After the Bitcoin era, there has been an increased number of cryptocurrencies. This has left many investors as well the general public with the question, “which crypto is most profitable to invest/mine.” Many people who want to invest and they do not know they will tend to follow the crowd. However, this is a risky way to invest because, at the end of the day, it might or might not be profitable.
For example, when Bitcoin hit the market and it was not very popular, it was very easy to mine it with a computer from the comfort of your home. But as its popularity increased and more and more people begun to mine it, it is very difficult to mine even a single Bitcoin from your computer at home nowadays.
Finding a profitable Altcoin to mine is dependent on many things such as the specifications of your hardware, the technology involved and your knowledge concerning the coin. When you want to invest in Altcoins, the golden rule of investment is: don’t follow the crowd, research and understand the company/coin that you want investing in.
Hereunder are some of the most profitable altcoins to mine. However, they are given in no specific order.
Ethereum classic is the second largest cryptocurrency in the market today. It offers a profitable opportunity for mining. It is attracting a huge amount of hash power with nil switching cost. It is being supported by the time-tested Proof of Work (PoW) security system. This is a very secure algorithm which rewards its miners by ensuring the future of the mining process remains under the original chain.
This is a secure altcoin with the minimum cost. Most importantly, it rewards its miners with a yearly PPC return of 1% when minting. It was the first coin to start using the proof of stake (PoS) as a security measure. Besides that, in order to promote a fair distribution of the coin, it still uses PoW security system.
Peercoin uses a mining algorithm similar to that of Bitcoin i.e. SHA-256 hence you can use any hardware for mining that is used with bitcoin. As you mine Peercoin regularly, the mining block decreases in proportion to the increase in the computing ability/power of the internet.
This is a peer to peer digital money that allows for near zero, instant payment all over the world. It is a proven medium of exchange that complements Bitcoin. The blockchain for litecoin is made in such a way that it can handle high volumes of transactions.
It has a wallet inscription which allows you to secure your wallet. You can also be able to view your balance and transactions. Moreover, it has an open source software which enables you to modify, run or copy the software. Also, you can distribute the modified copies of the software.
For every block that you mine, you get a reward of 25 litecoins for every block. The total number of litecoins that can be mined is 84 million.
This is a digital currency that is made with advanced proof of stake and proof of work voting technology. Its blockchain is censor resistant hence it has a transparent proposal platform. It is compatible with most cryptocurrencies hence it can be used across the network easily.
It can be supported by softwares such as Windows, Linux and macOS. All the softwares that support decred are open sourced and free. It is a decentralized and autonomous digital currency where all its users have the final say.