When it comes to cryptocurrencies today, the currency that many people are talking about is Bitcoin. It’s the largest and most prominent in the field, and it was one of the initial options, after all. However, that certainly does not mean that it is the only minable coin out there. In fact, there are quite a few challengers to the throne, called altcoins, that could offer some potential for those who want to get into cryptocurrency mining, and who do not want to use Bitcoin. Let’s look at some of the top options available.
One of the other popular altcoins that you might want to consider mining is Ethereum. Even though it has only been around for a couple of years now, it is already the second largest cryptocurrency. It went live in 2015, and it was designed to support what they call smart contracts, and it considered by many to be the 2.0 version of cryptocurrency.
Another option you might want to consider comes from a former employee of Google. Litecoin was created in 2011, and it utilized Scrypt for proof of work. One of the advantages of this cryptocurrency for miners is the fact that it can confirm blocks in 2.5 minutes, whereas it takes about 10 minutes for Bitcoin block confirmations. These coins are popular, and they can be traded on most of the cryptocurrency exchanges.
One of the other popular options for minable cryptocurrency, Dogecoin is another decentralized option. It is used for sending money electronically peer-to-peer. Interestingly, the idea for the coin stared as a joke, almost a parody of Bitcoin. However, it has proven to be successful, and many businesses have started to accept the cryptocurrency. The coins themselves are worth a pittance compared to mining Bitcoin, but it is possible to mine them more easily, and to save them. The market has nearly $40 million in coins currently, and there is no cap to them. Many people feel that there is a lot of potential in this currency.
Dash, or Digital Cash, started out in 2014, and while it has some similarities to Bitcoin, the goal of this cryptocurrency was to improve on what Bitcoin was offering. Namely, they wanted to improve the transaction times, and they wanted to improve the traceability of the transactions. Because of these qualities, it has become one of the most popular cryptocurrencies available today. In fact, many companies are now accepting the currency, including Overstock. The team continues to make improvements and adding new features to the coin, and it is expected that this will remain one of the powerhouses in the field of cryptocurrency.
If you are looking to get into mining cryptocurrency, you can see that you have quite a few options in addition to Bitcoin. Before you start mining in any of these other coins, make sure you understand exactly what it takes to succeed in those arenas and what types of equipment you will need.