Investing in cryptocurrency always seems to be a good idea no matter when you decide to begin. While the best possible time to do it was at the very start, it is understandable that nobody could have ever predicted how big they would become and how valuable these assets would become. In 2024, cryptocurrencies are as popular as ever but more and more average people are making the decision to take the final step and become investors and traders themselves no longer just looking on and following the newest trends on the market.
Obtaining digital currencies and doing business with them used to be something that more people got involved in as a hobby because it was fascinating to them. They would keep in touch with the latest news and check the value of various coins each day. When things took turn for the better and when Bitcoin led the way to a new renaissance period of the crypto world from the second part of 2024 and into 2024, many of them became miners and investors themselves.
Records once thought inconceivable were broken and the newfound fame caused shortages of computer components. People started to purchase graphics cards and hard drives in an effort to mine as much as they can and store it as their balance. Things did calm down a bit as we are nearing the final stretch of 2024, but it is still a very good time to mine cryptos. However, which one should you focus on and should you only pick a single coin or broaden your horizons? Keep reading the article to learn which cryptos are the most profitable to mine right now. In addition, to find out even more info on the matter, make sure to check out btc-loophole.com/bg.
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Assembling a Rig
Before you start thinking about what crypto to mine, you should make sure that your mining rig is assembled and ready. A mining rig is a special type of computer that is built for mining cryptocurrency and little else. The most important thing in it is a powerful GPU, or graphics processing unit. Yes, the thing that is also used in high-end gaming. The stronger it is the more you will be able to mine, and faster. In addition, one is not enough as rigs typically combine anywhere from a handful to dozens of graphics cards that work together around the clock to mine for more cryptocurrency.
Except the GPUs, you will also require other computer components strong enough to power them. Power supplies are the most important thing since the rig will be working 24/7, or at least it should. Then you will need the rest of the parts just like other computers have. Other than this, you will need mining software, an electronic wallet, an account on a cryptocurrency exchange service, and tons of research and other people’s valuable experience.
Modern mining is mostly done by larger companies and organizations that devote entire buildings and hangars to an astonishing amount of rigs working together as mining farms. Solo mining is quickly becoming obsolete. It actually was until the recent changes in crypto value, after which it gained some traction again.
What to Mine?
While Bitcoin seems like the most obvious choice, it is actually not the most affordable nor profitable crypto to get in 2024. Following is a list of the best digital currencies that you should be aiming at if you want to make some money mining right now.
1. RavenCoin (RVN)
With a return on investment (ROI) of 39% since its launch, this is one of the best coins to support right now. Current price is $0.145, but the reward for mining one block is 5,000 RVN. The total supply available is 21 billion while the market capitalization is over $135 million. The coin is aimed at transforming decentralized mining. It was launched at the ninth anniversary of Bitcoin, January 3, 2018, and it quickly established itself as one of the top solutions thanks to its features in mobile wallets, compatibility, voting, messaging, and more.
2. Monero (XMR)
The current price of XMR is $278 and this crypto uses RandomX hash. It has over $5 billion in market capitalization and is one of those coins that always seem to stick around. One of the reasons why it is popular with miners is the fact that it is rather easy and straightforward to set up a rig for it. The current mining reward is 2.15 XMR per block.
3. LiteCoin (LTC)
You have probably heard of LTC as it has been one of the most popular cryptos in existence for years. Since its launch, it has had an unreal ROI of 743%. The reward for mining a single block is 12.5 LTC, and one LTC is worth $182.68 at the moment. The market cap of this crypto currently sits at more than $12.49 billion.
4. Ethereum Classic (ETC)
While the original Ethereum (ETH) is still miles ahead both in popularity and worth, the $69.38 per coin ETC is a great coin to back up and mine right now. It is currently ranked as the 24th best crypto and has a market cap of $8.07 billion. Its return on investment since launch is 525% and mining a single block gets you 3.2 coins. The idea behind it is to maintain the original blockchain of Ethereum. Block time of this currency is also less than most others, so look no further if you want speed and efficiency.
5. Bitcoin Gold (BTG)
By now you have probably heard of at least a few other types of Bitcoin. While the main is still king and the best crypto to own by far, mining Bitcoin Gold is a good idea right now when one coin is $75.25 with a block reward being 12.5. The crypto was made to get rid of ASICs and only requires minimal investments, unlike most other altcoins out there. One of its primary tasks was to actually lower the overall risks miners take on their journey to find more coins.
Additional Coins to Consider
As the question of which crypto is the most profitable changes every day based on their spikes and drops in value, it would be best if you explored your options and considered the following as well:
6. Dogecoin (DOGE)
7. Dash (DASH)
8. Metaverse (ETP)
9. Grin (GRIN)
10. Zcash (ZEC)