When some think of cryptocurrency mining, they tend to envision a high-complicated set up in a laboratory somewhere. However, one benefit of the cryptocurrency industry is that it is very inclusive. In fact, many of those who consider themselves professional miners complete their tasks from home. Because cryptocurrency does not have as many entry barriers as some other industries, more people can mine.
Professional miners are emerging every day. Technology is advancing, and people are starting to mine like never before. There’s a lot of new hardware that has been introduced, which is really changing the way people are mining at home.
In 2009, mining cryptocurrency was quite easy, and anyone could do it flawlessly with a CPU. Today, application-specific integrated circuit (ASIC) and other advanced hardware have swept out this chance, making it a bit difficult for starters to find their way in the mining world.
However, people continue to mine tokens from home, while some are easier to mine than others. Not sure which one to opt for? We’ve got you covered.
Today, we’ll talk about a list of cryptocurrencies you can mine easily from your home and the set-up costs associated with them.
The following are the easiest altcoins you can mine at home:
This cryptocurrency’s privacy terms make it impossible for anyone to hack your account or steal your coins. If you’re a beginner, we suggest you check out Monero.
While many cryptocurrencies can only be mined using the advanced technology of ASICs, Monero still supports the seemingly outdated CPU and GPU hardware. This is why this altcoin is popular among new miners.
Monero doesn’t take too much effort to mine. All you need is to install any mining software of your choice and watch as your computer does the magic for you.
Alongside the computer, you will also need an uninterrupted power supply and a data network. With all these, Monero is one of the easiest cryptocurrencies to mine.
The Beginner’s Guide to Mining Any Cryptocurrency
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Bytecoin is one of the few altcoins that you can mine effortlessly with your CPU. It has special features that make mining pretty easy for miners. All you need is to get the required software (wallet) and start earning as long as you follow the procedures. It’s the software that does the work for you.
You do not need ASIC-supported hardware before you start mining Bytecoin. You can easily mine on a CPU or GPU. This feature has made it a prevalent option for many people who want to explore the crypto market and are not ready to invest in hardware.
Everyone wants a secured network, and this has been the major concern of miners for years. Nobody wants to labor all day just for someone to hack into your account and cart altcoins away from your wallet. That is why the security structure erected for Bytecoin miners is top-notch and second-to-none—another great reason for you to start mining Bytecoin.
Electroneum is yet another easy to mine cryptocurrency. It has features that are very similar to Monero. With just a push of a button, you’re good to begin mining.
The developers of Electroneum made everything about it simple and easy. Being one of the latest innovations, this altcoin has proven its easy-to-use feature as it supports the least complicated hardware – the CPU. That is not all; Electroneum can also be mined using a mobile phone as well.
If a personal computer or laptop is all you can afford, then Electroneum could be your best go-to option. Electroneum offers you a very enticing and wonderful mining experience. Considering its growth, this altcoin looks promising.
This coin started on Twitter as a meme until it was fully established in December of 2013. Before it officially became a cryptocurrency in 2013, the Dogecoin community was a charity organization, sponsoring community projects and sports.
As a beginner, and even an existing miner, this coin is often quoted as an easy option to explore.
Unlike Bitcoin, Dogecoin adds coins to its base yearly. This has made it a go-to option for many people seeking a long-term mining goal. Over the past few years, its user database has been growing steadily.
With its interface built to allow the use of CPU and GPU, Dogecoin is an excellent platform. It is also ASIC-hardware resistant like many that you will find on this list. However, this does not mean it doesn’t support ASIC. It means you have options and can decide to use either ASIC or CPU hardware to mine.
If you want to mine from the comfort of your home, Dogecoin has features that will definitely steal your attention. It uses the Scrypt hashing algorithm for operation. However, solo mining with it is not really profitable, though not impossible. If you want to enjoy Dogecoin, you should switch to pooling.
After Satoshi Nakamoto launched Bitcoin in 2009, hundreds of coin mining firms popped up. Bitcoin is undoubtedly the first successful coin in the crypto world. Meanwhile, Digicash and Flooz came before Bitcoin but vanished after a while.
In essence, most or all other altcoins that came after Bitcoin adopted the pacesetter strategy. Some of them only modified one or two things to create theirs.
Recall that Bitcoin was launched in 2009 and operated with CPU hardware. Over time, it all changed, and the best hardware to use for mining Bitcoin as of today is ASIC hardware. Seeing that the decentralization policy was too “strict” and was becoming centralized already, Vertcoin came into the market in 2014 with an ASIC-resistant policy.
Vertcoin has increased in popularity over the last six years. The developers are more focused on people who only want to achieve small-scale mining. VTC offers you an amazing opportunity to explore the market with a graphics card. So, that makes it the people’s choice.
Vertcoin is popular amongst beginners as a result of the user-friendly algorithm adopted by its developers. If you’re looking for one of the easiest cryptos to mine, Vertcoin is among the best.
One of the oldest altcoins on the market is Litecoin. It came barely two years after the launch of Bitcoin. However, there was a belief that something was wrong with Bitcoin’s coding, which pushed Charlie Lee, an ex-Google worker, to launch what he called “a lighter version of Bitcoin with a hard fork.”
A hard fork means that you see a particular mathematical system and decide to change it completely. The new version has a decreased block generation time. Now, a single block could be generated in 2.5 minutes. There was also an increase in the maximum number of coins. The forked version — Litecoin —also came with a different hashing algorithm and a slightly modified graphical user interface.
The characteristic that made Litecoin popular was its swift transactions. It is four times faster than Bitcoin in this regard. Bitcoin can’t process more than seven transactions in a second while Litecoin can make about 28 in a split second.
If you’re seeking long-term profitability, then Ethereum is the next thing to put in your vision. Ethereum was introduced to the market in 2015 to overtake Bitcoin in terms of delivery and operations.
To achieve this mission, Ethereum introduced Blockchain 2.0 to the crypto market. The idea was basically to enforce a non-payment technology against the traditional use of cryptocurrency. It popularized the idea of finding another golden way of utilizing cryptocurrency besides buying products online and probably turning it into cash in your local bank account.
Hence, this prompted the introduction of De-fi (decentralized finance) to the market. With the introduction of De-fi, you can carry out financial services such as requesting loans and issuing assets with much ease. These censorship-resistant operations do not require mediators for the effective delivery of services. Isn’t that amazing?
When you compare Ethereum to other altcoins, you find out that none of them has a bigger ecosystem than Ethereum.
Ethereum also has a great online community, so there’s plenty of support available if you run into any trouble.
If you are going into altcoin mining, there are several questions to ask yourself – from what to mine to how secure your chosen coin is. One of the best cryptocurrencies in terms of security is Zcoin. This coin began as an extension of the existing and leading blockchain, Bitcoin, but the populace’s rejection led to a re-brand.
Zcoin operates similar to Bitcoin, perhaps because it was created as an extension of the first cryptocurrency. It also has a ledger where all transactions are recorded. The algorithm originally adopted by Zcoin was Lyra2z. However, the developers needed to switch to an advanced MTP algorithm (Merkle Tree Proof of Work).
Zcoin has been a popular choice for years and its user base is increasing daily.
9. Binance coin
Binance is a popular altcoin exchange. It has come far from being a mere crypto exchange platform to being the largest in the world. Binance is multi-purpose – altcoin exchange and cryptocurrency.
Binance was launched in July 2017 during an initial coin offering (ICO). At the launch, the coin offered 10% or 20 million of its tokens to angel investors. 40% went to the founding team, and the remaining 50% went to the others who were part of the ICO process.
Over $1B is traded daily on Binance, and no other exchange has been able to achieve this landmark success.
Binance is well-secured. You don’t need to worry about theft. This altcoin uses the Ethereum network which has accounted for its strong security base.
The system operation of IOTA is a bit different from many cryptocurrencies out there. The system is not based on blockchain, like the tradition of many cryptos you’ve read about or probably explored. Rather, this altcoin uses a ledger technology developed by the IOTA Foundation.
This ledger has its operation based on a computational structure known as the directed acyclic graph. IOTA came into the market to be the biggest crypto that can be used for selling, trading, and buying data on the internet by smart devices that support the Internet of Things (IoT) features.
This IoT will utilize a large amount of data from the manufacturing processes to increase profitability and efficiency. This makes it the perfect solution for Machine to Machine communication.
Currently, the market worth is pegged at over $6 billion. This increasing figure is a result of the trust people have in this altcoin as the security structure employed is one of the best.
Set up costs for mining at home
If you want to set up a crypto mining business, you must be ready to invest a few thousand dollars. That is why you should steer clear from cryptocurrency if you can’t afford to invest at the preliminary stage.
The more you invest in acquiring the best hardware and software, the higher your chance of profitability in the market. You need to keep this in the back of your mind at all times.
In our previous post, we outlined and explained how much it costs to get mining hardware. Mining hardware is the brain behind cryptocurrency. If you want the best, be ready to spend no less than $1,500 on hardware alone.
The software, on the other hand, is very cheap to get. Most of them can be downloaded on the internet free of charge. You can find most of the altcoin software for free on the Play Store and Apple iOS.
Now that you have come to the end of this article, we hope you learned some valuable information about the easiest cryptocurrencies to mine at home. Basically, all you need to mine at home is either a graphics card or a CPU. So, you don’t have to spend money on ASIC hardware to mine Zcoin, Ethereum, or any of the altcoins mentioned above.
Do you think we missed out on any other cryptocurrency to mine at home? Drop us your questions or suggestions in the comment section below.