7 Cryptocurrencies You Can Easily Mine at Home
Not everyone who owns cryptocurrencies engage in trading since some acquire their tokens through mining. Crypto mining, specifically, refers to the process of solving cryptographic equations through the use of powerful computers. As a reward for their efforts, the first miner who can figure out the complicated puzzle gets newly created cryptocurrency tokens.
The mining process is integral to the creation of new digital currencies and verifying the legitimacy of the transactions carried out using digital coins. Every time a puzzle is solved, a block of transactional information is clumped together and added to a public ledger called a blockchain. Blockchain technology serves as the foundation of decentralized finance, and maintaining a record of its transactions is a vital part of keeping a cryptocurrency network secure and trustworthy. The miners, then, function as the auditors of the decentralized financial system, and the new cryptocurrency tokens that mining generates serve as their compensation.
Solving cryptographic puzzles is easier said than done, and mining cryptocurrencies often requires the use of massive mining rigs that are equipped with specialized hardware. However, there are currencies that can be mined more easily than the others. If you’re planning to get into crypto mining without necessarily spending much on a mining rig, try these currencies.
To start mining XMR, all you need is a Monero wallet and a home computer. Unlike BTC that uses energy-intensive Application Specific Integrated Circuit (ASICs) hardware, XMR is designed to be ASIC-resistant and can be mined using consumer-level computers that make use of various CPU and GPU selections. This makes the currency a great fit for people who want to start mining at home.
Monero stands out from other cryptocurrencies as it is non-traceable due to its advanced privacy and anonymity features. It’s estimated that the entire 18.4 million Monero supply will be mined by mid-2022.
An open-source blockchain network, Ravencoin is based on Bitcoin and was launched in 2018. RVN can be passed from one user to another in a convenient manner, and users can mine it using most consumer-grade GPU hardware. The currency is specifically designed to be ASIC-resistant, as the community behind the coin wants everyone to have an equal opportunity to trade and mine the currency.
Like XMR and RVN, Ethereum is ASIC-resistant. After BTC, ETH is the second-largest cryptocurrency in terms of market capitalization. This currency can be mined by using GPUs that have been equipped with graphics cards. To start mining ETH, download the blockchain from the currency’s website, then create a wallet where you can store your mining revenue. Set your wallet to mine, and you’re good. After that, you can trade your earnings on popular cryptocurrency exchange platforms.
Based on the Doge meme, Dogecoin has a large user base and is designed to add new coins per year instead of setting a finite supply cap. This makes the currency a great option for miners who want to ensure that they can make the most out of the mining rigs they have at home. To get started, get a wallet for DOGE, then use graphic cards to speed up the mining process. It’s possible to mine this coin on your own, though many people suggest joining mining pools so you can put your resources together and enjoy better chances of earning tokens. Take note, however, that the latter option means you also have to split your combined earnings with the rest of the mining pool.
A next-generation privacy cryptocurrency, Beam has gone through two hard forks to maintain its resistance to ASIC-based mining. It can be mined efficiently using GPUs. To get started, you need to obtain a wallet and a mining program, configure the software to start mining, save it, and you’re good to go. Take note that the mining software makes use of expiring addresses, so you need to manually create a permanent address on the mining software to prevent the loss of your mining revenue.
Another currency that is focused on anonymity, Bytecoin is designed for easy solo mining. To start creating new BCN tokens, users only need to download the BCN wallet and start the program on their GPU- or CPU-equipped computer. While solo mining is a highlight of the coin, you should take note that this process can be quite slow and inefficient. Joining other miners through a mining pool is a good way of expediting the mining process and enhancing your earnings.
Designed to provide its users with financial privacy, ZCash was released in 2016 and is based on Bitcoin’s code. The coin’s users can choose to disclose their transactions for auditing purposes and to comply with tax regulations, or they can shield their details entirely. Like the other currencies in this list, ZEC is also ASIC-resistant and can be mined using consumer-grade mining rigs that feature GPUs. To start mining, you need to download the software on your computer and set up your wallet so you have a secure place for storing the tokens you mine.
Even if you’re not into actively trading, your activities as a miner allow you to contribute to your chosen cryptocurrency community. Check out these currencies today and start mining in your own home!