Bytecoin (BTE) is a cryptographic currency that has been created to give cryptocoin users a real option to the rising difficulties of other coins while maintaining all the things that made Bitcoin so successful. Designed to serve as the real alternative for Bitcoin, Bytecoin is powered by SHA 256 algorithm – the same proof of work scheme used by Bitcoin.
What’s interesting about Bytecoin mining is that it houses a lot of similarities to Bitcoin. With also a 21 million coin cap, a difficulty adjustment of 2,016 blocks, and a 10-minute block time, it isn’t surprising to know why Bytecoin (BTE) is hailed as the real alternative for Bitcoin. However, it should be noted that BTE hasn’t even gone beyond the 100,000-block marker. With 33,234 solved blocks so far, it has a Bytecoin difficulty of 369229.3499 – much higher than most alternative crypto-currencies, but still lower than that of Bitcoin.
Furthermore, Bytecoin (BTE) is able to maintain a low difficulty fluctuation. This is a good sign as your mining experience will not suffer from extreme changes. This way, you can ensure that you will constantly gain more profits during a mining period.
In addition, you can use a Bytecoin calculator to get an estimate of your hourly, daily, weekly, monthly and even yearly expected earnings. With a low difficulty fluctuation and an average flow of stability in the market, it appears that mining can be highly profitable. Should you wish to get an estimate of your profits, you have to consider other factors like pool fees when you join a Bytecoin mining pool.
Another great thing about this crypto-currency is the fact that there are plenty of Bytecoin faucets online. Since mining consumes a lot of time and requires massive computing power for the mining software to work, you can instantly load your wallet with free coins by taking advantage of these faucets. These faucets are a donation-based service that allows new users to get a small amount of BTE for free. Free coins can be used to get to know the crypto-currency better and make some starter transactions, or you could always save it for future purposes. Simply download a Bytecoin wallet, have it installed in your computer, and find a faucet or a mining pool to get started.
Bytecoin (BTE) is now on a number of exchanges, including Cryptsy and CoinEx. Although BTE banners a lower price/value compared with BTC, it is currently doing well in the market. As a matter of fact, the Bytecoin price/value is constantly rising as compared with other alternative crypto-currencies. Given this fact, BTE users are assured that they will experience more profits in the near future.