Alternative Approaches to Running an Independent Crypto Mining Business
At the rate bitcoin has been trading for months, mining for bitcoins nowadays is more difficult, as the crypto hashes have likewise increased in complexity . Yet in case you didn’t know, some entities are now offering Mining as a Service (MaaS). It’s an alternative approach to running a self-supporting crypto mining business, where you don’t have to exert extra effort and pay for rocket-high electric bills to mine BTCs.
Using MaaS to Expand Your Crypto Currency Mining Business
MaaS providers offer customers a mining platform and a pool of miners who will do the bitcoin mining for you. That way, you can use your mining rig for exploring altcoins that could become the next important cryptocurrency tomorrow. Actually, a lot of miners are already diversifying by mining other digital tokens, as both buying BTCs have become more expensive as well as risky, due to price volatility.
Top 5 Altcoins Recommended by Crypto Market Analysts
Choosing the type of altcoin to focus on also presents difficulty since more than 4,000 cryptocurrencies have sprung up since the start of year 2021. Nevertheless, analysts have been evaluating the noteworthy tokens, in terms of trade volumes, followings and/or of the blockchain features that could make them the next super cryptocoin. Expand your crypto mining business by focusing on these altcoins while they are still in that stage of not needing a massive mining rig to solve the crypto hash. Below are the top five (5) altcoins currently being recommended by cryptocurrency market analysts:
Ethereum is of course the first in the list because it currently stands as the next important cryptocurrency in the trading market. ETH’s strong points include its use of Smart Contracts as added security. Moreover, ETH transactions run on a decentralized platform without any downtime and risk of interference from a third party.
ETH mining opportunities have likewise increased as the new breed of investors who have joined the cryptocurrency economy are also adding Ethereum tokens to their portfolio. As of this writing, a unit of Ether sells at $1,635. 48.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is one of the earliest altcoins to arrive in the cryptocurrency market, being a product of the factional split between the developers of the original bitcoin chain. While both BTC and BCH uses the native code, Bitcoin Cash (BCH) has higher scalability. BCH allows up to 8 MB as blockchain size, as opposed to BTC’s 1 MB per blockchain. Currently BCH has a price value of $443.47 per unit.
As an altcoin, Litecoin is touted by many as the “silver coin to Bitcoin’s gold token.” Litecoin transactions run on an open-source global payment network, whilst using “scrypt” that can be decoded even with the aid of consumer-grade CPUs. Litecoin is likened to Bitcoin in many ways, but has been noted to deliver at a faster block generation rate, which in essence denotes speedier transaction-confirmation. That particular trait is one reason why most merchants choose to accept Litecoin as an alternative to Bitcoin. A unit of Litecoin is currently valued at $153.77
Polkadot is one of the newest altcoins to hit the market and has gained a substantial number of followers because of its unique interoperability with other blockchains. Following a protocol that allows connection between permissioned and permissionless blockchains,
Polkadot’s chain technology allows network systems to collaborate under one roof. Moreover, it permits developers to build and create their own blockchain, whilst using Polkadot’s security features, to prevent the smaller platform from being attacked. DOT’s current price value per unit is $17.29.
Cardano is a spinoff of Ethereum, being a product of one the co-founders of Ethereum. Dubbed as the “Ethereum killer” due to its stand out proof-of-stake technology, it aims to provide financial solutions that offer chain interoperability. A unit of Cardano has a price tag of $0.424.