Best Crypto to Mine in 2024
Some people in the crypto community put a cross on cryptocurrency mining. It became more complex and energy-consuming, especially when we speak about top cryptocurrencies like Bitcoin or Ethereum Classic. However, even these coins can still be profitably mined in mining pools. In addition, new and promising projects based on PoW algorithms are constantly appearing in the cryptosphere, what gives the opportunity for profitable mining.
What Are The Top Cryptocurrencies to Mine?
This top contains well-known and relatively young cryptocurrencies with various algorithms available for mining on CPU (ARM), GPU and ASIC.
1. Monero (XMR)
Monero (XMR) is one of the most commonly recommended currencies for mining due its “support of small nodes”, as it called by developers themselves. It is possible to mine a coin on almost any equipment. XMR appeared in 2014 as a fork of ByteCoin and is considered to be safe and private coin. Its basis – ring signature algorithm, which allows to hide the real addresses of the sender, recipient and the amount of the transaction.
Monero Key Features
- Launch year: 2014;
- Block reward: 0.65 XMR;
- Time to find a new block: 2 minutes;
- Maximum issue: 18.5 sextillions.
XMR Mining Specifications
- Mining algorithm: RandomX;
- Block size: ~ 50 Kb;
- Hash function: RandomX, Cryptonight;
- What to mine on: CPU (including ARM), GPU, ASIC.
2. Dogecoin (DOGE)
Dogecoin (DOGE) is a popular meme-coin available for mining to a wide range of users. DOGE is often used as a coin to reward online content makers and charitable causes. Elon Musk, the head of Tesla, considers himself as a fan of DOGE: his social networks posts dedicated to the coin often provoke an increase in its price on the exchanges. After Musk’s purchase of Twitter, there are rumors spread that DOGE could become the social network’s official cryptocurrency.
Dogecoin Key Features
- Launch year: 2013;
- Block reward: 10 thousands DOGE;
- Time to find a new block: 1 minute;
- Maximum emission: unlimited.
DOGE Mining Specifications
- Mining algorithm: Scrypt;
- Block size: ~ 20 KB;
- Hash function: Scrypt;
- What to mine on: CPU, GPU, ASICs.
3. EthereumPoW (ETHW)
EthereumPoW (ETHW) is a hardfork of the Ethereum blockchain. EthereumPOW was launched during the transition of the main Ethereum network to PoS consensus algorythm and has an aim to keeps the PoW consensus algorithm for ETH. EthereumPoW copies the state of the main Ethereum network before the start of the Merge update of ETH. ETHW is supported by ETH miners, who will remain at a loss after the final transition of Ethereum to the PoS algorithm (analytical service Messari estimates investments in the Ethereum mining industry at $19 billion). Major cryptocurrency exchanges have already supported ETHW.
EthereumPoW Key Features
- Launch year: 2022;
- Block reward: 2 ETHW;
- Time to find a new block: 12-14 seconds;
- Maximum issue: ~ 108 millions.
ETHW Mining Specifications
- Mining algorithm: Ethash;
- Block size: 100 Kb;
- Hash function: Keccak-256;
- What to mine on: GPU, ASICs.
4. Grin (GRIN)
Grin (GRIN) – private cryptocurrency working on the Mimblewimble consensus protocol. Blockchain does not store addresses and amounts of transactions. It is completely open source, community driven, developed by volunteers and funded by donations.
Grin Key Features
- Launch year: 2019;
- Block reward: 60 GRIN;
- Time to find a new block: 1 minute;
- Maximum issue: no data.
GRIN Mining Specifications
- Mining algorithm: Cuckoo Cycle;
- Block size: ~ 5.5 Kb;
- Hash function: Cuckoo Cycle;
- What to mine on: GPU, ASICs.
5. ZCash (ZEC)
Zcash (ZEC) is another cryptocurrency focused on privacy and anonymity. The network was originally based on the Bitcoin code, but switched to its own blockchain in 2016. Transactions on the Zcash network do not reveal addresses and amounts and zero-knowledge proof technology zk-SNARK is used to ensure confidentiality.
ZCash Key Features
- Launch year: 2016;
- Block reward: 3.125 ZEC;
- Time to find a new block: 1.25 minutes;
- Maximum issue: 21 millions.
ZEC Mining Specifications
- Mining algorithm: Equihash;
- Block size: up to 2MB;
- Hash function: SHA-256;
- What to mine on: GPU, ASICs.
6. Litecoin (LTC)
Litecoin (LTC) is one of the first cryptocurrencies to expand the use of blockchain. Litecoin is based on the code of Bitcoin, but differs from the latter by speed and lower fees. The blockchain is also testing the use of the Mimblewimble protocol to enable private payments.
Litecoin Key Features
- Launch year: 2011;
- Block reward: 12.5 LTC, after the halving on August 3, 2023 – 6.25 LTC;
- Time to find a new block: 2.5 minutes;
- Maximum issue: 84 millions.
LTC Mining Specifications
- Mining algorithm: Scrypt;
- Block size: 55 Kb;
- Hash function: Scrypt;
- What to mine on: ASICs.
7. Dash (DASH)
Dash (DASH) is a blockchain and cryptocurrency of the same name that was developed as a hardfork of Litecoin. The purpose of creating Dash was to expand the use of cryptocurrencies as a means of payment: the emphasis was on privacy and speed of transactions. Dash is a two-tier network in which masternodes run the blockchain and support several L2 extensions: InstantSend (instant payments within the network), ChainLocks (providing additional security) and PrivateSend (transactions’ privacy).
Dash Key Features
- Launch year: 2014;
- Block reward: 1.24 DASH (each year decreases by 7.14%);
- Time to find a new block: 2.6 minutes;
- Maximum issue: 17.74 – 18.92 millions.
DASH Mining Specifications
- Mining algorithm: X11;
- Block size: 2 Mb;
- Hash function: X11;
- What to mine on: CPU, GPU, ASICs.
8. Vertcoin (VTC)
Vertcoin (VTC) is a blockchain that appeared as a result of the Litecoin hardfork. One of the main features of Vertcoin is the increased attention of developers to the decentralization of the network: the mining algorithm is specially designed so that it is impossible to mine a coin on ASIC. The blockchain has its own wallet that supports one-time addresses for transactions.
Vertcoin Key Features
- Launch year: 2014;
- Block reward: 12.5 VTC;
- New block time: 2.5;
- Maximum issue: 84 millions.
VTC Mining Specifications
- Mining algorithm: Verthash;
- Block size: 1.76 Kb;
- Hash function: Verthash;
- What to mine on: GPU, FPGA.
9. Ravencoin (RVN)
Ravencoin (RVN) is a blockchain and a coin created for more efficient interaction between blockchain users. Ravencoin is a fork of Bitcoin and, in particular, was developed with an emphasis on increasing the speed of transactions. The blockchain uses a special KAWPOW mining algorithm, which prohibits the mining of RVN using ASIC miners and contributes to the decentralization of the network. Ravencoin allows the issuance of various types of tokenized assets using the native RVN coin burn mechanism.
Ravencoin Key Features
- Launch year: 2017;
- Block reward: 2500 RVN;
- Time to find a new block: 1 minute;
- Maximum issue: 21 billions.
RVN Mining Specifications
- Mining algorithm: KAWPOW;
- Block size: 2 Mb;
- Hash function: KAWPOW;
- What to mine on: CPU, GPU.
10. Ethereum Classic (ETC)
Ethereum Classic (ETC) – Ethereum hardfork that appeared after hacking of parent network in 2016. Ethereum Classic inherited the main functionality of Ethereum before the hack: support for smart contracts with the possibility to develop decentralized applications. Ethereum Classic has many supporters and is not controlled by any organization. Also, the current development team is not going to move the blockchain to PoS, so ETC remains a promising option for miners.
Ethereum Classic Key Features
- Launch year: 2016;
- Block reward: 3.2 ETC;
- Time to find a new block: 12-14 seconds;
- Maximum issue: 221 millions.
ETC Mining Specifications
- Mining algorithm: Etchash;
- Block size: 1.3 Kb;
- Hash function: Ethash;
- What to mine on: GPU, ASICs.
11. Bitcoin Gold (BTG)
Bitcoin Gold (BTG) is a blockchain that positions itself as an alternative to Bitcoin with the option to create DeFi and dApps. The network is a fork of Bitcoin with an improved PoW algorithm. The main idea behind the creation of BTG is to return the decentralized nature of the Bitcoin network. According to institutional investors, the coin is one of the most promising investments in the cryptocurrency market.
Bitcoin Gold Key Features
- Launch year: 2017;
- Block reward: 6.25 BTG;
- Time to find a new block: 10 minutes;
- Maximum issue: 21 millions.
Bitcoin Gold Mining Specifications
- Mining algorithm: Equihash-BTG;
- Block size: 3 Kb;
- Hash function: Zhash;
- What to mine: GPU.
12. Verge (XVG)
Verge (XVG) is another blockchain based on the Bitcoin network (originally using the Peercoin blockchain code) focused on transaction privacy. The basis of Verge anonymity is the integration of the wallet of the vergePay platform with Tor distributed p2p network. As an additional feature, the function of sending transactions to anonymous addresses is also implemented. The project uses open source and is developed by volunteers. Verge is actively partnering with athletes and real businesses (MobiePay, MeconCash, etc.) to build brand awareness.
Verge Key Features
- Launch year: 2014;
- Block reward: 50 XVG;
- Time to find a new block: 30 seconds;
- Maximum issue: 16.5 billions.
XVG Mining Specifications
- Mining algorithm: Scrypt, X17, Lyra2rev2, myr-groestl, blake2s;
- Block size: up to 2MB;
- Hash function: Scrypt, X17, Lyra2rev2, myr-groestl, blake2s;
- What to mine on: GPU.
13. Haven Protocol (XHV)
Haven Protocol (XHV) is a fork of the Monero blockchain that extends the parent network through the use of tokenization and the creation of xAssets. In addition to the source code, Haven also inherited Monero’s attitude towards privacy and confidentiality – they are given a lot of attention. The native currency XHV is used to create tokenized assets on the network. The most famous tokenized asset is xUSD, a synthetic stablecoin Haven Protocol pegged to the US dollar via XHV (1 xUSD can always be exchanged for XHV at a 1:1 ratio).
Haven Protocol Key Features
- Launch year: 2018;
- Block reward: 3 XHV;
- Time to find a new block: 2 minutes;
- Maximum issue: 18.4 millions.
XHV Mining Specifications
- Mining algorithm: CryptoNight-Haven;
- Block size: ~ 2 MB;
- Hash function: CryptoNight-Haven;
- What to mine on: CPU, GPU.
14. Horizen (ZEN)
Horizen (ZEN) is a blockchain ecosystem with a support for decentralized sidechains, its own ZEN cryptocurrency and tokenization service. The backbone of Horizen is Zendoo, a cross-chain blockchain development platform. Zendoo is easy to use, has its own SDK, testnet, supports zk-Snark to increase the privacy of payments. Horizen is positioned as a simple and flexible solution for introducing blockchain technology into everyday life.
Horizen Key Features
- Launch year: 2016;
- Block reward: 3.75 ZEN;
- Time to find a new block: 2.5 minutes;
- Maximum issue: 21 millions.
ZEN Mining Specifications
- Mining algorithm: Equihash;
- Block size: up to 2MB;
- Hash function: SHA-256;
- What to mine on: GPU, ASICs.
15. Feathercoin (FTC)
Feathercoin (FTC) is a blockchain that appeared as a result of the Litecoin hardfork. Built on the basis of Litecoin and Bitcoin. The main tasks of the blockchain are to reduce the cost of transactions and increase their speed. At the same time, the development of parent blockchains is used as a software basis. The ecosystem includes: Electrum-FTC and Edge wallets, FTC coin and some technological solutions that allow you to use the coin for trading (for example, BTCpay).
Feathercoin Key Features
- Launch year: 2013;
- Block reward: 40 FTC;
- Time to find a new block: 1 minute;
- Maximum issue: 336 millions.
FTC Mining Specifications
- Mining algorithm: NeoScrypt;
- Block size: 235 B;
- Hash function: NeoScrypt;
- What to mine on: CPU, GPU.
Is Cryptocurrency Mining Profitable in 2024?
Profitability of mining in 2024 year strongly depends on the chosen cryptocurrency for mining. For example, currencies that are unprofitable to mine on ASICs may be interesting for mining in pools or clouds. Among listed in the top Feathercoin or Verge could be attributed to such coins.
However, even in this case, solo mining is not profitable due to equipment wear. Therefore, in 2024 the best option for mining is using mining pools. The addresses of the mining pools can be found on the website of the specific coin you are planning to mine. An alternative to mining pools can be pools of centralized cryptocurrency exchanges, for example Binance or OKX.
How to Select the Best Cryptos to Mine
To choose the right cryptocurrency for mining, it is important to consider three main parameters: mining cost, coin potential and mining yield.
Cost of Mining
The cost of mining includes all the costs incurred by the miner in the mining process. The amount of costs will be affected by the price of equipment, the price of electricity, mining pool fees or the cost of slots in the pool, mining algorithms, block mining time, the current coin rate, etc.
Potential of the Coin
The potential of the coin is assessed based on the current stage of the project development, its prospects (in particular, the availability of a roadmap and the timely completion of its stages), the usefulness of the project, support from exchanges and the crypto community, general news from the sphere cryptocurrencies that have a positive effect on mining in general or on a specific coin, and so on.
Mining Yield
This is the main blockchain parameter that shows the number of calculations needed to find the next block. The more miners working on the network, the higher the yield of coin mining, as the task to find a block becomes more complex. Mining difficulty can also increase due to network architecture: for example, in the Bitcoin network, this parameter grows every 2 weeks.
FAQ
Conclusions
Cryptocurrency mining can still generate sufficient income. Despite the increased complexity of the process, many coins are still available for solo mining on GPUs. However, the greater efficiency can be achieved when mining in pools. At the same time, it is important to take into account the complexity and cost of mining, as well as the potential of the mined coin.
Comments (0)
