What Crypto Can You Mine? is a blog dedicated to helping people understand which cryptocurrencies can be mined and which cannot. We also provide information on which coins are the most profitable to mine.
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Bitcoin
Bitcoin (BTC) is a cryptocurrency which has seen a lot of interest recently. Bitcoin is mined using specialised equipment and commands a large upfront investment.Bitcoin mining is a process where powerful computers compete with each other to find solutions to mathematical problems. Whoever finds the solution first gets to add a new block of bitcoin transactions to the blockchain and receives a reward in bitcoins – currently 12.5 BTC per block, but this will halve in May 2020.
Ethereum
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
In order to run these applications, Ethereum needs a network of nodes that run the Ethereum Virtual Machine (EVM), Ethereum’s runtime environment. These nodes are all distributed and anyone can run one. They are incentivized to do so by being rewarded with ETH whenever they successfully mine a block, which is a record of transactions. The process of mining ETH is called “proof of work” because it requires miners to solve complex computational problems in order to add blocks to the Ethereum blockchain, and the more miners there are, the more decentralized and secure the network becomes.
The process of mining ETH is very resource-intensive and requires a lot of computer power. As more and more people start mining ETH, the difficulty of these problems increases, meaning that you need even more computational power to mine blocks.
GPUs are currently the most effective way to mine ETH, but they are also the most expensive option. If you want to get started with mining ETH, you will need to invest in a good quality GPU.
Litecoin
Litecoin is a cryptocurrency that uses a lighter version of the Bitcoin blockchain. Created in 2011 by former Google engineer Charles Lee, Litecoin is often described as the silver to Bitcoin’s gold.
Litecoin can be mined with consumer-grade hardware. This makes it ideal for people who are new to mining or who don’t want to invest in expensive ASIC miners.
Litecoin has faster transaction times and lower fees than Bitcoin. It also has a higher total supply than Bitcoin, with 84 million Litecoins in circulation compared to 21 million Bitcoins.
Like Bitcoin, Litecoin is a decentralized cryptocurrency that can be used to buy goods and services. However, there are some key differences between the two coins.
Monero
Monero (XMR) is a private, secure, and untraceable cryptocurrency that is open-source and freely available to all. Monero uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable. This means that nobody can see how much money you have in your Monero wallet, or what you are spending your money on.
