You must be thinking about bitcoin as it is one of the best cryptocurrencies for mining. But, the fact is that it is now harder to mine. So, with the growing crypto industry and so much hype building, what cryptocurrency is worth mining in 2021?
I’m about to provide you ultimate solution to your query. Below you’ll see the top 13 most profitable cryptocurrencies worth mining in 2021. Also, I’m about to spot the light on information regarding the basics of crypto mining.
What is Crypto Mining
Most people are hearing about cryptocurrencies these days. Cryptocurrency mining has gone viral on the Internet. The number of miners is increasingly increasing. And making cryptocurrency mining harder plus more labor-intensive. It used to be possible to mine bitcoins at home on a PC and earn a decent amount of money. Still, now mining cryptocurrencies requires specialized and expensive equipment.
So, what exactly is mining? To begin, let’s look at Wikipedia:
The task of constructing new systems (usually new blocks in the blockchain) to maintain the operation of cryptocurrency websites is often known as mining (from the English mining – extraction of minerals).
Payment is usually given in new (issued) cryptocurrency units. And commission amounts to construct the next structural device. Mining is typically reduced to a sequence of calculations. Involving parameter enumeration to locate a hash with specific properties. Multiple cryptocurrencies employ different computation models. But they are long enough to find an acceptable alternative and fast sufficient to verify it.
Cryptocurrency algorithms use those methods to guard against re-spending of the same units. And the payout encourages users to use their computer resources to maintain their networks going.
Simply put, mining is the process of earning cryptocurrencies by using the processing capacity of machines (whether it be a personal PC or specialized mining farms). It is not necessary or exciting for a novice to understand the “insides” of mining.
However, you need to know how much money you can make with specific equipment. Or how much money you would make if you buy some appliances. In either scenario, the typical worker hardly gets to the bottom of what is going on throughout the mining process.
The “critical” rise in bitcoin’s price has sparked a new generation of miners eager to cash in on the cryptocurrency phenomena. They were initially wary of cryptocurrencies. However, they demonstrated their solvency, freedom from external regulators (banks, states), and high investor demand.
The rise of bitcoin has spawned a slew of emerging cryptocurrencies, each with its encryption algorithm. Mining is the most economical choice for mining cryptocurrencies (compared to forging as ICO). It takes less time expenditure ( bought a mining farm, launched and mined).
Bitcoin and Cryptocurrency Mining
On the one side, cryptocurrencies have spawned mining as a form of operation. The emission of new bitcoins, on the other hand, is unlikely without mining; the person who generates the next block receives new bitcoins as a reward.
New alliances are created in the blockchain during mining, and a reward is paid for each one. It may be daunting for a novice to grasp all of the nuances of mining. But understanding the fundamentals helps you comprehend the essence of mining and the formula used to calculate cryptocurrencies.
Pools for mining
The likelihood of a lone miner winning a payout over a certain amount of time is proportional to the ratio of his equipment’s power to the overall power of the mining network. When mining with only a personal computer or laptop, the chances of having at least any sort of payout, even over a long time, are incredibly slim.
Miners are grouped to maximize the likelihood of winning a payout. Each miner in the pool searches for his solution for creating cryptocurrencies without interacting with the other pool members. These activities run in tandem and cover a more significant amount of details.
From the perspective of cryptocurrency networks, the pool seems to be a single, powerful miner. The award is divided among the pool participants based on the effectiveness in which the money was invested. Payments to the miner are determined using the pool’s everyday choices (shares) (blocks with a hash that would be suitable if the difficulty parameter was now equal to one). On average, you’ll need several regular variants equivalent to the current complexity to locate a block.
Bitcoin mining on ordinary personal computers became unprofitable as the number of miners increased. The difficulty of locating blocks increased by tens of thousands of times. There are, of course, other cryptocurrencies that are less well-known, less costly, and in lower demand. It’s possible that mining them on regular PCs is more or less profitable. The power of a home PC is insufficient for the most common cryptocurrencies.
As a consequence, energy bills would deter any desire to mine. In such situations, specialized mining farms with adequate capacity to recoup power, machinery, and profit are needed. Modern mining farms are small in number, quiet, and use the least amount of energy possible.
Scammers haven’t shied away from cryptocurrency yet. Since it is almost impossible to extract cryptocurrencies, they took a different approach: they started to develop secret mining programs installed with viruses on a large number of personal computers and used the computers’ processing capacity to mine cryptocurrency. Major antivirus software providers routinely combat viruses of this kind.
ASICs and GPU cards for mining
Particular processors, known as ASICs, were developed for Bitcoin and various other coins (colloquial – ASIC). However, specific cryptocurrencies, especially Ethereum (conversational – ether), are more potent to mine with video cards than others. This prompted the primary video card producers to announce mining-specific components. As a result, before you begin mining, you must first choose a currency (study demand, price, and price fluctuation charts) and then the machinery.
What Cryptocurrency is Worth Mining
It is challenging to choose a coin to mine from among thousands of possibilities. However, now that you have a basic understanding of how mining operates, it should be far more straightforward.
Revenue production and benefit are determined not only by the mining method but also by machine requirements and industry patterns.
However, I’ve researched for you and have compiled a list of 13 of the best crypto coins to mine. Here are these:
1) Ethereum (ETH)
Ethereum’s Ether is by far one of the most common cryptocurrencies, having been around since 2013. The developing business is well-known for the breakthrough in which it was introduced – smart contracts.
Ethereum has a large market capitalization (currently more than $120 billion). However, bear in mind that mining is usually tricky if you want to spend a limited amount of money. However, if you have the requisite money, go ahead and do it. We also mentioned the details you would need to remember before determining whether or not to mine it.
You’ll love it with its mining rewards of 2 blocks of ETH. The block time is 15 seconds. Its revenue is upto $21 per day. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is Ethash. You’ll get a network hashrate of 365.47 TH/s. And, you can mine it with GPU & CPU.
2) Ethereum Classic (ETC)
Ethereum Classic is a version of the initial Ethereum network, which was forked in 2016 after a programmer exploited a backdoor, resulting in the theft of millions of Ether. Ethereum resorted to a rough fork, but not everyone on the squad accepted. The blockchain was broken in two, with a portion of it preserved without modification of transactions.
Ethereum (ETH) and Ethereum Classic (ETC) were created as a result of this fork. On coinmarketcap, ETC is listed 17th among cryptocurrencies. It has a market capitalization of just less than a billion dollars and a vast number of followers.
You’ll also love its mining rewards of 4 blocks of ETC. The block time is 15 seconds. Its revenue is upto $5 per day. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is Ethash. You’ll get a network hashrate of 7.64 TH/s. And, you can mine it with GPU & CPU.
3) Grin (GRIN)
GRIN was introduced in 2019 and, unlike Bitcoin, does not have a finite supply. Add to that that they preferred Cuckoo Cycle mining to be ASIC-resistant, enabling crypto users to mine without making significant investments.
It has mining rewards of 60 blocks of GRIN. The block time is 1 minute. Its revenue is upto $1.4 per day. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is MimbleWimble. You can mine it with GPU & CPU.
4) ZEC (ZCash)
ZCash is a privacy-focused cryptocurrency that has more privacy-focused capabilities than other coins. It was published in 2016 and was widely distributed on significant exchanges. Anybody can mine it since its algorithm supports mining for mining graphics cards.
It has mining rewards of 2.5 blocks of ZEC. The block time is 1.25 minutes. You’ll get revenue is upto $1.47 per day. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is Equihash. You can mine it with GPU & CPU.
5) Monacoin (MONA)
Monacoin is a fork of Litecoin created by Mr. Watanabe, an anonymous creator, named after the ASCII cat character Mona. Mona, a shared internet meme in Japan, was founded in the year 2000. The coin was introduced in 2013, and it is accepted as a payment form by some merchants in Japan.
The mining procedure is comparable to that of other GPU-friendly cryptocurrencies, after purchasing a wallet and a graphics card, download and install the mining app.
The block time of MONA is 15 minutes. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is Lyra2RE. You can mine it with GPU. Because of its hashing function, this is one of the best cryptocurrencies worth mining with GPU.
6) Aeternity (AE)
Yanislav Malahov created Aeternity, another famous GPU-minable cryptocurrency, in 2016. Proof of work and proof of stake consensus systems are used on the Aeternity blockchain. The proof-of-work method is known as the Cuckoo Cycle, and it is an ASIC-resistant and energy-efficient algorithm.
To mine AE with a GPU, get a card with at least 4GB of memory and download mining tools. After that, set up it, and you’ll begin getting AE in your pocket.
Every 180 seconds, the Aeternity blockchain’s main block is formed. Furthermore, the project’s team has not defined a maximum coin availability.
7) Beam (BEAM)
The beam is another cryptocurrency that can be mined at home with a GPU with at least 4GB of memory. Beam Hash III is a modified variant of the Equihash (150,5) PoW mining algorithm. It also uses the Mimblewimble and LelantusMW blockchain protocols. Beam’s development team began work on the project in 2018.
Beam has a cumulative coin stock of 262,800,000 coins and a block period of approximately one minute.
Mining program compliant with Nvidia and AMD graphics cards is available on the Beam website. Download and install this app to begin mining BEAM.
8) RavenCoin (RVN)
Ravencoin is one of the most profitable cryptocurrencies to mine with GPUs. Its primary goal is to decentralize mining. As a result, with the proper mining setup, anyone can mine RVN efficiently at home. The cryptocurrency employs the KAWPOW algorithm.
Ravencoin’s creators released the cryptocurrency in November 2018. Ravencoin is based on a fork of the Bitcoin code. Ravencoin, on the other hand, differs from Bitcoin in that project owners may create and share assets and sub-assets. It also has a one-minute block period and a cumulative coin availability of 21 billion.
Download and install mining tools to mine RVN, then enter one of the RVN-supported mining pools.
It has mining rewards of 5000 blocks of RVN. The block time is 1 minute. Its revenue is upto $2.8 per day. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is X16R. You’ll get a network hashrate of 1.63 TH/s. You can mine it with GPU & CPU.
9) Monero (XMR)
Monero is a privacy-focused coin that uses the RandomX hash function and is built on the CryptoNote algorithm. BitMonero was created in 2014 when Bitcointalk user thankful for today forked the Bytecoin codebase. This name was later modified to Monero by the community.
XMR, like Vertcoin, is also ASIC-resistant, rendering it one of the cryptocurrencies that can be mined profitably from home using a GPU. Furthermore, setting up the mining rig is easy. Once you’ve purchased mining hardware and a wallet, you’ll need to download and install mining apps.
It has mining rewards of 2.15 blocks of GRIN. The block time is 2 minutes. Moreover, it uses the algorithm of Proof-of-Work. Its hashing function is CryptoNightR. You can mine it with GPU & CPU.
10) Vertcoin (VTC)
Vertcoin is a peer-to-peer cryptocurrency that incentivizes miners with an application-specific integrated circuit (ASIC) immune proof of work (PoW) method called Lyra2REv3. The term “ASIC-resistant” refers to the creators of VertCoin’s desire for it to be more fairly spread by encouraging everyone to mine it rather than having mining dominated by centralized ASIC mining firms and pools.
The blockchain, which is built on the Bitcoin code, was founded in January 2014. It has a comparable block period (2.5 minutes) to Litecoin and a coin supply cap of 84 million.
To mine Vertcoin with a GPU, go to the Vertcoin website and download One-Click Miner. Also, from the same website, download the Vertcoin wallet to store the VTC you can mine.
11) Haven Protocol (XHV)
Haven Protocol is a fork of Monero, which means it has the same privacy features as Monero but provides price stability through its synthetic stablecoin, xUSD.
The CryptoNight Heavy algorithm, which is ASIC-resistant and incompatible with Nicehash, is used by XHV. As a result, you will mine this cryptocurrency at home using a graphics card and mining tools. Haven Protocol’s mainnet was launched in July 2020 by the project’s creators.
XHV has a block period of 120 seconds and about 14.2 million coins in circulation as of March 2021.
12) Komodo (KMD)
Komodo is just another GPU-friendly cryptocurrency that mines with the Equihash PoW algorithm. This blockchain’s creation started in 2014. Komodo has been providing companies with stable and interoperable blockchain applications since 2019.
Komodo was originally a fork of Zcash, but developers have since modified it with additional functionality such as smart contracts. Furthermore, Komodo employs a PoW consensus system known as delayed PoW. (dPoW). dPoW secures the Komodo blockchain by using the Bitcoin blockchain.
KMD can be obtained by installing mining applications and configuring them with a wallet and a mining pool.
The overall availability of KMD is 200 million, with a block period of 60 seconds.
13) Feathercoin (FTC)
Feathercoin is an open-source cryptocurrency that can be mined using GPUs. While at-home miners can use CPUs, GPUs are more powerful. The mining algorithm is NeoScrypt, which is optimized for GPU mining.
Feathercoin was created in April 2013, making it one of the oldest altcoins. It also provides ‘featherlight’ payments due to the one-minute block period. Feathercoin also offers low-cost transfers. There are 336 million coins in circulation.
To begin mining FTC, you will require tools such as Cudaminer. Furthermore, P2Pool is recommended by the Feathercoin forum as the strongest mining pool.
Just because you may mine a specific cryptocurrency with a GPU does not suggest you should or that you would be able to do so profitably. Remember that mining cryptocurrency is not without danger, as the value of the cryptocurrency you are mining may fluctuate dramatically. Never spend more money in mining than you can manage to lose.
So, do your research and learn all about the cryptocurrency you will be able to mine. Is there a real-world use for it? Is the customer base expanding? Should you keep or sell the cryptocurrency, you mine right away?
Hopefully, your query is resolved now. If you’re still having any questions regarding What Cryptocurrency is Worth Mining, then feel free to contact us.