A Comprehensive Guide to CPU Mining in 2017: Which Cryptocurrency Should You Choose?

In the world of cryptocurrency, mining is a crucial process that verifies transactions and adds new blocks to the blockchain. While GPU mining has gained popularity in recent years, CPU mining still holds its own, especially for those who are just starting out or don't have access to powerful GPUs. In 2017, several cryptocurrencies were considered the best choices for CPU mining. This article will delve into the most suitable options and provide a guide on how to get started.

1. Bitcoin (BTC)

Bitcoin, the first and most well-known cryptocurrency, has always been a prime candidate for CPU mining. In 2017, Bitcoin's difficulty level increased significantly, making it more challenging for CPU miners to compete with GPU miners. However, Bitcoin's market capitalization and stability make it a worthwhile investment for those who are willing to put in the effort. To start CPU mining Bitcoin, you'll need a reliable Bitcoin mining software, a CPU with good performance, and a wallet to store your Bitcoin.

2. Litecoin (LTC)

Litecoin, created by Charlie Lee in 2011, is another popular cryptocurrency that can be mined using a CPU. It is often considered the "silver" to Bitcoin's "gold" due to its similarities and faster transaction times. In 2017, Litecoin's difficulty level remained relatively stable, making it a viable option for CPU miners. To mine Litecoin, you'll need a Litecoin mining software, a CPU with decent performance, and a Litecoin wallet.

3. Dogecoin (DOGE)

Dogecoin, a cryptocurrency that began as a joke in 2013, has gained immense popularity over the years. It can also be mined using a CPU, and its difficulty level was relatively low in 2017, making it an attractive choice for beginners. Dogecoin mining can be fun and rewarding, especially if you enjoy contributing to the community. To start mining Dogecoin, you'll need Dogecoin mining software, a CPU with decent performance, and a Dogecoin wallet.

4. Ethereum (ETH)

Ethereum, a decentralized platform that enables smart contracts and decentralized applications, can be mined using a CPU as well. In 2017, Ethereum's difficulty level increased significantly, making GPU mining more efficient. However, CPU mining can still be a viable option for those who want to contribute to the network. To mine Ethereum, you'll need Ethereum mining software, a CPU with good performance, and an Ethereum wallet.

5. Monero (XMR)

Monero is a privacy-focused cryptocurrency that gained popularity in 2017. Its mining algorithm, CryptoNight, is designed to be CPU-friendly, making it a good choice for CPU miners. In 2017, Monero's difficulty level remained relatively stable, making it an attractive option for those who want to mine while maintaining privacy. To mine Monero, you'll need Monero mining software, a CPU with decent performance, and a Monero wallet.

Now that you have an idea of the best cryptocurrencies to CPU mine in 2017, let's discuss how to get started:

1. Choose the right hardware: Ensure your CPU has a high clock speed and a good number of cores. A CPU with a higher frequency and more cores will provide better performance for mining.

2. Select a mining pool: Mining pools are groups of miners who work together to solve blocks and share the rewards. Choosing a reliable mining pool can increase your chances of earning rewards. Some popular mining pools include NiceHash, MiningPoolHub, and SlushPool.

3. Download and install mining software: There are various mining software available for different cryptocurrencies. Ensure you download the software for the specific cryptocurrency you want to mine. Some popular mining software options include CGMiner, BFGMiner, and EasyMiner.

4. Create a wallet: Before you start mining, create a wallet to store your cryptocurrencies. You can choose between a software wallet, web wallet, or hardware wallet, depending on your preferences and security needs.

5. Configure your mining setup: Open the mining software and enter the details of your wallet and mining pool. You may also need to adjust the miner's settings, such as the intensity of the mining process, to optimize performance.

6. Monitor your mining performance: Keep an eye on your mining performance using mining software or third-party tools. This will help you ensure that your setup is working efficiently and adjust the settings if necessary.

7. Stay informed: The cryptocurrency market is constantly evolving. Keep up with the latest news and developments in the industry to stay ahead of potential changes in mining algorithms and difficulty levels.

1. Which is the most profitable cryptocurrency to mine using a CPU in 2017?

In 2017, Litecoin and Dogecoin were considered the most profitable cryptocurrencies to mine using a CPU due to their relatively low difficulty levels and moderate hashrates.

2. Can I mine Bitcoin using my CPU?

Yes, you can mine Bitcoin using your CPU, but it is not considered efficient due to the high difficulty level. CPU mining Bitcoin is only recommended for educational purposes or as a hobby.

3. What is the difference between CPU mining and GPU mining?

CPU mining uses the central processing unit of a computer to solve cryptographic puzzles, while GPU mining utilizes the graphics processing unit. GPUs are more powerful and efficient for mining, making them a preferred choice for serious miners.

4. How can I calculate my mining profitability?

To calculate your mining profitability, you can use online mining calculators that consider factors such as electricity costs, hardware efficiency, and the current market prices of cryptocurrencies. Some popular mining calculators include Coinwarz, WhatToMine, and CryptoCompare.

5. Are there any risks associated with CPU mining?

Yes, there are risks associated with CPU mining, such as hardware damage due to the intense workload, increased electricity consumption, and potential legal issues depending on your location. Always research and stay informed before starting a mining operation.