What should be considered when choosing a cryptocurrency for mining?

The fact is that depending on the equipment you have the mining efficiency for different cryptocurrencies will be completely different. Some video cards mine Ethereum more efficiently; others more completely mine completely different coins.

If you mine not on video cards, but on specialized ASIC equipment, the picture changes again.

How to find the most profitable cryptocurrency for mining?

You can determine the most profitable coin for mining at the moment, which will be the most profitable for mining today, through special services. For example, the popular service Whattomine.com.

On this site or in the bot of the same name, in the telegram.org messenger (Whattomine), you can enter the indicators of your equipment, hashes, etc. Get a list of cryptocurrencies that will bring the most mining income. Thus, you can automatically compare in one place how much money mining would bring for each of the coins you selected.

It may be much more profitable to get a coin, in which you now see the maximum prospect of its value growth in the near future. Therefore, if you are interested in what is the most profitable to mine at a given moment in the moment, then it is easiest to determine through services such as Whattomine.com and various mining calculators, which are quite numerous on the Internet.

If you figure out what will bring maximum profit in general, then you need to predict which of the cryptocurrencies has higher growth potential in the near future. And then, a good strategy might be: to mine today, which is most efficient to mine today, which will bring the most money today and convert profits into those coins, the maximum growth of which you expect in the near future or may be in the long term.

Of course, there are certain risks that, for example, the cost of the cryptocurrency chosen for mining will not increase. Thus, using together what works reliably and what can bring a high income, but has a higher risk; you can find for yourself some individual your personal strategy.

What else do you need to consider when making money on mining?

There are several factors that affect cryptocurrency mining earnings. In addition to the correct choice of the cryptocurrency itself, which involves an adequate assessment of its mining algorithm and requirements for the equipment used, several factors strongly affect the final earnings:

Cryptocurrency rate: The most popular cryptocurrencies for miners recently fell in price along with bitcoin, but with it they began to grow. Most likely, we will observe a correlation with Bitcoin in the future, so now it makes sense to follow forecasts regarding the rate of not only the cryptocurrencies selected for mining, but also on forecasts for bitcoin itself. Use only trading platform for bitcoin trading. You can watch video online related to cryptocurrency rates.

It is clear that it is also impossible to neglect information about the currencies chosen for mining, as various events can occur in them that significantly affect their exchange rate, but are not directly related to the general dynamics of the cryptocurrency market as a whole.

The commissions of the mining pool itself. The calculation of earnings on mining was carried out taking into account the commission of the pool for mining – 2-2.5%. As a rule, fees for reliable pools rarely exceed these numbers and rarely are lower.

The above profitability was calculated for the CIS countries. There are settlements and cities with a more expensive cost of electricity, in which the monthly income due to this can be reduced by $ 50, and villages with cheaper electricity, where miners can get a little more profit every month.

Useful Tips when choosing a cryptocurrency for mining

So that you, dear reader, avoid common mistakes during mining and the loss of your money and time, we will answer common questions and give you some useful recommendations.

Get a reliable cryptocurrency wallet

Previous to diving into the process of extracting digital currencies, you should take care of where you will store them. Regular leather wallets or trouser pockets are no longer suitable for this purpose. A crypto helps you in this case. Which one is more reliable and suitable for you?