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Are you choosing the right crypto coins to mine in 2020?
Gone are the days when Cryptocurrency and Bitcoin were synonymous to each other. It is late 2019, and Bitcoin isn’t the most profitable mining coin anymore. The complexity to mine Bitcoins is so high that the investors are instead picking up alternative options that promise higher returns. Fortunately, there are a bunch of Altcoins that offers profitable mining.
By now, you know that there are a bunch of coins you can mine in 2020, but before that, it is important to know a few other things.
What makes it profitable?
Before I disclose the coins with a lucrative future in 2020, and you do your share of research on them, it is always good to know about what makes them profitable, and about their profitability.
How is it priced?
It is directly proportional: the costlier the coin, the more profits mining on it would fetch you. However, this is only for short term investments. For the long term, you can mine a coin and wait for its price to grow.
Halvings is one of the major reasons why the crypto market is not as rewarding and profitable as before. The year when the coin price is halved, thereby reducing the profits, it becomes less attractive. This is when you need to use your grey matter and calculate whether the investments on mining equipment will yield profitable results with the number of coins mined.
The law is simple, the more blocks generated, the higher the chance of getting rewarded.
As time passes, the number of miners is increasing along with the difficulty to mine profitable coins. However, it is still very much achievable considering the lucrative options.
Efficiency of Equipment
Is your budget sufficient? Are you finding investing in GPUs expensive? Everything counts. So, choose wisely. It also depends on the current difficult of coin mining.
Check out this graphic that reveals the electricity cost for mining Bitcoins in different countries:
How to Choose?
Now, let me list out a few factors that you must consider to select that coin for mining:
Is it possible to fiat?
You need to find the exchange platforms which allow you to buy popular tokens or convert the newly mined coins to fiat. But do not forget about the exchange fees!
Does the exchange support the coin?
Every exchange does not have all the coins. However, it is always recommended for miners to not conduct transactions with unpopular exchanges. They are usually forced to deal with shitcoins that offer them large commissions. In the end, you will also be forced to surrender your earned share for withdrawal.
Other rules and regulations
Every country has its own set of laws regarding cryptocurrency, and it is always wise to abide by it. Infact, some countries have proposed a ban on cryptos. Thus before further detailing, cross-check your country’s laws surrounding cryptocurrencies and of its suggests anything contrary, it is better to avoid the risk.
Don’t forget to check out online resources before making any decision. Sites like is-scam.com are perfect for this.
Now that you know what makes these coins so profitable and what you need to consider before making a final pick. Here’s the final and most awaited segment –
Crypto coins that you MUST mine in 2020:
This is a MimbleWimble consensus algorithm based new cryptocurrency which is not only easily available on 24 platforms but also ensures the privacy of transactions within the network. It is easily available because it has unlimited coins, which makes it furthermore attractive. This coin uses the Cuckoo Cycle concept. In technical terms, there are two algorithms, CuckARood-29 and CuckAToo-31. Both are suitable for different needs and categories of users.
Introduced back in Oct 2016, this coin has been underestimated, but at the same time has gained attention for its features like no other. Talking about features, this coin can be mined by anyone, and at the same time allows graphics card mining. Also, since it is completely anonymous in transactions, it is impossible to track them. It is absolutely convenient for trading and selling purposes. In fact, the commission for ZCash transactions is negligible. This is what makes it so attractive. This coin is likely to show and reach its full potential in 2020.
You might have already heard of this coin and also about it boasting high liquidity. Also, it has a market cap of over $130 million. You should pick this coin for mining because the developers are expected to soon be adding a set of new features, which will add to its value. Since it is such a household name, it is easily exchanged on many platforms.
Probably the oldest coin in our list, Monero has been proving itself viable and reliable since 2014. Unlike the other coins, Monero is slightly more expensive. For instance, in comparison to ZCash, it has 10 times higher the fees, but the fact that it offers exceptional and unmatched anonymity, that Monero is still valued by users. It keeps altering the algorithm for mining, thus you can use GPU and CPU for its mining.
It is a blockchain technology of the Ethereum, this coin can be mined with a couple of GPUs. However, it has higher inflation and scarcity, but what makes it still profitable is the higher block reward which it offers. This is one coin you can eye to enjoy a passive income.
This is one of the evergreen coins always on the list of expert miners. But yes, you will have to allow yourself to buy more or less expensive GPU. This is one of the most successful Bitcoin because of its wide availability on a number of exchanges, less volatility, high speed, and moderate transaction fees. And lastly, there is no need to buy ASIC, because it is SCRYPT protocol.
Ranked 38th in the world cryptocurrency, with a market capitalization of over $140 million, this coin is specifically based on GPU mining. You might have an argument that this coin didn’t grow in 2019, but why is it still on my list? Simply because of its stability and less volatility than other altcoins. Plus, this is one of the rare coins that was left unaffected from the bearish trend this year.
So now when we are at the end of this piece, most of you must be in a dilemma with one question in mind ‘Is it worth it?’ Believe me, it is! Provided, you carefully lookout for all the factors and pick the one that best suits your budget.
And, as said by Mr. Mark Zuckerberg, ‘The biggest risk is not taking any risks.’
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.