What should I mine?

What should I mine. This is one of those questions that pops up on the various coin forums every few days. It’s a question that always seems to gain much discussion- but always one with just one simple valid answer. Let me answer it for you, then explain why the answer i give is so.

You should mine whatever is the most profitable coin for your hardware. There are plenty of websites out there that will help you figure it out. The chances are that the answer will be either Etherium (as of the time of writing). Maybe ZCash if you have an older graphics card. You can visit whattomine.com- it’s got a pretty good analysis tool, just pop in which cards you have and it will spit out numbers. Crypocompare is a more powerful tool, but also requires understanding what your hash rate is likley to be.

If  you’re mining on a graphics card, don’t mine bitcoins. A lot of ill informed websites suggest we miners mine bitcoins with graphics cards, which is a lie. This has not been profitable for years. You are going to mine coins which are ASIC resistant- that means coins that cannot be mined by special computers which are just for mining, and instead are only mined on general computers using a normal gamer type graphics card. CPU mining not profitable, don’t waste your time trying to figure out a way to make it so unless you have free electricity.

Sometimes you see people online recommending things like “mine a coin that is less profitable, and then if it goes up in value you will make lots of money”. Well that’s great, but also totally wrong. Lets imagine this low profit coin is called XCoin. Well in 1 day you can mine 100 XCoins, worth say $1. Great. Or you could mine ETH, worth $3, sell them and buy 300 XCoins. Then if your XCoins do go up in value, you will have made far more money. Quite simply as a miner, there is no reason to mine anything other than the most profitable coin.

Now maybe you believe in a certain coin, or maybe you want to help the devs. Great. Just mine knowing that you’re doing it out of love, rather than profit.

Another common problem is “Is it worth mining at a loss?” Maybe you have high electrical prices, and mining at all is a dim affair. The only person who should be mining at a loss is one who can use the graphics cards to heat up his home or office. If electricity is 20c/KW, but you can recuperate 10c of that through mining, then mine away, it actually still makes quite a lot of sense. If you’d just be blowing that heat out the window then it’s really not worth bothering. You should just go and buy crypto coins instead, you’ll end up with more for the same money, and save yourself a lot of hardware wear and hassle.

So, in conclusion, you should probably mine Etherium. But times change, so look it up on the above websites to confirm.

 

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