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Bitcoin is the strongest and oldest cryptocurrency in the world. However, it is not the best cryptocurrency for mining. Let’s analyze the mining of which coins will bring profit in 2022.
Mining is the process of calculating or guessing the hash (code) of transactions on a blockchain. With the development of the blockchain, the complexity of mining is growing and requires more and more computing power.
Each blockchain has its own algorithm for calculating the hash. Mining devices support certain hashing algorithms.
Video Card Mining
To compare the results, consider as an example one of the most productive video cards for mining, according to the information of the online portal https://whattomine.com/, – NVIDIA GeForce RTX 3090 Ti (cost: 1,949 euros).
With self-analysis of mining, you can consider other video cards and ASIC devices.
This graphics card can calculate the hash of seven blockchains.
The profitability of mining will be counted on the https://whattomine.com/ portal.
1. Ethereum (ETH)
Ethereum is the second largest cryptocurrency by capitalization and does not need a separate introduction.
The capitalization of ETH exceeds $ 140 billion, and the cost has dropped to $ 1,147.
The profitability of ETH mining is as follows:
You can earn $ 1.03 per day at the current coin rate.
2. RavenCoin (RVN)
RavenCoin is one of the most profitable coins for mining. The coin was named after black ravens from the fictional world of George R. R. Martin Westeros.
This cryptocurrency was launched on January 3, 2018 (on the ninth anniversary of Bitcoin). The coin was designed for seamless instant payments. In 2019, the developers introduced this coin, which includes features such as enabled messaging, a mobile wallet with the original phrase, improved compatibility, voting with RVN, etc.
The main goal of RavenCoin is to create a blockchain optimized for the transfer of assets from one person to another. The main reason why it is recommended to miners is that it uses the X16R algorithm and the KawPoW protocol.
The coin is based on Ethereum and Bitcoin in terms of asset transfer. The total number of RavenCoin coins is 21 billion, and the market capitalization exceeds $ 200 million. The coin fell along with the market and is now trading at $0.01929.
The profitability of Ravencoin mining is as follows:
You can earn $ 0.53 per day at the current coin rate.
3. Ethereum Classic (ETC)
Ethereum Classic is a cryptocurrency designed to support the original Ethereum blockchain. This digital currency was launched in July 2016. Currently, its market capitalization is more than $1.9 billion. The supply of cryptocurrency is limited to 210,700,000 pieces.
Ethereum Classic ranks 29th in terms of capitalization among the world’s cryptocurrencies. ETC is an offshoot of the original Ethereum running on an algorithm called EtcHash, supporting DApps and smart contracts.
The coin is trading at $14.
The profitability of ETC mining is as follows:
You can earn $ 0.55 per day at the current coin rate.
Mining on ASIC
Consider the most productive ASICs on the market. Unlike video cards, ASICs support a single hashing algorithm, but have greater performance.
As an example, consider Bitmain Antminer L7 9500Mh. It supports the Scrypt hashing algorithm.
4. Dogecoin (DOGE)
Dogecoin is a cryptocurrency created as a joke with the symbol of Billy Marcus’ dog. Last year, this cryptocurrency grew significantly against the background of a pump on the part of Elon Musk.
It is now a fully functional cryptocurrency that can store value and be used for transactions.
The coin has no supply limit, so it is not considered protective against inflation. DOGE uses the Scrypt protocol, similar to Litecoin.
The capitalization of DOGE is 6.95 billion dollars with a coin value of 0.005239 dollars.
The profitability of DOGE mining is as follows:
You can earn $ 7.96 per day at the current coin rate.
5. Bitcoin (BTC)
Bitcoin does not need a separate introduction. The Bitcoin blockchain uses the SHA-256 hashing algorithm. The most producedThe other ASIC running on this algorithm is Bitmain Antminer S19 Pro+ Hyd.
Currently, the capitalization of Bitcoin exceeds $ 400 billion with its value of $ 21,096.
The profitability of BTC mining is as follows:
You can earn $ 4.66 per day at the current coin rate.
Against the background of the current decline in prices along the entire front of cryptocurrencies, mining seems unprofitable. But there are two things to note.
First, if you already own a mining device, it is worth using it to mine coins that, even at current prices, are able to make a profit, and also have the potential for growth in the future.
Secondly, the market will have a large number of offers for the sale of equipment for mining at low prices. People and companies disappointed in the extraction of digital currencies will get rid of their devices at any price. This is a good opportunity to purchase scarce mining equipment at good prices.
But it is worth remembering that devices for mining quickly become obsolete, and today models released 2-3 years ago do not bring profit to their owners.
Author: Elvir, Analyst at Freedman Club Crypto News