Gone are the days when Cryptocurrency and Bitcoin were synonymous to each other. It is late 2019, and Bitcoin isn’t the most profitable mining coin anymore. The complexity to mine Bitcoins is so high that the investors are instead picking up alternative options that promise higher returns. Fortunately, there are a bunch of Altcoins that offers profitable mining.
By now, you know that there are a bunch of coins you can mine in 2020, but before that, it is important to know a few other things.
What makes it profitable?
Before I disclose the coins with a lucrative future in 2020, and you do your share of research on them, it is always good to know about what makes them profitable, and about their profitability.
How is it priced?
It is directly proportional: the costlier the coin, the more profits mining on it would fetch you. However, this is only for short term investments. For the long term, you can mine a coin and wait for its price to grow.
Halvings is one of the major reasons why the crypto market is not as rewarding and profitable as before. The year when the coin price is halved, thereby reducing the profits, it becomes less attractive. This is when you need to use your grey matter and calculate whether the investments on mining equipment will yield profitable results with the number of coins mined.
The law is simple, the more blocks generated, the higher the chance of getting rewarded.
As time passes, the number of miners is increasing along with the difficulty to mine profitable coins. However, it is still very much achievable considering the lucrative options.
Efficiency of Equipment
Is your budget sufficient? Are you finding investing in GPUs expensive? Everything counts. So, choose wisely. It also depends on the current difficult of coin mining.
Check out this graphic that reveals the electricity cost for mining Bitcoins in different countries: