Cryptocurrency Mining For Dummies - Exploring Lesser Known Algorithms

gregory-f (68) in smartcash • 7 years ago

Today's lesson on Cryptocurrency Mining for Dummies is Exploring Lesser Known Algorithms.

Previously we used Whattomine.com to get a quick analysis of which coin to mine for the most profit. But there is a drawback to this procedure, only 12 of the most popular algorithms are used in this analysis. Today we will go a step farther and show you how to the Coins tab to analyze other coins that use new or less popular algorithms and in the process possibly uncover a hidden diamond of a mining opportunity.

To start, navigate to Whattomine.com and enter your mining equipment, in this case we will be using a single EVGA GTX 1050 Ti.

alt what.JPG

Enter your electricity rate and click calculate to see the most profitable coins to mine for the 12 default algorithms.

alt default.JPG

As you can see, using the Equihash algorithm, Zencash is currently the most profitable coin to mine at 42 cents per day. Now click on the Coins tab.

alt coins.JPG

You will see a list of over 200 coins that can be mined with either a GPU or Asic rig. Currently coins that can be mined only with CPU are not included. Scroll through the list of coins or enter the name of the coin you are interested in. In this example we are going to take a look at Smartcash because it has had a significant price increase recently and because new mining software was recently released with significantly improved mining performance for the keccak algorithm used by Smartcash. You can download the software here from Cryptomining-blog.com (a great source of news and updated software for crypto mining).

To get an idea of the profitability of mining Smartcash with this equipment, I created an account in a mining pool, then downloaded and configured the new mining software to use the pool. If you're not sure how to do these tasks, you can reference my previous Cryptocurrency Mining for Dummies -Lesson 3 which covered each step. Once the software is configured, go ahead and launch it and let it run for a few minutes until you get a stable hash rate displayed.

Now you can enter the hash rate for this algorithm into the Smartcash form on Whattomine.com along with your electricity rate and the estimated power consumption of your rig.

Then just click Calculate to see the estimated reward for mining Smartcash.

As you can see the daily estimated profit for mining Smartcash is 63 cents. This is 50% more profit than mining Zencash, the highest profit coin using the default algorithms, so I will be mining Smartcash for now. I hope you found this lesson educational and profitable.

Until next time...

smartcash mining cryptocurrency zencash crypto

7 years ago by gregory-f (68)

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truconspiracy (61) · 7 years ago

I am going to start mining soon. I was looking at a 1050ti using an old desktop to start. Thanks for posting on mining. The information has been helpful.

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13 votes

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gregory-f (68) · 7 years ago

Glad you found it useful. Nothing feels quite so rewarding as repurposing an old computer to make a little money with. One of the best qualities of the 1050 Ti is the low power consumption, you don't even need a new power supply to run it most times.

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truconspiracy (61) · 7 years ago

That is what I am going for. Minimal power use per hashrate.

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brothermic (68) · 7 years ago

good post for beginners! great work

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2 votes

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gregory-f (68) · 7 years ago

Thank you, I hope beginners can benefit from it.

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stlcp (44) · 7 years ago

I really like the 1050ti, good power efficiency, just hard to scale up when one gtx1070 is 2-3 times as powerful

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4 votes

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gregory-f (68) · 7 years ago

Yes, but the 1070 is also 3 times the price, so this is a good entry level card that most gamers can afford and get their feet wet mining at the same time.

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cronk (47) · 7 years ago

I'm mining smartcash now, thanks for the heads up. I just hope it keeps going up.

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1 vote

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gregory-f (68) · 7 years ago

I hope so too. I'm hearing some good things about this coin. Good luck mining it.

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qurator (76) · 7 years ago

Qurator	Your Quality Content Curator
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mark.feuerborn (49) · 7 years ago

Good example of how to make money mining.Opens up a lot of new coins for mining I had never tried before.

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2 votes

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minnowpond (62) · 7 years ago

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theguruasia (67) · 7 years ago

@gregory-f,
Friend after reading your series of mining articles we are planning to setup one! 6 VGAs of GTX 1080 already ordered! When it arrives I hope to reach you back! Need your guidance!

Cheers~

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1 vote

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gregory-f (68) · 7 years ago

I'll be happy to help if I can.

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1 vote

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theguruasia (67) · 7 years ago

@gregory-f,
Really appreciate your kind response!

Cheers~

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machhour (61) · 7 years ago

as i newbie in miing your post has a great value its so interessing post thank you so much for sharing

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1 vote

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gregory-f (68) · 7 years ago

Thank you, I'm glad you found it valuable.

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blazing (70) · 7 years ago

Nice post once again keep sharing steem on :)

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gregory-f (68) · 7 years ago

Thanks @blazing!

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sheikh27 (61) · 7 years ago

thank you for explanation about the profit in mining smartcash process and it is daily 63 cents! incredible!

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1 vote

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gregory-f (68) · 7 years ago

My pleasure, I hope it helped.

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originalworks (69) · 7 years ago

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