Cryptocurrency mining
Cryptocurrency mining refers to the process by which new digital currency is released or brought into circulation. This happens when so-called “miners” use their processing power to record and verify transactions.
The process of verifying transactions that happen on the blockchain involves solving complex mathematical equations. As a reward for keeping the network in good working order, miners receive a predetermined amount of new coins when they verify and process transactions.
In the early days, it was possible to mine bitcoin with just a PC or a laptop. However, as the mining difficulty increased over time, individuals were unable to keep up. Companies started to see bitcoin mining as a business opportunity and joined the space by building rooms full of computers to mine the digital currency, making it even more difficult for regular people to compete. Moreover, the introduction of Application Specific Integrated Circuit (ASIC’s), which are chips designed specifically to mine bitcoin, acted as a further impediment to mining bitcoin on your PC.
While mining bitcoin on your computer is currently unfeasible, it is still possible to successfully mine other cryptocurrencies with just your PC. This article discusses three of the best cryptocurrencies you can mine using your PC.
Depends on your time horizons and a couple of factors.
If you’re looking for immediacy - switch your mining rigs based on Crypto coins mining profit calculator compared to Ethereum
If you’re looking for long term horizons - you’ll want to pick a coin that you think has long term growth potential.
Additionally you’ll need to consider power costs, difficulty increases, and overall hash rate (ie. other people mining the coin) of your target cryptocurrency.
Monero:
Monero is currently valued at $392.27 and the difficulty of mining Monero is much less than that of Bitcoin. Combined, both these factors make mining Monero very profitable. Another point to note is that the value of Monero is predicted to increase in 2018.
Ethereum:
Ethereum has crossed the $1000 mark and is currently priced at $1010.89. Even though Ethereum's difficulty is high, the price makes Ethereum mining profitable. If you have cheap electricity available, then you should definitely consider mining Ethereum.
Dash:
The value of Dash was $11 in the beginning of 2017 and it has become $1225 now. The difficulty of mining Dash has also increased since then but the increase in price compensates for this. If the value of Dash continues to rise the same way in 2018, you will definitely not regret investing in it.
Litecoin:
Mining Litecoin, especially in a pool can be very profitable. Considering the value of Litecoin is $251. 64 right now and that litecoin has a great future ahead, you should definitely consider mining Litecoin.
Bitcoin Gold:
If you still feel sorry about not mining Bitcoin in its early days when it could still be done without the powerful equipment it requires today, you should consider mining Bitcoin Gold. Bitcoin Gold forked from Bitcoin in October 2017 and is, therefore, still very young. But its value has already reached $283.76 and it will definitely follow suit with Bitcoin Cash and the value will certainly only increase.