Here are the top three alternatives to Ethereum ETH mining for crypto miners considering a switch!
— CryptoFarm7 Mining Inc.
SAINT LOUIS, MO, UNITED STATES, August 31, 2022 /EINPresswire.com/ — The Ethereum network is converting to a new blockchain consensus algorithm, Proof of Stake (PoS), as part of a process known as the Merge, in response to mounting criticism about the excessive energy consumption and pollution produced due to the current Proof of Work (PoW) mechanism. The Ethereum Foundation announced its plans for the system-wide transition known as the Merge to start on September 6th, while the completion date is expected to be September 19th, 2022.
The Merge is the transition of Ethereum from proof-of-work to proof-of-stake, two different methods of authenticating transactions on the blockchain network. The new proof-of-stake (PoS) mechanism will use 99.95% less energy, according to estimations presented by the Ethereum Foundation. This is a significant development, considering the popular argument that cryptocurrencies are a massive waste of power that provides the world with no added use.
Following The Merge event of Ethereum – when the network will successfully transition to PoS on September 19th, users may no longer be able to mine the 2nd most mined cryptocurrency in the world. Remember that mining is the process that involves receiving financial incentives for utilizing your gear’s computing power for validating transactions on the blockchain. Most miners only work on the most lucrative cryptocurrencies, such as Ethereum (ETH). However, after Ethereum goes PoS, Ethereum (ETH) will no longer be mineable.
ETH mining accounts for the vast majority (over 80%) of GPU mining power, as per the data of several mining software suppliers. Theoretically, if the average mining rig has a hash rate of 300 MH/s and the overall network hash rate of Ethereum mining is 890 TH/s, there would currently be around three million mining rigs mining Ethereum. No one presently understands the future of the crypto mining industry, considering the vast amount of mining gear and computing power.
Contrary to the popular belief that Ethereum’s PoS transition may be the end of crypto mining, there are two critical choices that miners will have forward: either the vast majority of miners will stop mining (by selling their crypto mining gear), or they will start mining other lucrative cryptocurrencies. We are particularly in favor of the latter and firmly believe that most miners will rapidly transition to other lucrative mining options such as BitcoinZ (BTCZ), Ravencoin (RVN), Flux (FLUX), and ERGO (ERG).
The biggest concern every miner has with switching cryptocurrencies is the issue of how long it will take for the new market to settle, as well as the uncertain reaction from other crypto coins’ markets when such a significant quantity of hash rate is spread to smaller networks. However, there are already a few cryptocurrencies that miners are considering switching to once ETH goes PoS.
This article will explore the best cryptocurrencies to mine when Ethereum goes PoS on September 19th, 2022. Further, we will list the best cryptocurrencies to mine in descending order, with the BitcoinZ (BTCZ) at the top as our favorite mining alternative to ETH.
The Top Cryptocurrencies to mine when Ethereum goes PoS:
Here are the top three alternatives to Ethereum ETH mining for crypto miners considering a switch:
BITCOINZ (BTCZ) is a cryptocurrency with a predetermined maximum supply and a set rate of new coin issuance every four years, with mining incentives halved at regular intervals. It is our top choice for alternative cryptocurrencies to mine after Ethereum goes PoS on September 19th, 2022.
It’s not a Bitcoin network fork since it has its genesis block, and it’s the oldest and maybe only “BITCOIN”-named project that you can still mine with a regular PC.
BITCOINZ (BTCZ) was released under the famous “BITCOIN” moniker for all the reasons mentioned above, plus the following:
• Excellent Exchange Rate Scalability
• Protection of PC miners from ASIC elites through the Z-hash algorithm
• Optional anonymity via “Z” addresses
• Commitment to Bitcoin’s original goal via these features.
It is entirely community-driven, with no single entity responsible for creating, distributing, or maintaining its cryptocurrency, and it is among the few fairly launched coins without a coin premine or initial coin offering.
Ethereum Classic (ETC):
The first Ethereum network, Ethereum Classic (ETC), performed a hard fork in separating from the main Ethereum blockchain in opposition to the disputed Ethereum upgrade of 2016.
The developers of ETC decided to make a modest tweak to the mining algorithm after a series of serious 51% cyberattacks on the ETC network made them realize it’s risky to operate in the background and utilize the same mining method as Ethereum (ETH).
They also reduced the size of the DAG file stored in GPU memory, making it viable to mine even with 3GB GPUs. ETC’s DAG file continues to expand, and 3GB graphics cards will no longer be able to mine the cryptocurrency on Linux PCs by 2022.
Currently, this coin is suitable for older GPUs with 4GB of RAM. In addition, many cryptocurrency exchanges offer cryptocurrency, allowing you to trade it for other cryptocurrencies or fiat cash with little fees.
Ethereum Classic (ETC) mining indicators:
• Mining algorithm: Etchash (Cold)
• Minimum GPU memory: 3GB
• Block reward: 3.2 ETC
• Average blocks find the time: 13 seconds
• Traded on exchanges: Binance, Huobi, Gate, Bittrex, KuCoin, Coinbase, and others
• Rank in the cryptocurrency chart: 20.
Globally, over 90 thousand miners mine Ethereum Classic. There are around 900 thousand GPUs operating at 30 MH on average.
Ravencoin (RVN), KAWPOW:
Ravencoin (RVN) has become the second most popular cryptocurrency among GPU miners in 2021, owing to its rising exchange rate, ease of use, and minimal hardware requirements. RVN mining used to be possible on 3GB GPUs, but now 4GB is necessary, which is still reasonable compared to other rivals.
This cryptocurrency is popular among miners because of its high rig stability, widespread availability, and reasonably consistent exchange rate.
Due to the algorithm’s “simplicity,” the best newest graphics cards (with 8GB+ of RAM) cannot work at total capacity and use all their benefits, particularly high-speed memory. Therefore, the memory-based cold algorithms CuckooCortex, Etchash, Autolykos2, CuckooCycly, and Cuckoo32 are often more lucrative on these GPUs.
Ravencoin’s mining indicators:
• Mining algorithm: KAWPOW (Hot)
• Minimum GPU memory: 4GB
• Block reward: 5000 RVN
• Average block find the time: 1 minute
• Traded on exchanges: Binance, Huobi, Gate, Bittrex, and others.
• Rank in the cryptocurrency chart: 106.
More than 60,000 miners work on RVN mining right now.
After Ethereum goes PoS on September 19th and the market settles, existing crypto miners will have exciting Proof of Work projects to mine, several of which offer the prospect of significant revenue increases. Moreover, this is just the beginning!
Keep in mind that the power requirements of mining algorithms might differ considerably. When deciding which cryptocurrency to mine, you should consider profitability.
GPU Mining Profitability Ranking (Source: whattomine.com)
Considering the above ranking provided by whattomine.com, BTCZ is the 2nd most profitable cryptocurrency mine right now. Considering its profitability and other factors, BITCOINZ(BTCZ) may be the best alternative to Ethereum mining.
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