Mining is a great way to generate Cryptocurrency.
I think firstly miner must have to understand basic things as what type of power you have already as there are CPU and GPU power can be used for mining Cryptocurrency.
Now there are some scrypts which are used to run coin scrypts.
There are mainly SHA256, X-11, X-13 and Ethash and few more.
scrypts used to mine specific cryptocurrecny.
Thanks Bro,
if i decided to do mining with Antminier S7 ( 4.73 TH/s) , it is based on SHA256 this minier only mine BTC or any other coine will be mine from this hardware