Events really do move fast when it comes to currency mining. New prospects are known for opening up every single day and this all happens when other currencies bite the dust. Earlier in the week, there was a surge in the hash rate of the coin known as ZCash and it would appear that miners have flocked there since. When you look at the week before, you will also see that Bitcoin SV was delisted from a lot of exchanges too. In other news, Mithril then became the very first coin to launch on the brand new Binance chain. The value dived, but that’s not a worry for most people as it was predicted that this would happen. Of course, there really are a ton of variables that can somewhat influence profitability for miners.
Liquidity
There really are a huge range of factors that will help you to determine whether your mining is going to end up being profitable. A lot of profit in some of the smaller operations happens to come down to spec mining. This is short for what a lot of investors call speculative mining. This is all done on a network that has a very low level of difficulty. The crypto influencer who goes by BitsbeTripping has been running a GPU farm since the year 2013. He is now heavily advising people to mine more, and he has also explained that short bursts of mining on coins that have been judged will bring the most token output for your work. You also need to focus on coins that are low difficulty too. This is going to give you the best bet and it will also help you to convert your gains to a much more liquid currency. This can include ETH, Bitcoin and even Monero as well.
Liquidity is the degree at which any assets that you have can be bought or even sold. This is normally done on some kind of exchange, but according to BitsbeTripping, this should be a consideration. You need to be able, to access your earnings and you also need to be able to convert them on an exchange with ease. The perils of not having something that is liquid will leave any hard-earnt coins that you have sitting on a rig. PoW blockchains that are listed on the exchange really are popular and it’s safe to say that this is attracting a lot of attention.
Ravencoin appears to have rekindled a lot of joy for mining and this is because even a PC gamer can actually gain a good amount of return. Almost all blockchains that are minable appear to be active on one exchange or another. They also appear to have a low issue with moving on the exchange too. Even new coins are all forks of a code that has already been made. This happens to demonstrate a history of very reliable transactions and even verifications too. He has also warmed that there is no limited development on some of the bigger PoW networks and that there are also continuous updates too. This can sometimes split the community and it can lead to a very hard fork. This can cause a lot of killing value, so this is something that you need to keep in mind.
So now onto the secondary considerations. Sometimes miners think about other things when it comes to the choices that they make. BitsbeTripping believes that mining can become difficult over time and that a lot of this comes down to recent fluctuations in price. You also have to think about market capitalization and even the number of use cases too. Other things that you need to take into consideration include the background of the developer and even the social media presence too. That’s a lot, and before you jump in, there are still a few more questions that need to be asked. This can include what are the chances of earning coins with the equipment that you have? Sometimes, sure, it is smarter to go alone, or you may even want to throw the computer that you have right now into a mining pool. This may return a dividend, but should you really go 100% in on one coin or should you make the effort to try and diversify your bets?
There are some things that you will never know, but there are things that you can do to help yourself to prepare. So now BitsbeTripping has addressed some of the more general things that even the most educated of miners need to think about. It’s time to think about where to mine. Which for some, is the fun part!
The very best way to mine is by finding new opportunities that come out when blockchains happen to halve. A new coin is actually an unknown quantity, and some believe that they can be high risk too. The main thing that you have to remember though is that they are very easy to mine, and this is because hordes of miners have not climbed aboard the bandwagon yet. Peter Hill is the partnership director over at Cudo Miner and he specializes in making sure that any new coins that are released are worth watching. It would appear that Ravencoin was laughed at when you look at 2018 and this is because it is actually a fork on the Bitcoin code. It is also designed to handle asset transfers on ETH and even BTC. Ravencoin however, according to BitsbeTripping is rekindling some of the joy that miners experience when they mine. A PC gamer now has the ability to gain a return when mining this product. At the end of the day, it really doesn’t take a long time for you to earn a full coin. A very small GPOU rig would mine for a whole week and even then, you probably wouldn’t end up with a full coin.
Messari has revealed that 118 cryptocurrencies actually increased in price when you look at the year basis. Ravencoin has shown time and time again that it is the real deal and it has done this by surpassing all of the other medium-cap currencies out there. It has had a 386% increase in the first quarter alone and it is easily one of the most profitable alt-coins out there. Right now, 50% of the users are mining it daily.
Whether this coin is going to be mineable in the near future is not clear, but it’s safe to say that it is having a huge impact on the market. Another coin that miners are watching incredibly closely is actually Grin. This launched in the year 2019 and it looks to have a very specific algorithm that gives GPU miners a significant advantage. When you look at GPU miners, you will see that the amount of profit that they generate fluctuates daily. It’s really worth keeping an eye on any surges in the Mimblewimble currency known as Grin and Beam. Hard fork events might go onto affect Monero too, so this is another thing that is worth taking into consideration.
Hill has noted that halving events and even inflation is going to be reduced by over 50%. Another flashpoint that you need to watch out for is the fact that Bitcoin underwent this in 2012. In 2016, the price then increased significantly.
The high risk and high reward path, it would appear, doesn’t appeal to everyone. A lot of miners like to play it safe and they are also known for targeting some of the more established coins. You can find some of them right here.
Bitcoin
Bitcoin appears to be a multibillion dollar business. Sure, it has major falls in profitability, but large mining farms really are still in the ascendant. They have been running on much tighter margins and they have also dumped Bitcoin to try and fund the operation that they have right now.
The Chinese mining ban also came from public consultation but the consequences of this are not easy to predict to say the least. They are all going to be impacting the decision and even the price of Bitcoin and some experts have even gone as far to say that based on historical evidence, this could lead to an increase in the overall price. Other people argue that the Bitcoin’s own hash power could easily be cut off here, so that’s something to take into consideration as well.
ETH
ETH is ideal for those who need low energy prices. They could benefit as the difficulty of mining continues to drop. You do however have to deal with the prospect of having more favorable conditions for GPU miners. After the ETH controversial update, it’s safe to say that the ProgPoW proposal has been implemented. When you look at the other side of the story, you will see that the main goal of ETH is to try and move to the more energy-efficient structure.
Monero
When you look at all of the privacy coins, you will see that Monero is in fact, very attractive. This is especially the case when you look at GPU miners. The main reason for this is because it has a very high level of ASIC resistance. Sure, it’s got a good pedigree and it has also been around since the year 2014.
ZCash
ZCash appears to be seeing a surge in the hash rate. It looks to have grown by over 950% and this is especially the case when you look at the analysts who are present right now. Diar Miners are flocking to the currency and this is especially the case when you look at the first halving. It is scheduled for the year 2020 and this really is showing great news to far.
Litecoin
This was once suggested as being the silver to what would be the Bitcoin’s gold. Litecoin looks to have held its own very well and it has also kept within the top currencies on the market too. This is especially the case when you look at the market tap. There is however some anticipation regarding the mining community and this is especially the case when you look at when the halving event actually occurred.
Horizen
This currency was once known as ZenCash. It launched in the year 2017 and it is a privacy-focused coin. It has been listed as being one of the best coins on the exchange and it is also one of the best coins to mine as well. This is especially the case when you look at the aggregator Coinswitch.
Blockchains appear to be in a huge and intense flow and flux. It’s safe to say that this is going to affect the future of mining and when you look at the ETH implementation you will soon see that they are going to be putting a ban on mining. China is going to be realigning the mining map as well, and this is very important to keep in consideration.
The proof that is underpinning all of the blockchain appears to be at the heart of mining. They are in a state of transition and the platform looks to be settling on solutions that offer a huge amount of security too. This is all being done without drawing on the planet’s own non-renewable resources. Proof of authority and even proof of stake are really coming into account and now there are so many solutions that are being tried. Right now, nobody knows whether any one of them will prevail. When you look at the things from the same time, you will see that the topology of the blockchain is actually very similar to what happened in the Bronze Age. This eventually gave way to the Iron Age, and this is more than enough to get people thinking about the future.
