While Bitcoin is the largest and most widely-used cryptocurrency on the market, there are other currencies experiencing steady growth – such as Ethereum and Dash.
These cryptocurrencies also use a blockchain, or distributed ledger system, but feature different mining techniques and additional features.
Mining is the process of earning cryptocurrency based on the work done to confirm transactions and add them to the blockchain.
The earning efficiency of this process is generally based on hardware processing power, and mining different currencies can require different hardware.
While mining Bitcoin in South Africa generally requires a large investment, mining alternative cryptocurrencies can be a cheaper option for enthusiasts.
Cryptocurrency popularity in South AfricaBitMart CEO Jacques Serfontein told MyBroadband that cryptocurrencies like Bitcoin are becoming increasingly popular in South Africa.
“The popularity of cryptocurrencies has increased tremendously in South Africa, and with the weakening rand it’s a great investment option – giving returns of between 6-15% per month,” said Serfontein.
BitMart is a local online retailer which sells cryptocurrency mining hardware and hosts cloud mining services.
Serfontein said Bitcoin mining rigs remain the most popular choice among South Africans, despite the rise of alternative cryptocurrencies such as Ethereum.