Want to stay ahead of the curve in the crypto mining game? We have it all laid down, from the most profitable crypto to mine to the strategies you must follow! Discover our insights into 2024’s most profitable options and witness the clink of coins
Crypto mining has become a popular technique to earn passive income in cryptocurrency. With the right resources and knowledge, you can profit by validating transactions on blockchain networks.
With over 19.6 million Bitcoins already mined out of 21 million, bitcoin mining is becoming more difficult and competitive. However, mining cryptocurrencies is still profitable. Bitcoin mining and several altcoins could be quite lucrative in 2024 if you choose the right cryptocurrency and strategy.
In this comprehensive guide, we discuss the most profitable crypto to mine in 2024.
We have it all covered! From the best wallets to store your cryptos to making an informed decision, we have it all. Why wait when the blueprint is right down there? Read along and dig out the most profitable crypto to mine in 2024! Let’s dive in!
The Best Cryptocurrencies For Mining - An Overview
Before going into the details of the best cryptocurrency for mining, let’s first examine an overview of the leading mineable cryptos. This will provide a quick look at some of the top contenders for the most profitable coins to mine in 2024 for maximum rewards.
The table below shows the best coin for mining and the mining hardware and hashing algorithms a particular crypto uses.
Crypto | Best For What | Mining Hardware | Hashing Algorithm | Volume | Liquidity | Tokenomics |
Most profitable crypto to mine for specialised setup miners | ASCII | SHA-256 | Very high | Very high | Great | |
Best cryptocurrency to mine for smart contracts | GPUs | Ethash | Very high | Very high | Great | |
Best coin to mine for beginners | CPUs and GPUs | KawPoW | High | Medium | Fair | |
Best coin to mine for beginners | CPUs and GPUs | RandomX | High | High | Private | |
Best cryptocurrency to mine for group miners | ASCII | Scrypt | High | High | Fair | |
Best coin for mining for individual miners | CPUs and GPUs | Equihash | Medium | Medium | Private | |
Best for easiest crypto to mine | CPUs and GPUs | Scrypt | Very High | High | Inflatable | |
Best coin to mine for individuals with a long-term investment perspective | ASCII and GPUs | X11 | High | High | Private | |
Best cryptocurrency for mining for individual miners | GPUs | Equihash-BTG | Low | Low | Fair | |
Best coin to mine for individuals and companies | CPUs and GPUs | CuckatooC32 | Low | Low | Fair |
The Most Profitable Crypto To Mine In 2024
Crypto mining can be profitable and contribute to decentralisation, enhancing the security of cryptocurrency networks. Here is a list of 10 cryptocurrencies that are worth a look, at if you are planning for crypto mining.
1. Bitcoin (BTC): The Most Profitable Crypto To Mine With A Specialised Setup
If you have the capital and are willing to put in the effort, Bitcoin (BTC) stays the number one choice. Bitcoin is the first choice among cryptocurrency miners across the world due to its dominant market position. Its price was hovering around the $51,000/BTC mark at the time of writing this article in February 2024.
However, please also know that the current BTC mining reward is 6.25 BTC per block. This will reduce to 3.125 BTC after four years in the next halving. Bitcoin mining is also considerably more difficult and resource-consuming to mine than newer cryptos on the market.
Quick View:
- Market Cap: $1 Trillion +
- Current Price: $51,300
Key Stats For BTC Mining:
- Current Mining Reward: 6.25 BTC per block
- Block Time: 10 minutes
- The Best Hardware To Use: ASIC miners
- Profitability: Approximately $200–$250 per month on average
- Best Crypto Wallets For Bitcoin: Ledger Nano X, Cypherock and Trezor.
2. Ethereum (ETH): Best Coin To Mine For Smart Contracts
As the second-largest cryptocurrency after Bitcoin, Ethereum is one of the most profitable coins for GPU mining. It has a current market cap of over $250 billion. It has steady mining difficulty, making it accessible for everyday miners using consumer hardware.
Ethereum’s transition to proof-of-stake consensus later this year will also eliminate new coin creation, giving existing ETH greater value. For miners who get in now, Ethereum offers profits through both block rewards and rising crypto prices.
Quick View:
- Market Cap: $250 billion
- Current Price: $3000
Key Stats For ETH Mining:
- Current Mining Reward: 2 ETH per block
- Block Time: 13 seconds
- Best Hardware To Use: GPU (4GB+)
- Profitability: Approximately $150-200 per month per GPU
- Best Crypto Wallets For Ethereum: Cypherock, Tezor, MyEtherWallet, and Coinbase Wallet.
3. Ravencoin (RVN): Most Profitable Crypto To Mine For Beginners
RavenCoin is the most profitable coin to mine, primarily focusing on decentralising mining. Ravencoin is an ASIC-resistant cryptocurrency optimised for GPU mining.it one of the most profitable coins to mine in 2024. It is designed for efficient mining on consumer hardware, such as gaming PCs.
Ravencoin’s mining difficulty has remained relatively stable with a fair launch and no pre-mine. Miners also benefit from low transaction fees and the coin’s active developer community. The limited supply and real-world use cases give RVN strong profit-making potential.
Quick View:
- Market Cap: 2.9 million+
- Current price: $0.0217
Key Stats For RVN Mining:
- Current Mining Reward: 2500 RVN per block
- Block time: 1 minute.
- Best hardware to use: GPU (4–8 GB)
- Profitability: Approximately $80–90 per month
- Best crypto wallets for Ravencoin: Ledger, Ravencoin Core Wallet and Trust Wallet
4. Monero (XMR): Best Cryptocurrency To Mine For Beginners With CPU Mining
Monero is the best and most popular crypto to mine for beginners with CPU mining. Monero Coin is a privacy-focused cryptocurrency that offers greater anonymity than its counterparts. Its cryptographic algorithms make Monero mining accessible using consumer CPUs rather than demanding ASICs.
Monero miners can benefit from the coin’s stable demand and active community. With low inflation and no hard cap on supply, Monero’s long-term profitability remains strong. The enhanced privacy features also give the currency real-world value to move up prices.
Quick View:
- Market Cap: $3 billion
- Current Price: $119.47
Key Stats For XMR Mining:
- Current Mining Reward: 0.6 XMR per block
- Block Time: 2 minutes.
- Best Hardware To Use: CPU and GPU
- Profitability: Approximately $15-$20 per month
- Best Crypto Wallets For Monero: Ledger Nano, Monero GUI Wallet and Trezor Model T.
5. Litecoin (LTC): Best Crypto To Mine For Mining Groups
Litecoin is one of the oldest and most established cryptocurrencies. It is based on Bitcoin but has faster block times and lower transaction fees. The Scrypt mining algorithm makes Litecoin perfect for GPU mining using consumer hardware.
With widespread exchange support and liquidity, Litecoin is simple to mine and sell for profits. Mining difficulty remains relatively stable, while the higher coin supply keeps prices affordable compared to Bitcoin. If you have access to cheap power, Litecoin offers a consistent source of income.
Quick View:
- Market Cap: $5.3 billion
- Current Price: $70
Key Stats For LTC Mining:
- Current Mining Reward: 25 LTC per block
- Block Time: 2.5 minutes
- Best Hardware To Use: ASCI Miniers
- Profitability: Approximately $60-$70 per month
- Best Crypto Wallets For Litecoin: Trezor Model T, Ledger Nano X, Trust Wallet and Exodus
6. Zcash (ZEC): Best Coin For Mining For Individual Miners
ZCash is another popular altcoin focusing on maintaining privacy and providing efficient payment transfers. It was built on Bitcoin’s open-source code but with a simplified mining process.
Zcash utilises zk-SNARK (zero-knowledge succinct non-interactive argument of knowledge) proofs. This zk-SNARK method provides fully anonymous and private transactions, making it valuable for security-driven users.
Although mining ZEC requires more processing power, GPU mining is profitable thanks to ZEC’s ASIC-resistant variants that use the Equihash algorithm.
Zcash pays 20% of mining rewards to developers to fund the network. However, ZEC has a scarcity value that can result in high prices and mining profits. This is due to its limited coin supply and privacy benefits.
Quick View:
- Market Cap: $4.3 billion+
- Current Price: $25
Key Stats For ZEC Mining:
- Current Mining Reward: 2.5 ZEC per block
- Block Time: 1 minute, 15 seconds
- Best Hardware To Use: GPU (4-6 GB+)
- Profitability: Approximately $100 per month
- Best Crypto Wallets For Zcash: Ledger Nano S, Cypherock, Keepkey and Jaxx Liberty
7. Dogecoin (DOGE): Easiest Crypto To Mine
Dogecoin is the most profitable crypto in the meme category. It uses a Scrypt mining algorithm, which keeps Dogecoin mining decentralised. Because of the low transaction fees, Dogecoin transfers are quick and affordable.
Dogecoin’s inflationary supply adds over 5 billion coins per year through mining. However, strong community support and real-world utility help drive up demand and profitability for miners. With frequent spikes in price, mining Dogecoin can result in high payouts.
Quick View:
- Market Cap: $12.2 billion+
- Current Price: $0.085
Key Stats For DOGE Mining:
8. Dash (DASH): Secure Cryptocurrency To Mine
Dash is a privacy-focused cryptocurrency offering instant transactions and private sending options. It operates on a two-tier network with mining and master nodes to enhance decentralisation. Dash mining uses the X11 algorithm for ASIC resistance, making GPU mining viable.
Dash coin’s low inflation and transaction fees make it in our most profitable crypto-to-mine list. Dash miners also receive payments from master nodes as rewards for confirming transactions. With strong fundamentals and an avid community, Dash continues to be a leading privacy coin.
Quick View:
- Market Cap: $3.4 million+
- Current Price: $29.85
Key Stats For DASH Mining:
- Current Mining Reward: 1.08 DASH per block
- Block Time: 2.5 minutes
- Best Hardware To Use: ASCII and GPU mining (4–8 GB)
- Profitability: Approximately $280-$330 per month
- Best Crypto Wallets For Dash: Cypherock, Guarda and Atomic Wallet.
9. Bitcoin Gold (BTG): Best For Individual And Easiest Crypto To Mine
Bitcoin Gold is a fork of Bitcoin, but it operates on Equihash mining. Mining BTG is more accessible for individual miners due to ASIC resistance. The decentralised network makes it much easier for new miners to join.
Along with fair mining, Bitcoin Gold offers adequate profitability from block rewards and network fees. Additionally, active development also provides improved features, like Lightning Network support. As a fork of Bitcoin, BTG benefits from building on a solid technical foundation and widespread adoption of the original Bitcoin network.
Quick View:
- Market Cap: $440 million+
- Current Price: $25.16
Key Stats For BTG Mining:
- Current Mining Reward: 6.25 BTG per block
- Block Time: 10 minutes
- Best Hardware To Use: GPU (4-6GB)
- Profitability: Approximately $200-$250 per month
- The best crypto wallets for Bitcoin Gold are Ledger Nano S Plus, Trezor Safe 3, and Trust Wallet.
10. Grin (GRIN): Best Coin For Mining For Private Transactions
Grin is built for scalable privacy transactions using the Mimblewimble blockchain. The Cuckoo Cycle proof-of-work algorithm enables GPU mining to be decentralised and ASIC-resistant. Grin miners can help secure the network and earn rewards through an inflationary supply model.
As a newer cryptocurrency, Grin offers high profits for early miners before network difficulty increases. Grin also provides transactions that are untraceable and unlinkable to drive value. Once exchange and wallet support mature, Grin has strong profit-making potential.
Quick View:
- Market Cap: $11 million+
- Current Price: 0.068
Key Stats For GRIN Mining:
Our Verdict On The Most Profitable Coins To Mine
When considering the most profitable cryptocurrencies to mine in 2024, coins like Ravencoin, Monero and Litecoin stand out. These coins have a lower mining difficulty on consumer GPUs, thus making them more accessible to you as an individual miner.
Coins like Ethereum, Zcash, and Grin also make the list for their strong privacy features and active development. Of course, you must evaluate hardware costs, utility expenses, pool fees, exchange rates, and market access when choosing what to mine.
With this review, it’s up to you to decide which coins best match your mining strategy, resources and profit goals.
Our Learnings From 2023 And Past Years
Cryptocurrency mining has evolved rapidly over the past several years, teaching miners many valuable lessons. As we look ahead to mining in 2024, it’s important to apply the key takeaways from recent experience:
- Mining difficulty has risen exponentially, especially for major networks like Bitcoin. This makes efficient hardware and low electricity costs critical for profitability.
- Crypto prices and profitability can fluctuate wildly based on market forces and adoption cycles. Strategic selection of the most profitable crypto to mine is the key.
- Major mining disruptions like the Ethereum transition to proof-of-stake require miners to stay agile and adapt their setups.
- Sustainability has become a bigger focus, driving miners to pursue more energy-efficient coins. Using renewable energy sources can help reduce environmental impacts.
- Regulatory clarity has emerged in some jurisdictions, while mining remains uncertain or restricted in others, making compliance a priority.
- There is now more specialisation, with individual GPU miners pursuing distinct strategies that coexist with large-scale mining operations.
Tracking Major Events of 2023
In 2023 and past years, many smaller miners exited as mining became more capital-intensive and competitive across networks. Major farm operations also experienced challenges as profitability dipped. Yet, innovative solutions like mining pools, cloud mining, and decentralised GPU-friendly coins emerged.
Everything That Is New in 2024
In 2024, crypto miners need to be careful when riding market cycles. You should evaluate factors like network difficulty, algorithms, and regulatory environments. To make a profit from the most profitable crypto to mine, focus on optimising energy usage. Continuously rebalance your crypto portfolios by adopting new equipment and coins, which will make you successful miners.
Factors To Consider When Selecting Crypto To Mine
There are thousands of cryptocurrencies in existence, and new ones are launching frequently. When choosing the best and most profitable crypto to mine in 2024, there are a lot of factors to consider.
1. Mining Difficulty Level
The higher the mining difficulty level of a cryptocurrency network, the harder it is to solve blocks and get rewarded. Newer coins launching tend to have lower base difficulty. Bitcoin has an extremely high mining difficulty, making solo mining unrealistic for most.
2. Hardware Compatibility
You need to select a cryptocurrency that is optimised for and supports your specific type of hardware. That can be either the GPUs, ASICs, or CPUs. Always match the coin to mine with your available equipment.
3. Energy Consumption And Electricity Costs
Mining rigs with GPUs and ASICs require substantial electricity to run 24/7. Choose a cryptocurrency to mine that balances mining efficiency with energy efficiency. This will help in minimising high electric bills eroding into your profits.
4. Environmental Sustainability
Cryptocurrency mining has major environmental impacts due to high energy use and electronic waste. So consider greener crypto options, like utilising alternative power sources such as solar energy.
5. Long-Term Viability And Support
It can be risky to mine cryptocurrencies that appear to be trends or lack strong technology and adoption. Opt for established coins with staying power that are likely to remain actively mined and supported in the future.
6. Price Volatility Tolerance
Be aware that the prices of cryptocurrencies fluctuate often, affecting the profitability and ROI of mining. Even if you choose the most profitable crypto to mine, you will be at a loss if the crypto price goes down. Coins like Bitcoin and Litecoin have more stable and consistent pricing.
7. Upcoming Changes And Updates
Examine upcoming changes, such as proof-of-stake transitions. Mining changes can impact your equipment and profits. Expect shifts in coin choice and margins
8. Legal Regulations For Mining And Taxes
Depending on your country and jurisdiction, cryptocurrency mining and capital gains taxes may apply. Understand the implications of remaining legally compliant.
Conclusion
Cryptocurrency mining is profitable for you with the right resources and knowledge. You can create passive income and support the security of blockchain networks by selecting the most profitable crypto to mine. For this, you have to implement effective mining techniques.
If you are looking for the most profitable coins to mine, opting for established coins like Ethereum and Litecoin can be your pick. However, upstarts too are also raging in the market; for example, Ravencoin and Dogecoin have shown impressive results over time.
You must conduct thorough research and calculate the potential costs and rewards of mining each cryptocurrency. Additionally, stay informed about industry trends to make informed decisions about cryptocurrency mining.
Additionally, buying, selling or mining cryptocurrency is taxable. You have to report your capital gains to the authorities. To calculate your cryptocurrency taxes, use KoinX.
KoinX is a crypto tax service that simplifies crypto taxation and compliance. You can connect your crypto exchanges and blockchains to get tax reports, such as Binance and CoinDCX. So, sign up today and make your crypto tax filing journey easier!
Frequently Asked Questions
Which Is The Most Profitable Crypto To Mine With A GPU?
Which Crypto Gives The Highest Return On Mining?
Bitcoin is the most valuable cryptocurrency to mine, though it requires expensive ASIC miners. BTC offers higher rewards and fees as compared to other coins. It uses a proof-of-work (PoW) mechanism to solve complex problems for verifying transactions and creating new blocks on the blockchain.
How Can I Secure My Mined Crypto Tokens?
Use a hardware wallet like Ledger, Cypherock or Trezor or a software wallet like Trust Wallet or MetaMask to store mined coins securely. Additionally, enable two-factor authentication on accounts and avoid storing large balances on exchanges.
Which Is The Easiest Crypto To Mine?
Cryptos like Dogecoin (DOGE), Bitcoin Gold (BTG) and Ravencoin (RVN) are some of the easiest cryptos to mine and earn crypto rewards. They offer good returns today but can fluctuate over time as networks expand and equipment improves.
