Which Cryptocurrency Should I Mine in 2017/2018?

As of December 3rd, 2017, the world of cryptocurrencies has seen a significant surge in interest and investment. With Bitcoin leading the pack, many are wondering which cryptocurrency to mine. This article aims to provide insights into the most profitable and stable options for mining in the current landscape of digital currencies.

Introduction to Cryptocurrency Mining

Cryptocurrency mining involves using computers to solve complex mathematical algorithms, which, upon successful completion, can yield new coins. With Bitcoin mining consuming a vast amount of energy, it's crucial to explore alternative mining algorithms that offer more efficient and environmentally friendly solutions. The focus on Bitcoin has been predominant, evidenced by its rapid rise in value during 2017, but there are other options worth considering.

Why Focus on Bitcoin Mining?

Bitcoin (BTC) remains a popular choice for many miners due to its established network and high value. However, the energy consumption is a major drawback. The goal should be to use advanced encryption algorithms that can be embedded into software, reducing the dependency on high-power hardware. By focusing on Bitcoin mining, you can still tap into its significant potential for profit, provided you conduct thorough research and invest in quality mining software.

Alternative Mining Options

Monero (XMR)

If you have old AMD graphics cards, mining Monero (XMR) can be highly profitable. Monero uses the CryptoNight algorithm, which is more suited for older hardware compared to Bitcoin's SHA-256. This makes Monero a remarkable alternative for miners who have less powerful GPU setups. Additionally, Monero's privacy features and decentralization make it an attractive choice for those seeking anonymity and security.

Zcash (ZEC) and Ethereum (ETH)

Nvidia GPUs and newer AMD cards can be used to mine Zcash (ZEC) or Ethereum (ETH). Both of these cryptocurrencies use the Equihash and Ethash algorithms, respectively, which are more memory-intensive but less power-consuming than Bitcoin. It's crucial to ensure you have enough VRAM to handle these operations effectively. Moreover, both Zcash and Ethereum are continually evolving, offering promising long-term prospects for miners.

Electroneum (ETN)

Electroneum (ETN) is a relatively new cryptocurrency that is soon to gain significant traction. Their marketing team is planning to launch extensive global advertising campaigns, which could drive substantial value growth. As of December 3rd, 2017, the ETN price has already witnessed a 110% increase in just one week. The low mining difficulty makes it an excellent choice for new miners looking to generate consistent and lucrative rewards without a high initial investment.

Reputable Mining Pools and Software

To maximize profits and minimize risks, it's essential to use reputable mining pools. Some of the top pools for Electroneum mining include HashParty, an Electroneum-exclusive mining pool. Mining pools consolidate the computing power of multiple miners to increase the chances of finding a block and receiving a reward. This can be particularly beneficial for newer or smaller-scale miners.

For Bitcoin mining, you need to invest in reliable mining software that supports the latest mining algorithms. Some popular options include CGMiner, BFGMiner, and nanMiner, which are highly regarded for their efficiency and support for various cryptocurrency mining.

Additionally, it's important not to fall victim to scams. Research thoroughly and purchase legitimate mining software from trusted sources. Always verify the legitimacy of any website or platform offering Bitcoin mining services.

Conclusion

While Bitcoin mining continues to be a popular and potentially lucrative venture, there are other cryptocurrencies that offer viable alternatives. Monero, Zcash, Ethereum, and particularly Electroneum present attractive options for both experienced and novice miners. By choosing the right cryptocurrency and utilizing efficient mining methods, you can maximize your earnings and stay ahead in the ever-evolving world of digital currencies.

Key Takeaways

Bitcoin (BTC): Despite high energy consumption, it remains a robust option for mining. Monero (XMR): Suitable for old AMD cards, providing high profitability. Zcash (ZEC) and Ethereum (ETH): Effective with modern Nvidia and AMD GPUs. Electroneum (ETN): New and growing, offering low mining difficulty and high returns.

By carefully choosing your mining strategy and leveraging the right tools and resources, you can navigate the complex landscape of cryptocurrency mining with confidence and success.