As we are heading to 2019, bitcoin mining is getting more and more difficult – especially with the current bear market condition. Generally, even if you have dedicated mining hardware, your investment returns won’t be great for the majority cryptocurrencies. However, there is a lot of crypto enthusiast that would like to mine cryptocurrencies using their PC, while still being profitable. Therefore, we prepared a list of the best cryptocurrencies to mine with a CPU. But before we go ahead, you will need to know a few things about mining cryptocurrency:
- Make sure you have your coin wallet ready to protect and store your earnings.
- An account with a trusted exchange is a must. You will need this to exchange your mined coins to cash or bitcoin.
- Set-up your hardware in a cool and air-conditioned space. This will ensure that your hardware does not get overheated and damaged.
- Constantly read and do your research. Mining technologies and method change every day. Therefore it’s really important to get informed and updated regularly.
- Mining software usually gets flagged from anti-virus. Make sure you exclude the mining program from your anti-virus list.
- Avoid solo mining. Always join a mining pool. We will cover this point in greater depth below.
Best Cryptocurrency to mine with a CPU – Monero & Dogecoin
Who doesn’t love Monero? It is known as a secure and untraceable currency system. The coin is based on a proof of work algorithm. As of November 3rd, the coin is trading at $105 and ranked 10th for the largest market capitalization.
All you need to start mining is to download Monero mining software. However, we recommend upgrading your computer processing power to ensure mining more Monero coins. This will also increase your earnings.
AMD graphic cards are known to be one of the best suited for Monero mining. If you decide to go ahead Monero mining, make sure you:
- Download Monero mining software: MultiMiner or GUIminer
- Download Monero desktop wallet
What is great about Monero coin is that you have the full control over your transactions. No one could know how you spend your money as your identity is kept private.
The main difference between Monero and Bitcoin is that the digital money is untraceable. Bitcoin’s blockchain is open and very transparent, where anyone with access to your bitcoin address can read up your previous transaction. However, as explained above, with Monero no can reveal your identity. The coin is built for complete privacy. Its technology hides your balance through stealth address. These addresses are generated randomly one-time, and can’t be associated with a person.
But guess what? Monero also gives you the option to allows users to share transactions details to certain individuals you select. In Monero terms, this is called “spend key” and “view key.”
Monero Explained in 1-minute
The second coin that is popular and can be mined using a PC is Dogecoin. The coin is a decentralized, peer-to-peer digital currency that allows its user to send money easily online. Dogecoin is currently ranked 24th on CoinMarketCap.
Similar to mining Monero, download Dogecoin desktop application from the official website. You may start mining with your CPU, but it is also recommended to use a graphics card for better results. Both AMD and Nvidia graphics card works well.
Next, you will need to download the mining software. For CPU mining, use CPU miner. You don’t need to pay anything to download the software; it’s completely free! Also, for better mining returns, don’t forget to join a pool.
Solo mining vs. Pool mining
As we know, rewards from mining are random. While mining, you are searching for blocks, solving and confirming the block for a return. This return is called “mined coins,” that you will later exchange for some bitcoin or cash. Keep in mind that the stronger the hardware, the faster the search and confirmation of blocks. This is why it is recommended to be part of a pool with other miners.
By now, you should have understood the best cryptocurrencies to mine with a CPU. However, you will need to fully understand how mining works. Please note that when you mine with your hardware, you will cause it to work much harder than it usually runs. This means your machine temperature will rise due to the increased fan speed.
Therefore, you need to balance your hardware to keep it running at an average of 70 degrees Celsius or below. Higher temperature will risk your hardware to be permanently damaged, so make sure that you keep track of it.
Also, a lot of crypto traders who don’t have advance miners (ASIC miners, etc.) do not recommend mining. They usually mention that electricity prices are high compared to earnings they have made from mining. So make sure that you use a mining calculator to help you experiment and see your total profit when you cut electricity costs.
However, other traders mentioned a steady $11 return from mining Monero, Dogecoin, and other altcoins. Now that we have learned about the best cryptocurrencies to mine with a CPU, good luck with your mining journey!