Cryptocurrency mining is how new digital currencies get released for circulation. Miners make this happen by recording and verifying blockchain transactions.
Blockchain transactions are verified by a process that solves mathematical equations. When miners successfully verify and process these transactions, they get rewarded with new coins.
With bitcoin mining now done on a large worldwide scale, it is not possible or feasible to mine bitcoin on a personal computer. However, there are other cryptocurrencies that can still be mined on a computer. The following are the three most promising coins to mine own your PC.
Dogecoin
Dogecoin is a meme-based digital currency. To mine Dogecoin on a PC, you first need to download its desktop wallet. You can do this on the Dogecoin website. For security purposes, you will need to encrypt the wallet once downloaded.
Dogecoin can be mined using a CPU; however, it is better to use a graphics card to achieve best results. An AMD card is the best option, but an NVIDIA card will also work.
The best software for mining Dogecoin with a GPU is CudaMiner, CGminer, and GUIminer. When mining with a CPU, you can use the CPU miner. This can be downloaded for free.
To get the highest returns by mining Dogecoin, it is advisable to join a mining pool. The Dogecoin website explains: "You are basically searching for blocks, then solving and confirming the block as a reward. The first to find and confirm the block gets the full payout of that block and everyone else has to move on. Stronger hardware = faster searching and confirming."
Two options for Dogecoin mining pools are MultiPool and CoinEx.
Monero
Monero is regarded as the most advanced anonymous digital currency. Monero works with CryptoNight, a proof-of-work (PoW) algorithm. CryptoNight is specifically designed to make it hard to mine Monero with ASICs. As a result, it is relatively easy to use a PC to mine Monero.
To mine Monero with a CPU, you need to download the Monero mining software. However, you can increase your earnings by using a graphics card which will allow you to mine more Monero.
Like Dogecoin, an AMD card works best but an NVIDIA card will also do the trick. The recommended mining software for Monero includes Guiminer and MultiMiner. To securely store Monero coins, you must download the Monero desktop wallet.
Vertcoin
Vertcoin is the newest of these three altcoins. It also operates by using a proof-of-work algorithm. Like Monero, it was designed to prevent ASIC mining.
Vertcoin is a One-Click-Miner and is easy to operate. Vertcoin is a graphical user interface that can be mined by using a GPU or CPU. After downloading the Vertcoin miner, you pick a mining pool compatible with your computing power.
For users with two or fewer graphics cards, the best option is network 2. For users who have larger hash rates, network 1 is the recommended option. The next step is to insert your hardware. NVIDIA and AMD are the only cards that work with Vertcoin.
Conclusion
If you use the correct software and hardware, it is feasible to use your PC to mine altcoins. To keep your investments secure and in order, there are guidelines you need to follow. If you are mining with several graphics cards, you will need extra fans to prevent overheating.
You also need to continually update the software you are using. Digital currency wallets, mining software, and mining pools update on occasion. This will enable you to mine efficiency while also reducing the risk of cyber attacks or fraud.
If you would like to keep up-to-date on mining and New Finance investing, take just a moment to sign up for the Bitcoin Market Journal investor newsletter today!