For those who are already familiar with the world of cryptocurrency, they must also know about the mining process. However, if you are a newbie who’s interested to know more about the cryptocurrency mining and which one is the easiest cryptocurrency to mine then you are at the right place. Before giving off the answer for the later, let us first dive into the concept of mining.
What is Cryptocurrency Mining?
Cryptocurrency mining refers to the process in which miners go through a set of several processes in order to get rewards in the form of digital currency – crypto coins or virtual coins. With the mining process, new digital currency is brought into circulation.
All the crypto information is stored in the data blocks which then connect to form a blockchain. It is required for the developers of these blocks to verify all the transactions occurring in the blockchain. Since it takes them a lot of time to analyze and verify the transactions, they hire miners to verify and validate the transactions and give them rewards in the form of crypto coins in return.
Using their computer’s processing power, miners record and verify the transactions taking place on the blockchain. This process of verifying the transactions involve solving complex mathematical problems in order to reach the correct hash. As soon as the miner is able to solve the problem, he presents the solution to the developer who then rewards him with new crypto coins.
Problems with Cryptocurrency Mining
When Bitcoin was first introduced, it was possible for the miners to mine it using just their PC or laptop. However, with the passage of time, there was an increase in the cryptocurrency mining difficulty. The majority of the developers put a cap on the maximum number of coins that can be mined and at the same time, also decrease the rewards on them, making it extremely difficult to mine them.
When cryptocurrency mining becomes progressively difficult, the miners do not consider it profitable anymore because then they have to invest in more powerful and fast computing machines to carry out the mining.
As cryptocurrency started gaining popularity in the global financial market, many companies took that as a business opportunity and started developing rooms full of faster and powerful computers to mine the digital currency. This made mining more difficult for individuals as they failed to compete with the big companies and could no longer mine the cryptos on their regular PCs. Apart from that, the advent of Application Specific Integrated Circuit (ASIC’s) chips designed specifically to mine bitcoin, also acted as a further hindrance for mining cryptocurrencies on your PC.
Which is the Easiest Cryptocurrency to Mine
As mining some obvious cryptocurrencies like Bitcoin on your PC is currently impractical, there are still some that can be mined using your computer. While some can be mined using a PC, there are others that can be mined with a single graphics card or Graphics Processing Unit (GPU). Let’s talk about which one is the easiest cryptocurrency to mine. We will be majorly speaking about the three cryptocurrencies that can still be mined using your PC.
Monero is known to be the most advanced anonymous cryptocurrency. The network of this privacy coin is based on a proof-of-work algorithm called as CryptoNight which has been specifically designed to be able to resist the working of Monero specific ASIC’s for mining. This is why Monero is considered as one of the easiest cryptocurrency to mine as it can be easy mined using your PC.
In order to begin mining, you are first required to download a wallet where you can store your Monero coins. We would strongly recommend using only the official Monero GUI client for this purpose. Once you’re done, the next step requires you to download the mining software that can facilitate Monero mining on your PC. The easiest to use mining software are MultiMiner and GUIminer.
Once installed, the software will utilize your CPU’s computing power to generate new Monero coins for you. However, if you would like to boost your earnings, you can go on and purchase a graphics card, especially an AMD graphics card. This card will help increase your computing power, making it possible for you to mine more Monero coins. In case you are unable to find this card, you can acquire Nvidia cards but keep in mind that they might be less efficient to mine Monero compared to AMD graphics card.
Vertcoin was launched in 2014 with the intention of being the easiest cryptocurrency to mine. It was designed specifically to run the small mining operations. Similar to Monero, Vertcoin also uses the proof-of-work consensus system to verify the transactions and is also ASIC resistance. This means that big mining operations cannot develop the specific hardware in Vertcoin’s network for mining purposes.
The team behind Vertcoin came out with a software specifically designed to mine VTC. This easy-to-use-one-click miner is basically a graphical user interface (GUI) miner that can support both CPU and GPU mining. After you have downloaded the miner, you are required to choose a mining pool relying on your computer’s computing power.
Once you’ve chosen the mining pool, you need to input the hardware you’re using – CPU or GPU. Currently, Vertcoin is only supporting Nvidia and AMD graphics cards.
Dogecoin, a cryptocurrency started out based on a meme, is also another easiest cryptocurrency to mine. Contrary to Bitcoin, this cryptocurrency has been designed in such a way that it can add new coins each year. This serves as an added incentive for those who’d like to participate in the mining process. To begin mining Dogecoin, you should first download the desktop wallet from its official website so you can securely store your coins. Though Dogecoin can be easily mined using a computer, still if you’re looking to achieve the best results, you can go for a graphics card. AMD graphics card is strongly recommended but Nvidia graphics card also works well.
To mine Dogecoin using GPU’s, we would recommend using these mining software: CGminer, CudaMiner, and GUIminer. On the other hand, if you want to go for CPU mining, then use a CPU miner. This software is free to download and use.