When it comes to cryptocurrency, you’ve probably heard the term “mining” floating around the internet. Isn’t cryptocurrency a digital currency? If it doesn’t have a physical form, how can you mine it? If you’re unfamiliar to mining, you can first read this article to understand how mining works.
Just a few years ago, cryptocurrencies like Bitcoin can easily be mined with a CPU. However, now that it’s gained popularity, there are many devices in the network that are far more powerful than the average CPU. This makes it impossible for the common user to mine Bitcoins with their regular computer.
While mining bitcoins from home isn’t viable anymore, there are altcoins in the market that you can still mine with a CPU. Here are 6 altcoins you can mine from home:
Monero is known as a privacy coin and its price has been steadily rising. Since Monero uses the CryptoNote technology which makes it difficult for miners to use ASIC devices (powerful computer devices) to increase their mining power. This means that mining will be more distributed and miners can mine Monero with a regular CPU.
To mine Monero, you’ll first need to install a mining software such as XMR Stak or Wolf’s Miner. Once you’ve installed the software in your CPU, you can then join a mining pool and start mining.
Like Monero, Bytecoin is also based on the CryptoNote protocol which prevents rewards of mining to be enjoyed by a handful who try to mine with powerful devices. Additionally, Bytecoin is also a privacy coin which supports anonymous transactions. At this point, you might notice that Bytecoin and Monero share lots of similarities. That’s because Bytecoin and Monero have a deep history – Monero was actually a fork from the original Bytecoin. Currently, Bytecoin and Monero can classed as competitors.
Not sure what forks are? Read it here.
Just like Monero, you can mine Bytecoin by first downloading the XMR Stak software in your CPU and then, join a mining pool.
Vertcoin calls themselves “the people’s coin” for good reasons. It was developed by community members who volunteer their time and knowledge into developing the coin. The entire Vertcoin team runs on donations.
To make sure Vertcoin remains truly decentralised, it runs on an alternative version of Bitcoin’s algorithm which is resistant to powerful ASIC devices. Additionally, Vertcoin also developed a new function in its system, known as Lyra2RE, which promotes decentralisation in mining. With a range of actions put in place to decentralise mining processes, VTC truly puts in effort to remain “the people’s coin”.
To mine VTC, you can download a special miner developed by the Vertcoin’s team, known as the One Click Miner. Follow the set up, join and mining pool and you’re ready to start.
Dogecoin initially started out as a joke but it’s gained a pretty steady following. Created after the internet Doge meme, this “joke” has a market capitalisation of $1 billion in January 2018. Unlike Bitcoin’s finite supply, Dogecoin adds 5.256 billion DOGE each year to its network, which is attractive for many miners.
To mine DOGE, download the CPU miner for free. Mining DOGE may not be very profitable at this point in time, however, it allows you to join a community in the crypto world. If developments in cryptocurrency picks up, being part of a crypto community is going to be beneficial for you and mining is one of the many great places to be a part of it.
Another privacy coin on this list, Aeon is a cryptocurrency which was meant to be a more mobile friendly alternative to Monero. Like Bytecoin, Aeon shares many similarities with Monero. That’s because Aeon is a fork of Monero. However, there are still some differences between Aeon and Monero. For one, Aeon runs at a higher speed as it’s designed to be more mobile friendly. For another, you can choose between traceable or private transactions with Aeon.
Like Bytecoin and Monero, you’ll need to download the XMR Stak program into your CPU and join a mining pool in order to start mining.
Although popular coins like Bitcoin and Ethereum can no longer be mined with a CPU, you can still mine a wide range of altcoins. You’ll find that many of these coins share some similarities – they’re designed to be decentralised. Although Bitcoin is a decentralised digital currency, its technology was not designed to be as decentralised as these altcoins. Many altcoins are born when developers see certain areas which can be improved on in the world of cryptocurrency. While new ideas are springing up, many new coins continue to be developed.
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