For many people, one of the first things associated with the world of crypto is mining. Lead by the promise of a passive source of income, many users have invested money into buying adequate mining rigs that should make them a profit in the long run. However, the road to mining success is not an easy one.
It’s necessary to do plenty of research before becoming a crypto miner, so that you can learn how to mine effectively. Before doing anything else, you’ll need to choose the crypto you’ll be mining. The choice of a specific crypto to settle on will determine the necessary hardware you’ll need (or vice versa). Moreover, the choice of crypto is influenced by other factors, too. The answer to the question of what is the most profitable crypto to mine, therefore, will largely depend on your personal preferences.
Sounds confusing? Don’t worry, in practice it’s easier to comprehend and you’ll find all the answers you need in the following article.
What is cryptocurrency mining?
On every blockchain platform, there’s a need for the verification of transactions that take place. In a nutshell, a mining computer solves complex mathematical equations in order to verify the transaction. The first miner who manages to do so is given a reward by the platform in the form of crypto.
There’s different hardware that you can use for mining purposes. While mining with a CPU (central processing unit) is outdated, you can choose between using a GPU (graphics processing unit), or ASIC (application specific integrated unit).
ASIC is more powerful, but not many platforms offer ASIC mineable coins. Therefore, the choice between using a GPU or ASIC boils down to picking the crypto you’d like to mine and the amount of flexibility you need.
Is crypto mining a scam?
- With the crypto industry being full of scams practically on every corner, the promise of making a passive income with mining may sound too good to be true. With that in mind, crypto enthusiasts will do well to inform themselves about what is a pump and dump crypto strategy, what are phishing attacks, what are fraudulent trading bots, etc.
However, you can rest assured knowing that crypto mining is certainly not a scam. On the contrary, this is a legitimate way to earn money, as many miners will tell you. But, crypto mining isn’t a walk in the park either.
Solo mining vs. pool mining
The blockchain tech is gaining popularity in a multitude of industries, as we hear the news of the remittance industry disrupted by crypto, along with the healthcare, real estate, media, and other disrupted industries. As crypto is becoming increasingly widespread, there’s a tougher mining competition out there. According to a recent survey, more than 46 million Americans intend to invest in crypto for the first time by 2023. A significant portion of them will also be trying to deduce what is the most profitable crypto to mine.
This brings us to another dilemma that miners are faced with. Should you mine on your own or as part of a larger group? The so-called pool mining makes it easier to deal with the competition, but you’ll need to share the earnings with the miners you’re cooperating with. That’s not the case when solo mining.
On the other hand, buying powerful mining equipment on your own, that’s necessary in order to be competitive, involves a significant expenditure of money. Therefore, this is another aspect of crypto mining that’s dependent on your personal situation.
The best cryptocurrencies to mine
For our selection of the best mining crypto, we’ve chosen four cryptos that differ substantially from each other. Some are a good fit for GPU miners, some are handy for pool mining, etc. One of them is bound to be a perfect fit for every miner.
Grin CT-32 (GRIN)
This is the easiest cryptocurrency to mine for solo miners, as it doesn’t involve a high degree of competitiveness. Therefore, there’s a higher chance of actually being the one who’ll verify the transaction and, thus, earn the reward.
Moreover, Grin doesn’t allow ASIC mining. ASIC is commonly used by mining companies, whose total processing strength makes it difficult for ordinary users to make a profit. However, Grin and many other platforms prohibit ASIC mining in order to give ordinary users a fighting chance.
The reward for mining is 60 GRIN per verified block. GRIN itself isn’t worth much – $0.07 according to CoinMarketCap, but it promises an easily achievable steady income. It’s better to steadily make little money than to make no money at all, after all.
Ethereum Classic (ETC)
Ethereum is a cryptocurrency that’s second only to Bitcoin in terms of popularity. The Ethereum platform is evolving into a proof-of-stake network, that uses staking instead of traditional crypto mining in order to verify the blocks. However, miners can still work on its modified pre-2017 version, Ethereum Classic.
Given the Ethereum Classic’s level of popularity, the competition is sizeable. But, so are the rewards. In comparison to the new Ethereum, this platform makes it easier to accrue rewards, but this is balanced by its lower value.
According to CoinMarketCap, ETC’s current price is $14.7. You’ll get 3.1 ETC per verified block.
This is an interesting crypto, given that it belongs to China’s first public blockchain ever. For miners, however, it’s more interesting that ETP is the perfect crypto for those users who’d prefer to join forces with others, instead of relying on solo mining.
The best way for miners to make new crypto coins on this platform, thus, is to become a part of the large mining pool. This mining pool combines the hashing power of many different miners, allowing for larger profits that are later shared.
Miners receive 1.28 ETP per verified block. ETP’s current price, according to CoinMarketCap, is $0.03. This isn’t much, but the platform is optimized for the use of ASIC hardware as well, which makes the mining process a lot more efficient. Thus, while many platforms are off-limits to ASIC users, Metaverse is a good choice for such miners.
Bitcoin Gold (BTG)
You may have wondered why we haven’t mentioned Bitcoin so far. The answer is that mining Bitcoin, actually, isn’t such a good idea.
Being such a huge coin, Bitcoin’s exponential growth is now rather slow and it takes a substantial investment in hardware before you’re able to reap the mining profit. Moreover, there’s a vast competition.
Enter Bitcoin Gold. This Bitcoin fork makes it easier for ordinary users to make a profit. Such users, who aren’t part of ASIC-equipped mining companies and aren’t participating in a mining pool, have more than a solid chance of making money with BTG.
This makes Bitcoin Gold similar in a way to Grin CT-32. However, the difference is that with BTG, the competition is a lot more sizable, but so are the potential earnings. The reward per verified block is 12.5 BTG. The current price of BTG, according to CoinMarketCap, is $15.8, which promises substantial earnings.
As we said, among these four cryptos, you’ll be able to find the one that’s right for you. Keep in mind, though, that this is just the tip of the iceberg, as there are thousands of platforms out there.
You won’t go wrong with the ones we’ve recommended, but you may eventually look for other mining platforms, especially as the crypto market is constantly transforming. Or, you may end up mining the same crypto throughout your mining career. Whatever the case, we wish you good luck and we hope you hit a gold vein!
What are Bittrex credits and how to use them?
What are Bittrex Credits?
Bittrex Credits are a new type of currency that can be used to trade on the Bittrex Exchange. These credits can be used to pay for trading fees, and can also be used to get discounts on trading fees.
How can I start using Bittrex Credits?
To get started, you’ll need to create a Bittrex account and deposit some funds into your account. Once you have an account, you can start buying and selling Credits.
What are the benefits of using Bittrex Credits?
There are several benefits of using Bittrex Credits, including:
- Reduced trading fees: When you use Bittrex Credits to pay for your trading fees, you’ll get a discount on the fees.
- No withdrawal fees: There are no withdrawal fees when you use Bittrex Credits.
- Access to exclusive features: Bittrex Credits give you access to exclusive features, such as early access to new coins and features on the Bittrex Exchange.
How can I get more Bittrex Credits?
There are a few ways to get more Bittrex Credits:
- Buy them on the Bittrex Exchange: You can buy Bittrex Credits on the Bittrex Exchange.
- Earn them through referrals: You can earn Bittrex Credits by referring friends to the Bittrex Exchange.
- Get them as a gift: You may be able to get Bittrex Credits as a gift from someone who already has them.
What can I do with my Bittrex Credits?
Once you have Bittrex Credits, you can use them to:
- Pay for trading fees: You can use Bittrex Credits to pay for your trading fees.
- Get discounts on trading fees: When you use Bittrex Credits to pay for your trading fees, you’ll get a discount on the fees.
- Access exclusive features: Bittrex Credits give you access to exclusive features, such as early access to new coins and features on the Bittrex Exchange.
- Withdraw them from your account: You can withdraw Bittrex Credits from your account at any time.
How do I withdraw my Bittrex Credits?
To withdraw your Bittrex Credits, you’ll need to have a minimum balance of 100 credits in your account. Once you have that, you can withdraw your credits by going to the “Withdraw” page on the Bittrex Exchange. From there, you’ll enter the number of credits you want to withdraw, and your credits will be sent to the address you specify.
Please note that there is a withdrawal fee of 0.5% when you withdraw Bittrex Credits from your account.
How To Sell Dogecoin on FTX
In this article, we are going to show you how to sell Dogecoin on FTX. We will walk you through the entire process, from creating an account to withdrawing your funds. So whether you’re a first-time user or just need a refresher, read on for step-by-step instructions on how to sell Dogecoin on FTX!
Creating an account
Creating an account on FTX is quick and easy. Just head to the website and click on the “Sign Up” button. You will then be prompted to enter your email address and create a password. Once you have done this, you will need to verify your account by clicking on the link in the verification email that you will receive.
Deposit your Dogecoin
Now that you have an account, you will need to deposit some funds. To do this, head to the “Deposit” page and select the currency that you want to deposit. For this example, we will be depositing Dogecoin. You will then be given a wallet address to send your coins to. Once your deposit has been confirmed, you will be able to see it in your account balance.
How to sell Dogecoin quickly
Now that you have some funds deposited, it’s time to sell your Dogecoin. To do this, head to the “Markets” page and find the market for the currency pair that you want to trade. In our example, we are selling Dogecoin, so we will find the DOGE/USDT market.
Once you have found the market, click on the “Sell” button and enter the amount of Dogecoin that you want to sell. You will then see the total amount of USDT that you will receive for your sale. When you are ready, click on the “Sell” button to confirm your transaction.
Withdraw your Dogecoin
Once your sale is complete, you will see the funds in your account balance. To withdraw these funds, head to the “Withdraw” page and select the currency that you want to withdraw. You will then need to enter your wallet address and the amount that you want to withdraw. Once you have done this, click on the “Withdraw” button to confirm your transaction.
And that’s it! You have now successfully sold Dogecoin on FTX. We hope that this article has been helpful and that you will now be able to trade with confidence.
How to buy crypto if you are under 18
It seems that the most common legal age across legal systems is 18. However, in a lot of countries, young adults gain the legal ability to work, own a business, even at the age of 15. So, what’s the status of cryptocurrencies. Can you buy crypto if you are under 18?
How old do you have to be to buy cryptocurrency?
As far as bitcoin or any other cryptocurrencies like bitcoins are concerned, there is no age limit. No white paper ever states the minimum age requirement. Digital currencies are created with decentralization in mind, with empowerment in mind. So why would a young adult be restricted from purchasing, trading, investing in bitcoin if they desire so?
Young adults are legible for work, earning their allowance, so why would crypto be off the limits? The first real concern could be the abundance of fraudulent platforms and scams, or even just maliciously misleading projects that cheat even the shrewdest adults. But if it can happen to anyone, why restrict it to conscientious young adults, who probably know more about crypto than a lot of adults.
Do you need to be 18 to buy crypto?
Due to concerns about funding terrorism, money laundering, legal authorities, banks, and financial regulators keep pressuring crypto exchanges to reinforce Know Your Customer (KYC) protocols.
This is a bit nonsensical, considering that less than 0.5% of all crypto coins are involved in such activities, and money laundering operations actually work better with cash or involve cash transactions which are impossible to track, compared to every other digital transaction.
Clearly, it’s just an attempt from the authorities to keep tabs on users for taxation purposes and limit the freedoms that decentralized finances offer. So despite harsh penalties for implementing KYC procedures properly, it’s definitely a piece of good news that you don’t have to be 18 to buy crypto.
Where to buy crypto if you are under 18?
There are plenty of options. You can go through the decentralized crypto exchanges. You could utilize the efficiency and popularity of peer-to-peer (P2P) transactions. But there are also plenty of other workarounds which we will cover.
You can ask your legal guardian to open a checking account for youth. Almost all the banks in all the countries have something like “Youth Spending” UTMA accounts. There will be a debit card attached to that account.
Download and register to the CashApp system. Connect your CashApp account to the debit card. You will need a legal guardian’s ID or social security number for verification. Now you can go to the Bitcoin section of the app and enable bitcoin deposit and withdrawal.
You can go to Paxful, HodlHodl, or other trusted platforms. Registration procedures are simple and don’t require verification. These platforms connect buyers and sellers. You can buy bitcoin or other cryptos. You can even lend your currency to gain 6-12% APR.
Paxful offers a wide variety of payment methods: bank transfers, online wallets, debit cards, PayPal, google play gift cards, amazon gift cards, steam wallet gift cards, ApplePay, a total of 455 different ways. This is especially useful for those who can access local or convenient payment methods.
The best with Paxful is that you can quickly spot the most reliable traders. The transfers are small, as you are buying from individuals willing to part with their crypto. Most traders do 100-200 EUR transactions, though there are offers where the range is 300-700 USD.
HodlHodl doesn’t lack the payment methods either, with well over 100 methods supported, from Google Pay, Apple Pay, to various gift cards, Zelle, Venmo, or Western Union.
Crypto exchanges for users under 18
Coinbase is one of the largest crypto exchanges. It is a verified and trusted platform, very well suited for newcomers of any age. Coinbase has slightly larger than industry standard trading fees, but it also has a simplified user interface making it suitable for young adults under 18. As of July 25, 2017, you must be 18 or older to access Coinbase services.
Binance is another trusted and verified crypto exchange. They are also very easy to use and offer enough payment options that someone under 18 could use. Sadly, however, in 2021 they’ve changed their rules and now they explicitly forbid anyone under 18 or under the legal age to use their services.
KuCoin, Kraken, Gemini, all the top crypto exchanges have added the clause that users have to be of legal age in order to trade. Part of the identification KYC protocols, and sadly while there was trading under 2 BTC permitted without verification, now the passport, ID, or driver’s license are needed for registration, with even deeper verification protocols for those who want to unlock bigger deposits, withdrawals, and generally greater limits.
Luckily there is a decentralized crypto exchange, called Bisq. The whole point of Bisq is freedom of use and anonymity.
Bisq is indeed different from other platforms. It is actually a peer-to-peer trading network. It’s not a centralized (e.g. owned by one institution) website service. Bisq is software you run on your own computer. No funds are stored on the system. Data is transferred through the secure network with no central, vulnerable servers. The system doesn’t know anything about the traders, no data is stored, thus there is no registration needed, full privacy protection. Download the software, and start trading instantly.
Talk to your parents
While this may seem like the worst idea ever, it is actually the way to most convenient crypto trading. If your parents don’t understand bitcoin, blockchain, or crypto, try to find another adult, a teacher, mentor, friend, who would be able to educate them and lay to your parents or legal guardians the benefits of bitcoins.
Basically, they should be happy that a young adult is learning about trading, investments, and handling the finances, rather than spending the allowance or hard-earned cash. The chief advantage of having parents or legal guardians on board is that they can open accounts at Coinbase, Binance, or KuCoin which opens a road to much safer and reliable trading, not to mention other DeFi activities.
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