10 Best Cryptocurrencies to Mine

Seeking to mine the finest cryptocurrencies? You’ve arrived at the right location.

It would not be wrong to say that crypto mining is the modern treasure hunt. People (or miners as they are called) claim that they have found a treasure when they manage to mine a particular crypto coin.

Mining has become so popular that many crypto fans around the world are turning it into a full-time job. Nevertheless, while it may appear lucrative, cryptocurrency mining offers both advantages and downsides in terms of economic viability.

However, if you want to mine cryptocurrency in 2021, here are some of the best coins to mine.

Please keep in mind that the coins listed here are only suggestions. We are not crypto specialists by any means. Because the value of crypto currency changes a lot, mining them is risky. Furthermore, the following list of various cryptocurrency mining options is not exhaustive.

Cryptocurrency Mining and GPU

Once you read through cryptocurrency mining guides, you will find that you need a powerful GPU. GPU is short for Graphics Processing Unit and it is the measure of how powerful your computer is.

It also aids in the digital rendering of your system. The rendering process will be smoother and faster with a higher GPU.

Miners employ vast and modern GPUs for their mining due to its speed and power potential.

Types of Cryptocurrency Mining

It’s crucial to understand the numerous techniques to mine cryptocurrencies before deciding which coins to mine.

You can choose the proper way to mine based on the resources available to you, your budget, and your bitcoin mining aim.

1. CPU Mining 

Processors are used to carry out this mining. This form of mining has the advantage of allowing you to tweak your CPU to increase its processing capability.

You can start mining right immediately if you have an existing CPU with sufficient processing power. However, keep in mind that if you’re mining for a living, the CPU power is usually insufficient to generate any value.

2. GPU Mining 

The GPU, often known as the video card for your computer, is used to perform the mining. A powerful GPU can mine a variety of coins.

You can thus swap between coins to mine based on their market value fluctuations. GPUs also improve the gaming, video editing, and other experiences. However, when compared to ASIC mining, it uses a lot of electricity.

3. ASIC Mining 

To mine cryptocurrencies, this employs specific algorithms. Because ASIC machines are designed expressly to mine cryptocurrency, they come with a range of specialized features.

It outperforms both the GPU and the CPU in terms of performance. You should have a better chance of mining cryptocurrencies, and ASIC mining can be profitable as well.

How to Mine Cryptocurrency?

Cryptocurrency mining can be accomplished in a variety of ways. The following are the basic actions you must take:

Firstly, get a mining rig. If you are planning to earn Bitcoins through mining on graphic cards and computers, it is a near impossibility. The mining rig is expensive, and it can be time-consuming to set it up. But the speed of ASIC machines is amazing, they can solve around 14 terahashes per second. 

After that, you must obtain a Bitcoin wallet or a wallet for the cryptocurrency you wish to mine. After you mine the coins, they will be delivered to your wallet, where you can complete your transactions.

There will be a private and public address in your wallet. The public address is shared with others in order to get money, while the private address must remain private.

Following that, joining a mining pool is the greatest way to further maximize your mining activities. It’s simply a collective of miners who provide processing power. The resulting power is enormous, and it can mine Bitcoins effectively.

The benefits are distributed evenly among the pool members. However, the pool participants must pay a charge to the pool owner, which can range from 0% to 2% of the return.

The following step is to install a mining program on the PC. It is linked to the Bitcoin and blockchain networks. This software is in charge of assigning tasks to miners, collecting their findings, and uploading data to the Blockchain network.

Basic information and characteristics such as temperature, hash rate, cooling, and average mining speed will also be displayed by the software.

There are several free Bitcoin mining applications available, but each has its own set of benefits and drawbacks. You might be able to use their program if you join a mining pool.

Finally, begin mining your cryptocurrency money. Fill out the required fields in the mining software, connect your devices, and get started. However, before using the hardware or software, read the instruction manuals.

Recommended: Explanation of Cryptocurrency’s Future

Is Cryptocurrency Mining Profitable?

If you want to make money from bitcoin mining, you’ll need to consider a few factors. Do a cost-benefit analysis with these, or utilize an online profitability calculator.

  • Cost of Power: Determine how much it costs you to consume one unit of electricity. Remember that costs might change depending on the season, other conditions, and even the time of day. This information can be found on any past electricity bill or by contacting your local electricity board.
  • Efficiency: You must determine how much power is consumed by the hardware you employ. This will give you an estimate of the cost of power.
  • Time: You must decide how much time you will spend mining each day or during specified hours. You may have to mine every day or once in a while, depending on the coin you want to mine.
  • Cryptocurrency Value: The cryptocurrency you earn will be considered revenue. You should compare this against the costs to see if you can earn a profit overall. If not, consider how you may cut your spending. It is difficult to make money when the disparity between spending and the value of the cryptocurrency is too large.

Using online bitcoin mining calculators is the best method to get started. Remember that the cryptocurrency calculators may differ slightly from one another, and some may even be difficult to use.

Risks Involved in Crypto Mining 

Crypto mining software malware is one of the most serious threats to crypto mining. It can pose a serious threat to end users by stealing sensitive information, hijacking systems, and performing other malicious behaviors. Some types of viruses can transform computers into walking zombies, and the victims can become part of the problem.

Crypto-mining malware can also reduce the performance of the computer system on which it is installed. In addition, it may result in system processor wear and tear. This can result in higher energy use, which means you’ll lose more money.

In conclusion, the infection could have the following impacts on your computer:

  • The user’s performance is slowed.
  • Attackers can exploit vulnerable points created by you.
  • Costs of computers and electricity rise.
  • Puts the user’s privacy at danger

Other risks include the hardware (physical theft) and the Bitcoin wallet (hacking). One method to reduce the dangers is to get hardware, wallets, and software from reputable companies with a proven track record among customers. They might then have strict security measures in place, lowering the total danger of mining.

How to Choose the Best Cryptocurrency to Mine?

Because there are so many cryptocurrencies to choose from, you may be unsure which one is the best to mine. Here are some helpful hints:

1. Depends on the Power of your Mining Hardware 

Despite the large number of cryptocurrencies available, you will not be able to mine them all. Your hardware is one factor that will limit the coins you can mine. You can only mine a few cryptocurrencies with an ASIC miner, for example.

2. Market Price v Block Award vs Difficulty 

The combination of these three parameters is another factor that influences which cryptocurrency to use. The higher the difficulty, the higher the network hash rate, and mining that particular cryptocurrency becomes less profitable.

Even if the block reward and your hash rate are both high, this will happen. Take into account the cost of power. If you have access to free or low-cost electricity, you can potentially profit from various cryptocurrencies.

3. Use Online Profitability Calculator 

Calculating profitability on your own is not recommended. There are several online calculators available for this purpose, where you must enter basic factors such as electricity consumption rate, device specifications, and so on.

After that, it will inform you what the rate of creation of each cryptocurrency will be, as well as the hash rate and time required for them, among other things. However, keep in mind that these calculators only provide an estimate and are not actual predictions.

4. Choose the Right Mining Pool 

Even though bitcoin calculators predict high returns, you won’t be able to leverage it unless you join a pool.

Check the pool’s validity, overall processing power, and previous performance before entering. Depending on the pool you select, it may specialize in mining only one or a few types of cryptocurrency.

These factors should typically aid you in choose which coin to mine:

  1. Network Hash Rate 

Simply explained, it is the amount of computer power used to contribute to the cryptocurrency network when mining.

The cryptocurrency is earned by mining machines performing difficult mathematical calculations. The more powerful the mining setup, the faster it can find the solution and outperform other mining computers in the network.

Every mining setup, on average, guesses the solution millions of times per second. Of course, this necessitates a lot of electricity, which will be a significant cost if you want to start mining on your own.

  1. Block Reward

A block reward, by definition, is the number of crypto coins you receive as a reward for solving one block on a cryptocurrency’s blockchain.

Each block has its own cryptographic problem that mining systems must solve in order to earn that block. The block is added to the blockchain once the problem is solved. The information connected to that cryptocurrency’s transactions is saved in these blocks.

Take Bitcoin, for example, where the reward for solving one block at the time Bitcoin was created was 50 BTC.

Nevertheless, after 4 years, or when 210,000 blocks are solved, the block prize is halved. The BTC reward for one block is 6.25 BTC at the time of writing (July 2021). This is a technique to put Bitcoin back into equilibrium, as well as a synthetic way to keep inflation at a healthy level.

The block mining reward varies depending on the cryptocurrency.

Top 10 Cryptocurrency to Mine

The best cryptocurrency list is presented in no particular order.

1. LiteCoin 

It is open-source software that was released under the MIT/X11 license. Established in 2011, LiteCoin has cemented itself as one of the most popular cryptocurrencies around the world alongside Bitcoin, therefore it could be one of the best cryptocurrencies to mine. 

LiteCoin is a robust cryptocurrency with a strong team behind it that is used by a wide range of users. Because LiteCoin employs the SCRYPT system, it may also be mined with a GPU. High-speed transactions and lower transaction costs are two major advantages of Litecoin.

Cryptocurrency Network Hash Rate  Block Mining Reward
LiteCoin  352.97 TH/s 12.5 LTC

2. Ethereum Classic 

It is a cryptocurrency that was created with the goal of preserving the Ethereum blockchain. This crypto coin, which was launched in 2016, has quickly gained popularity among users. Consider this if you’re seeking for the greatest cryptocurrency to mine.

The cryptocurrency has a market valuation of more than $13 billion, and it just imposed a limit of 210 million units in circulation. Simply buy a wallet and a graphics card to start mining Ethereum classic.

Cryptocurrency Network Hash Rate  Block Mining Reward
Ethereum Classic  31.40 TH/s 3.2 ETC

3. ZCash 

This cryptocurrency, which was launched in 2016, was initially designed to be resistant to ASIC mining. According to historical statistics, the value of this crypto coin is less fragile and volatile than that of many other cryptocurrencies, making it one of the best cryptocurrencies to mine.

Because it has more comprehensive privacy protections than other coins, ZCash is the ideal choice for private transactions.

It has long been considered an excellent altcoin for trading and selling.

Cryptocurrency Network Hash Rate  Block Mining Reward
ZCash 6.76 GS/s 10 ZEC

4. Grin 

Unlike Bitcoin, GRIN does not have a finite supply. This makes the coin appealing to a new generation of miners. Over 73 million coins are in circulation at the time of writing.

Grin is a relatively new cryptocurrency that allows you to mine without having to spend a lot of money on equipment and software. However, this crypto coin is resistant to ASICs.

Cryptocurrency Network Hash Rate  Block Mining Reward
Grin  11.84 KGbps 60 GRIN

5. Bitcoin Gold 

It’s impossible to discuss GPU mining without addressing Bitcoin Gold. It is on the list of the best cryptocurrency to mine with a GPU, and it was created to replace the use of ASIC equipment. You will also only need a small investment to start mining Bitcoin Gold.

The goal of Bitcoin Gold is to put the thermal energy involved with digital asset mining to good use. As a result, if you’re looking for the greatest cryptocurrency to mine, try Bitcoin Gold.

Cryptocurrency Network Hash Rate  Block Mining Reward
Bitcoin Gold  2.20 MS/s 12.5 BTG

6. RavenCoin 

Because it is one of the most profitable crypto coins, it ranks among the finest cryptocurrency to mine.

The RavenCoin’s primary goal is to decentralize mining. This is one of the newest cryptocurrencies to mine, having been launched in 2018. Its key features are to enable a very powerful mobile wallet.

RavenCoin has a market capitalization of over $135 million and a supply of 21 billion coins.

Cryptocurrency Network Hash Rate  Block Mining Reward
RavenCoin 6.93 TH/s 5,000 RVN

7. Monero 

Because it uses the RandomX hash function, it is the best cryptocurrency to mine. It has a market valuation of more over $3 million and, like many other coins, it is resistant to ASIC. Setting up a mining equipment for this best coin to mine is simple. Grab yourself a wallet and you’ll be good to go.

Cryptocurrency Network Hash Rate  Block Mining Reward
Monero 1.86 GH/s 2.15 XMR

8. Metaverse 

It’s a cryptocurrency that allows the Blockchain-as-a-Service platform to function. It deals with digital identities, assets, and possessions as a social and organizational infrastructure. This could be the best cryptocurrency to mine in Metaverse at this time.

Cryptocurrency Network Hash Rate  Block Mining Reward
Metaverse 84 GH/s 2.5 ETP

9. Ethereum 

One of the best cryptocurrencies to mine out there, you will need a powerful GPU to mine Ethereum. You can try out pool mining, as it can have more chances to mine out Ethereum.

One of the most common uses for Ethereum is as a foundation for the construction of additional blockchain-based dApp platforms. Given Ethereum’s popularity and the incredible team behind it, mining it would not be a foolish decision.

Cryptocurrency Network Hash Rate  Block Mining Reward
Ethereum  525.12 TH/s 2 ETH

10. Haven Protocol 

Haven Protocol is a private coin based on Monero. It allows users to transmit, convert, and store monetary value without the involvement of intermediaries. If you’re searching for a mechanism to conduct confidential transactions, this is a protocol to consider. Haven Protocol may be mined using the same software that is used to mine Monero.

Cryptocurrency Network Hash Rate  Block Mining Reward
Haven Protocol 42.162 MH/s 6.02 XHV

Advantages and Disadvantages of Cryptocurrency Mining

Sr. No. Advantages of Cryptocurrency Mining Disadvantages of Cryptocurrency Mining
1. For coins with less network hashrate and more block rewards, it is easy to earn crypto coins For coins with more network hashrate and less block rewards (like Bitcoin), it is near impossible to earn crypto coins
2. It is a form of investment that is steadily growing, so this might be the right time to get into this Requires initial set up and investment 
3. Is accessible by everyone as long as you invest on the pre-requisites ASIC machinery might be noisy
4. Lower fees, even if you join a good mining pool Have to factor in large electricity costs 
5. Immediate settlement of the mining cryptocurrency, since there is no involvement of middlemen Have to factor in large hardware costs 
6. It is not possible to deal with counterfeit cryptocurrencies since you will be directly mining them from the network Cryptocurrency mining is highly complex and can be intimidating if you are not familiar with crypto in general 
7. Disables identity theft because credit of cryptocurrency typically uses a pull method  You could lose money if you do not carefully conduct a cost-benefit analysis
8. Mining is getting cheaper because of improved hardware and competitive softwares There are plenty of scam services out there offering crypto mining pools, hardware and software
9. Through mining, you will be contributing to the growth of the cryptocurrency Cryptocurrencies values are highly volatile, tough to forecast profits 

Final Thoughts – Best Cryptocurrency to Mine

These are some of the most profitable cryptos to mine. If you’re serious about mining, start by researching the gear, wallets, and software that are available to you, as well as what fits your budget and requirements. Also, talk to a crypto miner for some helpful advice. Use online cryptocurrency mining profitability calculators to estimate and visualize your return on investment based on your parameters and the crypto coins you want to invest in.

FAQ – Best Cryptocurrency to Mine 

Does crypto mining matter?

Indeed, else Ethereum, Bitcoin, and other cryptocurrency technologies would not exist. It is the blockchain, which is the foundation of decentralized ledger technology.

How does crypto mining pay you?

The cryptocurrency miner is rewarded in cryptocurrency after solving the equation or verifying transactions on the blockchain. The coins are credited to the wallet to which your mining software is attached.

Can any person mine cryptocurrency?

Without a doubt. If you have access to the necessary resources and tools. If you want to mine cryptocurrency, check the legal requirements in your area.

How to choose the right cryptocurrency to mine?

Examine their past performance, volatility, and the time and effort required to mine them. To estimate the same, you can utilize a profitability calculator.

How to protect from malware attacks during cryptocurrency mining?

Employ well-known and legitimate software, hardware, or a wallet. Wherever feasible, encrypt it using security measures. Do not divulge any sensitive information to anyone.

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