How to mine altcoins?

For those who decide to start mining alternative cryptocurrencies, you need to take into account the fact that this is a difficult task and over time the difficulties only increase. It is practically not profitable to mine alcoins alone, it will not bring a lot of money.

Mining also requires complex and powerful computing equipment. Before you start mining altcoins, you need to choose the right type of mining.

Types of mining

Mining is divided into types, according to the software and equipment used for cryptocurrency. Depending on these factors, mining is divided into:

• Mining on the CPU

At a time when the cryptocurrency was just beginning its history, CPU mining was quite relevant. However, at the moment, the processor power is definitely not enough to process data on transactions with cryptocurrencies. Even a powerful processor is unlikely to bring mining income in excess of $30 per month.

• Mining on a GPU video card

Many people know that mining on a video card is currently the most popular way to mine cryptocurrencies. And this is true, because the GPU provides for a high speed of transaction processing.

The best models for mining on video cards: 1060, 1070, 1080 TI, as well as AMD: RX 470, RX 480, RX 570, Rx 580

A feature of mining on a video card is that it is assumed that it is possible to mine absolutely any cryptocurrency, but some computational algorithms are better suited.

For mining on video cards, it is recommended to use at least 4-6 of them, and the best cryptocurrencies for mining are those based on CryptoNight encryption (Monero, Ethereum, Bytecoin Electroneum, Equihash).

• Mining ASIC

ASIC (Application Specific Integrated Circuit – "special purpose Integrated circuit") is a specially designed equipment for mining cryptocurrencies. ASIC is a chip that performs certain algorithmic calculations for mining a specific cryptocurrency:

• SHA-256 (Bitcoin, Bitcoin Cash, Syscoin, Namecoin).
• Ethash (Ethereum, Ethereum Classic, Ubiq).
• Scrypt (Litecoin, B3Coin, Bitdeal).
• Equihash (Zcash, Komodo).
• X11 (Dash, Pura).
• Blake (Decred, Siacoin), etc.

It should be borne in mind that the payback of the equipment depends on many factors. For ASIC, this period is usually 1-2 years. For more accurate information, you can use a service such as a calculator for miners.

• Cloud mining

The essence of cloud mining is that large mining farms lease out part of their own equipment to various small miners. The miner finds a profitable offer on the market and acquires the best option, further receiving regular payments from the company that provided its own equipment.

Investing in cloud mining is considered a very profitable investment in our time, the rate of return ranges from 20% to 70% per month.

• Browser mining

The idea of ​​browser mining is quite simple. The user needs to go to a certain page on the Internet, after which the computer starts mining cryptocurrency. However, not everything is so simple. The computing power of one computer is barely enough to get a few dollars a month, because an ordinary PC cannot be compared with the professional equipment of entire mining farms. However, if you are a beginner in the field of cryptocurrency, this is a good option to start, it will help you get acquainted with many basic aspects.

• Mining on phones

Naturally, the power of phones is most likely even lower than that of desktop computers and laptops, and this naturally makes the process of mining cryptocurrency even more difficult. We recommend phone mining also for informational purposes.

For this type of mining, you need to install a specially developed application on your phone, for example, MinerGate, NeoNeonMiner, ARM Miner, Quarry, etc. or open a tab in the browser, similar to mining on a PC.

Conclusion

Creating an altcoin may seem complicated, but nevertheless, developing your own cryptocurrency is quite real. There are two ways to create an altcoin: create an Ethereum-based token or create an elementary fork.
It is unknown what will happen to the cryptocurrency in 10 years, a year or even a month. Nevertheless, many factors impressively indicate that the future belongs to the cryptocurrency, because there are more and more adherents, the capitalization is already more than 800 billion dollars and countries have already begun to legalize Bitcoin.