12 Easiest Cryptocurrencies to Mine in 2021
Great opportunities for beginner crypto miners
August 28, 2021
It can be very tricky to grasp the cryptocurrency mining process and get your setup figured out when first starting out, but we all have to start somewhere.
That's why we decided to put together a list of the easiest cryptocurrencies to mine for beginners.
So without further ado, let's have a look!
Crypto Mining Explained in 10 Seconds
The term crypto mining means obtaining cryptocurrencies by solving cryptographic equations with the help of computers.
This process involves validating blocks of data and adding transaction records to a public record (ledger) known as a blockchain.
What are the Easiest Cryptocurrencies to Mine?
There are hundreds of mineable cryptocurrencies in today's market, each with its own unique guidelines, rules and regulations.
Considering that all cryptocurrencies are unique, they all require different approaches to their mining processes.
If you're reading this, you're most likely pretty new to the crypto mining scene.
I'd highly recommend starting with one of these cryptocurrencies in the list as they don't require huge amounts of tech knowledge or a super high tech mining rig to get started.
Here are the 12 easiest cryptocurrencies to mine for beginners in 2021...
GPU vs. ASIC Mining
ASIC computers are solely designed to mine cryptocurrency and are completely useless for anything but crypto mining.
This obviously means they are far more efficient at mining cryptocurrency than your standard GPU.
Mining with ASIC computers carries more risks than GPUs, but it is much more profitable.
ASIC computers comprise most of the mining power in most blockchains. Some miners and mining pools with the largest ASIC operations tend to centralize mining power on the network.
For this reason, Ethereum and many other cryptocurrencies were developed to prevent ASICs from being mined on your network.
Is Crypto Mining Profitable for Beginners?
Cryptocurrency mining has come a long way from where it started.
In the early days, the process of mining cryptos was relatively easy. The rewards were also lucrative. But today, it’s not as easy as it sounds.
So, to answer your question with a simple word, YES.
However, the long version of that answer is that it’s complicated.
For instance, an excellent crypto to use for this subject is bitcoin.
Bitcoin mining right now but be the most complicated and costly endeavour you will ever find in the crypto community.
Why? Because this crypto has been in existence for a long time, and so has the blockchain.
Typically, building new blocks to get rewards is becoming more and more complicated in the bitcoin blockchain.
But if you are looking to start mining without a colossal capital, you should consider the above list.
Typically, going for young cryptos to mine is less costly.
More importantly, the new consensus algorithms that are emerging make it easy to mine the cryptos.
Should Beginners Mine Bitcoin?
As I'm sure you're aware, mining isn't exclusive to just Bitcoin.
There are hundreds of other mineable cryptocurrencies available. A few reasons why you may consider mining a cryptocurrency other than Bitcoin is:
Competition - Mining Bitcoin is highly competitive, and unless you're an experienced miner with a perfect mining setup, you might find it extremely difficult to make any profits.
Difficulty - Bitcoin has a chunky and complicated proof of work algorithm, which can make it a hassle to mine the coin.
ROI - Due to the highly competitive nature and difficulty of mining Bitcoin, you may only see meagre returns on your investment. Some other cryptocurrencies are easier to mine, especially when starting out.
Crypto Mining in a Nutshell
Crypto mining in 2021 has its unique advantages and disadvantages...
While mining cryptocurrency isn't as profitable as it used to be due to a highly competitive market, you can still earn a great amount of passive income.
Furthermore, by reinvesting or staking your mined coins, you can earn compounding interest, another form of passive income.
All in all, cryptocurrency mining is in no way a get rich quick deal.
However, by conducting thorough research and finding cryptocurrencies with high potential, you can mine, stake and earn compound interest on a growing asset.
We thoroughly hope you found some value in this article and enjoyed reading it as much as we enjoyed writing it!