulk rewards pay miners $ 14,130,000 each day, at current BTC prices.
Other than Bitcoin, which crypto offers the best value for your mining dollar?
Ethereum – The second most popular cryptocurrency is the most profitable coin for most domestic miners. While ASICs were developed for Ethereum, making GPU mining less profitable, Ethereum still allows GPU mining. ProgPOW is a modification of the mining algorithm designed to restore ETH’s ASIC mining resistance. There are other ETHASH coins to mine after ETH has switched to PoS.
Ethereum Classic – This is another profitable ETHASH cryptocurrency for home miners using GPU mining rigs. Expect the ETC hash rate to go up after the release of Ethereum 2.0 and it no longer supports mining.
Smile – Grin’s CR29 and CT31 hashing algorithms are also beneficial for home miners. Grin was designed to be resistant to ASICs like ETH and other coins that aim to keep mining decentralized and accessible to hobbyist miners.
Haven Protocol – The Haven protocol uses Cryptonight, a PoW algorithm also used by Monero and many other cryptocurrencies. Nvidia GPUs are better suited for mining Cryptonight efficiently than AMD GPUs, although both can be used to mine Haven.
BitTube – BitTube is a decentralized alternative to Youtube, which uses blockchain. Content creators are paid in TUBE tokens. BitTube also uses Cryptonight, and it is a coin with a smaller cap that has proven profitable for GPU miners in recent history.
There are also many lower limit coins that are profitable for mine, albeit DYOR, because many lower limit projects could disappear, get hacked, or come out of a scam at any time. Because of this, these smaller projects pose a much higher risk to miners who are looking to get a return on the hardware they have purchased.
Keep the risks in mind when deciding which currency to mine.
Which coin do you think is the most profitable to mine at home? Let us know in the comments!
Images via Shutterstock
