If you’re interested in crypto mining, one of the most burning questions is, what is the best crypto to mine in 2022? And what makes a cryptocurrency worth mining? It is true that some currencies are more economical to mine than others. This depends on many factors that one must take into account before starting crypto mining. In the end, the best cryptocurrency to mine means the crypto with the highest returns.
For mining to be profitable, a miner should mine a coin with a high enough price for mining to be profitable. It is true that crypto prices can be quite volatile and fluctuate a lot. This requires a miner to keep an eye on the prices of the coin mined. However, there are also internal factors affecting the profitability, one of which is the hash rate of the network. Hash rate is a measure naming the number of calculations the network can perform every second. When this hash rate is high, mining the coin gets harder. Hash rate is a relevant measure for the miner’s equipment too. The higher this number is, the easier it gets to mine.
Besides the hash rate, the miner should take the block reward into account. Block reward is affected by the production of new coins within the network in relation to the commissions for the block transactions. In case the blockchain in question utilizes the halving mechanism, block rewards can decrease periodically. Bitcoin is an example of such a blockchain.
But can a miner’s operations affect the profitability of mining? The answer is yes: having efficient equipment and a cheap energy subscription can affect the profits of mining the optimal cryptocurrency. Now, while taking all these factors into account, it is easier to evaluate the best cryptocurrencies to mine. Of course, these variables change constantly, and 123Miners.com cannot, unfortunately, name a lasting, right answer. However, with this checklist of explained factors, you can determine the best cryptocurrencies to mine at any given moment:
- Coin Value
- Hash rate of the network
- Hash rate of the equipment
- Block reward
- External factors such as hardware efficiency and price and energy price
So, what crypto should I mine? Some of the most commonly mined coins in 2022 are Bitcoin, Bitcoin Gold, Litecoin, Monaco, Monero, Vertcoin, Haven, ZCash, Raven Coin, Grin, ECOS, and Aeternity. However, remember to check the status of each coin with the aforementioned checklist.