There are lots of cryptocurrencies available today. Just about every cryptocurrency allows you to mine it, that is, generate the cryptocurrency using your computer. Choosing which cryptocurrency to mine can be a big task because there’s so much to research. We have chosen the four best cryptocurrencies to mine and tell you about each of them in this article. Profitability is calculated using average costs; you should verify profitability using online profitability calculators before you invest.
Bytecoin is an anonymous cryptocurrency that’s designed to protect your privacy – no one can tell who sent money, who the receiver was, and the amount of money transferred. Bytecoin is limited to 184 billion BCN, which ensures that BCN becomes more expensive over time as more Bytecoin is mined.
Bytecoin mining uses a uses a proof of work mining algorithm called CryptoNote and is mined using either a computer’s CPU or GPU (graphics card). The CryptoNote algorithm is resistant to being mined using ASICs, this ensures mining can always be done using regular PCs instead of specialized mining hardware. Currently, you can expect to profit about US$112 per month of mining BCN.
Zcash is also designed to protect your privacy because you can choose whether to encrypt the details of your transaction or not. If you encrypt the details of your transaction, the sender, receiver, and amount are hidden.
Zcash mining uses the Equihash proof of work algorithm and can be mined using a regular computer’s GPU (graphics card). Equihash is resistant to being mined using ASICs so this ensures mining can always be done using normal PCs instead of specialized hardware. Currently, profitability is at US$142 per month.
Like the other cryptocurrencies in this article Monero, or XMR, is private because you cannot trace the sender, receiver, or amount of a transaction. Moreover, XMR is fungible – this means you can replace one XMR with another without affecting the value of the transaction. This feature is important in helping hide the details of a transaction.
Monero uses the CryptoNote algorithm for mining – it is an ASIC-resistant proof of work algorithm that ensures normal PCs can be used for mining. You mine Monero using your PCs GPU (graphics card). Currently, the monthly profitability of XMR is US$190 per month.
Electroneum, or ETN, was designed to be easy to use, easy to mine, and is designed with fast transaction speed in mind. Electroneum, like the other cryptocurrencies in this article, is also private because transactions are encrypted so you can’t find out anything about the sender, receiver, or amount of a transaction.
Electroneum uses the CryptoNight algorithm for mining, which is also ASIC-resistant. What makes Electroneum different is that you can mine it using your mobile phone because CryptoNIght is designed for CPU mining and mobile phones usually have good CPUs. At current rates, you can expect profitability of about US$218 per month.