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Regardless of the current Bitcoin exchange rate, miners will always search for new coins to mine. In 2022 where do you find those coins? Well, we’re here to help show you. With our extensive knowledge of cryptocurrency mining, we’re here to answer your questions. Even if you’ve been mining cryptocurrencies for a long time. By the end of this article, you’ll learn about the best new coins to mine.
How do you find new coins to mine in 2022?
These days, there are many ways of finding new coins to mine in 2022. The following are the best places to look for new cryptocurrencies:
Mining Pools
Miners are essential to the smooth operation of any cryptocurrency. Making mutually beneficial deals with mining pools and attracting as many miners as possible is a top priority for new coin developers.
As a result, one important way to discover new cryptocurrencies is to follow large coin pools and keep tabs on their changes.
Twitter for Crypto News
Twitter is the best way to stay updated on the most recent coin additions. It seems like every miner, influential figure in the industry, and new crypto coin project are to be found on Twitter.
You only have to type in a few relevant crypto hashtags to open up an endless world of projects and crypto enthusiasts.
Bitcointalk Announcements
Bitcointalk has long been regarded as a highly dependable place for things crypto.
When you hop on, you’ll want to keep an eye out for the words PoW, or Proof of Work, which is often code for the best mineable currency.
Make sure to read the thread fully and peruse the responses thoroughly. There’s a lot to learn in this online crypto bible. Plus, in most cases, links to the coins’ mining pools, wallets, and the project’s socials should be included in the main thread.
If, as you read further into the coin’s main thread, you encounter negative comments and poorly handled questions from developers, that may be a red flag and indicate that you should move on.
Considering its usefulness for so many different purposes, using Reddit as a great place to discover new crypto coins should come as no surprise. You should cross-reference the information you find here with other sources, such as Bitcointalk because some posts are spam or blatant marketing attempts.
Google Search and Alerts
Google searches and customized alerts are great for staying up to date with the latest cryptocurrency projects and coins.
Whenever a new alert is triggered, you can use this tool to receive email notifications with custom alerts. You can set up alerts based on several websites to get these email notifications based on your selected keywords.
Identifying the best new coins to mine in 2022
Bookmark our best cryptos to mine in 2022 guide, but generally, when considering a new coin to mine you should check out a few critical things about it, such as:
1. The number of exchanges that support the coin.
Make sure you know which exchanges accept the coin before you buy it. If less popular exchanges support the currency, it indicates that withdrawals can only be made to the exchange’s internal wallet, keeping it locked inside the digital crypto world.
Plus, if these exchanges let you withdraw to an external wallet, as these unrecognized exchanges must work with less than high-quality coins and charge exorbitant fees, the miner is compelled to pay high fees even if mining appears profitable to them when withdrawing funds.
2. Verify the legitimacy of the organization
Do some background research on the cryptocurrency project. A considerable part of the digital currency world is based on trust in the developers of a project and belief in the aims and long-term viability of the use-cases of the project.
You must do your homework before committing to mine coins. You wouldn’t want to waste profits mining a currency that collapses soon afterward, although that can happen.
3. Find out the equipment you need to mine it
Is it ASIC only? Or does it let you mine with CPU or perhaps mine with GPU?
By considering the long-term use of the mining equipment that you intend to use to mine the cryptocurrency, you’ll be able to make an informed decision over how worthwhile additional hardware purchases may be.
Overall, while we wish we could point you to the most profitable new coins to mine in 2022, crypto is hugely volatile and often unpredictable. The best way of making a profit is to research the cryptocurrency projects yourself to ensure they are legitimate and viable.
What is cryptocurrency mining and how does it work?
Computers are used to solve an extremely difficult puzzle in cryptocurrency mining, and crypto coins are awarded to whoever solves the puzzle first. It’s a rule of thumb that the computer with the most processing power has the best chance of solving it.
But, once you’ve found the coin you want to mine, how do you go about it? There are 3 main ways cryptocurrency miners mine the best new cryptocurrencies:
CPU Mining
CPU mining is a form of mining that relies on a computer’s processing power. In CPU mining, the best part is that it can be done by purchasing a CPU and participating in the mining process firsthand. So, before you invest in a new GPU or an ASIC, you can try mining on a CPU first.
That being said, the modern world of crypto does not use this mining method very often. There are many reasons for this, including:
- It takes a long time.
- Power consumption is extremely high.
- ASIC and GPU mining are light years ahead of CPU mining in performance. It’s also possible that you won’t be able to successfully validate transactions using CPUs.
GPU Mining
In simpler words, it’s mining done with a video graphics card. So, what you need is a computer with a – hopefully – high-end graphics card.
It’s possible to mine a wide variety of cryptocurrencies using GPU mining. Plus, one of the biggest advantages of GPU mining is that no matter if we’re in a bear or bull market, you can always choose to switch between the coins you want to mine.
Oh, and there are also numerous benefits to using a high-end GPU, particularly in gaming, video editing, and live streaming. So, if you’re looking to use it for these and mining, it’s an even better investment.
However, compared to ASIC mining, GPU mining is a lot more energy-intensive as it requires a great deal of computational power. You may have to wait a while before seeing a return on your initial investment.
ASIC Mining
ASIC – which stands for Application-specific integrated circuit – are circuits that miners use in their computers that have been built specifically for mining cryptocurrency. ASICs can be used to mine any cryptocurrency that uses proof of work, but they’re most commonly used for Bitcoin mining.
One downside is people are already looking for alternatives to proof of work and ASIC mining, such as proof of stake, because they consume a lot of electricity.