Mining is an essential part of the crypto world and without it, there wouldn’t be digital assets for anyone to hold. Basically, crypto mining is the verification and addition of transactions to a particular blockchain's digital ledger which rewards the miner with respective cryptocurrencies.
Mining cryptocurrencies is not as easy as it sounds. The presence of many miners has made the process more tasking due to the competition that exists among them, to solve hard cryptographic mathematical equations.
Even with the difficulty experienced during crypto mining, especially with digital assets like Bitcoin, a lot more exist that are very easy to mine. Before going into them, there are key terminologies we need to understand first.
The Network Hashrate
In simple terms, hashrate describes the speed of a mining machine. The hashrate is how fast a mining machine can come up with thousands or millions of solutions per second to solve a particular block. The importance of hashrate cannot be overemphasized because it is what makes the difference in the revenue of miners. The faster the hashrate, the more income a miner earns.
Mining difficulty refers to the tough task of solving mathematical problems which miners must undertake to create a block. This difficulty does not have a set level, meaning that it can change over time, sadly, not for the better for in most cases it becomes even more complex.
The difficulty in mining a particular cryptocurrency largely depends on the number of miners working on it. The lesser they are, the lesser the difficulty. But in the event that the miners are many, the coins become more difficult to mine.
Mining difficulty is measured in hashes. The lowest measurement is Terahashes (TH). Hashes show the unit of work performed as well as the number of miners (Nethash) or the rate of the network's hashrate. This is calculated in unit hashes per second (TH/s).
The network's difficulty adjusts itself and works with the formula; difficulty/nethash = block time.
With these explanations, we can conclude that the lower the hashrate of a particular coin, the easier it is to mine.
Listed below are some of the easiest Cryptocurrencies to mine in no particular order;
1. Monero (XMR)
Monero is one of the favorites in the crypto economy as a result of its different approach towards transaction privacy. Some of the popular cryptocurrencies such as Bitcoin and Ethereum offer transparent blockchains which makes it possible for transactions done on them to be tracked easily, negating the purpose of anonymity on the blockchain. Monero, on the other hand, provides the much-needed covering for its users by protecting the transaction details of both sender and receiver.
2.Deutsche eMark (DEM)
This is a decentralized digital currency known for its cryptographic based programming. Its name comes from the Deutsche Mark, the currency that was used by West Germany. The Deutsche eMark adopts the distributed ledger and blockchain network in its functionality, which gives rise to fast, decentralized and secure transactions.
3. ZCash (ZEC)
Zcash is a coin which focuses on privacy, just like Monero. Zcash makes available two addresses, the transparent and shielded addresses. The transparent addresses appear to the public on the Zcash blockchain while the shielded addresses are kept private. Zcash operates with no central database which makes its chances of being hacked very low.
4. Feathercoin (FTC)
Feathercoin got its name from the idea of creating a token that is lighter than light. Its name also plays out in its transactional speed as payments are processed very fast. Aside from its speed, Feathercoin provides users with two wallets, Electrum and FeathercoinCore. The coin is also supported by a host of mobile wallets which has improved its adoption.
5. StartCoin (START)
StartCOIN is another digital asset created to support a cause, just like Einsteinium. This coin promotes crowd funding with a focus on charity. In addition to raising money for worthy causes, token owners are treated with rewards when they support and share crowd funded projects.
6. Einsteinium (EMC2)
Einsteinium is a cryptocurrency with a mission to aid the funding of scientific, technology-related and humanitarian projects. Einsteinium Foundation, the company supporting EMC2, is an open-source blockchain-based network which works towards improving science and innovation.
7. GameCredits (GAME)
GameCredits (GAME) works for the betterment of the gaming industry by making it easy for token holders to purchase game services and digital products online. GameCredits Inc., the parent company of GAME, has been able to expand to five counties with its employees numbering 100, after a few years of existence. The mining of this cryptocurrency operates with the proof-of-work (PoW) principle, using Scrypt algorithm.
8. FlorinCoin (FLO)
FlorinCoin prides itself as a platform that facilitates the creation of fully decentralized applications (dApps). With this coin, the Florin network maintains top-notch performance and accelerated processing time for all transactions.
9. Verge (XVG)
Verge was created to right the wrongs of Bitcoin, to become a better version of Bitcoin. This coin offers both individuals and businesses a faster and more effective means of processing transactions with privacy as an addition. With this currency, individuals and businesses will be able to send and receive payments with the full assurance of privacy.
10. Vertcoin (VTC)
Vertcoin blockchain was designed to not allow its mining power to get consolidated. Given the same goal, the developers of this coin chose not to have an ICO, airdrop, or pre-mine bonuses to keep Vertcoin completely decentralized, not just for a select group or individuals but available for everyone equally.
These are the top digital assets whose mining do not require much hassle. A miner should be aware of every advantage available in order to make the most of their business and one of them is using pools. By belonging to a pool, the frequency of pay-outs is increased for all members. These coins have what it takes to reward miners who can only take the chance.