Michelle Legge
By Michelle LeggeHead of Crypto Tax Education
Updated Mar 19, 2024
This article has been fact checked and reviewed as per our editorial policy.

10 Best Cryptocurrencies to Mine in 2024

Looking for the best crypto to mine in 2024? Bitcoin isn't the only profitable crypto to mine, there's plenty to choose from, so we've rounded up the best.

What’s the best crypto to mine in 2024?

CryptocurrencyMining rewards per blockMining algorithmHardware requirements
Bitcoin (BTC)6.25 BTC (due to halve soon)SHA-256ASIC
Monero (XMR)0.6 XMRRandomxCPU or GPU (ASIC-resistant)
Litecoin (LTC)6.25 LTCScryptGPU, but ASIC recommended
Zcash (ZEC)3.125 ZEC (due to halve this year)EquihashGPU, but ASIC recommended
Dogecoin (DOGE)10,000 DOGEScryptASIC solo, GPU in pools
Dash (DASH)2.30967229 DASH (halves approx. every 365 days)X11GPU, but ASIC recommended
Grin (GRIN)60 GRINCuckatoo32+ and Cuckaroo29GPU or ASIC depending on algorithm
Ravencoin (RVN)2,500 RVNKAWPOWCPU or GPU (ASIC-resistant)
Vertcoin (VRT)12.50 VTCLyra2RE(v3)CPU or GPU (ASIC-resistant)
Ethereum Classic (ETC)2.5 ETCEtchashGPU, but ASIC recommended

Let’s take a look at each crypto mining option in a little more depth.

Read next: Bitcoin and Crypto Mining Guide

Bitcoin (BTC)

Bitcoin is the largest crypto by market capitalization and the most popular cryptocurrency to mine, with a reward of 6.25 BTC per block - although this is due to halve soon. Due to competition, you’ll need a top-of-the-line mining rig to mine Bitcoin successfully, as well as to join a mining pool.

Learn more about Bitcoin halving.

Monero (XMR)

Monero is a privacy coin, with the simple goal of providing seamless and anonymous payments. Monero uses an ASIC-resistant and CPU-friendly mining algorithm, which helps prevent the centralization of mining power and makes it a popular option for home miners.

Litecoin (LTC)

Litecoin is one of the oldest cryptocurrencies and is an alternative to Bitcoin, using the same code, but with modifications to make the blockchain more efficient. Solo Litecoin mining profitability is very low, and it’s unlikely that you’ll see much success with a GPU - so a mining pool and dedicated ASIC rig are recommended.

Zcash (ZEC)

Zcash is a privacy-focused crypto based on Bitcoin’s original code and shares many similarities with it, like halving features due to a fixed total supply. Technically, you can mine Zcash with a GPU, but it’s unlikely to be profitable. The Zcash community voted against prioritizing maintaining ASIC resistance back in 2021, as such, ASIC rigs tend to be the most profitable way to mine ZEC currently.

Dogecoin (DOGE)

Dogecoin is widely considered the original memecoin, and despite the satirical start, it can now be a profitable cryptocurrency to mine. Due to competition, GPU mining solo is unlikely to give you much success, and as such you’ll need an ASIC mining machine, or you can join a Dogecoin mining pool with a GPU.

Dash (DASH)

Dash is a cryptocurrency that began as a result of a hard fork from the Bitcoin blockchain, due to concerns over transaction speeds and privacy concerns. Dash is a popular option for those with a GPU looking to get started mining at home, as it's still possible to mine with a GPU, although an ASIC mining machine will still be more profitable.

Grin (GRIN)

Grin launched in 2019 as a cryptocurrency focused on privacy without censorship and it’s a popular option to mine as it actually operates two different mining algorithms - Cuckatoo32+ (an ASIC-friendly algorithm) and Cuckaroo29 (an ASIC-resistant algorithm). This means you can mine Grin on both a GPU and ASIC machine.

Ravencoin (RVN)

Ravencoin is a blockchain created to make it easy for investors to create and transact with tokens. It’s a popular option for mining at home because Ravencoin is ASIC-resistant thanks to the KAWPOW algorithm, meaning you can mine Ravencoin with a CPU or GPU.

Vertcoin (VTC)

Vertcoin is another Bitcoin variant - with the key difference being that Vertcoin opts for an ASIC-resistant mining algorithm to avoid the centralization of mining power. This makes it a popular choice for those who want to mine at home using a GPU, with smaller start-up costs.

Ethereum Classic (ETC)

Ethereum Classic was formed in 2016 as a result of a hard fork from the Ethereum blockchain, due to a hack of The DAO (a smart contract on the Ethereum blockchain). Unlike Ethereum, ETC has no plans to switch to PoS. While the difficulty for mining ETC is much lower than it was to mine Ethereum before it switched to PoS and you can mine it with a GPU, you’ll see more success with an ASIC rig.

How to pick the best crypto to mine

Picking the best crypto to mine can be difficult if you’re new to crypto mining entirely. You’ll need to consider several different factors: 

  • Profitability: Take into account the current mining rewards and potential monthly profits of each cryptocurrency. Higher rewards and profitability signify more lucrative prospects for miners.

  • Accessibility: Evaluate the ease of mining and the availability of mining hardware for each cryptocurrency. Ensuring accessibility enables miners to efficiently participate in mining without encountering significant obstacles.

  • Sustainability: Consider the energy consumption and environmental impact associated with mining each cryptocurrency. Embracing sustainable mining practices is vital for minimizing environmental damage and ensuring long-term viability.

  • Privacy and security: Assess the blockchain features of each cryptocurrency, such as anonymity and security measures. Privacy-focused cryptocurrencies offer heightened anonymity, while robust security protocols safeguard against potential threats.

  • Market trends: Analyze market demand and the potential for future growth of each cryptocurrency. Understanding market trends allows miners to anticipate shifts in demand and capitalize on emerging opportunities.

Is crypto mining still profitable?

Yes. Crypto mining can be profitable - but there are factors miners need to consider including electricity costs, mining difficulty, and market conditions. All these can significantly impact profitability.

Electricity expenses play a crucial role as mining operations consume substantial power. Miners must evaluate their electricity costs to ensure profitability. Additionally, mining difficulty, which increases as more miners join the network, presents a challenge. Miners must assess current difficulty levels and anticipate changes to gauge the viability of their operations accurately.

Moreover, market conditions, including the fluctuating prices of cryptocurrencies, also affect profitability. Miners need to stay informed about market trends to adjust their strategies and maximize returns. While Bitcoin mining demands substantial investments in specialized hardware, there are opportunities to mine smaller cryptocurrencies with higher profit margins.

As well as this, you’ll need to factor in the fact that crypto mining rewards are taxable!

Read next: Crypto mining taxes

Tips to mine successfully

Crypto mining can be profitable, but your success relies on a few different factors:

  1. Get the right equipment: Pick hardware and software with high hash rates, energy efficiency, and compatibility. Learn about the best crypto mining machines and best crypto mining software.

  2. Consider a mining pool: Pool resources for better chances of mining rewards. Opt for reputable pools with low fees. Learn about the best Bitcoin mining pools.

  3. Monitor market trends: Stay updated on prices, difficulty, and network upgrades to adjust strategies accordingly.

  4. Manage electricity costs: Mine during off-peak hours, explore renewable energy, and optimize hardware for energy efficiency.

FAQs

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