With over 18 000 cryptos in circulation, to know which cryptocurrency to invest in may pose significant challenges for an average person. In line with that, more and more crypto investors are eager to get their piece of the pie, keep up with the trending hype and make lucrative profits with cryptomining when such a golden opportunity arises. In order to know and choose the most profitable crypto to mine in this turbulent and eventful 2022 year, the following article describes and analyzes what are the most profitable coins to mine this 2022 year, fast cloud mining solutions and other mining profitability issues.
What is Crypto Mining?
Cryptocurrency (virtual currency) mining is a method of verifying crypto transactions on a digital ledger (blockchain networking) or, to put it simply, mining cryptocurrencies stands for gaining newly minted coins by solving sophisticated cryptographic equations with the help of high-capacity computers (mining hardware or rigs). In short, cryptocurrency mining is a concept with reference to the mechanism of collecting a particular cryptocurrency as a reward for the work being done.
| Crypto Mining | |
| Pros | Cons |
| No counterfeit | Fierce and competitive rivalry in the mining sector |
| Immediate settlement | In many cases, the endeavor can be very costly |
| Passive income | Requires premises, software, hardware |
Notably, It is a two way avenue: the crypto miners maintain and secure the blockchain ecosystem, the latter decentralized network awards the coins (be it Bitcoin, Dogecoin, YFI, LUNA, Ravencoin, Litecoin, Ethereum, XRP, Ethereum Classic, Monero, etc.), whereas the mined digital currencies furnish an incentive for the crypto miners to keep up and support the ledger, respectively. One way or another, it is about profiting and making the blockchain infrastructure more secure and trustless for all parties.
There are very many hashing algorithms applied for coin mine activities, among which are:
– SHA-256
– X11
– Scrypt
– NeoScrypt
– CryptoNight
– Ethash
– Blake2s
How to Mine Crypto?
There exist many means and ways to mine cryptocurrency and one is able to select the best, fastest mining cryptocurrency method or opt for other alternative variants. In accordance with the method of efficient crypto mining, the mechanism can be categorized into certain meaningful methods (as per the manner of involvement into crypto mining): solo (individual) mining, pooled (collective) mining, cloud mining (via the cloud).
Solo mining means that a person mines one or several crypto coin assets single handedly, without involving other participants. The biggest advantage of such coin mine process is that the individual is the only one to reap all the profits gained from solo individual mining. The cryptocurrency miner does not need to share his or her crypto mining revenue share with anyone, hence it can be considered one of the most profitable crypto mining thus far. However, it can be postulated profitable in case when the miner has sufficient mining capacities for the fastest coin to mine and the expenses on electricity costs must be rather low in order to remain profitable.
| Solo Mining | |
| Pros | Cons |
| Great mining revenue for one person only | It costs a lot to buy and upgrade crypto mining machines |
| Good for educative purposes (in order to know what is blockchain, mining, etc.) | In many cases, the expenses exceed the actual profit. |
As an alternative to solo mining (when a person has corresponding hardware and software suites for fast mining cryptocurrency), one can accentuate the so called mining pools. Pooled mining accelerates the speed (makes it way faster) of finding block rewards by means of pooling (uniting) the hash power capacities of multiple miners who cooperate together for profitable crypto mining. It is quicker than solo mining, however the distribution of block rewards is proportionally dependent on the amount of work each miner (worker) performed.
And the last, but not least, is cloud coin mining. A lot of people find it profitable coins to mine via the cloud because this method does not require any purchase or maintenance of mining hardware (ASICs, GPU, CPU, etc.), installing, upgrading software, premises, energy costs, among others. Also, cloudmining can be the most profitable crypto mining method for people who do not want or cannot invest large volumes of money into virtual currency mining. It is affordable for an average person with no special knowledge in crypto mining and the investment plans may start from 5-10 US dollars. As a rule, such cloud mining services are rendered by third parties who act as resellers of hashing capacities. A person chooses a plan to mine the preferred coin on the cloud, makes a payment in fiat or crypto and that is all about it. For zillions of crypto enthusiasts it is the quickest way for profitable coins to mine.
Crypto Mining Types
There exist three major crypto mining types:
– Central Processing Unit (CPU) mining type.
– Graphics Processing Units (GPU) mining type.
– Application-Specific Integrated Circuit (ASIC) mining type.
Initially, Bitcoin was generated by using CPU capacities. However, with the force of time and extreme hype surrounding the forefather of all cryptocurrencies, the mining return on investments become minimal and the expenses exceed coin mining profitability. It can only be profitable if the person has a very powerful computing unit and the electricity costs are minimal. It is definitely not the fastest way for most profitable crypto mining.
Moving forward, GPU mining is a graphics video card of your PC meant for crypto mining, gaming, videos. Its main benefit is fast flexibility, meaning that one hardware unit can mine different types of coins and the person faces no dilemmas as to selecting the most profitable coin to mine. Besides, GPU miners can switch the crypto mining process between different currencies, thus diversifying the investment risks. Nonetheless, the major disadvantage of GPU mining is that it eats gigantic amounts of energy and badly needs special software to be installed and upgraded at a regular basis.
ASIC mining is the fastest and most profitable way to mine one or several cryptocurrencies with one or several hashing algorithms. ASIC mining rigs were specifically developed to solve complex cryptographic tasks and they gained fast popularity in the crypto audience. The ASIC devices are rather expensive and they get outdated in due course of time. A lot of enterprise grade corporations purchase fastest ASIC miners to their warehouses (mining data centers) with the aim of provisioning cloud mining services worldwide.
| Type | Pros | Cons |
| CPU | No specialized mining hardware is required to buy, good for educative purposes. | Tremendous electricity usage, problems with CPU performance. |
| GPU | Easily sources and maintained, possesses a high resale value, absolutely upgradable. | Cannot be compared with the hashing power produced by ASICs, high power usage. |
| ASIC | Incredibly high hash rate capacities for a specific coin (fast, really fast performance) | High cost of hardware, short lifespan and in many instances, the rigs are non-upgradable. |
Choosing the Right Crypto for Mining
What are the differentiating criteria for most profitable cryptocurrency to mine? In essence, you, as an interested party, need to make sure of the legal status of cryptocurrency mining in your country. There are a plethora of jurisdictions that recognize Bitcoin and altcoins as legal tender, but in many countries (for instance, the People’s Republic of China) all cryptocurrency related operations are forbidden by law. Stemming from this factual evidence, it is so pertinent to start your decision making with a scrupulous investigation prior to selecting fastest cryptocurrency to mine.
Further, you need to make up your mindset with reference to what cryptocurrency mining type and method you want to instigate the most profitable cryptocurrency mining (be it fastest cloud mining service, ASIC rigs, desktop PC, fastest GPUs, etc.). By carefully weighing all the pros and cons, you can prevent yourself from financial losses and make fast mining profits free spirited.
Consequently, make sure that the coin you want to select for faster crypto to mine is applicable on large crypto trading platforms and online crypto white label exchanges. The listing of the coin (coin integration on the platform) testifies its liquidity, popularity, scalability and other similar differentiating factors (oct, nov, sept, may, fast, dec, etc.).
List of Prospective Cryptos for Mining in 2022
Even though cryptocurrencies are virtual, they do not appear out of nowhere — they have to be generated in the fastest manner, with a prime focus on making great revenue with digital currency mining mechanisms. Below you can find an illustrative table of most profitable coins to mine this year (actual data retrieved at the fastest date of writing).
| Crypto | Ticker | Circulating Supply |
| Shiba Inu | SHIB | 549,063,278,876,302 |
| Yearn.finance | YFI | 36,638 |
| Terra | LUNA | 368,163,979 |
| Cardano | ADA | 33,700,479,629 |
| Bitcoin | BTC | 18,985,893 |
| Litecoin | LTC | 69,862,606 |
| Ethereum | ETH | 119,996,737 |
| Ethereum Classic | ETC | 133,601,157 |
| RavenCoin | RVN | 10.47B |
Source: https://coinmarketcap.com
Shiba Inu
Needless to mention that it is one of the coolest performing digital assets over the past year. SHIB is not possible to mine as it doesn’t use the PoW algorithm like DOGE, instead it operates using the Ethereum network. To mint new SHIB tokens, you can do it by using your GPU or ASICs by means of the mining pools.
Core Characteristics
– ROI since launch: 45741.13%
– Standard: ERC-20 token
– Best hardware to use: GPU and ASIC
Yearn.finance
YFI has a fixed circulating supply of 30K assets. One of the key benefits of the YFI is that it offers users multiple streams of income (users can earn extra income through staking, p2p lending and investing). More of the tokens can be minted based on a governance agreement.
Core Characteristics
– ROI since launch: 1754.53%
– Standard: ERC-20 token
– Best hardware to use: ASICs
Terra
LUNA tokens cannot be mined because it does not operate on a PoW blockchain. Considering that it runs on a PoS consensus algorithm, LUNA assets can be staked instead.
Core Characteristics
– ROI since launch: 4961.16%
– Hash algorithm: PoS
– Hardware: ASIC mining rigs
Cardano
ADA’s growth may not be as exponential as SOL’s, but this virtual asset is in the record of ten cryptocurrencies by market cap. With staking crypto, the ADA holders lock their tokens in the pool for staking. In this regard, the more ADA tokens are locked, the more likely the greater revenues generated.
Core Characteristics
– ROI since launch: 3742.51%
– Hash lgorithm: PoS
– Mining machines: GPU, ASIC miners
Bitcoin
BTC uses the PoW mining algorithm. It is widely recognized as a golden standard for all cryptocurrencies as a store of value. The best way to mine BTC under present day conditions is to use BTC cloud mining services.
Core Characteristics
– ROI since launch: 30026.77%
– Reward: 6.25 coins per block found
– Best hardware to use: ASICs
Litecoin
LTC is the lighter version of BTC, respectively. The asset has relatively little volatility thresholds, fast transaction speed and affordable blockchain commissions.
Core Characteristics
– ROI since launch date: 2447.31%
– Algorithm: PoW
– Reward: 12.5 LTC per block found
– Hardware: GPU, ASICs
Ethereum
The altcoin is undoubtedly one of the fastest growing crypto assets. Pooled mining is the best choice thus far.
Core Characteristics
– ROI since launch: 98645.31%
– Hardware mining machines: GPU and ASICs
Ethereum Classic
ETC follows the genesis of the ETH ecosystem. It can be flawlessly mined via advanced ASIC mining rigs and GPUs just like that. The mining crypto process is very simple and crystal clear, and the mining crypto reward time schedule is insignificant per se.
Core Characteristics
– ROI: 3468.05%
– What to use for mining crypto: GPU, ASICs
RavenCoin
The RVN digital asset is one of the most profitable cryptos for online digital virtual currency mining.
Core Characteristics
– ROI since launch: 92.56%
– Hash Consensus: PoW
– Hashing Function: X16R
– What machinery to use: CPU, GPU, ASICs
Conclusion
To put it in a nutshell, the selection of available coins, Bit coins, altcoins and tokens for mining and staking is impressive. Everything is directly dependent on one’s prioritized investment initiatives, appetite, knowledge base, initial capital. Nonetheless, you should always prioritize your aims and investigate the topicality of the issue under scrutiny on what crypto is perfect exclusively for you to make revenue online.
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