A Comprehensive Guide to What Cryptocurrency to Mine in 2018

As the cryptocurrency market continues to grow, more individuals are looking to get involved in mining. However, with the increasing difficulty of mining and the fluctuating value of cryptocurrencies, it's important to know which cryptocurrencies are the most profitable to mine in 2018. In this article, we'll explore the top cryptocurrencies to mine in 2018, the factors to consider when choosing a cryptocurrency to mine, and provide a step-by-step guide to get started.

1. Bitcoin (BTC)

Bitcoin, the first and most well-known cryptocurrency, remains a popular choice for miners. With a market cap of over $100 billion, Bitcoin is the most valuable cryptocurrency in the world. However, due to its high difficulty level, it can be challenging to mine Bitcoin profitably. To mine Bitcoin, you'll need a powerful ASIC (Application-Specific Integrated Circuit) miner.

2. Ethereum (ETH)

Ethereum is another popular cryptocurrency to mine, particularly due to its relatively low difficulty level compared to Bitcoin. Ethereum's market cap is over $20 billion, making it the second-largest cryptocurrency by market value. Ethereum mining can be done using both ASIC and GPU miners, though GPU miners are more commonly used.

3. Litecoin (LTC)

Litecoin is a popular alternative to Bitcoin, with a lower market cap and lower difficulty level. Litecoin mining is accessible to most individuals using GPU miners, making it a good choice for beginners. The market cap of Litecoin is around $1.5 billion.

4. Monero (XMR)

Monero is a privacy-focused cryptocurrency that has gained popularity among users who value anonymity. Monero mining can be done using both ASIC and GPU miners. With a market cap of over $1 billion, Monero is a solid choice for those looking to mine a cryptocurrency that offers privacy and security.

5. Zcash (ZEC)

Zcash is another privacy-focused cryptocurrency that has gained traction in the cryptocurrency community. Zcash mining can be done using ASIC miners and has a market cap of over $500 million. Like Monero, Zcash is a good choice for those looking to mine a cryptocurrency that offers privacy and security.

Factors to Consider When Choosing a Cryptocurrency to Mine

When deciding which cryptocurrency to mine, there are several factors to consider:

1. Market value: Choose a cryptocurrency with a high market value, as this can lead to higher potential profits.

2. Difficulty level: Look for a cryptocurrency with a lower difficulty level, as this will increase your chances of mining blocks and earning rewards.

3. Mining profitability: Use mining profitability calculators to determine the potential profitability of mining a particular cryptocurrency.

4. Energy consumption: Consider the energy consumption of your mining rig, as this can significantly impact your overall costs.

5. Equipment availability: Choose a cryptocurrency that is compatible with your mining hardware.

How to Get Started Mining Cryptocurrency

If you've decided which cryptocurrency to mine, here's a step-by-step guide to get started:

1. Choose a mining pool: Joining a mining pool can increase your chances of mining blocks and earning rewards. Research different mining pools to find one that suits your needs.

2. Set up your mining rig: Assemble your mining rig, including your mining hardware, power supply, and cooling system.

3. Install mining software: Install mining software on your rig, such as CGMiner or BFGMiner, and configure it to connect to your chosen mining pool.

4. Start mining: Once your mining rig is set up and your mining software is configured, start mining your chosen cryptocurrency.

5. Monitor your performance: Keep track of your mining performance to ensure that your rig is running efficiently and earning rewards.

Frequently Asked Questions

1. Q: How do I know which cryptocurrency to mine in 2018?

A: Consider the market value, difficulty level, mining profitability, energy consumption, and equipment availability when choosing a cryptocurrency to mine.

2. Q: Can I mine Bitcoin with a GPU?

A: No, Bitcoin mining requires specialized ASIC miners. However, you can mine other cryptocurrencies, such as Ethereum or Litecoin, with a GPU.

3. Q: What is a mining pool?

A: A mining pool is a group of miners who work together to increase their chances of mining blocks and earning rewards. When you join a mining pool, you'll receive a share of the rewards based on the amount of computing power you contribute.

4. Q: How much does it cost to mine cryptocurrency?

A: The cost of mining cryptocurrency depends on several factors, including the cost of electricity, the cost of mining hardware, and the potential profitability of the cryptocurrency you're mining.

5. Q: Can I mine cryptocurrency on my phone?

A: While it's possible to mine cryptocurrency on a smartphone, it's not recommended due to the high energy consumption and the limited processing power of most smartphones. Mining cryptocurrency requires a powerful computer or mining rig.