With people gaining more access to the digital world, number of people using cryptocurrencies has also grown by leaps and bounds.
In these recent few years, more and more people have started using digital currency for various purposes, with one of the most popular ones being mining. Consequently, they search for the best coin to mine as per the hardware they use.
What does mining a cryptocurrency mean?
There are various types of cryptocurrencies available in the market. Mining is a process through which the authenticity of each cryptocurrency transaction is verified before adding them to a blockchain ledger. Bitcoin mining, altcoin mining, and crypto-coin mining are some of the other names of this process.
For a transaction using cryptocurrency, a person has to update the digital ledger for the transaction by verifying its authenticity. In exchange, the miner is paid a small amount of cryptocurrency for their service.
However, to mine the cryptocurrency, you will have to compete with other miners and solve complex mathematics containing various cryptographic hash functions.
So which is the best coin to mine?
Lets take a look!
Which is the best cryptocurrency to mine?
While deciding on the best coins for mining, it is important to consider which hardware you are using.
There are primarily three types of hardware that can be used for mining. Each of them has specific cryptocurrency that they support the best.
- ASIC mining:
The best hardware for mining, Application-Specific Integrated Circuit or ASIC can solve various complex algorithms. It employs a hashing algorithm extremely fast and can work on calculating a hash 100,000 times faster than the fastest CPU.
Litecoin and Bitcoin are two of the best coins to mine through ASIC.
- GPU mining:
It can solve graphics based algorithms. GPU or Graphics Processing Unit is quite flexible concerning their application and is often used for computer games and 3D animation.
The best coin to mine using GPU can be the following: Dogecoin, Monero, and Ethereum. Ethereum especially can be extremely profitable as it is the biggest capitalised cryptocurrency after Bitcoin.
- CPU mining:
CPU or Central Processing Unit can solve processor based algorithms. Previously, Bitcoins were one of the cryptocurrencies that were mined through CPU. But, in recent years, CPU does not support Bitcoin mining.
However, there are a few cryptocurrencies that are extremely profitable if mined using CPU. Some of these best coins for CPU mining are Steem, Litecoin, Bytecoin, and DASH.
Therefore these are few of the best coins to mine if you are looking to make some profit through mining!