There are over 1300 cryptocurrencies available over the internet as of January 2018 and the number is growing as you read! Anyone with the right expertise can create a new cryptocurrency these days. For a new miner, it can be very confusing to figure out which coins to start mining, especially with conflicting news reports on the same coin/coins.
Not all about Bitcoin!
Bitcoin prides itself in being an open ledger and an open book. But it also means that everyone can see the trail of transactions of the coin. If you own a bitcoin that was used in an illegal transaction, it will be recorded in the transaction details and “taints” the bitcoin.
Some service providers and exchanges deem these “tainted” coins are lower in value as “clean” coins. This is one of the criticisms of bitcoin. Why bear the responsibility of what the previous owner, possibly a complete stranger, did?
The top cryptocurrencies now. Source: Visualcapitalist
Services such as Cryptocompare can be used to calculate cryptocurrency profitability through its online calculator. In the long-term, it is best to re-evaluate the market situation and see if mining another coin might be more profitable at any given time. Having a contingency plan would be wise to safeguard against sudden price or difficulty changes.
Here’s the top 3 altcoins to mine!
Founded by a young gifted programmer Vitalik Buterin, Ethereum is at the forefront of technological advances in the cryptocurrency world. It is very likely that the price of this coin will continue to rise, as it could revolutionize many industries. Therefore, it’s a good idea to mine Ethereum and hold onto the coins if you’re looking for an investment.
An open-source cryptocurrency created in April 2014 that focuses on privacy and decentralization. Monero uses a special kind of cryptography to ensure that all of its transactions remain 100% unlinkable and untraceable.
Reported to be Edward Snowden’s favourite coin, Zcash focuses on high privacy and security. If Bitcoin is like http for money, Zcash is https—an extra secure layer. It is decentralized and open-source. Unlike Bitcoin, Zcash removes the history from the coins, thus ensuring all coins are of equal value.
Mining rigs hosted at our data centre. If one coin gets unprofitable, you can switch to another coin of your choice with a few clicks in our proprietary mining software provided.
How long to break even?
That depends on the returns you are receiving on your purchase. A 105% ROI will see you breakeven in 12 months based on February 18 2018 Ethereum prices. This is only assuming prices of the cryptocurrency remains unchanged, that’s why we mine those that has the potential to increase! If a coin you are mining with us becomes unprofitable, don’t worry, you can switch to another coin anytime.
We cannot predict something like this with 100% certainty, especially in the cryptocurrency world, which has high volatility. It’s best to not stay fixated on a single coin and be aware of changes in the market. If you decide to stop mining one coin, that’s perfectly okay! You can change the settings with a few clicks on our proprietary software. If you need financial advice or related help, we’re just a text/call away!
If you’re thinking about diversifying your investments, now is the best time to start with cryptocurrency mining. The early bird catches the crypto! We’re just a call or text away to assist you. We’ll be sharing much more information at our twice monthly, education MasterClasses.
Visit our free MasterClass now and learn how mining can help you achieve your passive income goals.
Disclaimer: As cryptocurrencies are new and still highly volatile assets, Mining Rig Club is not responsible for any losses incurred. These articles are solely for reference and education and do not serve as financial advice.