As we mentioned in our previous article on Bitcoin mining, the process of cryptocurrencies mining is neither as easy nor as profitable as it used to be. Between the competition and tech requirements.
Is Cryptocurrency Mining A Complicated Process?
Bitcoin mining has in fact become quite complicated. Most of the miners who hope to succeed need to invest in computing devices powered by GPUs or ASICs, which have higher processing capacities than personal computers. They also have to spend a significant amount of money on electricity and rig maintenance.
Because of all this, many people think Bitcoin mining is no longer worth it. Despite this growing sentiment, however, there are certain other cryptocurrencies that are much easier to mine, with less demanding requirements, thanks to the protocols they work with.
5 Alternative Cryptos Worth Of Mining
The less saturation of the crypto values is pretty confusing for every investor and trader. They can not decide how crypto investments will become more profitable for them. As a result, many investors keep asking, are there any cryptocurrencies worth mining?
Here are five alternative cryptos to consider mining:
Grin belongs to a class of privacy coins that facilitate private transactions for individuals and companies that do not need transaction tracking or transparency. This type of crypto does not allow for public viewing of the amount sent or sending-receiving addresses, unlike conventional, non-privacy coins.
This is because Grin uses the MimbleWimble protocol to ensure privacy and scalability. As a piece at PCMag clarifies, MimbleWimble uses a combination of cryptocurrencies based cryptographic algorithms to conceal key details on its blockchain.
MimbleWimble also allows Grin to stay lightweight, given that the currency scales based on users, rather than the number of transactions. This means Grin supports CPU and GPU mining, with the project developers programming a hard fork every six months to minimize the impact of ASICS, which is specifically designed for their network.
2. Pi Coin
Pi Coin is one of the most popular native cryptocurrencies of the Pi Network. According to a write-up at FXCM, the Pi Network works by using a simple consensus method through which users can vouch for each other as trustworthy, rather than relying on energy-intensive methods like Proof-of-Work (PoW). This peer validation process means you don’t need a GPU or an advanced computer to mine.
In fact, you’re actually supposed to mine for Pi Coin on your smartphone. To keep mining continuously, you’d need to interact with the Pi Network app every 24 hours. The network also has a strict rule that only one device can be used per person. But otherwise, it does not have the same know-your-customer requirements that other blockchain apps have.
Aeternity is easy-to-mine and profitable crypto, built to help users launch smart contracts. Other use cases for AE include voting, payments, loans, gaming, and decentralized finances. Aeternity is also working with a new platform called Superhero, where users can tip artists, musicians, educators, medical groups, environmentalists, and even nonprofits with digital tokens, all while keeping their personal data private.
To mine AE, you need to have software like Bminer or CryptoDredge; you can also try mining with HSPMinerAE or NiceHash. It takes about three minutes to confirm a block on the Aeternity blockchain, and the reward per block is 124 AE. There are plenty of cryptocurrencies mining pools to join as well, the most popular being 2miners.
Vertcoin is another good selection for the easy to mine cryptocurrencies. This is a GPU mineable alternative to the Bitcoin. Due to the crypto-mineable features, it caved the ASIC control. And their network is a decentralized process. Vertcoin is an open-source cryptocurrency. The ASIC-resistant proof working mechanism makes it easy to access for everyone.
These coins are perfect for incentivizing miners as they provide a very secure network for individual transactions. The process is decentralized, and these coins were first introduced in early 2014. As the transaction modes are more secure. This is the reason these are better alternative cryptocurrencies.
Aeon crypto is designed with an easy mining concept with lighter PoW yet offers miners up to three times the average hash rate. Aeon is a mobile-friendly version of the Monero coin, which can be run on laptops and PCs. Reuters describes Monero (and by extension Aeon) as belonging to a crypto class known as privacy coins, which aim to mask user identity and transaction details. Aeon tweaked Monero’s mechanism for faster blockchain verification, however, which means that it takes fewer resources to mine, store, and use Aeon.
This crypto utilizes CryptoNight-Lite, which is a CryptoNote protocol-based algorithm that is friendlier to CPUs –– so you won’t need dedicated mining hardware to get started. Some software options include XMR-Stak, SRB miner, and XMRig. You can mine on your own, but it could take a few months before you secure a payout, depending on your rig’s power. It’s better to join mining pools like Hashvault to generate more frequent Aeon payouts instead.
Crypto mining will likely always involve at least a slight learning curve for newcomers. But by way of the various methods and priorities explained above, there are some cryptocurrencies and networks that are simplifying the process.
All of these are the best alternative cryptocurrencies, which are worthy of mining. If you have any queries regarding cryptocurrency investments, you can ask us through the comment sections.