Today, wij are going to voorstelling you how to mine the most profitable coin. Whether you are a seasoned miner or you are just coming in the crypto universe, this guide is for you.
For the sake of this guide, wij are going to assume that the most profitable coin is the one that yields the highest dollar amount when converted. If you are looking for a coin to hold, this is not the guide for you.
I’m going to embark off by talking about how wij determine the most profitable coin. Then I’ll give you a list of some mining programs and pools that can help you mine numerous coins.
Does a coin’s profitability depend on which GPU I Have?
Yes. Each GPU has a different hash rate for each cryptocurrency algorithm. Before you leap into mining the next profitable cryptocurrency, you vereiste check to see if it is proftable for you. Depending on the hash rate of your GPU it might make sense to mine a totally different algorithm. You can get a benchmark of your GPU’s hashing power using the webpagina: https://whattomine.com/
When choosing a GPU to purchase, you want to pick the one’s that have high hash rates for a diversity of algorithms. Te my opinion, this is the best way of diversifying your investment. By doing this, you are more likely to be able to effectively mine the next profitable coin.
How do you know if a coin is profitable?
A plain way of determining the best coin to mine is to check out the webpagina: https://whattomine.com/
Overheen there, you can input the type and amount of the GPUs that you have, and you’ll get a detailed list of different cryptocurrencies along with the U.S. Dollar amount that they will bring te.
The profitability of a coin is based on two things: Hash Difficulty and Price.
How does Hash Difficulty effect the profitability of a coin?
The hash difficulty is a meausure of all of the mining power that exists on the network. Spil the hash difficulty increases, you will be challenging with more people for mining prizes. On the other mitt, if the hash difficulty decreases, you will be splitting the prizes among a lesser amount of people. This will increase the profitablity of a coin.
How does Price effect the profitability of a coin?
The price is another major factor of a coin’s profitability. IfTo the price of a coin abruptly rises, then the mining prize is going to be more valuable. This is what toebijten to Ethereum te the Spring of 2018. The price of Ether slok up almost 3000%, causing the mining prizes to be considerably more valuable then they had previously bot.
Eventually, word got out that Ether wasgoed the coin to mine. Now the hash difficulty has gone up to the point where the profitability is not where it once wasgoed. This is okay however, because there are many more coins to mine.
How to mine the most profitable coin?
To mine the most profitable coin, you are going to need some profit switching software. There are numerous different types of mine programs/pools that you can use.
Here is a list of some of my dearest profit switching miners.
MinerGate is a popular profit miner that is compatible with Windows, Mac, Ubuntu, and Fedora. It offers a sleek graphical interface that makes it an excellent choice for miners that want to mine without the hassle.
This is certainly a user friendly solution to mining the most profitable coin on your equipment. MinerGate uses it’s own algorithms that chooses the most profitable coin based on your hardware, the price of the coin, and difficulty.
The best part of MinerGate is the capability to mine two different coins at the same time. It is usually hard to balance two coins at the same time spil one will usually hog more resources. With MinerGate, you won’t have to worry about this since it will choose coins that won’t do this.
Installing MinerGate is spil effortless spil installing any other program. Simply go and Download MinerGate. Go through the installation process and click “Start Mining”. You’ll have the option to adjust the cpu cores that each miner will use.
Nicehash is one of the more popular profit switching miners out there. This is because it is so elementary to use. They also pay out ter Bitcoin which is a big plus if you were programma on converting your crpytocurrency anyway.
What makes Nicehash different than all of the other pools is that you aren’t actually mining for yourself. When you use Nicehash, you are selling your hashing power to them, and they are reselling it on their marketplace. This is beneficial because you are permitting the free markets determine the most profitable coin to mine.
You literally download their mining program, waterput ter your Bitcoin address, and klapper commence. It’s almost too effortless. If you want to make things even lighter, download the miner Awesome Miner
With Awesome Miner, you can lightly connect to the Nicehash network. Awesome Miner will also permit you to set up autostart so that you automatically begin mining once you turn on your equipment.
Mining Pool Hub
Mining pool hub is another popular mining pool. It is more traditional te the sense that you will actually be mining the coins for yourself. What makes Mining Pool Hub indeed useful is it’s capability to Automaat Exchange your mined coins into any coin of your choice.
Once you have setup Automaat Exchange, you can specify an wallet address and frequency of withdrawal on their online instrumentenbord.
Setting up profit switching on Mining Pool Hub can be a difficult task. The manual way of doing it is listed on their webstek. It involves having numerous mining programs installed with a batch opstopping that points to each one. Once you have this setup, you can specify a coin, or algorithm that you want to mine on the Mining Pool Instrumentenbord.
Fortunately, Awesome Miner also provides support for Mining Pool Hub. Simply download Awesome Miner, install it, and setup a “Profit Miner”. On the Mining Pool Hub instrumentenbord, you’ll be able to add a worker. Once you have added a worker, you can input your worker name into Awesome Miner ( ex. accountname.workername).
Recall to setup Automaat Exchange on Mining Pool Hub, unless you want to keep the different coins that you’ll end up mining.
There is numerous factors that should be considered when choosing a coin to mine: GPU, Hash Difficulty, Price, etc..
The easiest way to mine the most profitable coin is to use the webpagina https://whattomine.com/ or use a profit switcher like Nicehash or Mining Pool Hub.
I personally choose using the profit switchers since I can leave it on autopilot. If you look on the What to Mine webpagina, you’ll notice that the profitability of a coin switches day to day. It’s best to leave it to a profit switcher that can take care of all of this for you.