Is it still viable to mine crypto in 2022? Mining various cryptocurrencies will give you the rewards of crypto assets, which you can use to trade with other crypto assets or exchange for the traditional currency.
Earning cryptocurrency with mining will become much more challenging in the coming years, but there are always some crypto assets that are preferable to mine than the others. So, don’t just focus on what’s popular now. You can explore the others to earn more.
For instance, Bitcoin might become more popular in the coming years, but it might not be good crypto to mine, as it will become more difficult to do so.
However, you can still earn some profits by trading Bitcoin. As for mining, you can find other cryptocurrencies that have the potential to give you consistent profits, and it might be something that you didn’t expect.
In this guide, you can find the 3 best cryptocurrencies to mine in 2022.
Things You Need to Prepare for Crypto Mining
Crypto mining requires a considerable number of resources that you need to prepare. You can prepare all the resources by yourself, or you can rent some crypto mining resources from certain service providers. You will need to prepare some things to start your crypto mining operations.
But, before that, you need to ensure that your government or your country allows the act of mining cryptocurrencies, as many countries still consider crypto mining to be illegal, although they might allow crypto trading and investment for their citizens.
Here are some things you need to prepare for crypto mining:
- Suitable rigs for crypto mining. You need high-powered computers with CPU and GPU configurations suitable for cryptocurrency mining operations.
- Crypto mining software. You will also need to use certain cryptocurrency mining software which supports the crypto assets you would like to earn.
- Electricity. Mining cryptocurrencies will require big electricity, so to keep your mining operations low cost, you need to have access to affordable electricity.
- Membership for crypto mining pools. You need to join the crypto mining pools that give you the opportunity to mine the crypto assets you want to get. These pools will act as your mining network.
- Crypto wallet. You also need a crypto wallet to store your earnings, so you can trade your assets or exchange it to the traditional currency.
Cryptocurrency to Mine #1 – Dogecoin
Dogecoin is a cryptocurrency that at first came as a joke from its founder, but later on it became a real business success.
Dogecoin has surged in transactions in recent months, and the market capitalization for this coin has exceeded $93 billion. The value of this coin is also rising month by month, making it a suitable candidate for mining in 2022.
Here are some reasons you should mine Dogecoin in 2022:
- The value of Dogecoin is rising, with steady rises in recent months.
- It has more than $129 billion circulating supply in the first half of 2021.
- There’s no supply cap for this crypto, so you don’t need to worry about inflation.
- You can mine this coin similar to Litecoin, and you might not need a very expensive and powerful machine to start the mining operation for it.
- You can use some best mining software for DOGE, including Cgminer, GUIminer, CudaMiner, and CPUminer.
Also Read: How to Mine Ethereum with NiceHash?
Cryptocurrency to Mine #2 – Ethereum Classic
Ethereum Classic is another good crypto candidate you can mine in the next year. This crypto launched in 2015, and the primary goal of the release for this coin is to keep the original Ethereum blockchain model.
So, those who are familiar with the first release of Ethereum will feel at home when they meet with Ethereum Classic. The good news is that ETC has a good earning potential next year when you mine it.
Here are some reasons you should mine Ethereum Classic in 2022:
- More and more people are seeking to own ETC coins as an alternative to Ethereum, so the value for this coin is rising.
- It has over 500% Return on Investment since the launch in 2015.
- This is one of the top rising cryptocurrencies in recent years, so it has a lot of potential in the coming years.
- The mining process for ETC is quite simple, as you don’t need to have powerful graphics cards for it to work.
- The block time is around 13 seconds, which is better than many other cryptocurrencies.
Cryptocurrency to Mine #3 – Dash
Another crypto recommendation for you to mine in 2022 is Dash, which stands for Digital Cash. It is a unique cryptocurrency that allows you to spend it anytime and anywhere without having to pay hefty fees for the transactions.
So, this crypto is not just for investment. You can also use it for buying and selling online, and there are apps like bitcoin prime, etc. available for you to make it easier to use this crypto asset.
Here are the reasons you should mine Dash in 2022:
- It has quite a high value as a non-mainstream cryptocurrency, which stands at the value of about $139 per Dash coin as of July 2021.
- More people are using Dash for daily transactions, so the value might rise even higher next year.
- It has more than $3.1 billion payment volume in the first quarter of 2021, which is great for miners.
- Dash is a fork of Litecoin, and you can use the best Dash miner software out there to ease your mining efforts, which is Antminer.
- It is one of the most profitable cryptocurrencies for miners in 2021, so it might go well also in the year 2022.
Also Read: How to Send Bitcoin from Paper Wallet?
It’s good to mine cryptocurrencies if you have the resources to do that. Crypto mining is one certain method to earn profits by collecting the crypto assets of your choice.
However, you need to calculate the expenses that you need to pay for it. Also, you need to pick the right crypto assets to mine, as not all cryptocurrencies will be profitable for you.
These are the 3 best crypto assets you can mine in 2022. The next year will be a bigger year for crypto, so you need to prepare your arsenal to profit from it. Aside from trading, mining is also a great way for you to take part to earn the big profit in crypto next year. Good luck!