10 Best Cryptocurrencies to Mine in 2024

Zac McClure
ByZac McClure, MBAReviewed byAlex MilesUpdated on May 23, 2024 · minute read
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  • Top choices of the most profitable crypto to mine include Bitcoin, Ethereum, and other altcoins with varying rewards and hardware requirements.

  • Crypto mining remains profitable with the right strategy and equipment. It's important to do your own research and understand the risks involved before undertaking crypto mining, and know the tax consequences involved.

What's the best crypto to mine in 2024?

With cryptocurrency's evolving landscape, the best mining options in 2024 extend beyond just Bitcoin. Here's a look at some of the most profitable crypto to mine, along with their mining rewards, algorithms, and hardware requirements:

Bitcoin (BTC)

Best crypto to mine for long-term profit

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 & Cons

Pros

  • High market value

  • Established infrastructure

Cons

  • High competition

  • Significant initial investment

-  Why our experts picked it

Bitcoin's widespread adoption and high market value make it a desirable choice for miners seeking long-term profitability.

Monero (XMR)

Best coins to mine for privacy

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 & Cons

Pros

  • Privacy features

  • ASIC-resistant

Cons

  • Lower profitability compared to Bitcoin

  • Higher volatility

-  Why our experts picked it

Monero's strong privacy features and resistance to ASICs appeal to miners looking for decentralization and anonymity.

Litecoin (LTC)

Best crypto to mine for ASIC mining

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 & Cons

Pros

  • Faster transaction times

  • Established reputation

Cons

  • Low solo mining profitability

  • ASIC recommended

-  Why our experts picked it

Why our experts picked it: Litecoin's faster transaction confirmation times and established reputation make it a reliable choice for miners.

Zcash (ZEC)

Best crypto to mine for privacy and GPU mining

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 & Cons

Pros

  • Strong privacy features

  • Good community support

Cons

  • High initial investment for ASIC

  • Lower rewards

-  Why our experts picked it

Why our experts picked it: Zcash's privacy features and community support make it a compelling choice for miners.

Dogecoin (DOGE)

Best coins to mine for community and high rewards

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 & Cons

Pros

  • High rewards per block

  • Strong community

Cons

  • High competition

  • Volatility

-  Why our experts picked it

Dogecoin's enthusiastic community and high rewards make it an appealing option for miners.

Dash (DASH)

Best coins to mine for instant transactions

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 & Cons

Pros

  • Instant transactions

  • Privacy features

Cons

  • ASIC recommended for profitability

  • Competition

-  Why our experts picked it

Dash's focus on instant transactions and privacy offers unique opportunities for miners.

Grin (GRIN)

Best crypto to mine for privacy and scalability

Grin focuses on privacy without censorship, operating two mining algorithms: Cuckatoo32+ (ASIC-friendly) and Cuckaroo29 (ASIC-resistant).

-  Pros & Cons

Pros

  • Privacy features

  • ASIC and GPU mining options

Cons

  • Lower profitability

  • Volatility

-  Why our experts picked it

Why our experts picked it: Grin's dual mining algorithms and focus on privacy make it an attractive option for miners.

Ravencoin (RVN)

Best coins to mine for asset transfer and decentralization

Ravencoin is designed for easy asset transfer and decentralized applications. Its ASIC-resistant algorithm makes it popular for home mining.

-  Pros & Cons

Pros

  • ASIC-resistant

  • Strong community

Cons

  • Lower profitability

  • Volatility

-  Why our experts picked it

Ravencoin's focus on asset issuance and ASIC resistance appeals to miners interested in decentralization.

Vertcoin (VTC)

Best crypto mining at home

Vertcoin is a Bitcoin variant with an ASIC-resistant mining algorithm, making it suitable for home miners with smaller start-up costs.

-  Pros & Cons

Pros

  • ASIC-resistant

  • Lower start-up costs

Cons

  • Lower rewards

  • Volatility

-  Why our experts picked it

Vertcoin's commitment to ASIC resistance and community-driven development appeals to miners passionate about decentralization.

Ethereum Classic (ETC)

Best crypto mining for GPU mining and legacy systems

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 & Cons

Pros

  • Lower mining difficulty

  • Established network

Cons

  • Lower rewards

  • Competition

-  Why our experts picked it

Ethereum Classic's lower mining difficulty and established network make it a viable choice for miners.

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 hardware and 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.

To stay up to date on the latest, follow TokenTax on Twitter @tokentax.

Zac McClure
Zac McClureCo-Founder & CEO at TokenTax
Zac co-founded TokenTax after his career in international finance and accounting at JPMorgan, Imprint Capital and Bain. He has worked in more than half-dozen countries and received his MBA from the UPenn Wharton School.
Alex Miles
Reviewed byAlex MilesCo-Founder at TokenTax
Prior to TokenTax, Alex worked as a Product Designer at Dropbox and before that Readmill (acquired by Dropbox). He holds a BS in Digital Information Design - Interactive Media from Winthrop University.

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