Cryptocurrency mining has been a business practice for several decades. Thousands and maybe even millions made a fortune. The evolution of the industry shaped several consensus algorithms, resulting in a more complicated process to find the right cryptocurrency for mine.
It is worth noting that knowing all the advantages and disadvantages of the industry could significantly increase the return on investment (ROI) in decision making. So, let’s look at the alternatives, available today and the projects in prospect, that actively disrupt the current industry.
Nowadays, cryptocurrency mining can be applied to both major assets and much more than that. It can be quite expensive to engage in mining Bitcoin, Ethereum, Litecoin or other assets. The purchase of hardware required to start mining operation often requires a heavy initial investment. In addition, it is required to pay the traditional maintenance fees related to mining.
It is a commonly known fact that electricity is the core of mining cryptocurrencies. The proof-of-work algorithm, actively used by Bitcoin, Ethereum and others as well, requires significant mining capacity over time.
Powering those machines requires much more electricity. This concept has received a lot of scrutiny lately. Even though most of Bitcoin’s mining electricity comes from renewable sources, even Elon Musk criticizes the Bitcoin network for its severe impact on the environment.
Today, the current mining concept goes far beyond proof-of-work, creating exciting new opportunities for viewers and enthusiasts, even though it can be expensive, competitive and risky. It is extremely important to compare the different options available in the table and reveal the approach that will work best. The traditional mining route
There are several options to explore for those users, striving to choose a more traditional option and then mine cryptocurrencies while using their own graphics card (GPU). So, it all comes down to finding a GPU, capable of mining at competitive speeds and choosing the right network to maximize profits. It is worth noting that the last option can be a bit complicated even though there are noteworthy options, capable of surprising some people.
Today, Ravencoin is the most profitable currency to mine using GPUs. Even though the X16 algorithm is quite easy to use and accessible to anyone, having obtained a recent graphics card, that fact may be a bit surprising. Rewards usually depend heavily on the price of RVN, however, the coin has a block reward of 5000 RVN. Depending on the amount of electricity paid, it is relatively straightforward to earn a few dollars per day by extracting the current altcoin.
Ethereum mining is a more favorable option. Today it is still one of the most popular crypto assets on the market, although there is a lot of competition on the network. In addition, people expect eth’s value to increase in the coming months due to the upcoming turnaround change. Exploring the different opportunities can prove valuable, even though there’s no guarantee that will happen. It’s unclear when the change from proof-of-work to proof-of-stake will occur. Ensuring a return on investment for people starting to mine Ethereum today may be impossible, depending on the developers’ timeline.
Finding the right card is extremely important for those who are striving to engage in GPU mining. NVIDIA GeForce RTX 3090, with a maximum profit of $7.23 per day, is considered the most lucrative card, according to WhatToMine. But it is impossible to find such a card at average prices. AMD Raden VII remains competitive, despite its launch in 2017. No one should expect to get rich overnight with cryptocurrency mining, as it is a commonly known fact that costs won’t always outweigh profits. Exploring alternative options
There are other options to explore, rather than opting for GPU mining or buying special hardware to mine Bitcoin. For example, there is the Coin Crypton, which provides a solution, involving Utopia Mining Bot. It is worth mentioning that this Bot does not participate in cryptocurrency trading, as it supports the network by operating a node to collect rewards. It provides a different twist to the concept of traditional mining while incentivizing users. In addition, the network avoids selfish mining which is extremely important.
The only requirement for those who strive to maximize their mining returns is to run Mining Bot 24/7. Nodes are tasked with providing RAM, packet routing, and generating “fake” packets to cover up packets from real data. All transactions, which occur through the Utopia network through Crypto, are completely confidential and untraceable. To provide that functionality, nodes are essential, making them eligible for a reward. Due to the fact that users provide resources in exchange for current rewards, it is possible to conclude that they are “mining” rewards, even if it is not regular mining software or hardware.
Running a virtual power server or VPS is the best way to keep the node running continuously. Installing utopia Mining Bot on a VPN should give node owners a great opportunity to maximize their returns and profits. Another hardware device, such as a computer or smartphone, will not guarantee 100% uptime on the node. Therefore, it may be beneficial to choose a different approach, which requires less maintenance.
It is worth mentioning that the Utopia Mining Bot is not a feature, which can be enabled in the application itself. This is a separate app for users to download manually. Opting for the current approach makes participation in Crypton mining conscious and deliberate, further empowering users and striving to join the current ecosystem. Conclusion
The concept of cryptocurrency mining comes in multiple forms. Some people prefer the traditional option of GPUs or purchase of dedicated mining units to compete for the block rewards part. Other users will try to make something more accessible, which requires much less experience and hassle and at the same time provides acceptable results.
So when it comes to cryptocurrency mining, there is no right or wrong approach. The utopian approach differs from something people might be used to today. But it’s worth noting that running a node, providing rewards, and using resources, including hardware and bandwidth to power a network, can be considered “mining,” even if it’s not in the traditional sense. A non-standard way of thinking is never a bad idea, especially if it can make cryptocurrencies more attractive and accessible.
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