Cryptocurrency mining is one of the most effective ways to earn good money through low-cost and low-effort activities. Once set up, a crypto mining rig runs independently and rarely requires any management except periodical monitoring. Further, a mining rig used to mine one crypto can easily be repurposed to mine another with minor changes.

In this article, we will examine the best ways to mine cryptocurrencies for various scenarios and try to understand which one would be best for you. We will also examine the top cryptocurrencies to mine.

How Does Mining Work?

Mining in crypto refers to processing crypto transactions for a fee. Miners receive this fee for running computations that solve complex algorithms to verify the genuineness of crypto transactions.

Initially started with Bitcoin, several other coins also rely on crypto mining to validate transactions. Most of them reward a very small sum but there are few that have high rewards.

For Mobile Devices

This might seem shocking, but many mineable cryptocurrencies on Telegram can even be mined on mobile phones. However, the rewards of most such cryptocurrencies are very little and don’t benefit the miner much.

One such cryptocurrency is PiCoin, which can be mined on any mobile phone. Pi can be easily mined on the Pi app.

However, be careful of scams that run claiming to mine Bitcoin and Ethereum on mobile. Bitcoin’s difficulty is too high to be mined on a low-powered processor like mobiles. Further, Ethereum is not mine-able any more due to its transition to the Proof of Stake consensus.

For GPU and CPU Users

GPUs provide an easy way to mine cryptocurrencies due to their high processing power and ability to distribute tasks into multiple subunits. Once, Bitcoin could be easily mined on a GPU, but it hasn’t been profitably mined since then due to increased complexity.

However, several cryptocurrencies can be mined on GPUs, especially Ravencoin, which has an easy mining setup and rewards 5000 RVN. 

If you have a setup providing 5 GH/s of computing power, you can easily earn $50 worth of RVN daily.

Also read : Why Cryptocurrencies Are Here To Stay, Regardless of What Governments Do

For ASIC Miners

ASIC miners have many choices for mining cryptocurrencies, such as Bitcoin, Litecoin, Dogecoin, and others. However, the best choice still remains to be Bitcoin.

When done on a scale, these are the most profitable mining methods. You can even buy individual rigs over time to combine them. 

Bitcoin is the best cryptocurrency to mine in an ASIC setup. However, for better profitability, you have to shift to a cheap power source such as solar, geothermal, wind, or nuclear energy.

Mining Bitcoin, even with ASIC rigs, hasn’t been very profitable since the Bitcoin halving, which reduced the rewards to 3.5 BTC per block. These days, with a Bitmain AntminerS19 XP, you can barely earn $10 a day. 

However, if you have a mining farm with many devices and a large starting capital or loan, you could mine profitably with an Antspace HK3 Mining Container. The rig easily yields a $2000 profit per day.

For Cloud Miners

Cloud mining is the best type of crypto mining. You just need to rent a virtual machine on, say, AWS or Azure and set up the required software. Once you are done, you just need to turn it on and forget about any maintenance. Just make sure that your bills are paid on time.

The best crypto to mine on a cloud miner is Bitcoin, which can cost around $100 daily at a 60 Terahash per second mining rate. 

Below is a sample mining estimator from Binance. For $23 a year, you can rent a 1 TH/s hash rate, and you’ll receive 0.00000066 BTC per day. 

Due to intense competition with AI, cloud mining is rapidly turning out to be non-profitable. 

Conclusion

If you wish to mine cryptocurrencies profitably, you need to switch to GPU or ASIC-based mining, both of which have high rewards. GPU users can choose Ravencoin, while Bitcoin remains the top choice for ASIC users. 

However, beware of false mobile-based or cloud mining scams. These scams lure investors into spending huge sums as fees and pretend to provide multifold returns. 

Frequently Asked Questions

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