Cryptocurrency mining provides individuals the opportunity of earning passive income on a regular basis. This process is used for confirming and validating transactions on a block, which then becomes part of the blockchain public ledger. Earning money from mining is not that complicated because you only have to connect a CPU, GPU, or ASIC miner to a crypto mining pool. Thanks to these pools, miners can combine their computer processing power or hash rate, which increases the possibility of block verification and receiving crypto as a reward. Even though there is a horde of cryptocurrencies that can be mined, it is essential to remember that not all crypto mining can be profitable.
Some cryptocurrencies can be expensive to mine and you will not be left with a lot of profits at the end of the day. Therefore, you need to keep your financial goals in mind and then choose a cryptocurrency accordingly. What cryptocurrencies should you consider mining in 2021 and beyond? Here are some of the top options to explore:
This particular cryptocurrency was created as one that could be mined by GPU, as a replacement for Litecoin, which had also been created to be mineable by GPU as an alternative to Bitcoin but had succumbed to ASIC control. Since it offers support for GPU mining, this means that the network remains as decentralized as possible.
It should be noted that Vertcoin is not mineable with CPU cards and ASICs. The crypto is to be mined with VerthashMine and can be mined via crypto pools, as well as individually. Some of the pools you can explore include Coinotron.com, miningpoolhub.com, Zpool.ca, and Bitpoolmining.com.
One of the cryptocurrencies that are categorized as private coins is called Grin and it facilitates private transactions between platforms and individuals. For instance, the Grin platform does not allow the public to view the receiving and sending addresses, or the amount sent. For non-privacy coins, this data can be publicly viewed. The MimbleWimble protocol is used by Grin for ensuring the scalability and privacy of transactions.
It is possible to engage in solo mining with ASICs and the use of the MimbleWimble protocol means that Grin is very lightweight and scales based on its number of users, rather than the number of transactions. It is possible to mine Grin with GrinGoldMiner, Gminer, lolMiner GPU mining software, and Cudo Miner, all of which are downloadable for free. Mining pools, such as f2pools.com and 2miners can be used for mining Grin.
One of the best privacy coins that are known in the market is Monero (XMR) and it enhances the transactions’ non-traceability. The bitcoin blockchain shows transaction details, such as the addresses of the sender and receiver and the amount sent, but these details cannot be seen on the Monero blockchain. One of the best things about Monero is that you don’t have to invest a lot of money to buy CPUs for mining it and it takes 24 seconds to mine 1 Monero. Every miner gets a reward of 4.99 XMR. You can mine it solo, or you can use pools, such as MineXMR.com, xmr.nanopool.org, SupportXMR.com, and monero.crypto-pool.fr.
Another privacy coin that’s known for ensuring the confidentiality of transactions is Zcash. It has an option of using public transparent wallet addresses and their history and data are viewable publicly. Groups and companies that wish for transparency and traceability in transactions can use these. There are shielded transactions that can be used by people who want to protect their privacy and financial history. The per-transaction fee is 0.0001 Zcash. Scientists from UK Berkeley, Tel Aviv University, Johns Hopkins, Technion, and MIT have backed this particular crypto.
One important feature of Zcash is that it is ASIC-resistant. You can use GPUs for mining it and beginners can even use CPUs for mining it because this makes it a cost-effective option. There is also a ZEC mining pool and you can explore options like Slushpool, Nanopool, and Flypool. There are 10 blocks produced in this blockchain after every 2.5 minutes and the block rewards are 3.125 ZECs for every 75 seconds.
A peer-to-peer network is used by Ravencoin for facilitating the transfer of trading assets. It has no ICO or nodes and is based on a Bitcoin fork. Its initial mining costs are low because ASICs cannot be used for its mining. Some of the popular software that can be used for mining Ravencoin include Blacksmith, Coinotron, Skypool, 2Miners, Nanopool, Bsod, WoolyPooly, HeroMiners, and Suprnova. Every minute, a block is mined or created and a reward of 5,000 RVNs is given.
Haven Protocol (XHV)
This is another private coin and Haven Protocol is based on Monero. The platform is unique because it does not involve any custodians, middlemen, or third parties, so people can transfer, convert and store monetary value from the wallet directly. Currently, people can use their wallets for converting Haven into other fiat-pegged tokens. Cryptocurrencies, such as xCNY, xUSD, xAU (Gold), and xBTC, along with synthetic fiat are available on the platform for easy conversation as well as swapping.
The exchange rates on the platform are not decided by anyone and no limits are imposed on the conversion of an asset. As far as features are concerned, you will be pleased to know that Haven Protocol has inherited the privacy features of Monero, such as stealth addresses and RingCT. Some of the mining pools that can be used for this crypto include Miner Rocks, Hero Miners, Hashvault, Hashpool, Fairpool, and Fracking Miner. The software that’s used for mining Monero can also be used for mining Haven Protocol. Some of the software options you will find, include CryptoDredge, BLOC GUI Miner, and SRBMiner.
Along with these cryptocurrencies, some of the other options that you can also explore include Ethereum Classic, Ethereum, Litecoin, Monacoin, Bitcoin Gold, and Aeternity. These are some profitable options that can help you earn the passive income you want from crypto mining and keep your costs as low as possible.