Cryptocurrency miners need to learn about the equipment they’ll need, as well as the pros and cons of joining a mining pool, before diving in and starting their mining operation. To achieve one’s objectives and overcome limitations, one must first identify their goals and restrictions.
This article will go through the best cryptocurrencies to mine in 2022 and the many platforms you can use to do it.
What is cryptocurrency mining?
It is solving complex mathematical equations to validate crypto transactions. Depending on the kind of cryptocurrency being mined, it may need a massive investment in electricity and high-performance mining equipment. In addition, those who want to make money using proof-of-stake (PoS) cryptocurrencies must own a large number of the currency to do so. As a result, the term PoS has come to be used.
Top five crypto coins to mine
Let’s look at the top five cryptocurrency coins to mine in 2022.
Ethereum Classic (ETC)
What is it about?
A hack on Ethereum’s network in 2016 led to Ethereum Classic, a fork of the original cryptocurrency. The Ethereum blockchain serves as the foundation for this project. There were two versions of Ethereum:
- Ethereum (the most current)
- Ethereum Classic (the first)
Open-source cryptocurrency ETC may be mined from the comforts of your own home. A modified version of Ethereum’s mining algorithm, EtcHash, is used. In addition, decentralized apps and smart contracts provide many practical uses.
Before mining this currency, you have a wallet and a powerful GPU. Furthermore, block rewards are set at 3.2 ETC. Therefore, it’s a sound currency to start mining with.
Most special aspect
In light of the success of Ethereum, investors may be tempted to buy Ethereum Classic, a fork of Ethereum. ETC may be a potential alternative if Ethereum becomes too expensive since it is used similarly.
Price-performance
ETC reached an all-time high of $167.09 on May 06, 2021, and an all-time low of $0.615038 on Jul 25, 2016. Following it, it showed a growth of 4948.9%. As a result, its market cap dominance is at 0.21%.
Ethereum Classic price prediction 2022
The coin broadly follows the trend of ETH whose utility is increasing day by day. However, the major challenge posed to ETH is Web 3.0 and Metaverse. Hence, we expect the price forecast to stay sidelined within the band of $20-$30.
Dogecoin (DOGE)
What is it about?
Known as the original “meme currency,” Dogecoin (DOGE) is now worth over $20 billion. In addition, Dogecoin saw a near-meteoric rise in the crypto market due to its attention from intellectuals such as Elon Musk and Mark Cuban.
Because the supply of Dogecoin is infinite, unlike most other cryptocurrencies with a limited supply, it is not a good hedge against inflation in the present day. Scrypt mining is used by both DOGE and Litecoin. It enhances the competitiveness and fairness of the mining environment. However, it does not mean that a gaming laptop may be used to mine it.
If you have a powerful GPU and CPU, you can mine Dogecoin using software like GUIminer or CudaMiner.
Most special aspect
The blockchain for Dogecoin, however jokingly built, has potential. It is based on the Litecoin platform. The low price and infinite supply of the scrypt algorithm-based cryptocurrency Dogecoin are notable attributes.
Price-performance
DOGE reached an all-time high of $0.7315 on May 8, 2021, and an all-time low of 0.0000869 on May 6, 2015. Following it, it showed a growth of 169439.4%. As a result, its market cap dominance is at 0.96%.
Dogecoin price prediction 2022
The DOGE is expected to perform in 2022 as we expect a strong rally due in the crypto market. Hence the forecast is to stay around $0.18-$0.26.
Zcash (ZEC)
What is it about?
ASIC-resistant Zcash was designed primarily to make mining easier for folks using ordinary computers. In addition to Bitcoin and Ethereum, ZEC is another popular cryptocurrency that may transfer money quickly and conveniently.
Miners can employ a shielded currency base to prevent the creation of ZEC by simply joining mining pools. As a result, miners will be able to have their mining profits transmitted to a specified wallet address immediately.
Using software like the EWBF Zcash Miner, you can mine ZEC independently. But if you want to see immediate results, you should join a mining pool first.
Most special aspect
Compared to Bitcoin, ZCash provides a higher level of anonymity while verifying ownership of cash and transactions. However, to mine Zcoin, you’ll need specialized equipment called application-specific integrated circuits.
Price-performance
ZEC reached an all-time high of $3,191.93 on Oct 29, 2016, and an all-time low of $19.75 on Mar 13, 2020. Following it, it showed a growth of 513.1%. As a result, its market cap dominance is at 0.07%.
Zcash price prediction 2022
Since the coin provides additional privacy to the users and has a limited supply, we expect the price to hit $300 in 2022.
Bitcoin Gold (BTG)
What is it about?
A fork of the most widely used cryptocurrency globally, Bitcoin Gold is built on the same principles as Bitcoin. Bitcoin has dedicated mining machines, but Bitcoin Gold was designed to be mined on regular computers.
Bitcoin Gold is a well-known cryptocurrency traded on any central trading platform. It is a fantastic choice for miners since it uses the Equihash algorithm, which is resistant to ASICs but requires a solid GPU to start mining. To speed up the mining process, you may join one of the numerous Bitcoin Gold mining pools.
Most special aspect
It is known for its innovative features and robust technical base. Therefore, Bitcoin Gold might still be a good investment despite its lack of mooning potential.
Price-performance
BTG reached an all-time high of $456.25 on Dec 20, 2017, and an all-time low of $4.25 on Mar 13, 2020. Following it, it showed a growth of 662.1%. Its market cap dominance is at 0.03%.
Bitcoin gold price prediction 2022
BTG is not a famous coin, and it has no such potential to go moons. Still, the project is stable and profitable, with a forecast to hit $60-$80 in 2022.
Litecoin (LTC)
What is it about?
As one of the first cryptocurrencies, many see Litecoin as a viable Bitcoin alternative. The current block reward for each miner is 12.5 Litecoin, which halves every four years.
LTC is a great option for mining since it is less volatile than many other cryptocurrencies. The Scrypt technique used by LTC mining avoids the requirement for ASIC devices since it is widely accepted. Because mining requires a lot of RAM, it is highly suggested to use a GPU.
It’s also widely accepted on the leading exchanges, and the transaction costs are relatively low. So even though anything may happen in crypto, you won’t have to worry about the price falling suddenly with this one.
Most special aspect
Litecoin miners may now verify transactions and add new blocks to the network by solving complex mathematical problems using vast computing power.
Price-performance
LTC reached an all-time high of $410.26 on May 10, 2021, and an all-time low of $1.15 on Jan 14, 2015. Following it, it showed a growth of 10701.3%. As a result, its market cap dominance is at 0.43%.
Litecoin price prediction 2022
The LTC price may hit the $300 mark in 2022 as the utility of coins for online purchases increases. The coin has a long history of ups and downs, and it follows the general crypto market trend.
Final thoughts
If you’re looking to mine a cryptocurrency, you may have difficulty deciding which one to go with. There is no “best” cryptocurrency to mine. Some mines are more profitable than others in terms of mining and profitability. Before starting to mine or invest in cryptocurrencies, we strongly encourage you to study and adequately assess the risks. We are wishing you the best of success in your explorations.