Although we’ve focused on Bitcoin so far, there are in fact hundreds of cryptocurrencies that use a Proof of Work consensus mechanism and are thus mineable.
Comparison sites such as WhatToMine allow you to determine the most profitable coin to use based on your hashpower, ASIC type, and other factors such as network difficulty and market price.
Bitcoin is the most valuable cryptocurrency and therefore the most desirable, which is why its hashrate is multiples higher than that of any other PoW crypto. It may be the case that you’ll discover more blocks, and thus earn more rewards, from mining an alternative cryptocurrency such as Monero, Bitcoin Cash, or Ethereum Classic.
Because the profitability of each PoW coin can change, you’re not bound to mining any one cryptocurrency: with experience, you can learn to switch from one to another to maximise your revenue.
As with any other investment you are looking for upside. If the cryptocurrency is undervalued, or just getting established, you can be earning mining rewards of an asset that may greatly appreciate. So your first step is to do Fundamental Analysis.
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