Discover the Most Profitable Cryptocurrency to Mine

To find the most profitable cryptocurrency to mine was not a subject of discourse in the global economic scene till a few months ago. The cryptocurrency fever has now gripped the world, and people across the globe are astonished at how this new found innovation is producing results.

One of the most intricate parts of cryptocurrency is the algorithm for mining them. Just in case you are not aware, a great proportion of cryptocurrencies are produced in the mining process, which entails the resolution of mathematical difficulties.

To mine cryptos used to be a lot more tasking than it is today with the onslaught of advanced technology like ASIC. Asic miners are fighting GPU mining and CPU mining for a share of the market.

What Determines Mining Profitability?

The world of cryptocurrencies is as dynamic as the rate at which new tokens and coins hit the market. For newcomers to the market, you might expect that the most profitable cryptocurrency to mine in 2017, is still the chart leader in 2018. However, this is not so as a number of underlying determinants topples the chart each time.

The basic facts to explore when looking at the most profitable cryptocurrency for mining include such headlines like:

• Difficulty rate
• Hashing rate
• Coin Price
• Pace of finding a block
• The technology available

What is an ASIC Machine?

An ASIC Machine is Application Specific Integrated Circuit machine that is designed to mine cryptocurrencies at the optimal rate. When compared with the GPU or CPU miner, it is like making a comparison of digital and analogue technologies.

Since ASIC miners were designed with the intention of getting the best mining result, using them produces the desired outcome.

Most Profitable Cryptocurrency to Mine

In knowing that what makes a crypto mining operation profitable depends on a number of factors, let us take a look at the market leaders right now:

Bitcoin Mining

 Like most of the other cryptocurrencies, mining Bitcoin can only be profitable at some price levels. While some tout $4,000 as the minimum price for Bitcoin miners to break-even,it might be more or less depending on the electricity and machine cost.

Mining Outcomes

To use a GPU miner will require that you buy some hardware. The same applies to using an ASIC miner. To mine with your CPU means you only need to download the mining pool software to run on your computer.

Here are the popularly mined cryptocurrencies and estimated mining profitability levels:

1. Ethereum

Ethereum is the lead driver of smart contracts, and is the platform used for most ICOs. ETH is the number 2 most valued cryptocurrency by market capitalization.

Here are the mining results:

• With 1 ETH selling for $468.93
• Using a hashing power of 20MH Per Second
• Power consumption is 140 W
• Energy Cost of mining is $0.12 Per Kilowatts
• Pool fee is 1%
• Output per week 0.009735

ETH returns	$ 4.5650
Pool charge	$ 0.0456
Net Income	$ 4.5194
Weekly Power Cost	$ 2.8200
Net weekly Profit	$ 1.6994

2. Vertcoin

Vertcoin is one of the profitable coins to mine, and it has been in the market since 2014.

 

• With 1 VTC selling for $0.9808
• Using a hashing power of 30MH Per Second
• Power consumption is 600 W
• Energy Cost of mining is $0.12 Per Kilowatts
• Pool fee is 1%
• Output per week 3.8328

Dash returns	$ 3.7503
Pool charge	$ 0.0375
Net Income	$ 3.7127
Weekly Power Cost	$ 2.8200
Net weekly Profit	$ 0.8929

 

3. Ethereum Classic

ETC  is making waves as an Ethereum fork, and is ranked among the Top 20 cryptocurrencies. It enables smart contracts, and can be exchanged for value.

• With 1 ETC selling for $14.53
• Using a hashing power of 20MH Per Second
• Power consumption is 140 W
• Energy Cost of mining is $0.12 Per Kilowatts
• Pool fee is 1%
• Output per week 0.2350

ETC returns	$ 3.4145
Pool charge	$ 0.0341
Net Income	$ 3.3804
Weekly Power Cost	$ 2.8200
Net weekly Profit	$ 0.5604

 

4. Dash (DASH)

Dash is commonly mined and its profitability is not at its best right now. It is targeted for mining with CPU, and this is the profitability summary:

• With 1 DASH selling for $268.80
• Using a hashing power of 40MH Per Second
• Power consumption is 140 W
• Energy Cost of mining is $0.12 Per Kilowatts
• Pool fee is 1%
• Output per week 0.0001682

Dash returns	$ 0.04521
Pool charge	$ 0.00045
Net Income	$ 0.04476
Weekly Power Cost	$ 2.82000
Net weekly loss	$ 2.77524

From the top four of the most mined cryptocurrencies, it is clear that ETH is the most profitable cryptocurrency while ETC is next. The other commonly mined coins like Dash are presently unprofitable as a result of the drop in market price.

ASIC MINING

The biggest target of ASIC mining right now is Bitcoin. Using an ASIC pays Bitcoin miners more since the rate of mining is faster with this hardware. However, the threat of a possible governance protocol might alter the profitability of ASIC for Bitcoin mining.

Other coins that can be mined with ASIC include Peercoin,  Bytecoin, Betacoin, and a host of coins on the Bitcoin network.

The danger with ASIC miners is that with crypto communities looking for ways to cut off the influence and avoid a 51% takeover, many people might not be able to recoup their investment before they are shut out.

The Vertcoin Example

In order to ward off the threat of ASIC intrusion, the Vertcoin community continually changes its mining algorithm.

By resisting ASIC mining of its coin, Vertcoin is effectively pushing back on any attempt for a group to attempt a 51% takeover of its platform.

In simple words, since ASIC machines are costly to produce, a change on algorithm renders ASIC useless when an algorithm change occurs.

In view of the threats and possibilities of cryptocurrency mining, the best approach is to use the least cost equipment that produces the most returns. As the market expands, the profitability of cryptocurrencies will remain dynamic.