Cryptos

Best 5 Crypto to Mine and Make You Rich In 2022

0

Cryptocurrencies are digital assets that enable many opportunities for individuals from anywhere around the globe. Many people have already made a fortune through crypto mining for several years.



If you decide to mine crypto coins, this article is for you. It includes all essential information about crypto mining alongside listing the best five potential crypto coins to mine in 2022. However, learning several factors before starting mining is mandatory, such as mining processes, terms, and choosing the best crypto coin to mine.

What is mining a crypto coin?

You can consider the term “mining” as a process of distributing the coin’s total supply. Many think mining crypto is just like creating a new coin that is not valid. It is rather than solving puzzling mathematical equations that authorize crypto transactions. Top of the list Bitcoin mining involves hardware and energy expenses. In most cases, individuals don’t often have all these resources to enter the game frequently.

Coin price rises when the demand increase like any other financial asset. The value also rises when it becomes rarer cause most crypto coins are limited in supply. So allowing its value will shoot the price. Several ways are available to mine crypto coins, such as CPU mining, GPU mining, and ASIC mining.

CPU mining

Any individual can exercise this type of mining with a CPU (Central Processing Unit), as it is a processor-based mining system. It has become outdated for several issues, including:

  • High power consumption
  • An average hash rate is 0.7MH/sec
  • It is prolonged

GPU mining

You can consider this process as video card-based mining. GPU miners can mine different cryptocurrencies. They are flexible, enabling them to switch between coins in uptrend or downtrend price movements. In addition, you can enjoy many other benefits including, video editing, gaming, and streaming.

ASIC mining

It requires unique pieces of equipment that work on particular algorithms. In other words, computer components builts for a particular program. It is much faster than other (CPU or GPU) mining processes with up to 14 TH/s hash rate.

Three different methods of crypto mining include solo mining, cloud mining, and pool mining. Meanwhile, the mining terms contains:

  • Hash rate
  • CPU
  • GPU
  • ASIC
  • Mining rig
  • Proof of work

How to choose the best crypto coin to mine?

When choosing the best potent crypto coin to mine requires checking on several factors such as:

  • Ensuring legitimacy

Several countries banned and did not legalize crypto coins to transection. Check that and avoid it if your country doesn’t allow it.

  • Supporting exchanges

Check that the coin you want to mine is available on major crypto exchange platforms.

  • Withdrawal option

Check on withdrawal options.

  • Evaluate the cost

Evaluate the cost you need to purchase desirable gears and estimate the time.

The top five crypto coins to mine in 2022

The best coins to mine in 2022 are:

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. LiteCoin (LTC)
  4. Monero (XMR)
  5. Zcash (ZEC)

Let’s check the quick highlight on these coins.

Bitcoin (BTC)

Fully diluted market cap: $922,570,334,451

Live market cap: $831,331,707,420

BTC price chart

BTC price chart

Let’s check the basic statistics:

  • ROI since launch: 3%
  • Mining algorithm: SHA-256 hash
  • Block time: 10 minutes
  • Block reward: 6.25 BTC
  • Circulating supply: 18,946,906.00 BTC
  • Total supply: 18,946,906 BTC
  • Max supply: 21,000,000 BTC

Does BTC have the potential to grow?

BTC created a new high near $69k in Nov 2021. Many crypto analysts anticipate the Price of BTC can touch a 100k mark within the short future.

Ethereum (ETH)

Fully diluted market cap: $319,623,960,909

Live market cap: $320,346,688,747

ETH price chart

ETH price chart

Let’s check the basic statistics:

  • ROI since launch: 279,843%
  • Mining algorithm: Ethash
  • Block time: 12 seconds
  • Block reward: 3 ETH
  • Circulating supply: 119,416,045.31 ETH
  • Total supply: 119,417,196 ETH
  • Max supply: not available

Does ETH have the potential to grow?

ETH price is declining since making an all-time top near $4867. Many crypto analysts expect to trade ETH near $6,500-$8,000 by the end of 2022.

Litecoin (LTC)

Fully diluted market cap: $9,289,929,888

Live market cap: $7,716,792,292

LTC price chart

LTC price chart

Let’s check the basic statistics:

  • ROI since launch: 743.42%
  • Mining algorithm: proof-of-work
  • Block time: 2 minutes 19 seconds
  • Hashing function: scrypt
  • Block reward: 12.5 LTC
  • Circulating supply: 69,551,706.99 LTC
  • Total supply: 84,000,000 LTC
  • Max supply: 84,000,000 LTC

Does LTC have the potential to grow?

LTC is a very potential coin to grow in the recent future. Many crypto experts predict the price can reach near $192 by Dec 2022.

Monero (XMR)

Fully diluted market cap: $2,670,149,916

Live market cap: $2,670,806,171

XMR price chart

XMR price chart

Let’s check the basic statistics:

  • ROI since launch: 5887%
  • Mining algorithm: proof-of-work
  • Network hashrate: 1.86 GH/s
  • Hashing function: CryptoNightR
  • Block reward: 2.15 XMR/block
  • Number of blocks: 2,272,762
  • Circulating supply: 18,072,691.85 XMR
  • Total supply: 18,072,692 XMR
  • Max supply: not available

Does XMR have the potential to grow?

Many analysts anticipate that the XMR price can reach an average of $250 by Dec 2022.

Zcash (ZEC)

Fully diluted market cap: $2,121,928,283

Live market cap: $1,381,005,605

ZEC price chart

ZEC price chart

Let’s check the basic statistics:

  • ROI since launch: -99.29%
  • Mining algorithm: proof-of-work
  • Block time: 75 seconds
  • Hashing function: Equihash
  • Block reward: 10 ZEC
  • Circulating supply: 13,659,300.00 ZEC
  • Total supply: 13,659,300 ZEC
  • Max supply: 21,000,000 ZEC

Does ZEC have the potential to grow?

Many crypto experts predict the Price of ZEC can reach near $158 or touch the $200 mark by Dec 2022.

Pros and cons

👍 Pros 👎 Cons
  • Cryptocurrencies allow full authority over your money.
  • Need to purchase costly equipment for mining.
  • Mining enables users to participate in the blockchain network to keep the network stable.
  • Still, many countries don’t legalize crypto.
  • After purchasing the necessary gears for crypto mining, it becomes cheap than your mining reward.
  • Mining requires considerable energy consumption.

Final thought

This short passage includes every basic info you need to start crypto mining. It may not be enough to start. We suggest more research before starting. Meanwhile, check on other options like staking, lending, etc., to earn real cash from the crypto marketplace.

fxcoach

US Consumer Sentiment Fell Sharply by 19.7% in Early February

Previous article

Enigma (ENG) Price Forecast & Prediction 2022-2025

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Cryptos