If you’re looking for a brilliant way to make passive income daily, then now is a fantastic time to give cryptocurrency mining a try. And in case you’re just learning about crypto mining for the first time, it will interest you to know that crypto mining is a process through which distributed nodes on a specific blockchain verifies transactions executed on the network by other users. These nodes specifically run a copy of the blockchain involved.
During the entire process, nodes deploy software that helps to verify that the transactions executed on the blockchain network are valid and legit.
Mining cryptocurrency: How does it work?
As you already know, crypto mining provides an opportunity for people to make passive income. And guess what, the entire process is simple as you only need to connect a CPU, GPU, or an ASIC miner to a mining pool to start earning money.
A mining pool is designed to allow miners to harness their hash rate or computer processing power together. This increases their chances of winning block verification.
It is easy to earn money from mining, given that all you need is connecting a GPU, CPU, or ASIC miner to a mining pool. Since the verification process is more like a competition with many miners competing to verify a block, only the winning miner gets the reward.
Today’s guide features the best cryptocurrencies to mine now, especially those with better rewards. Also, we have included a list of the most profitable digital assets that are easy to mine. And to make sure you have a thorough guide, we also discussed some tools and software needed to mine each cryptocurrency, which is especially great for people looking for information on how to kick off crypto mining.
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Quick fact check: Before we delve into the nitty-gritty of everything you need to know about crypto mining, let’s give you some quick fact check to get you excited. Did you know that Global GPU shipments have increased by a whopping 29.1% year to year? Cool right? We thought so too. Not just that, gaming and crypto mining is also becoming home-based income-generating alternatives for many people, and that’s all because of the Covid-19 pandemic. According to stats, at least 419 million units of GPUs will be shipped by 2025. More so, it is expected that at least 21% of PU owners will be leveraging GPUs in the next five years.
Quick pro tips
- The best cryptocurrency to mine is usually the one that gives the highest returns. To know which cryptocurrency delivers the highest returns, you need to use online calculators. This will help you to compare returns for crypto mining. That said, it is also a brilliant move to go for digital assets that don’t require you to spend a ton of money on mining hardware. Also, let us quickly add that while CPU mined cryptocurrencies are great, they usually generate the lowest returns.
- Without mincing words, the easiest digital assets to mine are those that allow you to connect to mining pools. For this type of cryptocurrency, you’ll need to buy an ASIC-specific miner or a GPU to subscribe to a pool. Before joining any pool, keep in mind that most mining pools charge a commission on mined profits.
List of best cryptocurrencies to mine
Now, to the part you have been patiently waiting for. Here is our list of best cryptocurrencies to mine.
Bitcoin has proven to be pretty profitable to mine under certain conditions. That said, mining BTC on your home computer is a no-brainer. To this end, you need to either rely on cloud mining or purchase special equipment like an ASIC miner to make the most out of mining cryptocurrency.
As of right now, the best Bitcoin mining provider in the crypto space is ECOS. Here, check out some features of ECOS.
- ECOS provides both options-cloud mining and ASIC mining, so they have you covered depending on what you want.
- To get started with ECOS cloud mining, you’ll have to pay for a minimum mining contract of $50
- ECOS features a robust and easy calculator, which can be deployed to choose the best mining contract
- The platform pays daily in BTC and maintains an updated transaction history.
- You can make withdrawals for as little as 0.001 BTC.
- ECOS has a sleek and convenient mobile app available on Apple Store and Google Play site. They also support different wallets, exchanges, and more.
- Users get a free minting contract, which is valid for one month after signing up to test mining.
Vertcoin was built to be a GPU mineable digital asset just like Litecoin. And if you know anything about Litecoin, you’ll agree that it is a GPU-mineable alternative to Bitcoin, which unfortunately has succumbed to ASIC control. Since Vertcoin supports GPU mining, it means that the network is as decentralized as possible. Here are some features of this digital asset as far as mining is concerned.
- Vertcoin cannot be mined using CPU cards or ASIC miners.
- You have to deploy VerthashMine software to mine this digital asset
- Vertcoin can be mined using GTX 1080, Radion RX 560, GTX 1080 Ti, RTX 2080, Vega64, and of course, GTX 1660 cards.
- Vertcoin can be mined either individually or through GPU mining pools.
- Some of the pools you might want to join include, Zpool.ca, Bitpoolmining.com, Coinotron.com, and miningpoolhub.com. Also, remember that different pool has unique rates or commissions.
Algorithm: Proof-of-Work consensus
Hashing function: Verthash
Network hash rate: 4.54 GH/s
Options to mine: GPU FPGA
If you’re one of those people that love private transactions and are not interested in transaction tracking or transparency, then you’ll love Grin. And guess what? Mining this digital asset is easy and profitable as it delivers some of the highest returns in the crypto space.
As we mentioned right from the get-go, Grin is a privacy-centric cryptocurrency, making it a brilliant option for facilitating private transactions between individuals or on supported platforms.
For instance, when using the Grin platform, the public can’t view the amount of Grin a user sends to a receiving wallet address. On the contrary, when dealing with non-privacy coins, almost anyone can view the details of such transactions on block explorers.
Let us also add that Grin uses the MimbleWimble protocol, which is great for scalability and superb for private transactions. Here are some critical features of Grin crypto mining.
- Grin can be mined using GrinGoldMiner, Cudo Miner, Gminer, lolMiner, and other top GPU mining software. And guess what, all these tools are downloadable for free.
- You can mine Grin by joining popular pools such as f2pools.com and 2miners. And just like other cryptocurrency mining pools, these mining pools for Grin have different rates and payout frequencies.
- Grin can be mined individually using ASIC miners.
- Thanks to the MimbleWimble protocol, Grin is lightweight. This makes scalability on the network quite impressive.
Algorithm: Cuckatoo32 mining Proof-of-Work algorithm
Hashing function: Cuckatoo
Network hash rate: 11.84 KGps
Options to mine: GPU and ASICs
Monero is incredibly popular because of its unique technology. For those just learning about this digital currency, it will interest you to know that Monero is a privacy-minded cryptocurrency. The project is famous for promoting the non-traceability of transactions. Unlike BTC and other digital assets where details such as amount sent, receiving address, and more can be easily seen, with Monero, you can’t see these details. This makes the project superb for privacy-centric individuals who want to interact with cryptocurrency anonymously.
- Investors and users wouldn’t have to spend so much money buying CPUs for mining. Also, Monero doesn’t use up too much power as it is mined using CPUs.
- Although 1 Monero is mined every 24 seconds, miners are rewarded with 4.99 XMR for finding new blocks.
- This digital asset can be mined solo using recommended GPUs. Also, it can be mined via pools.
- Popular pools for mining Monero include SupportXMR.com, MineXMR.com, monero.crypto-pool.fr, and xmr.nanopool.org.
Algorithm: RandomX proof of work algorithm
Hashing function: RandomX: Cryptonight
Network hash rate: 2.64 GH/s
Options to mine: GPUs, x86, ASICs, ARM, x86-64
Like Monero, ZCash is also a very popular privacy-centric digital currency which guarantees the confidentiality of transactions executed on its blockchain. Even though ZCasah is a privacy coin, users can use public transparent addresses. Data and history associated with these wallet addresses can be viewed publicly.
This feature makes the project great for companies and groups interested in the traceability and transparency of transactions executed on the blockchain. And if you love the transparency that the project offers, you can use that feature to shield financial history.
Another popular thing about this digital asset is that it charges meager fees. In terms of numbers, ZCash charges .0001 ZCash per transaction. And yes, this digital asset is backed by scientists from top institutions, including UC Berkeley, MIT, Tel Aviv University, and John Hopkins.
- ASIC resistance: This digital asset can be mined using GPUs, especially using the EWBF ZCash Miner Windows miner. It is also mineable with CPU, making it relatively cheaper for beginners.
- GPU miners can either use EWBF Cuda software or Optiminer software for optimization. Also, users can use a GUI miner, an Android mining app, or a console.
- One of the famous mining pools with ZCash is the ZEC mining pool. Even though this is an internal mining pool, other mining pools you can use include Slushpool, Flypool, and Nanopool.
- The block reward for ZCash is 3.125 ZECs, which is received every 75 seconds. On the ZCash network, ten blocks are produced every 2.5 minutes.
Algorithm: Equihash proof of work algorithm
Hashing function: SHA256 hashing function
Network hash rate: 6.76 GS/s
Options to mine: CPUs, GPUs.
Ravencoin is incredibly popular for using the peer-to-peer network to facilitate transactions between transacting parties. This project is based on the bitcoin fork. Ravencoin is big on community and has no primary nodes or ICO. One of the biggest brands to use the Ravencoin ecosystem is Medici Ventures. The company reportedly completed a $3.6 million securities token transfer via the Ravencoin blockchain. Also, Medici Ventures doubles as one of the funders of this project.
- Ravencoin cannot be mined using ASICs. This makes it cheap to mine.
- Some popular software for mining Ravencoin, includes NBMiner, BMiner, and DamoMiner. If you intend to mine this digital asset using your phone, we recommend using MinerGate. But we doubt if it will be more profitable than using your CPU.
- Ravencoin can be mined via popular pools like Nanopool, 2miner, Skypool, HeroMiners, Supernova, Flypool, Cointron, WoolyPooly, MiningPoolHub, and Blocksmith.
- GamerHash also supports mining Ravencoin
- When mining Ravencoin, a block is mined every minute, with 5,000 RVN given to miners as a block reward.
Algorithm: Kaw PoW (X16R) type of proof of work algorithm
Hashing function: SHA256 hashing function
Network hash rate: 6.93 TH/s
Options to mine: CPUs, GPUs.
Haven Protocol (XHV)
The Haven Protocol is a digital asset based on Monero. The platform provides users an opportunity to convert, transfer and store monetary value using a wallet without the need for third parties, custodians, and intermediaries.
As of right now, users can convert Haven coins to other fiat pegged tokens directly from their wallets. With Haven Protocol, you can interact with synthetic fiat and digital assets such as xCNY, xUSD, xBTC, xAU, and more, making conversion and swapping a stroll in the park.
While you can decide the exchange rates on this platform, we also love that there aren’t any limits for converting supported assets.
- Haven Protocol leverages all the privacy features of Monero, including RingCT and stealth addresses. To this end, it can be used to send and receive cryptocurrency privately.
- Since Haven Protocol is pegged to fiat, silver, and gold coins, it is an excellent storage of monetary value. After mining Haven Protocol, you can either choose to convert or store.
- Some of the famous mining pools associated with Haven Protocol include Miner Rocks, Hero Miners, Hashvault, Fracking Miner, FairPool, and Hashpool.
- This digital asset can be mined using software deployed for mining Monero. Some of the software you can use to mine Haven Protocol includes CryptoDredge, BLOC GUI Miner, and SRBMineR.
Hashing function: CryptoNightHaven Variant
Network hash rate: 42.162 MH/s
Options to mine: CPUs, GPUs.
Ethereum Classic is another popular digital currency generating a lot of buzzes. It is a fork of Ethereum and champions the principle of “Code is Law.” This simply means that this digital asset provides an ecosystem where organizations and individuals can execute smart contracts or coded businesses powered on the blockchain without any human interference.
- This digital currency is mined via Claymore Miner, Gminer, Ethminer, FinMiner, NBMiner, Cruxminer, NBminer, GPU miner, lolMiner, and Nono Miner. Let us also add that you can use OpenETC to mine Ethereum Classic.
- Ethereum Classic can be mined through popular mining pools like Nanopool.org, Ethermine, P2pool, 2Miners, f2pool, and more.
- You can mine Ethereum Classic Using a VPS server.
- The block reward for Ethereum Classic is 3.2 ETC. When mining Ethereum Classic, block rewards are created every 10.3 seconds.
Algorithm: EtcHash algorithm
Hashing function: Ethhash
Network hash rate: 31.40 TH/s
Options to mine: GPUs.
Litecoin is famous for its lightning transaction speed, putting it ahead of bitcoin, with a 10 minutes waiting period for transactions to be executed. Like many popular blockchains out there, Litecoin is powered by open source cryptographic protocol and decentralized ledger.
Even though Litecoin was forked from Bitcoin, it is designed to be mineable through CPUs and GPUS. That said, like bitcoin, Litecoin can also be mined using ASICs.
- A new block is mined every 2.5 minutes on the Litecoin network. With block reward pegged at 12.5 LTC. Just like Bitcoin, Litecoin is designed to halve every four years.
- Litecoin can be mined using various software, including GUIMiner Scrypt, Easy Miner, CPUminer, CGMiner Litecoin, MultiMiner, Awesome Miner. These software allows users to switch to GPU mining when they like.
- In terms of ASIC miners, the software will pretty much come pre-installed in the hardware. And if not, you can use the free FPGA or ASIC miner.
- Popular Litecoin mining pools include MinerGate, Litecoinpool, Antpool, ViaBTC, Antpool, and F2pool.
Algorithm: Scrypt and a stream function known as Salsa20
Hashing function: Scrypt
Network hash rate: 352.97 TH/s
Options to mine: ASICs/GPUs.
Mining Ethereum is incredibly profitable. That said, you can only mine this digital asset using a GPU. A fast GPU miner will take nearly 63.7 days to mine one Ethereum. Nevertheless, if you want to get a better reward, it’s best to join a mining pool.
With everything going on behind the scene, Ethereum is gearing up to become based on the Beacon Chain, a unique proof-of-stake (PoS) blockchain poised to change mining on the Ethereum blockchain. As of right now, Ethereum is based on the Proof of Work algorithm, just like Bitcoin.
- The Ethereum blockchain is designed to generate a new block in seconds, with block reward pegged at 2 plus ETH in transaction fees.
- This digital currency can be mined using popular software like CGMiner, BFGMiner, ETHminer, Geth, T-Rex, EasyMiner, and Lolminer. Unfortunately, mining Ethereum using CPU isn’t profitable.
- Some famous Ethereum mining pools include NiceHash, Ethpool, Dwarfpool, and Nanopool.
Algorithm: Combined Proof of Stake and Proof of Work algorithm.
Hashing function: PoW and PoS
Network hash rate: 525.12 TH/s
Options to mine: GPUs/ASICs
Monacoin was launched in 2013. It has a very active community in Asia, particularly Japan. Just like Dogecoin, Monacoin is a popular meme coin.
- It takes 1.5 minutes or less to mine one block and qualify for reward on the Monacoin network. Also, you can mine this digital currency for minimal fees.
- The current block reward for finding a new block is 12.5 MONA. This digital currency is designed to halve every three years.
- You can’t mine Monacoin using ASICs.
- Some mining pools to join include vippol.net, mona.suprnova.cc, bitpoolmining.com, la.pool.me, and coinfoundry.org.
- Software that can be used to mine this digital asset includes Lyra2REv miner, XMR, Suprnova, Stak, CGMiner, and others.
Algorithm: Lyra2REv2 algorithm.
Hashing function: Lyra2REv2
Network hash rate: 73.44 TH/s
Options to mine: GPUs
Like Litecoin, Bitcoin Gold is another popular fork of Bitcoin. This digital currency was launched to support the scaling of the blockchain. Bitcoin Gold adopts the famous proof of work algorithm Equihash. This algorithm was intentionally designed not to favor miners deploying ASICs.
Unlike Bitcoin, Bitcoin Gold implements replay protection and unique wallet addresses. This is done to improve the safety and security of users’ funds. Bitcoin Gold is listed on some of the top exchanges out there. Currently, Bitcoin Gold has 100 reachable nodes, with most of these nodes located in the United States and Germany.
- It takes about 10 minutes to mine a block of Bitcoin Gold. The block reward is pegged at 6.25 BTG.
- Some popular mining software for mining Bitcoin Gold includes CUDA Miner, GMiner, Equihash Miner, and EWBF Cuda.
- Some mining pools to join include hashflare.io, ccgmining.com, nicehash.com, minergate.com, and nicehash.com.
Algorithm: Proof of Work Equihash BTG algorithm.
Hashing function: Equihash-BTG
Network hash rate: 2.2 MS/s
Options to mine: GPU
Aeternity is designed to allow users to launch and run smart contracts and decentralized applications that scale through state channels. The cool thing is that smart contracts on the Aeternity network can be run the off-chain. Its exceptional use cases include payments, decentralized finance, identity, loans, voting and governance, shares, IoT, and gaming.
The blockchain technology powering this digital currency has also been used to develop fungible, restricted fungible, non-fungible, and restricted non-fungible tokens. The project was launched to increase the scalability of dApps, sharding, smart contracts, and off-chain contracts.
- It takes approximately 3 minutes to confirm a block on the Aeternity network. The current reward per block is 124 AE.
- Some software for mining AE includes Bminer and CryptoDredge. Also, you can use Gmeiner, and NBminer paired with NVIDIA hardware. Other software you can try includes NiceHash, HSPMinerAE.
- If you’re interested in joining mining pools, you can join mining pools like woolypooly.com, beepool.org, and 2miners.com. One of the famous mining pools for AE is the 2miners pool, which has a 58% share.
Algorithm: CuckooCycle Proof of Work algorithm.
Hashing function: CuckooCycle
Network hash rate: 28.48 KGps
Options to mine: GPUs, CPUs, ASICs.
To wrap up, the best cryptocurrencies to mine are usually those that are cheaper to mine. What we are saying, in essence, is to opt for a digital currency that is cheaper to start mining. When it comes to cost, some of the cheapest digital currencies to mine include Monero and Ravencoin. For example, you can mine Monero using a CPU.
That said, Bitcoin and Ethereum should be top on your list, especially if you’re looking for a profitable coin to mine.
While you can mine most cryptocurrencies using GPU. However, most of the profitable digital currencies to mine require using ASICs. Unfortunately, using ASICs to mine can be pretty expensive.