10 Best Cryptocurrencies to Mine in 2024
Expert verifiedTokenTax content follows strict guidelines for editorial accuracy and integrity. We do not accept money from third party sites, so we can give you the most unbiased and accurate information possible.
Top choices for the most profitable cryptocurrencies to mine include Bitcoin, Ethereum, and various altcoins, each with different rewards and hardware requirements.
Crypto mining can be profitable with the right strategy and equipment. Be sure to conduct your own research, understand the risks, and be aware of the tax implications before engaging in crypto mining.
Which cryptocurrency is best to mine?
As the cryptocurrency landscape continues to evolve, the best mining opportunities in 2024 go beyond just Bitcoin. In this article, we explore some of the most profitable cryptocurrencies to mine, detailing their mining rewards, algorithms, and the hardware requirements needed:
Bitcoin is the largest crypto by market capitalization and the most popular cryptocurrency to mine. Over time, it’s been one of the most profitable crypto to mine. Due to high competition, you'll need a top-of-the-line mining rig and a mining pool to mine Bitcoin successfully.
Pros
High market value
Established infrastructure
Cons
High competition
Significant initial investment
Bitcoin's widespread adoption and high market value make it a desirable choice for miners seeking long-term profitability.
Monero is a privacy coin that offers seamless and anonymous payments. Its ASIC-resistant and CPU-friendly mining algorithm prevents centralization of mining power, making it popular for home miners.
Pros
Privacy features
ASIC-resistant
Cons
Lower profitability compared to Bitcoin
Higher volatility
Monero's strong privacy features and resistance to ASICs appeal to miners looking for decentralization and anonymity.
Litecoin, an alternative to Bitcoin, offers efficient blockchain transactions. Solo Litecoin mining profitability is low, so a mining pool and dedicated ASIC rig are recommended.
Pros
Faster transaction times
Established reputation
Cons
Low solo mining profitability
ASIC recommended
Why our experts picked it: Litecoin's faster transaction confirmation times and established reputation make it a reliable choice for miners.
Zcash is a privacy-focused crypto similar to Bitcoin. Although you can mine Zcash with a GPU, ASIC rigs tend to be the most profitable.
Pros
Strong privacy features
Good community support
Cons
High initial investment for ASIC
Lower rewards
Why our experts picked it: Zcash's privacy features and community support make it a compelling choice for miners.
Despite its origins as a joke, Dogecoin can now be profitable. Due to competition, you'll need an ASIC mining machine or join a mining pool with a GPU.
Pros
High rewards per block
Strong community
Cons
High competition
Volatility
Dogecoin's enthusiastic community and high rewards make it an appealing option for miners.
Dash began from a hard fork of Bitcoin, focusing on transaction speeds and privacy. It's possible to mine Dash with a GPU, though an ASIC machine is more profitable.
Pros
Instant transactions
Privacy features
Cons
ASIC recommended for profitability
Competition
Dash's focus on instant transactions and privacy offers unique opportunities for miners.
Grin focuses on privacy without censorship, operating two mining algorithms: Cuckatoo32+ (ASIC-friendly) and Cuckaroo29 (ASIC-resistant).
Pros
Privacy features
ASIC and GPU mining options
Cons
Lower profitability
Volatility
Why our experts picked it: Grin's dual mining algorithms and focus on privacy make it an attractive option for miners.
Ravencoin is designed for easy asset transfer and decentralized applications. Its ASIC-resistant algorithm makes it popular for home mining.
Pros
ASIC-resistant
Strong community
Cons
Lower profitability
Volatility
Ravencoin's focus on asset issuance and ASIC resistance appeals to miners interested in decentralization.
Vertcoin is a Bitcoin variant with an ASIC-resistant mining algorithm, making it suitable for home miners with smaller start-up costs.
Pros
ASIC-resistant
Lower start-up costs
Cons
Lower rewards
Volatility
Vertcoin's commitment to ASIC resistance and community-driven development appeals to miners passionate about decentralization.
Formed from a hard fork of Ethereum, Ethereum Classic has no plans to switch to PoS, making it a good option for GPU miners.
Pros
Lower mining difficulty
Established network
Cons
Lower rewards
Competition
Ethereum Classic's lower mining difficulty and established network make it a viable choice for miners.
Read on: What is Bitcoin mining?
How to choose the best crypto to mine
Choosing the best crypto to mine depends on various factors:
Profitability: Evaluate current mining rewards and potential monthly profits.
Accessibility: Consider the ease of mining and availability of hardware.
Sustainability: Take into account energy consumption and environmental impact.
Privacy and security: Assess blockchain features like anonymity and security.
Market trends: Analyze market demand and future growth potential.
Is crypto mining still profitable?
Yes. Crypto mining can be profitable, but factors like electricity costs, mining difficulty, and market conditions play a crucial role. Stay informed about market trends to maximize returns and remember that crypto mining rewards are taxable.
Familiarize yourself with our article on crypto mining taxes to get an idea of how this might impact your mining strategy. When in doubt, consult a crypto tax professional for further guidance.
Looking to calculate your crypto profit? Try our free crypto profit calculator.
How to mine crypto successfully
To succeed in crypto mining, consider these tips:
Get the right equipment: Choose crypto mining hardware and mining software with high hash rates and energy efficiency.
Consider a mining pool: Pool resources for better chances of mining rewards.
Monitor market trends: Stay updated on prices, difficulty, and network upgrades.
Manage electricity costs: Mine during off-peak hours and explore renewable energy options.
Best crypto to mine FAQs
Here are answers to frequently asked questions about the best and most profitable crypto to mine.
Which crypto mining pays the most?
Due to its high market value, Bitcoin (BTC) has historically been one of the most lucrative cryptocurrencies to mine. However, other cryptocurrencies like Ethereum (ETH), Litecoin (LTC), and Monero (XMR) can also be profitable.
Which crypto can be mined?
Many cryptocurrencies can be mined, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Monero (XMR), and more. For further guidance, see our list of our top ten choices above.
Is it still profitable to mine crypto?
Yes, but profitability depends on factors like electricity costs, mining difficulty, and market conditions. Always do your own research before undertaking any crypto mining, and know the risks involved.
What is the fastest crypto to mine?
The speed of mining depends on the hardware and algorithm used. Cryptocurrencies like Litecoin (LTC) and Dogecoin (DOGE) are known for faster block times than Bitcoin.
How do energy costs impact the profitability of crypto mining?
Energy costs are a significant factor in determining the profitability of crypto mining. Since mining requires substantial computational power, the electricity used to run mining hardware can quickly add up. In regions with high electricity costs, the expense can eat into or even exceed the profits from mining.
Conversely, miners can reduce their operating costs and improve profitability in areas with lower electricity rates or access to renewable energy sources. Calculating and monitoring energy expenses is crucial when deciding whether crypto mining is a viable option for you. Balancing energy efficiency with mining rewards is key to maximizing returns.
To stay up to date on the latest, follow TokenTax on Twitter @tokentax.
