Cryptocurrency mining is becoming exponentially competitive. It used to be that anyone with a PC could exploit for profit, but now they need expensive equipment to stand a chance. So what is the most profitable cryptocurrency to mine in 2020?
Bitcoin would be the most profitable but only if you have a large capital to invest
The profitability of the cryptocurrency mining is very nuancedIt 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 currency to mine today, although not if you are an individual miner, in most cases. Bitcoin mining is extremely competitive, requires specialized hardware in the form of ASIC (Application Specific Integrated Circuit) platforms, and requires cheap electricity to maximize profits.
Bitcoin is mined primarily by large companies with millions of dollars invested in thousands of ASIC miners, cooling systems, and operating outside of countries with competitive electricity rates. Current blockchain Bitcoin rewards pay $ 14,130,000 to miners daily, at current BTC prices.
Apart from Bitcoin, what other cryptocurrencies are profitable when it comes to mining?
- Ethereum Classic– This is another ETHASH cryptocurrency that is profitable for miners using GPU mining rigs. Expect the ETC hash rate to increase after Ethereum 2.0 is released and no longer supports mining.
- Grin– Grin's CR29 and CT31 hashing algorithms are also profitable for home miners. Grin was designed to be resistant to ASICs like ETH and other currencies that aim to keep mining decentralized and accessible to hobbyist miners.
- Haven protocol– Haven's protocol uses Cryptonight, a PoW algorithm also used by Monero and various other cryptocurrencies. Nvidia GPUs are better suited for efficiently mining Cryptonight than AMD GPUs, although both can be used to mine Haven.
- BitTube: BitTube is a decentralized alternative to YouTube, which uses blockchain. Content creators receive payments in TUBE tokens. BitTube also uses Cryptonight, and it's a smaller capitalization coin that has proven profitable for GPU miners in recent history.
Just consider the risks when deciding which coin to mine.2