Top 10 Easiest Cryptocurrencies to Mine (2019 UPDATED)

mining

Top 10 Easiest Cryptocurrencies to Mine (2019 UPDATED)

The world of cryptocurrencies opened a lot of doors for people to make money and one of them is definitely crypto mining. For those who are not aware of crypto mining, by definition, is a process of verifying and adding transactions to the digital ledger of a particular blockchain for which the miner receives respective cryptocurrencies as rewards.

The mining process isn’t really easy as many miners compete with each other to solve complicated and difficult mathematical equations with hash functions that are cryptographic in nature and are linked to a block holding the data of a particular transaction.

And as more and more miners come together to mine, the difficulty of mining increased and slowly and steady it became tougher. While a lot of cryptocurrencies including bitcoin have becoming tougher to mine there are still a lot of them which are easier to mine.

To understand this better its necessary to look at factors that make a cryptocurrency easy and lucrative to mine.

What is the Network Hashrate?

In terms of a simple technological definition, a hash rate can be defined as the speed at which a given mining machine operates. In the world of cryptocurrencies, the hash rate is the speed at which the mining machine make thousands or even millions of guesses per second to find the right answers to solve the block.

The hash rate is a critical factor in crypto mining because it directly impacts miners profitability. The relation between them is like if at a given point of time Bitcoin or any other cryptos network’s difficulty increases, the hash rate increases and consequently, the miner earns the cryptocurrency and the transaction fees. The number of miners in the network increases the difficulty, as a miner needs to compute more guesses per second thus bringing back the cycle to hash rates.

Another way to look at it is, If the miners are to produce and verify blocks which do not have any transactional value and receive the reward coin for it, the coin prices will decrease, and as block production is a slow process; the transactions on the particular blockchain will become stagnant, thus depreciating the price of the coin once again. This is where the levels of difficulty start to grow.

What is Mining Difficulty?

If one tries to look for the simplest of the definition of mining difficulty he would realize that the term is just the complexity that is involved in solving the mathematical problem which mines face while creating a block. This difficulty usually changes over time and, in most cases, becomes difficult. Also, a lot depends on the hashrate of the network on which the miner is mining.

If there are very few many miners, the difficulty of mining that cryptocurrency falls and on the other side if there are a lot of miners, the difficulty for mining those coins begins to grow, making it even more difficult for a specific miner to be glued to or even find that block. Each of the miners goes all out in mining or gathering as many coins as possible. Hence it’s important to know how much the reward is in US dollars so that one can actually measure the miners’ effort. It directly related to price at which the crypto is trading, if the price of crypto grows on the cryptocurrency exchange, the value of the block reward also increases in US dollars.

The measure used to rate difficulty in mining is in hashes (the lowest being terahashes – TH), which signifies the unit of work performed and the measure to rate the network hashrate or network’s nethash (which means the number of miners ) is in the unit hashes per second (TH/s).

The difficulty of the network is adjusted by itself and is always aligned in the formula difficulty/nethash = block time (https://www.investopedia.com/terms/b/block-time-cryptocurrency.asp)

With the definitions in place, we understand that the coins that have lower hashrate are defiantly the one that are easier to mine. To get the latest hashrate for each of the coins we looked at two data aggregates and main cryptocurrency mining websites i.e. WhatToMine.com and CoinWarz.com. The data across both websites was pretty inconsistent hence we chose to pick the best coins between the two that showed the lowest difference. These excluded the NiceHash algorithm and coins which did not have hashrate data.

The list of the easily minable coins is as follows (as on 17-08-2019)

Deutsche eMark (DEM)

Key Mining Stats

  • Network Hashrate: 326.81 MH/s
  • Block Reward: 50.00
  • Blocks: 2,423,280
  • Block Time: 2.00 minute(s)
  • Revenue/ Profit per day: $0.84 / ($2.85)

The Deutsche eMark is a digital currency which is decentralized and programmed using algorithms that are cryptographic. The coin gets its name from the Deutsche Mark which was the popular currency of West Germany. The eMark, like many of its peers, uses the distributed ledger and blockchain network making it transactions fast, secure and completely decentralized.

Monero (XMR)

Key Mining Stats

  • Network Hashrate: 327.55 MH/s
  • Block Reward: 4.86930501
  • Blocks: 1,902,321
  • Block Time: 2.00 minute(s)
  • Revenue/ Profit per day: $3.23 / $0.98

Monero has been an investor darling as it was one of the first coins that were built around the premise of privacy of transactions. Most prevailing crypto assets, including Bitcoin and Ethereum, have been based on transparent blockchains which means that transactions done on them are openly verifiable can be traced by anyone who wishes to track them down like governments and authorities. Additionally, if someone continuously tracks the transactions activity of each wallet there is always a chance that he will be able to find the real-world identity of the wallet holder. This can’t be done in Monero as it uses cryptographic technology which shields addresses of the sender and the receiver, along with other transaction details.

You might also like: 10 Best Monero Wallets [XMR] Reviewed (2019 Edition)

ZCash (ZEC)

Key Mining Stats

  • Network Hashrate: 4.44 GH/s
  • Block Reward: 10.000080
  • Blocks: 586,487
  • Block Time: 2.50 minute(s)
  • Revenue/ Profit per day: $3.17 / $1.68

Zcash, just like Monero focuses on privacy. Zcash offers two types of addresses: transparent addresses that are publicly visible on the Zcash blockchain and shielded addresses that are more private as privacy is the pillar on which Zcah’s architecture lays its foundation on. There is no central database associated with Zcash hence there is no fear of no single point of failure or chances of being hacked. Being run by a variety of computers and system networks, it is next to impossible for authorities to control it or shut it down. Just like Monero, Zcash transactions also take place without disclosing the sender, receiver or the amount transacted.

Feathercoin (FTC)

Key Mining Stats

  • Network Hashrate: 5.22 GH/s
  • Block Reward: 40.00
  • Blocks: 2,788,198
  • Block Time: 1.00 minute(s)
  • Revenue/ Profit per day: $0.10 / ($0.86)

The name Feathercoin was given to the coin by the founders as they envisioned to develop a token which was lighter than light. This lightness and suitability of the coin usually result in featherlight payments which makes block verification and processing faster (usually close to one block every minute). The coin has a fairly large supply of 336 million coins (210m are currently in circulation). Many analysts on the street compare Feathercoin to an advanced and modified version of Bitcoin which is believed to have initially forked from source code of Litecoin. Feathercoin users have easy access to two wallets (FeathercoinCore and Electrum) which work exactly in line with Bitcoin Wallets only difference being they are lighter and much faster in processing blocks. In addition to the two desktop wallets, Feathercoin finds support from a variety of mobile wallets making it a fairly common coin.

Read Also: Litecoin [LTC] Price Prediction for 2019/2020/2025

Einsteinium (EMC2)

Key Mining Stats

  • Network Hashrate: 79.42 GH/s
  • Block Reward: 2.00
  • Blocks: 2,456,664
  • Block Time: 1.00 minute(s)
  • Revenue/ Profit per day: $1.54 / ($2.06)

Einsteinium is a digital currency which was developed with an intention of funding technological, scientific and humanitarian projects. The currency also stands as a source of financing and circulates using a proof of work calculation just like Bitcoin. So, in all practicality, Einsteinium works very similar to Bitcoin which is attached to a charitable fund. The company behind EMC2, Einsteinium Foundation is the first open-source blockchain-based network which is linked with collecting funds for scientific and technological ventures that are centered on improving and developing science and innovation.

StartCoin (START)

Key Mining Stats

  • Network Hashrate: 105.68 GH/s
  • Block Reward: 5.00
  • Blocks: 2,033,754
  • Block Time: 1.00 minute(s)
  • Revenue/ Profit per day: $0.02 / ($3.58)

StartCOIN, similarly to EMC2, also helps in supporting and promoting crowdfunding (with a key focus on charitable) initiatives. Apart from raising money, the coin also functions as a reward token for holders when they share and support crowdfunded projects. The coin and the project were launched in July 2014 and was forked out of Litecoin difference being it does not use Litecoin’s Scrypt algorithm. There is a cap on total coin supply which is at USD 84 million with a block reward halving every year.

GameCredits (GAME)

Key Mining Stats

  • Network Hashrate: 203.95 GH/s
  • Block Reward: 12.50
  • Blocks: 2,461,344
  • Block Time: 1.50 minute(s)
  • Revenue/ Profit per day: $1.94 / ($1.66)

GameCredits (GAME) was launched in 2014 with a focus on the gaming industry that allowed holders to use it for online purchases of digital goods and game services. The company behind the coin, GameCredits Inc. was founded in Serbia in 2016 and now has a team of 100 people which are spread across five countries. A coin which lays its foundations on Bitcoin, GameCredits draws a lot of inspiration from it. The mining of the cryptocurrency uses Scrypt algorithm according to the PoW (proof-of-work) principle.

Florincoin (FLO)

Key Mining Stats

  • Network Hashrate: 390.92 GH/s
  • Block Reward: 6.25
  • Blocks: 3,596,760
  • Block Time: 40.00 second(s)
  • Revenue/ Profit per day: $1.65 / ($1.95)

FlorinCoin introduces itself as a platform that is used creating fully decentralized applications. The coin ensures the performance of the entire Florin network and helps in maintaining a high transaction processing speed with a block formation time of 40 seconds. The main differentiator of this project was the ability to add comments up to 528 characters to each transaction. Most of FlorinCoin is based on the open code of Bitcoin, but with scums from Litecoin.

Verge (XVG)

Key Mining Stats

  • Network Hashrate: 755.13 GH/s
  • Block Reward: 730.00
  • Blocks: 3,369,191
  • Block Time: 30.00 second(s)
  • Revenue/ Profit per day: $1.67 / ($1.93)

Verge is an improved version of original Bitcoin blockchain which envisions to achieve its mission of providing individuals and businesses with a swift, effective and decentralized way of making direct transactions with the advantage of privacy. The ultimate aim of the coin is to bring cryptocurrency for people to use it every day. With Verge Currency, businesses and individuals have access to flexible options for sending and receiving payments.

Vertcoin (VTC)

Key Mining Stats

  • Network Hashrate: 778.68 GH/s
  • Block Reward: 25.00
  • Blocks: 1,192,732
  • Block Time: 2.50 minute(s)
  • Revenue/ Profit per day:

The design of Vertcoin blockchain was made in a way so that the mining power doesn’t get consolidated. This was the coin’s developer’s effort to keep the currency completely decentralized at all the time. After taking care of decentralization, the founders saw to it that coin was easily minable which would make mining cryptocurrency easy for everyone. Very similar to Litecoin, Vertcoin’s consensus algorithm is very much VTC ASIC-resistant. Contrasting to many other altcoins that exist today, Vertcoin never had an ICO, airdrop, or pre-mine bonuses. This too was designed for a reason so that it doesn’t give any undue advantage to a group or individuals by providing them access to Vertcoin before the audience at large.

Conclusion

While these coins are easy to mine, it is necessary for a new miner to make note of another factor that can change things for them such as the use of pools. The easiest cryptocurrency to mine is also a function of how the pool fees are charged. Being part of the pool does increase the frequency of pay-outs for everyone who is part of the pool. Keeping all things in check, a miner definitely needs the best resources at disposal to actually make cryptocurrency mining easy.

Ethereum Mining
Ethereum Cloud Mining: How To Guide & Best Service Providers/Websites
It was not long ago from when the world of blockchain was dominated by Bitcoin. But as more and more
Read more.
binance
Tezos [XTZ] Jumps Over 4% Amids Binance Listing; CZ Hints Tezos Staking
Binance recently announced the listing of Tezos with pairs of Bitcoin(BTC), Tether(USDT) and Binance Coin(BNB).  Will Binance Enable Tezos Staking?
Read more.
Ethereum-Mining1
Ethereum price analysis: ETH/USD Breakout Is Matter of When?
Ethereum consolidation is likely to touch $200, even drop to $190 before the next significant breakout to $300. A break
Read more.
Binance
Binance Adds Another Top 10 Coin to its Lending Program
Binance is all set to launch its sixth phase of lending products on  25th September at 6:00 AM (UTC), where
Read more.
okex
OKEx Official Denies BTI’s Allegations of Wash Trading
Blockchain Transparency Institute (BTI) recently released its Market Surveillance Report for the third of 2019. The report highlights the percentage
Read more.
Decentralized Online Casino BetHash Ups its Max Betting Limit to Woo High Rollers
August 11, 2019—Blockchain-based online casino BetHash has upped its maximum betting limit to allow high rollers to wager up to
Read more.
Bakkt
Bakkt Trolls Breaking Crypto Twitter After Dull Performance on Day 1
Bakkt Bitcoin Futures has finally launched after months of anticipation. While investors and traders can potentially profit from the upcoming
Read more.
Is Bitcoin a Remarkable Hedge Crypto Pioneers Betting High on BTC While Stock Plunges  
XBT/USD Analysis: Bitcoin Gets Ready For Volcano Breakout – Kraken Margin Trading
Bitcoin narrows towards the pivotal $10,000 level in anticipation for a magnificent triangle breakout. Lower consolidation will take the center
Read more.
bitcoin fall or not
Bitcoin [BTC] Continues to Hold $10,000 Levels – Here’s Why Analysts are Turning Bearish
Bitcoin has continued to trade around the $10,000 level for the entire weekend. After the volatile movement on Thursday, the
Read more.
Summary
Top 10 Easiest Cryptocurrencies to Mine (2019 UPDATED)
Article Name
Top 10 Easiest Cryptocurrencies to Mine (2019 UPDATED)
Description
Interested in mining cryptocurrencies in 2019? It is wiser to go after easier cryptocurrencies to mine than going after those top guns in crypto. That's why here I cover the top 10 cryptocurrencies to mine that are easier than others.
Author
Publisher Name
CoinGape
Publisher Logo
Show Comments
Casper Brown 180 Articles

I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.

Follow Casper @