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Bitcoin and the entire cryptocurrency ecosystem have gained immense popularity over the last decade. This fast-rising invention is arguably the most interesting innovation of our time, that's why you're probably here looking for the easiest crypto to mine and we're here to help you!
Global awareness and adoption of cryptocurrencies are majorly on the rise because it is a reliable way to earn passive income.
There are many ways to earn passive income in the crypto space, like “hodling” your crypto assets amongst several other profitable options. However, of all these options, one major method stands out – Mining.
What is Crypto Mining?
Cryptocurrency mining is simply a process by which transactions are verified and included in the blockchain digital ledger. Also, it ensures the introduction of new digital tokens to the already circulating supply.
It carries out all these functions without the need for any form of centralized body or a third party. Cryptocurrency mining requires the use of specialized computers known as Miners.
There are several methods of carrying out cryptocurrency mining. They include:
- Cloud Mining – involves paying a firm to help carry out mining functions. The firms are usually specialized, so there's a high chance of receiving huge returns, especially paid cloud mining.
- CPU Mining – involves the use of processors to mine cryptocurrencies. This method was quite popular a few years back. Its popularity has, however, dwindled in recent years. Some of the best crypto to mine with CPU include; Zcash, AEON, Vertcoin, etc.
- GPU Mining – This is arguably the most widely used and efficient method of mining cryptocurrencies. Most cloud mining corporations make use of GPU rigs. They stand out because they are efficient, cheap, and quite easy to use. Some of the best crypto to mine with GPU include; GRIN, ETH, Monero, Electroneum, etc.
- ASIC Mining – This involves using special devices ASICs (ASICs – Application-Specific Integrated Circuits) to carry out crypto mining operations. They are quite popular because of the huge amounts of crypto they can produce within a short period of time. They are, however, a major source of controversy in the crypto mining space.
As global awareness and adoption of cryptocurrencies grew, so did the interest of people in crypto mining. There is currently a wide range of cryptocurrency to choose from when planning to carry out mining operations.
To dubbed particular crypto as “the easiest crypto to mine” requires some form of expertise and know-how on the part of the miner.
Below are several features to look out for before choosing suitable crypto for mining.
- Rate Potential Profitability
The first step to take is to check out how profitable the crypto is. It is advisable to work with well-known cryptocurrencies as opposed to new coins. However, there are no hard and fast rules as new crypto with adequate support might really rise to the top.
- Withdrawal Options are Available.
It doesn't make sense to mine crypto that has no reliable method of withdrawing it. Several new coins find it difficult to get listed on exchanges.
In the event of such, the possibility of converting them to fiat or more popular cryptos like BTC or ETH is near impossible.
In choosing crypto to mine, it is advisable to choose prominent tokens or tokens already available on cryptocurrency exchanges like Binance.
- Legally Acceptable
Several countries like China have put laws in place as touching crypto mining or mining of specific cryptocurrencies. This majorly affects privacy tokens like Zcoin and Monero.
In choosing crypto to be mined, it is important to ensure that all regulations as touching crypto mining are strictly adhered to.
- Cost of the Crypto
As a general rule of thumb, it is expected that the more expensive crypto is, the more profitable mining it should be. However, this isn't always the case, especially for long-term investment.
You could also locate a promising token, mine it, and wait patiently for it to grow.
- Halving
It is usually not advisable to mine a crypto token close to its halving date, as this leads to lesser rewards and profit. So it is necessary to steer clear from cryptocurrencies close to their halving dates.
- ElectricityCost
This is a major aspect to look into before choosing a crypto token. How much electricity is needed to mine one token? This info will help calculate the profitability of mining that particular cryptocurrency.
Easiest Crypto to Mine: Reviews
1. Litecoin
Being one of the earliest available altcoins, Mining Litecoin is quite profitable. This is because it's one of the most successful hardfork of Bitcoin.
Mining Litecoin requires the use of GPU mining. Litecoin stands as one of the easiest cryptos to mine because of its less volatile nature. It is also easy to trade on many platforms and boasts of high speed and affordable transaction fees.
Litecoin mining uses the SCRYPT protocol, so there's no need for ASIC mining. The crypto is also rated as one of the top 10 cryptos in the world.
Note
Algorithm: Proof-of-Work (PoW)
Hashing Function: Scrypt
ROI: 743.42%
Current Price: $56.92
Block Mining Reward: 12.5 LTC
Litecoin Pros
- Less volatile aas compared to other cryptocurrencies
- Makes use of the SCYPRT hashing function
- Good block mining reward at 12.5 Litecoin, so it is possible to earn a passive income of about $5,300 by simply mining the crypto
- Litecoin mining is also about 4x faster than mining Bitcoin
Litecoin Cons
- Litecoin mining equipment is expensive
2. GRIN
Grin (GRIN) is one of the best cryptos to mine using GPU. Based on the MimbleWimble protocol, Grin is quite new in the crypto space. With a limited supply of token, GRIN holds a great appeal to miners.
The crypto recently carried out its second hard fork, subsequently ushering in its Cuckaroom-29 algorithm. Grin uses the Cuckoo Cycle concept and is currently traded on top exchanges like Poloniex, Kucoin, OKEx, HitBTC, and Bittrex.
Note
Algorithm: Proof-of-Work (PoW)
Hashing Function: Cuckoo Cycle (CuckARood-29, CuckAToo-31, Cuckaroom-29).
ROI: -95.43%
Current Price: $0.51
Block Mining Reward: 60 GRIN per block.
GRIN Pros
- Easy to mine
- Profitable
- Secure due to its MimbleWimble protocol
- Litecoin mining is also about 4x faster than mining Bitcoin
GRIN Cons
- GPU mining equipment is expensive
- Huge electricity bills
3. Monero
Launched in 2014, Monero is known as a privacy token that is both credible and reliable. With a major focus on ensuring anonymity, the crypto recently deployed the RandomX protocol.
Monero mining can be carried out with a CPU. However, to prevent ASIC-mining, the crypto has to keep modifying its algorithm. It is safe to say Monero is one of the easiest cryptos to mine this year.
Note
Algorithm: Proof-of-Work (PoW)
Hashing Function: RandomX
ROI: 1,490.68%
Current Price: $88.94
Block Mining Reward: 1.73 XMR
Monero Pros
- Easy to mine
- Profitable
- Privacy focused crypto
- Can easily be mined with a CPU
Monero Cons
- It is prone to ASIC mining
4. Ethereum Classic
Ethereum Classic (ETC) is the original Ethereum blockchain, with Ethereum, as we know it today, a hard fork of this blockchain. In line with ETC policy, the blockchain reduces block reward after every 5 million blocks.
The last reduction took place in March with block rewards down to 3.2 from 4 ETH. Despite this, it is still quite profitable to earn passively by mining ETC.
Note
Algorithm: Proof-of-Work (PoW)
Hashing Function: Ethash
ROI: 525.52%
Curr. Price: $6.510
Block Mining Reward: 3.2 ETC
Ethereum Classic Pros
- Easy to mine
- Profitable
Ethereum Classic Cons
- ETC mining equipment is expensive
FAQs
Will Crypto Mining Still be Relevant in the Near Future?
According to crypto analyses, crypto mining isn't just relevant today, many schools of thought expect it to become more profitable in the near future. This is definitely good news,, especially for crypto enthusiasts looking to carry out long-term investments in the crypto space.
Can I Mine Cryptocurrencies With my Personal Computer?
Theoretically, Yes! You can mine with your computer. However, there's a high chance of causing irreparable damage to your computer hardware. To mine Bitcoin, for example, it is advisable to get an ASIC machine instead of using your personal computers or laptops.
Where Can I buy Miners at a Fair Price?
With profit as a major reason for mining cryptocurrencies, it is advisable to buy directly from the manufacturer. A major example of a top-notch mining machine is the Antminers, and they can be safely purchased from Bitmain.
Conclusion
Looking at major events in the crypto space, it is clear that crypto mining is here to stay. Choosing the right crypto to mine is essential to earning passive income in the crypto space today.
While there's no hard and fast rule to picking the easiest crypto to mine, the above-analyzed cryptocurrencies are some of the easiest cryptos to mine today.
However, it is important to note that there is still a possible chance for currently obscure crypto to become one of the easiest cryptos to mine shortly.
