ViaBTC | Which Crypto Should New Miners Choose from the Countless Minable Coins?

After several rounds of bulls and bears, some cryptos have stood the test of time and recorded a high market cap, while others saw a decline in popularity and headed towards bankruptcy. We have seen new crypto categories during each round of crypto bull and bear. Whenever the market switches from bull to bear, minable coins are the first choice of most investors. There are two reasons: 1) minable coins are backed by mining costs as the essential token economy, which enables a more solid consensus; 2) Minable coins are a long-term investment choice that helps investors stick through both bulls and bears. That said, under the current market conditions, how should new miners choose a mineable coin?

Considering that miners are most concerned with returns and stability, beginners can go with mainstream cryptos like BTC, ETH, and LTC which boast a high level of consensus.

To begin with, BTC, the first cryptocurrency ever issued, features decentralization, anonymity, and irreversibility. Bitcoin also comes with gold-like properties such as a fixed total supply and a constant production speed, which is why it is also nicknamed “digital gold”. As of April 28, 2022, the total market cap of Bitcoin has reached $744.1 billion, with a peak price of $68,900 and a total supply of 21 million. At the moment, 1,975,762.5 bitcoins are yet to be mined.

As the “king of smart contracts”, ETH ranks second in terms of total market cap. Ethereum allows users to use a complete programming language on its blockchain, and anyone can build and use blockchain technology on this platform that features a massive app ecosystem. As it shifts towards Eth2, Ethereum will become increasingly deflationary. After the upgrade, the network’s throughput will see a drastic improvement. Meanwhile, the PoS mechanism will effectively reduce carbon emissions and minimize Ethereum’s impact on the environment. We can tell from the above that Ethereum is embracing a promising future.

As a cryptocurrency suited for small transactions, LTC is efficient and convenient when used in our daily lives. Litecoin’s block time is 1/4 shorter than that of Bitcoin, which allows for faster confirmation. Moreover, it also features negligible transaction fees. As of April 28, 2022, the total market cap of Litecoin has hit $7.03 billion, with a total supply of 84 million, 13,834,112.5 of which are currently minable.

For miners, the more cryptos a mining pool supports, the more choices there will be. For example, on ViaBTC pool, an all-inclusive crypto mining pool serving a global user base, miners can mine dozens of cryptos, including BTC, ETH, LTC, etc. In addition, ViaBTC miners can choose from a wide range of mainstream payment methods, covering PPS+, PPLNS, SOLO, etc.

Source: The official website of ViaBTC

Additionally, in terms of mining revenue, ViaBTC has introduced the merged mining of three cryptos: BTC, BCH, and LTC. To be more specific, the pool has combined BTC with NMC/SYS/EMC/ELA, BCH with SYS, and LTC with DOGE. Under merged mining, miners can get multiple returns by providing only one type of hashrate. For instance, if a miner mines LTC and DOGE through merged mining with an Antminer L7 (rated hashrate: 9.5 GH/s), he will receive 240 DOGE a day, in addition to the theoretical daily yield of 0.136 LTC. The DOGE price now stands at $0.141, which means that the miner could earn an extra profit of $33.8.

That said, miners should also account for the fact that most cryptos use different algorithms. In other words, a mining machine does not apply to all cryptos. For instance, ASIC miners designed for BTC mining cannot be used to mine ETH. As such, when choosing a minable coin, miners should also consider the cost of the applicable mining machines. At the moment, the average price of brand-new mainstream BTC mining machines falls within the range from $3,000 to $11,000, and brand-new mainstream ETH mining machines are priced between $2,000 and $7,000 on average.

For some miners, the considerations for choosing a minable coin are confined to the daily net profit, the electricity expense, and the payback period. These factors must be considered in light of a miner’s investment budget because the payback period is directly determined by the budget and the electricity expense (assuming the daily net profit is stable).

We are confident that the above will help new miners make better choices.

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