What Cryptocurrency Should I Mine

The financial world got their first look at cryptocurrencies in 2009, when Bitcoin was first created. At the time, one Bitcoin wasn’t even worth one United States Dollar. In Summer 2017, Bitcoin (BTC) reached an all-time high directly below $3,000 USD per BTC. Shortly after the advent of Bitcoin, other cryptocurrencies — usually called altcoins — began popping up. Today, there are nearly 4,000 unique cryptocurrencies, hundreds of which are traded on major cryptocurrency exchanges.
Investors interested in getting their feet wet in the world of cryptocurrencies can either invest their cash into cryptocurrencies, or mine them. Investing traditional currency into cryptocurrency involves adding money to accounts on major exchanges like Poloniex. This is often more profitable than mining Bitcoin and altcoins. However, because they have to select one or more cryptocurrencies to invest in, they often think “What cryptocurrency should I mine,” which is a difficult question to answer.
Mining Bitcoin involves using computer power to help transactions get confirmations, with most of them requiring at least three confirmations. Using electricity to run standard computers is usually far too expensive, ruins computers, and takes forever to mine enough Bitcoin of significance. As such, most people interested in working for Bitcoin do so by running ASIC mining software.
Miners buy ASIC miners online, which are specialized computers whose only purpose is to mine Bitcoin. Users also have to install certain softwares to control the ASIC miners. These computers can’t be used for anything else, although they are effective in mining cryptocurrency. ASIC miners can’t be used for every cryptocurrency, although they do work for some altcoins.

Many people think that mining would be more profitable than investing in cryptocurrencies. Doing so would require knowledge of and familiarity with financial markets, whereas mining them doesn’t. Something that every miner figures out after attempting to mine — hopefully they figure out before they purchase any ASIC computers
— is that mining is generally unprofitable.
Mining is heavily capital-intensive, meaning that it costs tons of money to be competitive. There are entire warehouses of ASIC miners to earn investors money, who buy discounts on electricity and ASIC hardware because they spend so much money at once. However, there are other cryptocurrencies to mine and invest in other than the largely-unprofitable Bitcoin.
OneCoin isn’t as heard of as other cryptocurrencies, although it’s highly successful. It’s currently at a $1 billion market cap. It might be the best coin to mine as OneCoin is more than just a digital currency. The cryptocurrency network validates transactions and automatically relays a copy of the blockchain to the appropriate network members. With OneCoin, you can rest assured that your information is secure.
Ethereum and Ethereum Classic are two viable options for miners and investors, although mining requires a different computer. Litecoin is popular, as well, currently worth over $100, one of three currencies to be worth so much. Ripple is also a solid bet for investors and miners alike.
