Mining creates the solid ground for more cryptocurrency enthusiasts to mine in a decentralized manner to ensure cryptocurrency. 10 minutes is the time which is basically required to mine a single BTC block so it ensures that new coins are produced every 10 minutes. It is the rule in Bitcoin blockchain. It is the system which was at first popularized by Bitcoin but altcoins have also taken up this system to secure their blockchain. If you are a small miner you need to join bigger pools to get at least some rewards. There are less altcoins you can mine with GPU every day. This is because the mining industry consolidates and professionalizes their pool. If you want to embark on your crypto mining journey you will need to follow some certain requirements so that you can have a most profitable cryptocurrency mining experience in 2020.
First and foremost you need a coin wallet with password protected storage that can keep network wide ledger of transaction. You will also need a free mining software package. Next you need a desktop or customer computer that is designed for mining cryptocurrencies. Other requirements include membership at an online cryptocurrency exchange so that you can exchange your mined coins for cash or Bitcoin. You’ll also need an online mining pool membership to increase profitability and a stable income. Finally you will require a mining ESIC ship or a GPU Nvidia.
The first one in our list is Bitcoin or BTC. it is the first decentralized cryptocurrency that had a head start in digital markets in 2009. Many people consider Bitcoin as the most profitable cryptocurrency to mine in 2020. It verifies Bitcoin transactions on a decentralized network. When you are mining Bitcoin, a peer-to-peer computer is used to secure your transaction. However the block rewards for the miners are going to be reduced to 6.25 BTC in 2020.
Next we have Litecoin or LTC. Released under the MIT/X11 license LTC is an open source software project. This is also a peer-to-peer cryptocurrency and is currently ranked as the world’s fourth largest cryptocurrency in terms of market capitalization. It has a superior storage capacity and configuration. This makes one of the best cryptocurrencies to be mined in 2020. It is also to be considered that LTC outshine BTC is percentage gain with 41% rise.
However in August 2020 Bitcoin is going to go through its second halving process. Under this the miner’s rewards would be reduced in half to 12.5 LTC.
Next we have Ravencoin or RVN which was launched in 2018. It is an American made blockchain which has the focus on assert transfer based on Bitcoin and Ethereum. It is actually an open source peer to peer blockchain which is designed to handle the efficient creation and transfer of assert from one party to another. It has recently gained popularity that it uses for proof of work mining.
Apart from this you have Grin or GRIN which is also an open source project whose main focus is on privacy, stability and trade actively on Hotbit crypto exchange. This coins have unlimited supply and have received a positive response from Bitcoin maximalist. You also have vertcoin or VTC, Feathercoin and AEON apart from the big names. The list can go on as there are many other coins that are worth mining in 2020. Mining is a very slow process but it can actually benefit you in the long run. You can slowly add some extra money in your wallet and hope that the investment is worth the time and efforts involved.