Making a commitment to dedicate computing resources to a blockchain is a minefield
People come to mining from very different angles, for a range of different reasons — but whether your motivation is ideological or financial, the heart of the matter is coming to a conclusion about which coin to mine. Your choice could be based purely on principle, purely on profit, but it’s more likely to be a mixture of the two; backing a project that you believe in or rely on, in the belief that you will see a return on your investment of time and resources.
Whatever drives you, whether you’re investing money in new equipment to mine or looking for the best place to point the resources you already have, making the right decision is key.
If you’re mining purely for profit, then the maths is driven by three key elements: the value of a given coin, the difficulty of mining that coin and the cost of the equipment and electricity that you’re going to need. There are multiple resources online to help you do that particular bit of maths, if you want to hunt for them.
Of course, the most important of those elements, a reckoning of the potential value of the coin in the near future is an almost impossible task, and will likely come down to some element of faith earned after a lot of research.
Choosing the most profitable coin
Even for experts, guessing what coin will be the most profitable over the coming month is a nigh-on impossible task, due to the noted volatility of crypto markets. Instead, it probably serves us better to consider the legitimacy of projects and the performance they have shown over a sustained period of time — a leading driver for any belief that they will continue to grow going forward.
Which brings us to Ravencoin, one of the choices made available to Cudo Miner users for both mining and payouts. For several reasons, it is one of our favourite options.
- Launched over a year ago as a fork from Bitcoin, with no ICO and as a truly open source project, it has a focused and specific purpose as a verifier of asset ownership and a means of transferring those digital assets. It is a great project, with a great team behind it.
- Its ASIC-resistance means that it has been one of the few coins that has continued to prove profitable for GPU miners over the past year throughout the bear market
- This profitability is still there, even as the difficulty levels for the underlying X16R algorithm have increased significantly with increased numbers of miners shifting over to it. With Cudo Miner’s addition of the T-Rex miner to our software suite, we have been able to increase profitability further for our community in recent weeks. Some reports have pegged it at a 10–15% increase in profits.
All of these elements have led to it becoming a team favourite, but whatever comes to pass in the near and more distant futures, one of the key points of Cudo Miner is that it aims to take away all the doubts about which coin you should be mining by doing the hard work for you. It used to be that the time and effort needed to optimise equipment for mining different coins made the task of shifting allegiance an onerous one. Early GUI miners, while welcome for the less-knowledgeable miner, did not include the kind of optimisation features that more experienced practitioners demanded to maximise their earnings. Cudo Miner is built for all levels of mining experience.
While the Auto Coin Switching system employed by our multi-platform client undertakes the tiresome work of keeping a close eye on the value and difficulty balances, ensuring that you are always mining the most profitable coin, our Advanced Settings and Overclocking features also allow rig miners to pre-set optimal configurations for each algorithm. This means they can leave Auto Switching enabled, safe in the knowledge that they’ll make the most of any moves — all while receiving payments in the coin option they prefer. Plus with the latest remote management features you can manage your rigs via mobile or desktop.
This means, should you have a personal preference for a specific coin, you can mine for maximum profit while HODLing your crypto of choice. Perhaps the best of both worlds?
Originally published at www.cudominer.com on April 10, 2019.
