Top 5 Cryptocurrencies to Mine | ETH, XMR, LTC, DASH, BTG
Here in the cryptosphere, we all seek the prosperity promised to us by Satoshi's gift of freedom from the financial slavery of the past. Everyone wants to realize the dream of financial security through cryptos.
We buy, sell, and earn various coins and tokens in that pursuit. However, there is another way to obtain cryptos, and that is through mining.
Many newcomers to the cryptosphere believe one of two falsehoods about crypto mining:
1) That crypto mining is too technical. While building and setting up your hardware mining farm is a bit technical, there are several software programs and mining pools that anyone can start mining within less than an hour. These options put mining within everyone's reach. Falsehood #1 - DESTROYED.
And, the much more common misconception...
2) That crypto mining is the road to quick riches. While it is certainly possible, even probable, that you can make an amazing amount of money through crypto mining, it is NOT a fast process by any means. Mining takes time. Falsehood #2 - DESTROYED.
Now that we have established what is not valid let's talk about the reality of crypto mining.
As we established earlier, mining is by no means a get-rich-quick scheme. It takes quite a bit of time to mine a significant amount of cryptos without a massive financial investment at the outset. As most of us do not have such a large investment to spare, mining will be through a pool or software mining, which, again, sometimes.
The First Choice
Crypto mining can be a lucrative endeavor; if you choose the right crypto to mine. As it was born, the first Bitcoin is everyone's first choice for mining. Unfortunately, while we here at CryptoDetail run mining software to grab our little pieces of Satoshi, Bitcoin is in no way the most profitable crypto to mine at this stage of the game. With the flood of huge mining operations worldwide, getting any significant profit from mining BTC is not feasible.
So, after digging through the possibilities, we have put together five crypto mining options that will give you the best chance for profit.
#1 - Ethereum
Ethereum, or "Baby Bitcoin," has given us the expanded universe of crypto through the birth of the smart contract. However, even with all of the amazing inventions we have seen built upon that powerful bit of code, ETH is still very reasonably priced. And, although mining difficulty is great for ETH, that consistently low (compared to BTC) price is what makes Ethereum mining profitable. That lower price range and the fact that ETH, despite its dollar value, is invaluable because this blockchain controls every token created for the thousands of projects that are up and running and the majority of those born today. For all of these reasons, ETH mining is at the top of our CryptoDetail crypto mining list.
#2 - Monero
Monero has the largest "cult following" in terms of users who value the privacy and anonymity of all of the cryptocurrencies. Monero is the king of "my money is none of your business." However, even with such a group of active users, Monero is still very low priced compared to BTC. For example, XMR is less than half the cost of ETH at the writing of this article. Add that low price to the fact that Monero mining difficulty is also low compared to other cryptos. This makes Monero our #2 choice for mining profitability.
#3 - Litecoin
Litecoin comes in at the #3 spot on our crypto mining list. Why? LTC also has a significant following with its quick transfer times, excellent track record, and exciting plans. Those factors, along with the fact that Litecoin is easily transferrable to BTC for fiat liquidation, make this crypto one that can be mined for a significant profit margin. Furthermore, with some of the pools mining LTC today, it is possible to increase those profits in a relatively short amount of time.
[NOTE - "fairly short amount of time" does NOT = "get rich quick." Instead, this is a comparison to gaining profit through mining other cryptos. Don't lose track of the facts by getting lost in the hype.]
#4 - Dash
Dash is another of our favorite mining choices. This one is a rather easy pick. The low price and low mining difficulty make DASH mining a no-brainer. The only reason Dash isn't higher on the CryptoDetail crypto mining list is because its mining difficulty, while low, isn't quite as low as XMR or LTC. However, the meager price of this coin makes mining DASH a profitable endeavor.
#5 - Bitcoin Gold
Do you wish you could go back in time to when mining BTC was a sure thing? Is a windfall just waiting to happen? Unfortunately, George Carlin and his Bill & Ted time-traveling phone booth is merely a figment of our Hollywood-induced imagination. So, since we can't go back in time, mining Bitcoin Gold is our next best choice. Here at CryptoDetail, we are lovers of all cryptos. Any chance we have to mine a Bitcoin forked coin profitably is a chance we want to take to get the profits we know will come with all of those coins. So, BTG, with its current low price, is our choice for the ultimate mine and HODL as a sort of rainy day fund. One way or the other, every coin born from the King of Cryptos is a sure thing in future profits.
Regardless of your choice of any of our profitable crypto mining coins above, we at CryptoDetail have researched the possibilities to give you the top 5 possibilities for this year. But, unfortunately, in the cryptosphere, we have to act quickly to get those momentary profits. So, when you consider mining for the remainder of this year, get in on one, two, or all of these opportunities, and you can't go wrong.
Good luck with your own mining operations! Happy HODLing!!!
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