Bitcoin-Mining und Krypto-Blog  .  Feb 01 2023

The Ultimate Altcoin Mining Guide

This guide will walk you through the process of mining altcoins. We'll go over some fundamentals as well as some viable alternatives.


What is altcoin mining?

Altcoin mining is the mining of any token other than Bitcoin. Essentially, Bitcoin is the first widely recognised cryptocurrency and has dominated the crypto market since its inception.

However, some argue that Etherum should not be divided into altcoins because many tokens were forked from the Ethereum blockchain. In September 2022, Ethereum completed its most significant protocol change and fully transitioned to PoS consensus. As a result, Ethereum mining no longer exists. As a result, mining any type of token other than Bitcoin is defined as altcoin mining.

Is it difficult to mine altcoins?

The short answer is that it depends on the mining difficulty. The difficulty is a measure of how difficult it is to mine a block using the PoW (proof-of-work) consensus mechanism. In general, miners must compete against one another in order to earn limited block rewards. As cryptocurrency becomes more popular, mining becomes more competitive, and difficulty increases over time. On the contrary, mining difficulty decreases as less computing power (also known as hashrate or hash power) joins the network.

You can always view the real-time mining difficulty of a specific token. If the difficulty is at an all-time high, it might be a better option to halt mining temporarily.

How to start altcoin mining?

To begin, get the followings ready::

  1. A mining rig tailored to the token being mined. Machines vary according to the type of altcoin. The more advanced the equipment, the more profitable mining becomes.
  2. A mining software that is optimised for the specific cryptocurrency you wish to mine. You can get software for free or pay a monthly subscription fee.
  3. Use of a mining pool. By joining a mining pool, you increase your chances of receiving block rewards. Joint computing power improves the chances of solving a cryptographic puzzle. Pool miners share rewards based on their computing power contributions.
  4. A cryptocurrency wallet or an exchange account in which you can keep your newly minted coins.

The setup process can be found via mining rig manual or mining software instructions, depending on your specific needs.

Other factors to consider include:

  1. Local electricity costs- Quite often, your revenue does not even cover your electricity costs.
  2. Noise decibels- The mining process generates a significant amount of noise, which may cause complaints from neighbours and damage to your hearing. Check the neighbourhood rules and look for noise-cancellation solutions.
  3. heat- Mining rigs can get quite hot when working constantly. The heat produced can raise the temperature of your room uncomfortably and increase the risk of a fire. Check for fans or other cooling devices.

Altcoin Cloud Mining - a better alternative

You've probably noticed that mining at home takes a significant amount of time, technical knowledge, and initial investment. You must actively participate in all aspects of machine acquisition, setup, configuration, operation, and maintenance.

The good news is that you have another option to choose from. Cloud mining allows you to participate in mining without having to run your own mining rigs and related software. You can obtain newly minted cryptos by renting computing power from professional mining facilities. Basically, you can open an account and begin mining whenever and wherever you want.

Bitdeer, one of the leading crypto mining service providers, offers a variety of cloud mining options. Coin types, rental durations, rig models, mining pools, and other options are available. Its fee and payment structures are simple, with no hidden costs. Bitdeer has users from over 180 countries/regions mining. You can get started today!

Altcoin mining contracts - flexible options

Bitdeer currently supports the following altcoin mining options, in addition to the main offering-Bitcoin (BTC), other coins include:

  • BCH - Bitcoin Cash
  • FIL - Filecoin
  • ZEC - Zcash
  • DASH - Dash
  • ETC - Ethereum Classic
  • DOGE - Dogecoin
  • LTC - Litecoin
  • HNS - Handshake Coin
  • CKB - Nervos Network
  • DCR - Decred ,

and the list is growing. Mining contract availability varies according to inventory. For the most recent stock information, please visit the Cloud Mining page.

Which altcoin is more profitable?

Mining profitability is determined by a variety of factors, including coin price, mining difficulty, and mining efficiencies. If you are a speculator, currently unpopular altcoins may be better options as their prices can rise above expectations.

Alternatively, you can mine popular altcoins such as FIL, ZEC, LTC, and DOGE. These cryptocurrencies are liked by the market and have fairly large communities.

Which altcoin provides the most coins per day mining?

The number of altcoins mined per day is determined by your hashrate inputs. It is impossible to compare numbers when no context is provided. Dogecoin, on the other hand, is minted in large quantities because there is no cap to the total number.

How much can you make in altcoin mining? Mining profitability calculator?

The profitability of altcoin mining varies depending on the mining condition. Even though no one can predict exact profit rates, you can use the mining calculator to get a rough estimate.

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