Discover the Best 10 Most Profitable Crypto to Mine in 2024

If you are still wondering whether cryptocurrency mining is profitable, this article is for you!

For some time now, cryptocurrency mining has been a financially rewarding endeavor. However, with the unpredictability of the cryptocurrency market, you might be questioning whether mining is still worth it, which type of cryptocurrency to mine, and what are the most effective mining methods in 2024.

In this article, we’ll cover essential information on the most lucrative cryptocurrencies to mine in 2024 and beyond, as well as effective mining strategies to maximize profits with minimal effort.

The Crypto Mining Space in 2024

The cryptocurrency mining scene took off when Bitcoin emerged as the first digital coin. Since then, the value of the crypto mining industry has soared and is projected to hit an impressive $4.95 billion by the year 2030.

As the cryptocurrency mining industry expanded, so did the mining difficulty. This led to a need for advanced mining equipment such as Application-Specific Integrated Circuits (ASICs) and Graphics Processing Units (GPUs), along with significant electricity usage.

In the United States, cryptocurrency mining hardware consumed approximately 2.3% of the country’s entire electricity usage. Additionally, there is a new proposed tax by President Biden, called the DAME tax, which would require cryptocurrency miners to pay a 30% tax on their electricity costs.

In 2024, the profitability of cryptocurrency mining hinges significantly on the value of the cryptocurrency market. On a positive note, the widespread acceptance of cryptocurrencies and the introduction of new coins continue to drive the crypto industry forward.

Let’s explore the options beyond Bitcoin for mining cryptocurrencies. Together, we will find out which ones could be a good starting point for an effortless mining experience.

Top 10 Best Mining Cryptocurrencies of 2024

As always, we did our homework, and we gathered the best cryptocurrencies to mine in 2024:

Having made that point, let’s explore what makes these cryptocurrencies distinct and discuss how setting up a cryptocurrency mining operation could potentially boost your income each month.

1. Bitcoin (BTC)- The Most Popular Cryptocurrency

Bitcoin, the first and most widely used cryptocurrency, continues to be a top choice for miners. Its current high price of $69,190.94 has generated significant interest in the profitability of Bitcoin mining.

It’s important to note that another significant Bitcoin event, known as halving, is approaching soon. This event is expected to have a major impact on the cryptocurrency market and all Bitcoin miners, emphasizing the fundamental principles of Bitcoin – immutability and scarcity.

Bitcoin Nonspecific Indicators:

BTC

With a hashrate of 390.0 TH/s and power consumption of 7215 Watts, the current mining profit is determined. However, please note that mining profitability may fluctuate based on changing market prices.

Bitcoin Technical Indicators:

Mining Algorithm: Proof-of-Work;
Hashing Function: SHA-256;
Network Hashrate: 616.63 EH/s;
Options to Mine: ASIC, CPU, and GPU mining.

2. Zcash (ZEC) – Best Crypto to Mine Individually

Since its debut in 2016, Zcash has introduced numerous privacy-focused characteristics by employing sophisticated cryptographic methods, making it an excellent choice for confidential transactions.

currently, ZEC is among the top cryptocurrencies to mine; however, its ASIC-resistant design makes mining Zcash a complex task. Therefore, prior to starting, take into account essential factors such as acquiring the necessary specialized hardware, selecting appropriate mining software, setting up a Zcash wallet, calculating electricity expenses, and ensuring a reliable internet connection.

Zcash Nonspecific Indicators:

ZEC

With a hashrate of 140,000 H/s and power consumption of 1550 Watts, the current profit is determined. However, mining profitability may fluctuate depending on market prices.

Zcash Technical Indicators:

Mining Algorithm: Proof-of-Work;
Hashing Function: Equihash;
Network Hashrate: 4.19 PH/s;
Options to Mine: CPU mining and GPU mining.

3. Dash (DASH): A Secure Crypto to Mine

Dash is a version of Litecoin that emerged in January 2014, and it currently boasts a market value of over $440 million. Throughout the years, this cryptocurrency has gained recognition for its security features, including PrivateSend and InstantSend, which enable secure and swift transactions.

Dash Nonspecific Indicators:

DASH

With a mining power of 1286 GH/s and an energy consumption of 3148 Watts, the current profit is determined. However, this figure may adjust based on fluctuations in market prices.

Dash Technical Indicators:

Mining Algorithm: Proof-of-Work;
Hashing Function: X11;
Network Hashrate: 3.13 PH/s;
Options to Mine: ASIC, CPU, and GPU mining.

4. Dogecoin (DOGE): The Father of The Meme Coins

Dogecoin, an entertaining creation of Billy Markus, functions as a decentralized digital currency within the thriving altcoin sector. This cryptocurrency has broken several milestones and persistently expands its presence.

Billy Markus developed Dogecoin in a playful manner as a type of digital currency that operates on a peer-to-peer basis, gaining significant traction and setting new milestones within the altcoin sector. Its popularity persists and it keeps expanding.

Dogecoin functions as a valuable digital currency for saving and trading purposes. Currently, Doge mining can be financially rewarding for certain miners. Yet, the profitability of Doge mining is subject to change due to various factors and the escalating complexity of the mining process.

it may come as a shock to some, but Dogecoin holds the largest market value among the top cryptocurrencies as of now. Given the crypto market trends since early 2023, Dogecoin is an excellent choice for mining activities.

Doge Nonspecific Indicators:

DOGE

With a mining power of 9500 Megahashes per second (MH/s) and an energy consumption of 3425 Watts, the current profit is estimated. However, please note that this figure could be subject to adjustments based on market price fluctuations.

Doge Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: Scrypt;
Network Hashrate: 834.31 TH/s;
Options to Mine: ASIC, CPU, and GPU mining.

5. Monero (XMR): Beginner-Friendly CPU Mining

Monero, represented by XMR, is a decentralized and open-source digital currency that prioritizes privacy and anonymity during transactions. Instead of revealing the sender’s identity, it utilizes “ring signatures” as a disguise. Additionally, it ensures recipient confidentiality through the use of “stealth addresses.”

Monero’s mining process relies on the Proof-of-Work method and the Equihash function for securing the network and confirming transactions. This setup aims to prevent the use of ASIC miners, which could disrupt the network’s decentralization by concentrating mining power in the hands of a few.

Using GPUs or CPUs to mine Monero makes it more open to these miners and less vulnerable to centralization.

XMR Nonspecific Indicators:

XMR

With a mining power of 54 KH/s and energy consumption of 280.00 Watts, the current profit is determined. However, please note that this figure could be affected by fluctuations in market prices.

XMR Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: RandomX;
Network Hashrate: 2.00 GH/s;
Options to Mine: CPU and GPU mining.

6. Grin (GRIN) – Best Cryptocurrency to Mine for Private Transactions

In 2019, Grin was introduced with the goal of addressing privacy and censorship concerns. Since then, it has mined using two different algorithms.

Cuckatoo32+: an ASIC-friendly algorithm;
Cuckaroo29: an ASIC-mining resistant algorithm;

You can mine Grin using either an ASIC or a GPU. This mining process is accessible to a wider audience since it doesn’t call for a significant upfront investment.

GRIN Nonspecific Indicators:

Block Mining Reward: 60 GRIN/block;
Number of Blocks: does not have a maximum supply;
Block Time: 60 seconds;
Profit/month: $43.32.

GRIN Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: MimbleWimble;
Network Hashrate: 8.57 GH/s;
Options to Mine: ASIC mining and GPU mining.

7. Ravencoin (RVN) – Best Beginner Cryptocurrency to Mine

In 2018, Ravencoin emerged as a result of a Bitcoin split, and ever since, it has gained notable support due to distinct advantages like its user-friendly mobile wallet and the influence of RVN tokens in decision-making processes.

Ravecoin stands out as an actively traded cryptocurrency on major exchanges, demonstrating its high liquidity. Mining Ravecoin also offers incentives for miners with its KawPow protocol and lucrative rewards.

Additionally, it’s more cost-effective to mine Ravecoin with a Central Processing Unit (CPU) or Graphics Processing Unit (GPU) instead of using expensive ASIC miners.

RVN Nonspecific Indicators:

RVN

With a mining hash rate of 350.00 MH/s and an energy consumption of 2900.00 Watts, the current profit calculation is provided. However, please note that this figure may be subject to modification due to market price fluctuations.

RVN Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: KawPow;
Network Hashrate: 6.11 TH/s;
Options to Mine: CPU mining and GPU mining.

8. Litecoin (LTC) – Best Group Crypto to Mine

Litecoin is a type of digital currency that operates on a peer-to-peer network, often referred to as the “silver” version of Bitcoin because it offers faster transaction processing times and easier mining requirements.

In addition, Litecoin is another well-known cryptocurrency derived from Bitcoin through a hard fork. It boasts strong features and ranks among the top 10 most lucrative coins. Because it uses the Scrypt protocol, Litecoin mining requires GPU hardware, resulting in the extraction of 74.1 million out of its maximum supply of 84 million coins.

LTC Nonspecific Indicators:

LTC

With a mining hash rate of 9500.00 MH/s and a power consumption of 3425.00 Watts, the current profit is determined. However, this figure may fluctuate based on market price fluctuations.

LTC Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: Scrypt;
Network Hashrate: 995.61 TH/s;
Mining Process: ASIC miners and GPU miners.

9. Bitcoin Gold (BTG) – Best Crypto for Individual Miners

This cryptocurrency aspires to make Bitcoin mining more accessible and uses Equihash instead of the standard Proof-of-Work method, relying on specialized hardware rather than powerful computers. Introduced in 2017, Bitcoin Gold is a fork of Bitcoin that focuses on GPU mining. Consequently, it may become profitable to mine Bitcoin Gold as early as 2024.

BTG Nonspecific Indicators:

Block Mining Reward: 6.25 BTG/block;
Number of Blocks: 836,740;
Block Time: 10 minutes 22 seconds;
Profit/month: $239.43.

With a mining power consumption of 600 Watts and the ability to process 1180 H/s, the current profit calculation is provided. However, please keep in mind that this figure could be subject to modification based on changing market prices.

BTG Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: Equihash;
Network Hashrate: 6.18 MS/s;
Mining Process: ASIC, CPU, and GPU mining.

10. Kaspa (KAS) – Among the Most Profitable Mining Coins

If you’re looking to get acquainted with Kaspa, this cryptocurrency stands out as the fastest, most open-source, decentralized, and scalable Layer-1 coin available on a global scale. The public is embracing KAS due to its innovative blockDAG technology, which facilitates parallel blocks and instant transactions through a digital ledger system.

Additionally, ASIC miners have been strongly considering Kaspa mining to increase their monthly earnings.

KAS Nonspecific Indicators:

KAS

With a power consumption of 300 watts, the current profit is estimated for a hash rate of 220.5 gigahashes per second. However, this figure could shift based on fluctuations in market prices.

KAS Technical Indicators:

Algorithm: Proof-of-Work;
Hashing Function: kHeavyHash;
Network Hashrate: 197.4351 PH/s;
Mining Process: ASIC and GPU mining.

What is Cryptocurrency Mining?

With the clarification on which cryptocurrency offers the best mining opportunities, we can now shift our focus to the theoretical aspect and delve into the fundamental concepts underlying cryptocurrency mining.

Crypto mining simply involves working through intricate mathematical problems to verify crypto transactions. With each newly mined crypto coin, those involved receive a small reward as compensation.

Instead of the common assumption, mining cryptocurrency doesn’t involve fabricating a new coin; rather, it’s about making previously hidden coins accessible from the predefined total supply. With most crypto projects having restricted coin supplies, scarcity drives up value as fewer coins circulate, similar to how the rarity of gold enhances its worth.

Developers created crypto mining as a method to ensure transaction legitimacy and prevent the primary concern with digital currencies – the possibility of counterfeit transactions, known as double-spending.

Simply put, double-spending is an issue where a malicious actor manipulates the blockchain to spend the same digital currency units more than once. This interference can affect the distribution of funds across the entire network and potentially influence data in various crypto wallets.

After a cryptocurrency transaction is verified by miners, the involved coins become unspendable for the initiator of that transaction. In other words, once a miner confirms a transaction, those specific coins cannot be used again by the same person.

An commonly held false belief is that users require extensive technical expertise to mine, but this isn’t entirely accurate. Instead, computers handle the complex mathematical calculations needed for transaction validation. Consequently, miners only need a substantial amount of computational power and a basic understanding of technology to participate in the mining process.

Now that we have covered crypto mining let’s see how many types of cryptocurrency mining there are.

2 Types of Crypto Mining Operations

Some individuals focus on the specific computer hardware utilized during cryptocurrency mining, while others are drawn to the unique techniques employed in the process.

Whichever side you find yourself on, we explain each type of crypto mining below.

1. The Crypto Mining Operations

Generally, there are three types of mining hardware you can use:

ASIC – Application-Specific Integrated Circuit;
GPU –Graphics Processing Unit;
CPU – Central Processing Unit.

Over the years, each of them achieved impressive outcomes. However, determining which one is superior depends on your readiness to make an initial investment for mining. Moreover, various cryptocurrencies require different types of equipment – ASICs for some that are profitable to mine, while others can be mined using GPUs.

In addition, it’s essential to take into account the amount of room required for your mining hardware, the anticipated earnings, and the specific cryptocurrencies you intend to mine.

So, let’s see what this is all about.

Application-Specific Integrated Circuit (ASIC) Mining

An ASIC, or Application-Specific Integrated Circuit, is a type of microchip designed and customized for carrying out a single or specific set of tasks.

Chips primarily intended for cryptocurrency mining are specifically engineered to extract a particular digital currency, such as Bitcoin, which can only be mined using specialized equipment like a Bitcoin ASIC miner.

When it comes to speed, ASICs outperform GPUs and CPUs by a large margin, capable of processing tasks 100,000 times faster than the fastest among them. Consequently, this leads to substantial profits for miners as they are the first to validate transactions and receive the associated crypto rewards.

Of course the power output is also the main reason ASIC is predominant in Bitcoin mining.

At a glance, profits from mining at whattomine.com range from a few dollars to several thousands of dollars monthly. The specific profit amount is influenced by the chosen coins for mining, the efficiency of the mining hardware, and volatile market conditions, including coin prices.

Large mining companies like Riot Blockchain and Argo Blockchain employ the use of ASIC-based mining equipment for this purpose.

In terms of affordability, the cost can vary significantly depending on the specific brand, model, and production method of the item in question. For instance, a basic ASIC miner like the Antminer S17 is priced around $2,000 and delivers a hash rate of 60 TH/s.

It’s common to ponder why individuals opt for pricier CPU and GPU models with inferior performance and smaller profits when reading such information.

Some cryptocurrencies don’t support ASIC (Application-Specific Integrated Circuit) mining. Moreover, if your ASIC is designed for a specific algorithm, you won’t be able to mine other cryptocurrencies that use different algorithms.

To promote decentralization in their cryptocurrencies, some developers have limited the use of ASIC miners, such as Vertcoin and Monero.

Additionally, ASIC isn’t entirely rosy in terms of its features. Although the cost-performance balance is attractive, its limited lifespan and lack of upgradability are drawbacks.

Graphics Processing Units (GPU) Mining

GPU, the Graphics Processing Unit, is your computer’s video card.

An NVIDIA GTX 1660 Ti GPU for cryptocurrency mining hashes at approximately 26 Megahashes per second (MH/s), but it only costs about $300. However, ASIC (Application-Specific Integrated Circuits) devices are more powerful for mining, delivering higher hash rates.

GPU miners have the advantage of being adaptable and capable of mining various cryptocurrencies, enabling users to effortlessly switch between different digital currencies.

When it comes to earning a profit, it’s neither exceptional nor poor. The amount fluctuates around $30 to $700 per month based on the specific cryptocurrency.

However, despite its complex computation, there are some downsides too.

Initially, it uses significantly more energy than an ASIC. Additionally, cashing out your investment could take some time as a ready-to-use GPU mining rig is available for approximately $3,000 in the market.

Central Processing Unit (CPU) Mining

A CPU (Central Processing Unit) was historically used for cryptocurrency mining, but you’ve likely surmised that this approach needs improvement.

It’s not surprising that CPU mining is very sluggish, given that its average hash rate is only 0.7 MH/sec, significantly slower than what GPUs and ASICs can deliver.

It’s highly unlikely that you’ll be able to process successful transactions using it, and even if you do, the earnings would amount to just a few dollars each month at most.

If we take a look at mobile mining, things look even direr.

The device’s average cost of $300 might be enticing at first glance, but consider its drawbacks: excessive power usage and a relatively low output. Furthermore, this gadget is susceptible to poor performance due to easy overloading.

If you’d like to try your hand at mining before investing in ASIC or GPU equipment, consider setting up a CPU mining rig instead.

Make certain you avoid damaging your device during the process of overclocking, as overlooking this could lead to burnout. Additionally, take note that none of the most profitable cryptocurrencies for CPU mining offer great efficiency when compared to other available mining alternatives.

2. Crypto Mining as a Method

If you prefer focusing on the performance rather than the complex details, let’s explore another perspective instead.

If we talk about cryptocurrency mining as a method, then we have three other types of mining:

The past outcomes were impressive for each one, but ultimately, choose based on what resonates with you the most.

SOLO Mining

Solo mining is also known as individual mining, and it is self-explanatory. You get your equipment and then mine independently of other miners’ activities. Therefore, when you unlock a new coin, all the rewards go to you.

While the potential gains are greater, the competition in Bitcoin mining is just as fierce. To stand a chance of verifying transactions first and earning the rewards, you’ll need to make a substantial investment in mining equipment.

POOL Mining

When it comes to Bitcoin mining, with the increasing number of people jumping into the crypto world, it’s becoming increasingly challenging to reap rewards. To tackle this issue, developers came up with an effective solution known as pool mining. In simple terms, pool mining is a collaborative process where miners combine their computing power to increase their chances of finding the solution to a complex mathematical puzzle, thereby increasing their collective rewards.

In simpler terms, a mining pool is where miners come together and their collective computational power is managed by a single server. By pooling resources, the likelihood of discovering new coins and earning rewards is significantly higher.

Mining in a pool has its drawbacks – the reward for one unlocked coin is shared among all members, resulting in smaller individual gains than solo mining. Yet, receiving a smaller reward is preferable to getting none at all. Moreover, joining a mining pool allows for reduced equipment investment costs.

CLOUD Mining Services

There are alternatives to solo mining and pool mining for individuals with limited budgets for mining equipment.

So, to expand crypto usability, a new method of crypto mining has appeared – CLOUD mining.

With this technology, crypto enthusiasts have the option to lease mining capabilities from professional mining services instead of purchasing expensive equipment. This means a reduced upfront investment, freedom to mine various cryptocurrencies, and the flexibility to stop at any time without regret.

In Conclusion

At the conclusion of this detailed article about lucrative cryptocurrencies to mine, we trust that you’ve identified your preferred options using your technical expertise, mining equipment access, personal preferences, and profit potential.

An additional recommendation for maximizing mining success: Keeping abreast of market trends, crypto industry developments, technological innovations, and regulatory updates is essential.

Furthermore, we suggest focusing on the current most secure, widely recognized, and lucrative digital currencies for mining, which are your best bets for making cryptocurrency mining financially worthwhile.

2024-04-12 15:52