With an influx of cryptocurrencies after Bitcoin era, investors and common people are beaming with a question as to what coins are profitable to mine and make the right choice.
An average person will always follow the trend set by the crowd and will follow it, however, it may or may not be profitable in long run to do so. For example, Bitcoins, when they were introduced no one knew about it, and you could have easily mined Bitcoins using your computer kept at home. As the network grew and popularity shot in the market, it is much arduous to mine even 1 Bitcoin now!
Looking at other profitable altcoins to mine depends on factors such as your hardware specifications you will use to mine and of course knowledge about the altcoin and its technology involved.As there is a famous rule in investing, don’t follow everybody else, but believe in your research, instincts and the company you are investing.
So, here are 5 profitable altcoins (in no particular order) from the top 20 other altcoins to invest!
1) Vertcoin
Overview of the company:
Vert coin or rightly termed as People’s coin is the easiest way to send currencies over the internet. Vertcoin is aimed to be owned by the sole user and is not centralized by banks, institutions or the mining hardware geeks. Even you can mine this coin profitably!
They have ensured that algorithms and system of its working is not controlled by any custom made mining hardware or the large mining pools and thus ensuring decentralized network without any risks of hardware manufacturers delay or mining pools taking over a large part of coins.
They are also developing 1 -Click Vertcoin Miner for easy access mining sitting at home and you can earn coins by being a part of their network. Their stealth addresses concept is new as to provide security and privacy address in public ledger.
They have their own web wallet that can be downloaded on mobile and also provide exchange between Vertcoins and other coins like Litecoin, Bitcoin on Wallet with fast and easy transactions.
Points to look out for
➢ Their developers are aiming to provide this mining to be possible on PC’s used by common consumers.
➢ They have setup guide on their site for various specifications of your PC and operating systems USED LIKE Windows, Mac or Linux.
➢ Total generation of coins: 84 million.
➢ Block time: 2.5 minutes, Block rewards: 25 coins per block.
➢ Algorithm used: Lyra2RE(v2).➢ Coins are not pre-mined.
➢ Market Cap: $197,743,004 and 1 VTC= $4.64.
➢ Block Size: 11KB, Block count: 865,256(till 25th Jan 2018)
➢ Hashrate: 764.8 Gh/s.Vertcoin chart as the analysts predict somewhat is similar to stock charts of Bitcoin, Ethereum and Facebook Inc. As the price of VTC is around 4.5$ and has surged to $5, it is definitely one of the coins to look for mining, and also the time it takes to mine is faster and easier access to network builds up to to a must have in your investment.
2) Verge
Overview of the company
Verge is built on the improvised concept of Bitcoin and has the goal to provide a fast, decentralised and efficient way to send and receive currency online much like other currencies.
Earlier known as DogeCoinDark is an open-source platform using Wraith technology that offers users a choice between public and private ledger on the same blockchain. You can use this currencies wallet on your own IP Address as it features Tor and I2P networks hence, providing anonymity of the user.
It is based on PoW (Proof of Work) concept which ensures fair distribution of coins and not biased towards the rich. It uses multi-algorithm support as it ensures more security and flexibility to a myriad range of users.
Points to look out for
➢ Total generation of coins: 16.5 billion XVG.
➢ Block time: 2 minutes 30 sec, Block rewards: 1560 coins per block.
➢ Algorithm used: Scrypt, X17, Lyra2rev2, myr-groestl and blake2s.
➢ Coins are not pre-mined.
➢ Market Cap: $ 1,387,754,801 and 1 XVG= $0.0971
➢ Block Size: 5KB, Block count: 1,827,174 (till 25th Jan 2018)
➢ Hashrate: 639.10 Gh/s.
As bitcoins slow transaction speed is one worry, Verge has maintained its transaction speed to be as low as 3 seconds and thus, consumer satisfaction and easy access play major role. Its value increased from $0.00002 to 0.30 in one month itself i.e. 1.5 million percent rise which has grabbed eyeballs of everyone. If the masses adopt this system, then it is definitely another Bitcoin boom happening in near future.
3) Zcash
Overview of the company
Zcash is yet another cryptocurrency based on blockchain technology but is giving the meaning of cryptos in cryptocurrency a new turn. As it claims to provide a unique method of the transaction based on complex and efficient cryptographic protocols. It uses two different addresses T and Z address. Transparent or T address can be seen by anyone on the blockchain while the shielded or Z address is only seen to you and the receiver at the other end, no 3rd party can see or access the data.Zcash is based on Equihash PoW (Proof of Work) algorithm invented by Alex Biryukov and Dmitry Khovratovich. It may or may not change to Proof of Stake concept in near future.It states that the supply of coin curve is the replica of Bitcoin’s curve but as the blocks mined by Zcash is 4 times more frequently than Bitcoin, the number of ZEC created per block will be quarter the number of BTC created per Bitcoin block.
Points to look out for
➢ Total generation of coins: 21 million.
➢ Block time: 2.5 minutes, Block rewards: 12.50 coins per block.
➢ Algorithm used: Equihash.
➢ Coins are not pre-mined.
➢ Market Cap: $ 483,389,344 and 1 ZEC=$464.78➢ Block Size: 2MB, Block count: 253,353 (till 25th Jan 2018)
➢ Hashrate: 136.76 Mh/s.➢ CPU and GPU mining, Win, Linux OSX support.
In 2018, the team is upgrading its network, in terms of performance, usability and security namely Overwinter and Sapling. In 2017, Zcash saw a lot of ups and downs with fall from $410 to $290 and now again back to $470 in the start of 2018. Points to be careful about is some of the coins are allocated to developers and founders so public coins are not the total coins estimated to be mined. Promising features and security is one of the reasons many people are looking forward to this currency.
4) Monero
Overview of the companyMonero, another decentralized cryptocurrency based on transactions recorded by consensus is secure and private. They provide privacy by ring signatures, ring confidential transactions, and stealth addresses. It is so private that all the addresses used in the transaction and the amount of Monero transferred cannot be known and is kept hidden from everyone. You can use their own Wallet and start transacting easily. It is based on PoW but its protocol is not based on Bitcoin, in fact, its based on CryptoNote protocol. It is also fungible like our fiat currencies i.e. the difference between two amounts of the same value is none. 1 coin of worth 10 monero is same as 2 coins of 5 monero each and thus, it relieves cumbersome process to evaluate the value each time.Points to look out for
➢ Total generation of coins: Infinite.
➢ Block time: 2 minutes, Block rewards: 5.35 coins per block(reducing).
➢ The algorithm used: CryptoNote.
➢ Coins are not pre-mined.
➢ Market Cap: $ 5,034,688,748 and 1 XMR=$324.75
➢ Block Size: variable, changes according to the demand, Block count: 1,494,663 (till 25th Jan 2018)
➢ Hashrate: 661.39 Mh/s.➢ CPU and GPU mining, Win, Linux OSX support.
Lists in top 10 Market Capital list.As the value of Monero is surging day by day since 2017, it is becoming as popular as Bitcoin. However, as latest reports suggest it is used by North Korea for illegal transactions and thus, speculations have started to rise around this currency.Well, we need to see what lie in future as the technology seems promising and people are already investing and using it.
5) HODL Coin
Overview of the company
Hodl coins can be mined easily by anyone as it can be done by CPU. It has a unique concept of locking coins and then earning interest based on the number of coins mined and locked. The standard rate of interest is given on every block for 30 days around 5% APR, which compounds on the addition of every block.
You can also submit coins as term deposits and earn a bonus based on time period. For example, for 1-year term rate is 9.9%, 6-month term rate is 9.1% and so on.
This currency can be mined or can be bought on the exchange and it works on 1GB AES Pattern Search PoW. The wallet can be downloaded on Win, Linux and Mac OS.
Points to look out for
➢ Total generation of coins: 81,962,100.
➢ Block time: 154 seconds, Block rewards: 50 coins per block.
➢ Algorithm used: 1GB AES Pattern Search.
➢ Coins are not pre-mined.
➢ Market Cap: $ 2198366 and 1 HODL=$0.0128.
➢ Block Size: 1,449 bytes, Block count: 182,323 (till 25th Jan 2018).
➢ Between 150,000,000 and 500,000,000 HODL coins are paid as interest on top of owning coins to all.
➢ CPU only mining, Win, Linux OSX support.
One point to take note is that once you mine HODL coins, they will get locked for a period of 1 year and then you will have access to the coins which you will earn through interest. However, there is no immediate accessibility, it may lead to high inflation later due to this feature. Recently, they have removed this feature by hard forking it and now you don’t have to wait for that period of time and can have access.We have recently seen a surge in price from $0.01 to $0.04 this month, this unique coin feature is definitely to look out for in future.