If you are still interested in cryptocurrencies, you do not have to give up just because Bitcoin mining has become too expensive. You can still mine altcoins. If you are lucky, they will grow in value, and you can make a handsome profit from them in future. As long as you understand the basics, mining altcoins can be quite easy and profitable over the long term.
Choose What to Mine Carefully
Just because it is an altcoin, does not mean it will earn you a profit. You have to be careful about the type of altcoin you decide to mine. In some cases, the altcoin will be worth so little that it would be a waste of electric power to mine it.
Sometimes, altcoins are so difficult to mine that you will just end up wasting your GPU processing power. Besides that, some of the altcoins require ASIC miners to acquire them. Take all of these factors into consideration when choosing which altcoin to mine.
How to Mine Litecoin
Litecoin, just like Bitcoin, is mined by solving complex equations. A while back, Litecoin was simple enough that it could be mined with a CPU or a GPU. However, it has since become complex and now requires a specialized hardware called ASICs. After getting the hardware, you need to visit a Litecoin calculator to see whether it will be profitable to mine.
How to Mine Dash
If you want to mine Dash, you should use ASIC hardware. Until recently, it was quite profitable to mine Dash. However, when its value shot up to $3000 in 2017, a lot of interest came with it. As a result, mining Dash has become quite costly and unsustainable when using a CPU or GPU. After finding the right hardware, you can move to the next step and select a wallet.
Choose Your Wallets
Before you can get to mining for any cryptocoins, you will need a place to store them safely. There are many good altcoin wallets out there, which have earned the trust of the cryptocoin community. The best option for picking an altcoin wallet is to visit the altcoin’s homepage and download their default wallet app.
Go it Alone or Join a Pool
The good thing about altcoin mining is that they are simple enough to mine on your own. However, in some cases, you may need to join a pool. When you do join a pool, be aware that you will not be able to keep all the profits. You will have to share these profits with others in the pool.
Get the Right Software and Hardware
To optimize your chances of making the most out of altcoin, you will need to acquire the right software and hardware. You will need some technical expertise to set up the GPU miner and the software.
Do you think altcoins are worth the effort? Would you mine altcoins? Leave us your comments below.