Best Coin to Solo Mine in 2017: A Comprehensive Guide
2017 was a pivotal year in the cryptocurrency world, with numerous digital currencies experiencing exponential growth. For those looking to venture into solo mining, choosing the right coin is crucial. This article delves into the best coin to solo mine in 2017, considering various factors such as profitability, difficulty, and community support.
Profitability: The Key Factor
Profitability is the primary concern for solo miners. In 2017, several cryptocurrencies offered promising returns on investment. Let’s take a look at some of the top contenders:
| Coin | Market Cap (USD) | Profitability (USD) |
|---|---|---|
| Ethereum (ETH) | 1,200,000,000 | 50 |
| Ripple (XRP) | 10,000,000,000 | 20 |
| Litecoin (LTC) | 5,000,000,000 | 30 |
| Bitcoin Cash (BCH) | 5,000,000,000 | 25 |
As seen in the table above, Ethereum (ETH) topped the list with a market cap of $1.2 billion and a profitability of $50. However, it’s essential to note that profitability can vary based on your hardware, electricity costs, and the current market conditions.
Difficulty: A Challenge to Overcome
Difficulty is a measure of how challenging it is to mine a particular cryptocurrency. Higher difficulty means more competition and a lower chance of success. In 2017, Ethereum and Litecoin were the most profitable coins, but they also had the highest difficulty levels.
When considering difficulty, it’s crucial to assess your mining hardware’s capabilities. GPUs and ASICs are commonly used for solo mining, with GPUs being more cost-effective for smaller operations. However, they may not be as efficient as ASICs for high-profitability coins like Ethereum.
Community Support: A Lifeline for Miners
Community support is vital for solo miners, as it provides valuable resources, tips, and assistance. In 2017, Ethereum had a robust community, with numerous forums, tutorials, and mining pools available. Litecoin also had a strong community, making it another excellent choice for solo miners.
Ripple and Bitcoin Cash had moderate community support, with fewer resources and tutorials available. However, this didn’t necessarily impact their profitability, as both coins offered promising returns on investment.
Hardware and Software: The Tools of the Trade
Choosing the right hardware and software is crucial for successful solo mining. In 2017, the following hardware and software combinations were popular among miners:
- Hardware:
- NVIDIA GeForce GTX 1070/1080 GPUs
- ASIC miners (e.g., Antminer S9)
- Software:
- Ethereum: Claymore’s Dual Ethereum Stratum Mining Software
- Litecoin: CGMiner
- Ripple: XMRig
- Bitcoin Cash: CGMiner
It’s essential to research and choose the right hardware and software for your specific needs. Keep in mind that newer models may offer better performance and efficiency.
Conclusion
In 2017, Ethereum and Litecoin were the best coins to solo mine, considering profitability, difficulty, and community support. However, it’s crucial to assess your hardware, electricity costs, and market conditions before diving into solo mining. Remember to stay informed about the latest trends and developments in the cryptocurrency world to maximize your chances of success.