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Which Are the Best Cryptocurrencies to Mine?

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The mining of cryptocurrencies can be a lucrative venture, depending on which consensus algorithm the ecosystems use. Finding the right cryptocurrency to mine can be a lot more complex than people assume. Comparing the different options is essential for anyone interested in exploring these options.

Traditional Mining Remains Expensive

Whereas most people would think of cryptocurrency mining as something that only applies to top assets, that is not the case. Getting involved in mining Bitcoin, Ethereum, Litecoin, or other assets can prove very expensive. Acquiring the necessary hardware to begin the mining operation often requires a steep upfront investment. Making matters worse are the maintenance fees associated with traditional mining.

Another factor is the electricity cost of mining cryptocurrencies. The Proof-of-Work algorithm employed by Bitcoin, Ethereum, and others requires significant mining capacity over time. Powering those machines means using more electricity, a concept that has gotten plenty of scrutiny lately. Even Elon Musk criticizes the Bitcoin network for its severe impact on the environment, even if most Bitcoin mining electricity comes from renewable sources.

All of these factors indicate how tough it can be to engage with cryptocurrency mining. However, the mining concept goes well beyond Proof-of-Work these days, creating new and exciting opportunities for onlookers and enthusiasts. It is crucial to compare the different options on the table and figure out which approach will work best.

The Traditional Mining Route

For those users who want to opt for a more traditional option and mine cryptocurrencies with their graphics card (GPU), there are several options to explore. It all comes down to finding a GPU capable of ming at competitive speeds and finding the right network to maximize profits. That latter option can be a bit tricky, though, although there are noteworthy options that might surprise a few people.

As things stand, the most profitable currency to mine with a GPU is Ravencoin. That may be a bit surprising, although the X16 algorithm is quite user-friendly and approachable by anyone with a recent graphics card. Rewards will depend heavily on the RVN price, yet the currency has a 5,000 RVN block reward. Depending on how much one pays for electricity, it is relatively straightforward to earn a few dollars per day by mining this » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin.

Another favorable option is mining Ethereum. Although there is a lot of network competition, it remains one of the more popular crypto assets on the market today. Moreover, with the upcoming switch to proof-of-stake, people expect the value of ETH to go up in the coming months.  There is no guarantee of that happening, however, but exploring the different opportunities can prove worthwhile. It is unclear when the switch from proof-of-work to proof-of-stake will occur, however. Ensuring a return on investment for people who begin to mine Ethereum today might be impossible, depending on the developers’ timeline.

For those who want to get in on the GPU mining action, finding the right card is of the utmost importance. Per WhatToMine, the most lucrative card is the NVIDIA GeForce RTX 3090, with a maximum profit of $7.23 per day. Finding such a card at average prices is currently impossible, however. The AMD Raden VII is still competitive, despite being launched in 2017.  No one should expect to get rich overnight from cryptocurrency mining, however. The costs will not always outweigh the earnings.

Exploring Alternative Options

Rather than opting for GPU mining or buying special hardware to mine Bitcoin, there are other options to explore. One currency, named Crypton, provides a solution that involves the Utopia Mining Bot. Contrary to what one might think, this Bot does not participate in cryptocurrency trading, Instead, it supports the network by operating a node to collect rewards. It provides a different spin on the traditional mining concept while still incentivizing users. More importantly, the network prevents selfish mining.

For those looking to maximize their mining returns, the only requirement is running the Mining Bot 24/7. Nodes are tasked with providing RAM, packet routing, and generating “bogus” packets to cover up real data packets. All transactions occurring over the Utopia network via Crypto are confidential and untraceable. To provide that functionality, nodes are essential, making them eligible for a reward. As users provide resources in exchange for these rewards, one can make a point they are “mining” rewards, even if it doesn’t involve regular mining software or hardware.

The best way to keep the node running continuously is by running a Virtual power Server, or VPS. Installing the Utopia Mining Bit on a VPN should give node owners the best chance at maximizing their returns and profit. Using other hardware, such as a computer or smartphone will not guarantee 100% uptime on the node. Thus opting for a different approach that requires less maintenance and upkeep can prove beneficial.

It is worth noting that the Utopia Mining Bot is not a feature one can enable in the native application. It is an entirely separate application that users can download manually. Opting for this approach makes the engagement in Crypton mining a conscious and deliberate one, further empowering users who want to be part of this ecosystem.

Closing Thoughts

The concept of mining cryptocurrencies comes in many different forms. Some people prefer the traditional option of buying a GPU or dedicated mining unit to compete for a share of the block rewards. Others will try their hand at something more accessible that requires far less expertise and hassle while still providing acceptable results.

There is no right or wrong approach when it comes to cryptocurrency mining. The approach by utopia is different from what people might be used to today, but running a node, providing rewards, and using resources – hardware and bandwidth – to empower a network can be considered “mining”, even if it isn’t in the traditional sense. Thinking outside of the box is never a bad idea, especially if it can make cryptocurrency more appealing and accessible.

Image by Gerd Altmann from Pixabay

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Source: https://www.newsbtc.com/news/company/which-are-the-best-cryptocurrencies-to-mine/

Blockchain

PayPal and Visa Lead $300M Funding for Blockchain Capital

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Blockchain Capital remains a major tech backer in the DLT space with investments in numerous crypto and DLT projects.

Fund V with $300M Funding

According to a press release published on Monday (June 22, 2021), Blockchain Capital has closed funding for its Fund V LP. The capital raise reportedly drew participation from several high-profile backers including global payment giants Visa and PayPal.

Capped at $300 million, Blockchain Capital’s latest fund was oversubscribed likely pointing to the continued appetite for DLT-related funding despite the current crypto market downturn. Apart from Visa and PayPal, university endowments, hedge funds, family offices, and pension funds also participated in the capital raise.

Bart Stephens, co-founder and managing partner at Blockchain Capital commented on the closure of the fifth VC fund, stating:

“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”

Spokespersons for both Visa and PayPal stated that their support for Blockchain Capital was part of efforts to boost innovation in digital finance. According to Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal:


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“Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”

Serial Blockchain Backer

Blockchain Capital is a serial investor in the crypto and DLT space. The company’s portfolio of projects cuts across several facets of the emerging industry including United States-based exchange giants like Coinbase and Kraken.

Blockchain Capital’s investment portfolio also extends to the decentralized finance market arena, backing projects like Aave, UMA, and Nexus Mutual.

Since securing about $2 million in funding from Blockchain Capital and other investors back in May 2018, OpenSea has been able to attract additional investments, including a $23 million injection as reported by CryptoPotato back in March.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/paypal-and-visa-lead-300m-funding-for-blockchain-capital/

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Blockchain

Binance Coin’s recovery hinged on this

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Weekly losses piled up at 30% for Binance Coin on the back of high selling pressure persistent across the global cryptocurrency market. During this period, prices steadily declined from the upper ceiling of $380 to its press time level of $264. With bears in control for the moment, BNB would most likely register more losses over the coming hours. However, this could set the stage for the re-emergence of buyers back into the mix.

Binance Coin 4-hour chart

Source: BNB/USD, TradingView

Binance Coin’s woes were elevated once bulls failed to defend $325 support from bearish pressure. A further 20% was noted from this defensive line as BNB seemed to shift towards the $260-mark. Prices were now below their 4-hour 50, 100, and 200 Simple moving average lines. An argument can be made that BNB’s short-term movement and hopes of a brief recovery now hinged on $260 support moving forward.

Reasoning

Visible Range’s point of control lay around $260. This meant that BNB saw peak interest by traders at this price level in the given timeframe- a reading that strengthened the area’s defense. Moreover, Relative Strength Index traded in the oversold region from where a reversal can be expected. According to the price-sensitive Stochastic RSI, some bullish resurgence had already seeped in as the index moved north after a bullish crossover. Successfully defending $260 from bears could even result in a minor jump back towards the $325-mark.

However, traders must be wary of an extended sell-off as well. Bearish momentum was building up on the Awesome Oscillator which showed no signs of a reversal just yet. A bearish outcome would likely drag BNB back towards its demand zone of $210-236

Conclusion 

Selling pressure was dominant in the BNB market but there was a glimmer of hope at its press time price of $260. A bounce back in this region could provide a short-term push back towards $325. However, the chances of a further drawdown cannot be overlooked as well. A breakdown could see BNB trade within its demand zone of $210-236 over the coming days.


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Source: https://ambcrypto.com/binance-coins-recovery-hinged-on-this

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Ethereum, MATIC, Solana Price Analysis: 22 June

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With a depreciation of 8.1% in 24 hours, the global crypto-market cap fell to 1.31 trillion at press time. Following Bitcoin’s footsteps, most altcoins in the market have been struggling within the bearish zone throughout the weekend. Ethereum and Solana, for instance, fell below their respective support levels. MATIC, on the contrary, while it moved south too, stayed above its support. 

Ethereum [ETH]

Ethereum failed to stay afloat above the $2,250 support level, with the alt trading at $1902 at press time. In case the coin doesn’t fall further, it could see resistance near $2055. The second-largest coin by market capitalization noted a decline of 27.2% over the past week. 

ETH’s charts pictured a bearish crossover on 15 June and despite the price recovering slightly on 20 June, the MACD’s histogram underlined bearish momentum. The Bollinger Bands diverged in the early hours of 21 June, meaning that there could be a hike in price volatility. 

The Chaikin Money Flow neared the equilibrium mark – A finding that predicted an even amount of capital outflows and inflows. Alas, at press time, capital outflows slightly exceeded inflows. 

MATIC

MATIC showed promising recovery from 12 June to 15 June post the crypto market crash. However, it failed to hold on to the same momentum and prices dipped soon after. Worth noting though that the alt had not breached its crucial support level of $1.04, unlike other altcoins, at the time of writing when MATIC was priced at $1.06. 

A slight dip in prices would mean that MATIC too would break past the $1.04 support level. The Bollinger Bands were observed to be diverging, a sign of steep price volatility in the near term.  

Finally, the MACD’s histogram gave bearish signals for the whole week while the Awesome Oscillator suggested that bearish momentum was building up. That being said, it did read a few scattered bullish trading sessions in between. 

Solana [SOL]

SOL breached its $31 support level in the last 24 hours and then broke past its $24 support level too. It was priced at $23.66, at the time of writing. The alt somehow had managed to recover briefly in the last 48 hours, however, it did see a decline of 24.1% soon after. 

The market has been seeing intense selling pressure over the last few days. At press time, the coin had fallen below the 30-mark on the Relative Strength Index, a development which meant that the alt had hit the oversold and undervalued zone. 

The Awesome Oscillator suggested that bearish momentum was continuing to build up on the charts. Finally, the widening of the Bollinger Bands projected a hike in price volatility. 


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Source: https://ambcrypto.com/ethereum-matic-and-solana-price-analysis-22-june

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