Ethereum (ETH-USD), Verge (XVG-USD) and dogecoin (DOGE-USD) are the top three most profitable cryptocurrencies to mine, according to a recent report by Traders of Crypto. Note the barriers to entry in crypto mining are low so long as the right equipment is being used to set up a mining machine. The miners' process of turning a profit involves validating transactions on a blockchain network to then be added to a distributed ledger. Once the block is completed, miners receive crypto as a reward for further securing the blockchain. Miners can earn a profit if the price of the crypto surpasses the costs (electricity and mining rigs) to mine it. Those that mine ether (ETH-USD), the largest altcoin by market cap, will net an estimated £41.93 ($52.02) on a daily basis, the report said, adding that ether will soon transition to a Proof-of-Stake consensus mechanism "making mining obsolete" because the protocol
