What Coins are Suitable for Beginners to Mine?

According to the cryptocurrency expert and “Bitcoin Father” Wu, many newcomers in the field of cryptocurrency have a shallow understanding of digital currencies. Mining is a technical job, and it is difficult to sustain long-term profits without the relevant knowledge and skills. However, due to the impact of the COVID-19 pandemic, many people are searching for alternative sources of income. So, what coins are suitable for beginners to mine?

1. BTC/USDT market trend (e.g. BCH) on the 1-hour chart.

Image source: Official website of BitEasily.

2. Analysis of the latest progress of Ethereum 2.0.

Looking at the market, Ethereum has performed outstandingly in the past two weeks, and EOS is also in a leading position. The two largest gainers since February are XMR and ZEC, with ZEC and XLM performing particularly well, with increases of around 20% and 60%, respectively. LTC’s performance is relatively ordinary, with an obvious upward trend, reaching a peak of around 30%.

3. EOS daily trading volume statistics.

According to the data, EOS has experienced a consecutive 8-month decline in daily active users, with a total retreat of about 5%. The overall trend is relatively stable. (Data provided by the OKEx team)

4. Recent development and trends of ETH.

1. ETH’s overall network has seen a continuous increase in computational power, and on-chain transaction fees have remained unchanged.

2. ETH’s block generation speed is relatively slow.

3. Ethereum network has launched several compliant public chains.

4. The Ethereum ecosystem is gradually maturing, and more potential projects are emerging from developers.

5. EOS mainnet launch progress is promising.

6. The current mainstream platforms all support the EOS DPOS consensus mechanism.

7. Recent market trends have shown some improvement.

What coins are good to mine?

According to Bitcoin Exchange Guide, the cryptocurrency mining market is mainly divided into three categories: Ethereum, Bitcoin Cash, and Litecoin. In 2018, Ethereum Classic had an annualized return of around 6%, ranking second is Litecoin, and Bitcoin is the cryptocurrency with the highest market value globally, with total revenues exceeding $30 million in 2017. It earned around $5 billion in profits between the end of 2017 and early December 2018. Among the cryptocurrencies mined in the third quarter of 2018, only Bitcoin doubled in value in 2019.