Data Shows Myriad Crypto Networks Are More Profitable To Operate Than Bitcoin – Mining Bitcoin News

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As the end of the year approaches, digital currency values ​​have risen a lot in 2021 and crypto asset miners have benefited. According to statistics, the most profitable coin to mine in late November is kadena, as an 18 terahash (TH / s) machine can fetch up to $ 326 per day. Scrypt coins are the second highest grossing nowadays with up to $ 110 per day and Ethash miners can earn up to $ 105 per day.

Mining Kadena, Scrypt, Ethash and Eaglesong is much more profitable than mining SHA256

Almost 13 years ago, when Bitcoin was first launched, cryptocurrency could be mined with a central processing unit (CPU). This means that anyone with a decent computer at the time could mine and find bitcoin block rewards (BTC). After this phase, people began to use devices with specialized electronic circuitry called graphics processing units (GPUs).

Today, bitcoin miners use application-specific integrated circuits (ASICs) to mine BTC. Bitcoin mining platforms dedicate processing power to the SHA256 algorithm, which means that a Bitcoin ASIC mining device cannot mine coins like Ethereum, Litecoin, or Kadena.

These networks exploit different consensus algorithms, and many machines are made to mine specific crypto asset networks with unique consensus algorithms. SHA256 is a consensus algorithm used by Bitcoin, but SHA256 miners can also mine coins such as bitcoin cash (BCH), bitcoinsv (BSV), peercoin (PPC), and unbreakable (UNB).

SHA256 cryptocurrencies are the fifth most profitable to mine at the end of November 2021. The four most profitable consensus algorithms to mine today are Kadena, Scrypt, Ethash, and Eaglesong.

A Kadena-based ASIC miner can get up to $ 326 per day with 18 TH / s at $ 0.12 per kilowatt hour (kWh), according to statistics from asicminervalue.com. A Scrypt-based miner with 9.5 gigahash per second (GH / s) can get $ 110 per day with the same electrical costs.

750 megahash per second (MH / s) ASIC machines that exploit the Ethash algorithm (ethereum, ethereum classic, pirl) can earn up to $ 52 per day. Nerve-mining Eaglesong-based mining rigs (CKBs) can get $ 45 per day with 12 TH / s.

Next-gen mining rigs for Ethash and SHA256 are on the horizon

There are also consensus algorithms such as Blake2bsia, X11, Blake256R14 and Equihash. Blake2bsia compatible mining rigs leverage sia (SIA) and handshake (HNS), while X11 compatible platforms leverage dashboard (DASH) and cannabiscoin (CANN). Blake256R14 mines decred (DCR) while Equihash based machines can mine zcash (ZEC), silence (HUSH) and zencash (ZEN).

SHA256 miners mining bitcoin (BTC) with around 100 TH / s at $ 0.12 per kWh, can get up to $ 27 per day. The best bitcoin miners process at speeds of up to 100 TH / s, but SHA256 miners with at least 11.5 TH / s can make a small profit. Over the next few months, a number of new generation miners are expected to launch.

Upcoming versions of the mining platform that pack a lot more hash power will be dedicated to consensus algorithms like Ethash and SHA256, according to a few previous announcements. For example, in July 2022, Bitmain is expected to launch the Antminer S19 XP (140 TH / s) and Innosilicon’s A11 Pro ETH (2,000 MH / s) will also be available soon.

Tags in this story Algorithm, ASIC, ASIC miners, Bitcoin, Bitcoin (BTC), Blake256R14, Blake2bsia, Cryptocurrencies, cryptocurrency mining, dash (DASH), Eaglesong, Equihash, Ethereum (ETH), litecoin (LTC) , miner, Miners, mining, Mining Crypto, Mining Rig, network, Scrypt, SHA256, X11, zcash (ZEC)

What do you think of the best consensus algorithms today and the benefits these networks can derive from them? Let us know what you think of this topic in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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