The competition for cryptocurrency mining is becoming increasingly fierce. In the past, anyone with a PC could profit from mining. For example, early Bitcoin mining required only a computer, but now you need expensive mining equipment to have a profit opportunity. So, what is the most profitable cryptocurrency for mining in 2020?
Bitcoin is the most profitable if you have millions of dollars to invest
The profitability of cryptocurrency mining is very subtle and it depends on various variables such as hardware, electricity costs and the type of cryptocurrency you want to mine.
- The Baite mining pool under the universal computing power was withdrawn, and the computing power was ranked in the top ten
- Jameson Lopp opens his mind: If I am the President of the United States, I will give $1000 per person per month.
- Interpretation of the “No Mining” policy: Is it good for vested interests and miners?
- Demystifying the data on the Bitcoin chain in 2019: Global miners' annual total revenue is about $ 5.2 billion, and Coinbase has become the "gold king"
- Following the legalization of mining, Iran intends to push the annual mining license
- Jia Nan, Zhi Zhi Kong Jianping: It is only a matter of time before bitcoin breaks through 100,000 US dollars. The limit of computing power in 2020 is doubled.
Bitcoin is by far the most profitable mining currency, although in most cases Bitcoin is not the most profitable if you are a personal miner. The Bitcoin mining industry is extremely competitive. It requires dedicated hardware using ASIC (Application Specific Integrated Circuit) chips, and it requires cheap electricity to maximize revenue.
Bitcoin is mainly mined by large companies, investing millions of dollars in thousands of ASIC miners, cooling systems, and operating in countries with competitive electricity prices. At the current Bitcoin price, miners are able to receive $ 14.13 million in block rewards per day.
Apart from Bitcoin, which cryptocurrency mining will bring you the most benefits?
Ethereum -This second most popular cryptocurrency is the most profitable currency for most home miners. Although mining machine manufacturers have developed more advantageous ASIC mining machines for Ethereum mining, which has reduced GPU mining profits, Ethereum still supports GPU mining. ProgPOW is a mining algorithm change designed to restore the resistance of ETH mining to ASIC miners, but at present, it is unlikely that ProgPoW will be implemented. After Ethereum switched to PoS (abandoned PoW mining), these Ethereum miners can also be used to mine other currencies that use the ETHASH mining algorithm.
Ethereum Classic (ETC) -This is another ETHASH cryptocurrency that is profitable for home miners using GPU mining equipment. After the release of Ethereum 2.0, it is expected that the original Ethereum miners will directly switch to ETC mining, and it is expected that the computing power of ETC will increase significantly.
Grin -Grin's CR29 and CT31 hashing algorithms are also profitable for home miners. Grin's design has ASIC resistance similar to ETH and other tokens, with the goal of keeping mining decentralized and available to amateur miners.
Haven Protocol-Haven uses Cryptonight, which is a PoW algorithm, which is also used by Monero and several other cryptocurrencies. Nvidia graphics cards and AMD graphics cards are more suitable for efficient Cryptonight algorithm mining, and both can be used to mine Haven.
BitTube -BitTube is a blockchain -based distributed Youtube alternative. Content creators can get paid with TUBE tokens. BitTube also uses the Cryptonight mining algorithm and is a smaller currency that has proven to be profitable for GPU miners in recent history.
In addition, there are many smaller, capped currencies that are equally profitable. But because many smaller capped projects may disappear at any time, or be hacked or become a scam. Therefore, these smaller projects bring higher risks to miners who are trying to get a return on the hardware they buy, and it is not recommended to invest too much money in these small currency mining.