Top 5 Easiest Cryptocurrencies to Mine
It almost sounds too good to be true – with a basic home tech setup, you can mine cryptocurrency and deposit those coins right into your wallet? Okay, maybe it’s not so simple, but it sure beats grabbing a pickaxe and chopping away for gold in the hills.
Today, we’re talking about mining for crypto, specifically, the best entry-level coins that are the easiest to mine, and start lining your pockets ASAP. You don’t need advanced tech degrees or crazy hardware configurations – just follow some basic instructions to hit the ground running.
We’ll discuss why these coins are relatively easy to mine, what it takes to get started, and some other factors to keep in mind as you take your first steps on this exciting journey.
We’ll even mention some upcoming mining trends you’ll want to consider as the industry evolves and expands into new territory. No time to spare – let’s begin.
1. Monero
Perhaps you have only heard of Monero (XMR) in passing, but it’s actually one of the most popular cryptocurrencies on the planet. The problem is that few of the popular exchanges offer the option to buy and hold Monero, so mining is actually a better way to obtain this coin.
Furthermore, you can jump right into Monero mining without a ton of tech expertise or configuration. Just make sure you’ve got the right wallet – either MyMonero or Monerujo will do – and join a mining pool so that you boost your chances of verifying transactions.
Keep in mind that Monero might not be the best pick for the long term, at least compared to other veteran coins like LTC, ETC, or even the almighty Bitcoin.
However, you can earn plenty of Monero without a ton of resources, and if you predict good things to come for XMR down the road, why not throw your hat in the ring?
2. Ethereum Classic
The past few months have been wild for the Ethereum community as they’ve enjoyed all-time highs and plenty of hype from the celebrity crypto crowd.
Ethereum Classic (ETC), on the other hand, has not received the same amount of attention, although the price had has some impressive runs alongside its original blockchain cousin.
While the rewards for ETC mining are not what they once were, this is still a comparatively easy coin to mine and a worthy exercise for newcomers to the crypto space to pursue.
Once again, you’ll need to clear some hard drive space, make sure you’ve got a suitable GPU, and download a wallet from a reputable source so that you have a wallet ready to go.
From there, you obtain mining software such as GMiner or NBMiner, configure it with a few simple commands, and start mining as soon as you successfully submit your hashrate to your pool of choice.
ETC appears to be a promising long-term crypto play, so we encourage you to add it to your shortlist of minable currencies if you’ve got some extra power to spare.
3. Litecoin
Arguably the second most established altcoin behind Ethereum, Litecoin (LTC) has always had a reputation as Bitcoin’s smaller, more efficient little brother.
The process for mining Litecoin is relatively simple. You’ll need to follow the same steps we’ve laid out for the other coins on our list so far – wallet addresses, hardware compatibility checks, software downloads – all of these basics still apply.
Litecoin, like all other blockchain technology, require either solo or pool mining. Solo mining is a high-risk, high-reward method where a single mining node receives the full amount of the mining reward. Pool mining implies that when the hash is resolved the reward is distributed among the pool members based on their hash mining contributions.
DIY miners should know one point of interest: Litecoin can be mined with ASIC algorithm miners which are designed specifically for mining ASIC coins and nothing else. Most mining operations or companies invest in thousands of ASIC algorithm miners to mine a coin.
Furthermore, Litecoin is more accessible with cloud mining.
Depending on how much money you’re willing to spend upfront on a mining operation, Litecoin might be your best bet, especially if you see the price taking off in the next few years.
4. Grin
Our list begins with a coin you may not have heard of yet but must be mentioned for its sheer simplicity and ease of use when it comes to mining.
If your personal computer contains a GPU with some horsepower, it’s surprisingly easy to set up and start mining for Grin (GRIN). Plus, it’s a relatively new coin and has shown some promise in recent months in terms of hype and value – just check out the charts.
Believe us: You don’t need to be a tech guru to start pumping out Grin coins from your DIY setup. Simply make sure you’ve got a compatible video card, download the latest version of the GrinGoldMiner, do some simple configurations, and join up with one of the popular mining pools that should take care of the rest.
Plus, GitHub is home to endless helpful tips and tricks that you can use to make your mining journey much easier – that applies to all coins on or list today.
Few coins offer such a user-friendly doorway into the world of crypto as Grin.
5. Dogecoin
Dogecoin has deserved its fair share of controversy in the last year, but there’s no denying that plenty of folks have turned appetizing profits on this meme coin.
The hype surrounding Dogecoin might have calmed down for now, as has its price, but this doesn’t negate the fact that the coin is quite easy to mine and may be worth a closer look if you’ve got the resources and interest.
To mine Doge, you’ve got options--a CPU, GPU, or ASIC miner will do the trick. Select the right software for your setup, prepare your wallet, pick a pool like Multipool or Aikapool (multi-currency pools), follow the protocols and put your machine to work.
Dogecoin might have begun as a joke, but it has certainly earned its place at the crypto table. Do you think it’s worth pursuing in 2021 and beyond?
Key Considerations
These picks are based largely on the simplicity of the platforms and how quickly a crypto beginner can dive into the mining process.
However, with so many tutorials and guides available on the web, we believe nearly any coin can be mined with some research and dedication.
With that in mind, we encourage readers to consider these other factors when selecting a coin to mine in 2021 rather than make a decision based on ease of use.
Profitability is the key point here, and this depends on several different variables. Of course, the price of the coins will rise and fall with time, and so will competition and hype cycles in the mining community.
More important, however, are energy costs, which can make or break the ROI of an entire operation. As a result, we are looking to a future of renewable energy for Bitcoin mining and expect that the whole crypto industry will move in this direction.
Conclusion
Crypto mining doesn’t have to be complicated if you’ve got the proper guidance. Hopefully, this article will point you down the right path to make some profits and maximize your mining investments.
Sources:
Easiest Crypto to Mine | Crypto Coin Society