You may be engaged in cryptocurrency mining for many years but still may not be sure about the best coin to mine. This is the problem with every professional crypto investor. There was time when Bitcoin (BTC) was the only coin to mine and there was no confusion but many new coins, the altcoins, continued to emerge and their number crossed hundreds and now over thousand. This created a complexity for investors to make selection but offered flexibility to make profitable investment. The complexity is due to technical issues relating to mining and profitability is associated with diversity of investment.
Cryptocurrency mining process
Let’s discuss cryptocurrency mining in general. It is a process of carrying on verified cryptocurrency transactions and adding to blockchain digital ledger. You need a dedicated computer hardware: CPU, GPU or ASIC and an internet connection. The transactions are verified under Proof of Work (PoW) or Proof of Stake (PoS) system. Hardware is the vital parameter to consider your selection of best coin to mine and you should thoroughly understand this aspect.
Best way to mine
Which hardware is the best for cryptocurrency mining? Central Processing Unit (CPU) mining is the most primitive when Bitcoin was released but this mining is almost obsolete today. Graphics Processing Unit (GPU) mining uses video cards and much faster than CPU mining. GPU has ability to mine various coins such as Bitcoin Gold, Ethereum, Electroneum, and many others. GPU mining is also cost-effective. Application-Specific Integrated Circuit (ASIC) mining-hardware is the best to solve quite intricate algorithms and is, therefore, highly recommended for mining of many reputed coins. ASIC mining is much faster than CPU or GPU mining and is always preferred over any other hardware provide feasibility is there. Bitcoin and Litecoin are typically mined using ASIC hardware. The crypto mining has not same scenario as before because you can do it much efficiently and much faster using ASIC hardware.