Bitcoin hit an all-time high of $41,941.56 earlier this year, but it’s not alone, so-called altcoins are also making new highs
Bitcoin (BTC) reached an all-time high of $41,941.56 earlier this year, but the top cryptocurrency wasn’t the only one to grow, as so-called altcoins were also making new highs.
Investors can start trading cryptocurrencies by buying coins directly on exchanges like Coinbase and Binance or on fintech platforms like PayPal Holdings Inc.
and Square Inc.
However, there is another way to acquire cryptocurrencies: “creating” them through a process called mining.
Bitcoin mining is hard work: Bitcoin mining involves solving complex mathematical problems that have become more complicated since the cryptocurrency emerged nearly a decade ago. Today, the process requires a very powerful computer, such as a graphics processing unit (GPU) or an application-specific integrated circuit (ASIC). Regular laptops are not eligible, but can mine other cryptocurrencies with a home computer in 2021.
Ethereum (ETH): The second-largest cryptocurrency by market cap hit an all-time high of $1,467.78 on Monday. ETH can be mined with a GPU, as long as it is powerful enough. Aspiring miners will need to download the ETH blockchain and set up their wallets to receive mined coins.
ZCash (ZEC): Like ETH, this coin can also be mined using GPUs. A complete mining guide is provided for beginner miners. ZEC promoters recommend that miners join mining pools rather than acting alone.
Monero (XMR): This altcoin is known for its anonymity and can be mined with your home computer. Miners will need one wallet to store XMR and another one available for various Monero platforms.
Dogecoin (DOGE): The cryptocurrency created as a meme, often the subject of Tesla Inc CEO jokes
, Elon Musk, can be extracted at home. Although it is possible to mine with a CPU (Central Processing Unit), the speed is slow, and GPU mining is recommended. Graphics card manufactured by Advanced Micro Devices, Inc.
Better at mining DOGE than Nvidia
, according to the Dogecoin tutorial.
Other coins that can be mined are Grin (GRIN), Beam, Bytecoin (BCN), Aeon and Ethereum Classic (ETC).
Overheating: Cryptocurrency mining can cause the GPU to overheat. It is recommended that you use software to monitor your computer’s temperature to prevent damage to your computer. Miners need wallets for the corresponding coins and access to cryptocurrency exchanges in case they want to trade mined coins.