What are the common cryptocurrency types?
The system of this cryptocurrency is secure, private and non traceable. Monero uses unique cryptography technology to ensure that all transactions remain 100% anonymous. In a world where maintaining a private life is gradually becoming difficult, the Monero is positioning itself as an interesting solution.
The vision of Ethereum is to offer a global computer, decentralizing the existing client-server model. With Ethereum, servers and clouds are replaced by thousands of “nodes” managed internationally by independent volunteers. This system allows users to create and use decentralized applications. The best-known component of this Swiss Cryptomaniac knife is Ether, a well-established cryptocurrency.
Zcash (ZEC) is another currency like bitcoin but with a few different features. Like Bitcoin, it is based on a decentralized chain block but allows anonymity behind transaction amounts and involved parties.
Litecoin is a cryptocurrency that allows instant value transfers at virtually zero cost to anyone in the world. Litecoin is a fully decentralized global payment network with no central authority. It offers quicker transaction confirmation times and is a proven complementary way of trading Bitcoin.
Bitcoin is a monetary unit in use on the Internet, independent of banking networks and linked to an encryption system that records all transactions made with each unit.
How to maximize profitability (calculators)?
All miners ask themselves the same question: “What is the profitability of this cryptocurrency for me?” Some online sites have done an excellent job of breaking down this complex problem into an easy-to-understand model that give us a good indicator of which crypto miner is today’s profitability without being able to predict the future. The user is therefore able to see today’s entries but they are unable to get an idea of what the future will look like.
Due to two major uncertainties surrounding cryptocurrencies, namely the fluctuation of the price of the currency over time and the hashrate network (the mining power of the entire network), it is almost impossible for these calculators to predict with certainty the movements in the future.
There are too many different factors and variables to be reliable and, moreover, they do not answer questions that miners might ask, such as:
Do I sell my currency every day?
Do I convert my currency into a different currency?
Do I keep my crypto by betting on the likely increase of their values?
So, trust your instincts and find out from different sources to make sure you make an informed decision. Next is, in my opinion, a list of websites with interesting tools that should help you to see more clearly.
Tools to maximize profitability
There are many tools to maximize profitability and each of them has advantages. Here are, in my humble opinion, some of the most useful:
CryptoCompare is a very good tool for beginners and experienced miners in the digital world of cryptocurrency. It works by using the current difficulty, price and block reward but beware, because given how it works, it can overestimate long-term profitability.
CoinWarz is a better tool because it is much more configurable, but still works in comparison with Bitcoin.
My Crypto Buddy
My Crypto Buddy is a very useful new calculator that allows you to take into account future increases in difficulty!
WhatToMine is a website that calculates the profits generated by the mining of cryptocurrencies with the wanted or possessed hashrate. It contains a wealth of relevant information for a multitude of different cryptocurrencies.