Cryptocurrency mining is the process of creating new blocks in the blockchain and confirming transactions by solving mathematical problems. This is the key way in which new units of cryptocurrency are released into circulation, as well as the way in which the network ensures the security and reliability of transactions.
Although bitcoin is the most well-known cryptocurrency that is often associated with mining, there are many other cryptocurrencies that can also be mined. In this article, we will look at the possibilities of earning money from mining cryptocurrencies in addition to bitcoin.
1. Ethereum (Ethereum)
Ethereum is the second most popular cryptocurrency after bitcoin, and it can also be mined using mining. The main ethereum protocol, called Ethash, uses the Proof of Work (PoW) algorithm, which implies mining on graphics processors (GPUs). Ethereum also plans to switch to the Proof of Stake (PoS) algorithm, which will make mining more environmentally friendly.
2. Litecoin
Litecoin is one of the oldest cryptocurrencies, which was created in 2011. It also uses the PoW algorithm for mining, but has some differences from bitcoin, including a shorter block interval and the Scrypt hashing algorithm, which provides a wider range of participants.
3. Monero (Monero)
Monero is a cryptocurrency that places greater emphasis on anonymity and confidentiality of transactions. It uses the CryptoNight algorithm for mining, which is specifically designed to ensure anonymity. You can mine Monero on both CPU and GPU.
4. Ravencoin
Ravencoin is a relatively new cryptocurrency that was launched in 2018. It is focused on the creation and transfer of digital assets and uses the X16R mining algorithm, which is a combination of sixteen different hashing algorithms.
5. Dogecoin
Dodgecoin is a fork cryptocurrency based on Litecoin, but with a friendlier and comical image. She also uses the Scrypt algorithm for mining and often becomes the focus of attention on the network of blogs and social networks.
Conclusion
Mining cryptocurrencies provides many opportunities to earn money in addition to bitcoin. From the choice of cryptocurrency to hardware and software, there are many factors to consider when making a mining decision. Therefore, it is important to conduct your research and understand which cryptocurrency and mining method are right for you.