I get this question a lot from people who attend my seminars, from clients and average Joes (once they find out what I do) who are interested in mining bitcoins; “can I and how do I make money mining bitcoin.” My answer is the same every time; “you’re too late! you will need 100s of 1000s of dollars if not millions to get a mining facility off the ground and if you’re lucky (a big IF), you’ll make about $100/day!”
What’s even worst is… ‘the Fed, the U.S Marshals, the FBI and their mamas will be breaking down your doors after you take down the city’s entire power grid; that’s how much electricity you will be using.” Guess what? It happened in China already. In fact, the biggest headline today is….”China Banning Bitcoin Mining & Cut Off Electricity for Those Who Mine.”
Even though all hope is lost for the common wo/man to mine bitcoin (dominated by one group in China), there are still plenty opportunities in mining cryptocurrencies or altcoins. Bitcoin may have been the first, the biggest and most popular; but 1,000+ copycats, clones or altcoins have surfaced since then.
Mining validates the legitimacy of a transaction as well creates a flow of new crypto-currency as a reward to the miner. In the Proof Of Work system, the puzzle that the miner must solve has a key feature: asymmetry. This idea is also called as a CPU cost function, client puzzle, computational puzzle or CPU pricing function, commonly.
The network miners essentially compete to be the first to arrive at the solution to claim its records. Proof Of Work usually utilizes brute force by the miner and thereby, a huge number of attempts. As soon as the miner has solved the problem, he/she announces it on the ledger and immediately receives a fixed amount of cryptocurrency as the reward. Below are 5 altcoins / cryptocurrencies that are easy and extremely profitable to mine in 2018 and beyond.
“Zcash is the first open and permission-less cryptocurrency.”
According to whattomine.com Zcash, is the most profitable cryptocurrency for mining right now.
Block Time: 2 m 27 s
Block Reward: 10.00
Exchange Price: 0.091 BTC
Check more details at https://whattomine.com/coins/166-zec-equihash
“ZClassic is a fork of Zcash: decided to take another path by removing the 20% fee. Miners are simply earning their fair reward, and the coin development can be supported by the community.”
Block Time: 2 m 26 s
Block Reward: 12.50
Exchange Price: 0.00054 BTC
Check more details at https://whattomine.com/coins/167-zcl-equihash
Zen is leveraging the best minds in technology, governance, and community building to create the world’s first private, distributed, and reliable platform for communications, transactions, and publishing.
Block Time: 2 m 30 s
Block Reward: 11.00
Exchange Price: 0.00217 btc
Check more details at https://whattomine.com/coins/185-zen-equihash
Block Time: 2 m 2 s
Block Reward: 6.30
Exchange Price: 0.023 btc
Check more details at: https://whattomine.com/coins/101-xmr-cryptonight
5. Ethereum Classic
Block Time: 14.13 s
Block Reward: 4.85
Exchange Price: 0.0031 btc
Check more details at: https://whattomine.com/coins/162-etc-ethash
Tips: It’s easier, faster and more profitable to form a group to mine with. We called this mining pool. Use whattomine.com‘s profitability calculator to help you get an idea of how much you can potentially make before diving in your gold digging adventure. You want to mine to make money, not as a habit.