Primarily, miners are awarded Bitcoins for completing ‘blocks’ of verified transactions added to the blockchain. So, you can start mining today. It’s just that you need to know before you invest in these digital currencies with a proper GPU setup.
17 Best Cryptocurrency to Mine (2023)
What is GPU?
The cryptocurrency mining was originally carried out using CPUs (Central Processing Unit), not GPU. However, GPU replaced it some years later because it had limited processing speed, rendered the mining process inefficiently, and consumed high power, leading to limited output. When GPU came into the picture, things got easy and smooth. GPU (Graphics Processing Unit) is solely responsible for the digital rendering in the computer system. Therefore, GPU is of utmost importance in blockchain mining as it enhances speed and accuracy because it has immense power potential. Thus, miners especially use GPU to mine the currency before forming a decentralized network of processing power. When it comes to mining cryptocurrency, one should have a robust GPU.
How to Mine Cryptocurrency with GPU?
To embark on your magical journey with cryptocurrencies, you need to go through and require the set of things mentioned below:
Free mining software package. Free private database; your coin wallet will hold all your earnings and allow you to view all your transactions. Membership in an online pool. Basically, you need to join the community of well-versed miners in combining their computers to ensure income and profit consistency. Membership at an online currency exchange. Custom-built computer to mine seamlessly. A specialized processing device or ATI Graphic Processing Unit (GPU) Extensive research and development.
Breakdown of Cryptocurrency Mining
Why would you think of crypto mining? Simply because with every new crypto mined, you would be rewarded with a fraction of it. As simple as that! Crypto mining is the process of solving baffling mathematical equations to authorize crypto transactions. Some people think that crypto mining is creating a new coin altogether, but it is not right. Instead, it is the process of releasing a cryptocurrency from the total supply. It signifies you can even mine a cryptocurrency already circulating in the market. Most of the cryptocurrencies have a limited supply of coins, due to which the value of these coins increases as the demand rises. Just like the thumb rule of the market, when demand exceeds supply, prices tend to shoot. The value also increases as the coin becomes rarer, allowing its value to increase just like gold. Mining was popularised by Bitcoin that uses the same system to secure their blockchain. The mining industry consolidates and professionalizes, due to which it becomes quite difficult to mine coins with GPU (Graphics Processing Unit). As a result, it becomes imperative for the small miners to join bigger pools to get great rewards. Many cryptocurrencies are mined using mining equipment: Application Specific Integrated Circuit (ASIC), designed to mine a particular crypto asset. Therefore, it might become challenging for you to compete with other proficient miners if you do not persistently upgrade the ASIC miner to the latest version, as you may not win rewards for the same coin.
Types of Crypto Mining
There are two ways to see crypto mining; based on your interests. Either you can perceive it as a process, or you may be interested in the methods used.
- Crypto Mining as a Process a) CPU Mining CPU mining is processor-based mining. The best part about CPU mining is that you can exercise it by getting a CPU and getting your hands-on on the mining process. So before investing in GPU and ASIC, you can try CPU mining. However, this mining is outdated and is not used nowadays. There are many reasons, including:
It is extremely slow An average hash rate is 0.7MH/Sec High power consumption
CPU mining is way too inferior to ASIC and GPU mining. You may also not be able to succeed in validating transactions with it. b) GPU Mining It is a video card-based mining. Basically, it is the video card of your computer required for gaming. GPU miners are flexible and have the potential to mine different cryptocurrencies. This enables you to switch between coins in case the market is bearish or bullish. In addition, it offers various advantages, especially in the fields of gaming, video editing, and streaming. The major drawback of GPU mining is that it consumes lots of power compared to ASIC. Moreover, it involves complex computation. You might also need to be patient as t may take a while to recoup your initial investment. c) ASIC Mining ASIC mining works on particular algorithms. With the intent to mine Cryptocurrency, it is practiced on special equipment. Primarily, it is a computer component built for a particular kind of application. However, it is superior to CPU and GPU in terms of performance, as it can run much faster than both, with up to 14 TH/s hash rate. As a result, it overall leads to greater profits. Also Read: How to Mine Cryptocurrency? What Is Crypto Mining? 2. Crypto Mining as a Method It is an ideal choice for the miners who are not tech-savvy and just want to enjoy the show without having technical knowledge. Such miners have a different approach and conduct crypto mining with 3 different methods, including: a) Solo Mining As the name suggests, it is individual mining where you get to work after purchasing your own equipment. Solo miners are not dependent on other miners and get rewards each time they unlock a new coin. Although the rewards are promising and fascinating, the competition is equally challenging for solo mining. The miners need to invest a considerable amount to purchase the equipment if they want to be the first ones to validate the transaction. You can think of solo mining only if you have a big amount in the pocket to invest. b) Pool Mining Not everyone can invest ample money to mine the best coin. The developers found a solution to this problem which is pool mining. This method facilitates the process of crypto mining and gets the rewards. To join this vast ocean of pool mining, the miner requires a server combining the computational power of all other miners who are looking forward to joining the pool. Thus, this method increases the possibility of earning handsome rewards by unlocking new coins. c) Cloud Mining After looking at the high-priced equipment required for mining, those who want to minimize their risks and investment options for the cloud mining option. The major benefit of Cloud Mining is that it helps to expand crypto usability. In addition, this technology also allows crypto users to start renting computer power from industrial mining services. Thus, it becomes easy for you to find the best Cryptocurrency to mine with minimal investment. Besides, you may also quit anytime without incurring any extra pressure of investment.
Cryptocurrency Mining Terms
Hash Rate- A miner is provided with a chance to make a number of guesses at the hash of a block. GPU- GPU is designed to render a 3D design. GPU is capable of creating more guesses than CPU. CPU- CPUs are the brain of the computer processing information for the command given to it. Moreover, it is the cheapest way to mine Cryptocurrency. ASIC- Application-Specific Integrated Circuit is the chips particularly designed to mine Cryptocurrency. However, they consume heavy power but act as one of the best sources for mining. Mining Rig- The primary purpose of the mining rig is to increase the minor’s hash rate as it is the combination of CPU, GPU, and ASIC chips running together. Proof of Work- Proof of work is significant when it comes to the security of any cryptocurrency. This is because it makes it very expensive and almost impossible to cheat the crypto network. Proof of work is the process of guessing the hash and is an essential security feature for a majority of blockchain networks.
How to choose the best coin to mine in 2023?
- Number of exchanges supporting the coin It is indispensable to check what exchanges support the coin. If the less popular exchanges support the coin, it signifies the withdrawal can only be made to the internal wallet of crypto exchanges. In this case, even if the mining seems profitable, the miner is forced to give heavy commissions to the exchanges only for withdrawals as these unrecognized exchanges are forced to work with shitcoins and rely on high commissions.
- Ensure its legitimacy Some countries have not legalized and banned cryptocurrency mining. It’s better to avoid the risk if your country is not allowing you illegal trading. However, in some countries, the authorities allow crypto trading with a high level of anonymity as they serve as the perfect money laundering tool. If you seem it difficult to mine a coin at the place or country you are residing in, it’s better to go for the trading option.
- Evaluating long term use of the purchased equipment It is essential to evaluate the long-term use of the mining equipment through which you would mine the coin.
- The possibility of withdrawing to fiat Remember that an exchange fee on every exchange platform allows you to convert the newly mined coins to fiat. Or you also have an option to buy famous tokens, including Bitcoin, Ethereum, or Ripple.
List Of The Best Cryptocurrency To Mine In 2023
Bitcoin is the world’s strongest and oldest Cryptocurrency. However, it is not the best Cryptocurrency to mine. You might be thinking, which one is the best coin to mine? Or what are the top cryptocurrencies for mining that can yield extraordinary returns? Our team has done comprehensive research to find out the most profitable coins to mine. So have a look at spectacular cryptocurrencies to mine through which you can multiply your investment within a few months. We have listed below the 11 best coins to mine in 2023:
1. RavenCoin (RVN)
RavenCoin is one of the most profitable coins to mine, which primarily focuses on transforming mining decentralized. It was named after the small blackbirds in George R.R Martin’s fictional world of Westeros. This Cryptocurrency was launched on 3rd January 2018 (at the ninth anniversary of Bitcoin). The coin was designed to enable instant payments seamlessly. In 2019, the developers featured this coin with magnificent features such as enabled messaging, mobile wallet with seed phrase, better compatibility, voting with RVN, etc. The primary objective of RavenCoin is to create a blockchain optimized for the transfer of assets from one person to another. The main reason why it is recommended for miners is that it uses the X16R algorithm and KawPoW protocol. It is based on Ethereum and Bitcoin in terms of asset transfer. The total coin supply of RavenCoin is 21 billion and a market capitalization of more than $135 Million.
ROI since launch: 39% Algorithm: Proof-of-Work Current Price as on May 2021: $0.1634 Hashing Function: X16R Block Mining Reward: 5,000 RVN
2. Monero (XMR)
Monero is a cryptocurrency that uses the RandomX hash function. It is based on the CryptoNote protocol holding the utmost significance of equity in mining crypto. Monero is one of the top cryptocurrencies to mine in 2021, with more than $3 billion in market capitalization. It is ranked 14th in the cryptocurrency market list, which is also ASIC-resistant, similar to Verticoin. The best part is that it is easy to set up a mining rig for this crypto. You just need to acquire the mining hardware along with the wallet, and you are all set to configure it. In addition, the block time of this crypto is 2 minutes, whereas the maximum supply is not mentioned.
Current Mining reward: 2.15 XMR/block Algorithm: Proof-of-Work Current Price as on May 2021: $456.56 Hashing function: CryptoNightR Network Hashrate: 1.86 GH/s Number of blocks: 2,272,762
Also Read: How to Make Money with Bitcoin
3. LiteCoin (LTC)
Litecoin is an open-source software project released under MIT/X11 license. It is a peer-to-peer cryptocurrency established in October 2011. Technically, it is identical to Bitcoin. Mining Litecoin will never be a wrong decision as it is a robust cryptocurrency used by a comprehensive range of users. Furthermore, it uses SCRYPT protocol which means you need not buy ASIC chips; and can easily be mined with the GPU. Besides, it is less volatile than other altcoins, making it easily exchangeable on a wide array of platforms. Furthermore, it is a high-speed coin with lower transaction fees.
ROI since launch: 743.42% Algorithm: Proof-of-Work Current Price as on May 2021: $359.08 Hashing Function: Scrypt Block Mining Reward: 12.5 LTC
4. Ethereum Classic (ETC)
Ethereum Classic is a cryptocurrency aiming to maintain the original Ethereum blockchain. This spectacular crypto platform was launched in July 2016. Currently, it is having a market capitalization of more than $13 billion. This Cryptocurrency recently applied a cap on coins supply to 210 million. It stands at 16th in the list of top cryptocurrencies in the world. Ethereum Classic is a modified version of Ethereum’s Ethash mining algorithm called EtcHash, supporting the DApps and Smart Contracts. It is pretty simple to start mining this Cryptocurrency just by acquiring the wallet and a graphic card supporting this Cryptocurrency. In addition, the block time for this crypto is less than another crypto which is around 13 seconds.
ROI since launch: 525.52% Algorithm: Proof-of-Work Current Price as on May 2021: $292.10 Hashing Function: Ethash Block Mining Reward: 3.2 ETC
5. Zcash (ZEC)
This Cryptocurrency was designed with ASIC resistance, making the task challenging for the miners to mine the coins. Zcash was established in the year 2016. The reviews of Zcash tell us about its long-term sustainability as the value of this crypto is less fragile than other cryptocurrencies. Another good feature of Zcash is that it is equipped with more privacy features than other coins. Traders usually prefer it as it is straightforward and hassle-free altcoin for trading and selling. Furthermore, the commissions here are very reasonable. Zcash is categorized under easy coins to mine as its algorithm allows it to be mined using GPU.
ROI since launch: -99.29% Algorithm: Proof-of-Work Current Price as on May 2021: $307.11 Hashing Function: Equihash Block Mining Reward: 10 ZEC
Also Read: 11 Best Cryptocurrency Apps
6. Grin (GRIN)
Unlike Bitcoin, grin does not have a limited supply which makes it attractive for miners. It has a market capitalization of $66.87 million, whereas 72.54 million are in circulating supply. The grin was recently launched in 2019, allowing crypto users to mine without large investments. Besides, this Cryptocurrency has chosen to execute the Cuckoo cycle mining to be ASIC-resistant. The process followed in Grid does not allow any residual transaction information on the network enforcing its privacy in the long run. Grin is a lightweight application of the protocol that aims to be more scalable and less storage intensive than other privacy coins.
ROI since launch: -95.43% Algorithm: Proof-of-Work Current Price as on May 2021: $8.70 Hashing Function: CuckARood-29, CuckAToo-31, Cuckaroom-29 Mining Reward: 60 GRIN per block
7. Metaverse (ETP)
Metaverse is a China-based coin that powers the blockchain-as-a-service (BAAS) platform. It is an open-source, public blockchain providing digital identities, assets, properties, and oracles as an infrastructure for organizational and social needs. This is the right time to succeed by mining this Cryptocurrency. If you convert your ETP gains into other cryptocurrencies swiftly, it becomes highly possible for you to yield higher profits.
Algorithm: Proof-of-Work Current Price as on May 2021: $0.3856 Hashing Function: Ethash Mining Reward: 2.5 ETP per block Block Mining- 30 seconds
8. Bitcoin Gold (BTG)
GPU mining is incomplete without mentioning Bitcoin Gold. It is one of the best cryptocurrencies to mine using GPU launched to get rid of ASICs. Apart from kicking out ASIC miners, it also involves a minimal investment, unlike other altcoins. The primary aim of this crypto was to lower the risk for the miner. The approach of Bitcoin Gold developers was to minimize the risk so as the investors need not throw away BTG Antminer even if the Cryptocurrency’s Price comes down drastically. The best part is you can direct your hash power to any coin you desire. The objective of Bitcoin Gold to transform that thermodynamic energy into digital assets will be fulfilled. Thus, if you are thinking of starting mining a cryptocurrency, go for it!
ROI since launch: -96.93% Algorithm: Proof-of-Work Current Price as on May 2021: $118.7 Hashing Function: Zhash Block Mining Reward: 12.5 BTG
9. Dogecoin (DOGE)
Dogecoin is a cryptocurrency made for fun with the symbol of the dog by Billy Markus. This Cryptocurrency is well ahead in the altcoin rally, which has broken many records and does not show any signs of slowing down. Primarily, it is a fully functional cryptocurrency that can store value and be used for transactions. In May 2021, its Price surged to $0.558, which was just 0.00026 in December 2020. The daily trading volumes of this coin have skyrocketed, and market capitalization peaked at 93.38 billion. Unbelievable! The coin has no supply cap, which means it is not considered a hedge against inflation. It uses Scrypt protocol similar to Litecoin as it does not let you buy expensive machines to add doge to your portfolio. However, this does not mean you should use your pc or laptop to mine this coin. To make its mining seamless, you can use a GPU/CPU to ensure its efficient performance. Also Read: Top 20 Money Earning Apps In India Some of the best software to mine dogecoin using GPU include CudaMiner, Cgminer, and GUIminer. Whereas, if you are using CPU to mine this coin, use the CPUminer.
ROI since launch: 216.51% Algorithm: Proof-of-Work Current Price: $0.558 Hashing Function: Scrypt Block Mining Reward: 10,000 DOGE
10. Dash (DASH)
Dash is a combination of word digital and cash. The coin was released in January 2014 as Xcoin. After a few days, it changed its name to Darkcoin before finally being renamed ‘Dash’ in March 2015. Dash is an open-source cryptocurrency providing users with the freedom to spend anywhere and move their money anytime they want. The main objective of this coin is to ensure seamless and secure money transfer transactions around the globe via PrivateSend and InstaSend. This coin was forked from Litecoin, and Litceoicn was forked from the Bitcoin protocol. In addition, this crypto is also a decentralized autonomous organization run by master nodes (a subset of its users). So far, Antminer A3produced by Bitmain is considered the best Dash ASIC miner. It can be immensely profitable to mine this coin in 2021 as it is one of the most profitable coins to mine. However, it is imperative to ensure the hash rate of your mining device, electricity cost, and network range at your location as the mining profitability extremely depends upon these factors.
ROI since launch: >9000% Algorithm: Proof-of-Work Hashing Function: X11 Current Price: $422.38 Block Mining Reward: 3.11 DASH
11. Vertcoin (VTC)
If you are looking for the best coin to mine, you can opt for Vertcoin. This Cryptocurrency uses a Lyra2RE proof-of-work algorithm to verify transactions. The coin is ASIC resistant and is categorized under the coins that can be mined using GPU. Being ASIC resistant indicates that the founders of Vertcoin decided not to put restrictions on mine this coin. This increased the possibility of fair distribution of this Cryptocurrency worldwide without being controlled by ASIC mining firms and pools. Vertcoin has 2 pools based on your computing power named Network 1 and Network 2. If you have more than two graphic cards, opt for Network 1. Whereas, if you have two or less two graphic cards, select Network 2. Always remember, if you choose Network 1, this coin supports NVIDIA and AMD graphic cards.
Algorithm: Proof-of-Work Hashing Function: Verthash Block reward- 25 Block Time- 2 minutes, 30 seconds Current Price as on May 2021: $1.32
12. DigiByte (DGB)
Still, confused about which one is the best coin to mine? Mining Digibyte coin can be immensely profitable because it offers high mining rewards. Moreover, the cryptocurrency supports multiple options, be it ASIC, GPU or CPU, through which you can mine. DigiBytie is using five different algorithms and is hard-capped at 21 billion coins. Plus, the network of this robust crypto is built on three layers named a public ledger, a smart contract ‘App Store,’ and the core protocol featuring nodes communicating to relay transactions. The network allows SHA-256 mining. However, it restricts ASIC miners from getting exceptionally high power. The average power consumption used by this coin is 2520 watts. The profit may vary depending upon the crypto’s market price.
Algorithm: Proof-of-Work Hashing Function- SHA-256, Qubit, Skein, Scrypt, and Groesstl Network Hashrate- 98.10 PH/s Block Time- 1.15 minutes Mining Reward- 508.47 DGB/block Current Price 2021: $0.04234
Also Read: 12 Best Penny Cryptocurrency to Invest
13. Monacoin (MONA)
Similar to Dogecoin, the Monacoin is also a meme coin having a very active community in Japan. The crypto was created back in 2013. The miners do not require ASIC machines in order to mine this crypto. The best part is the mining of this coin involves minimal investment, unlike other heavy coins. Plus, the time taken to mine 1 block and qualify for reward is just less than 2 minutes (1.5 minutes). One can use various software to mine Monacoin, including XMR Stak, CCMiner, Suprnova, CGMiner, and Lyra2REv2.
Algorithm: Proof-of-work Hashing Function- Lyra2REv2 Network Hashrate- 73.44 TH/s Market Capitalization- 0.01586 Current Price 2021: $1.33
14. Aeternity (AE)
Aeternity is one of the top cryptocurrencies to mine as it allows miners to launch and run decentralized applications or smart contracts scaling through state channels. The stupendous platform has certain use cases, including payments, loans, decentralized finance, loT, gaming, voting, shares, and identity. The mining of this coin is usually done using CryptoDredge and Bminer, which are considered the best software. However, you can also try mining on NiceHash and HSPMinerAE.
Algorithm: Proof-of-Work Hashing Function- CuckooCycle Network Hashrate- 28.48 Gps Market Capitalization- 0.1462 Current Price 2021: $0.1035
15. Cardano (ADA)
Cardano is a robust cryptocurrency expected to have a very bright future. The crypto is equipped with a flexible network and fast transactions providing a seamless user experience. Besides, its USPs include scalability, sustainability, and interoperability. One can make ample money by investing in Cardano through trading, mining and ETFs. Primarily, it is a programmable blockchain that has the potential of surpassing Ethereum and Litecoin. Cardano can serve as a platform for other applications and digital currencies. In addition, ADA releases products for identity management and product traceability. Plus, it uses Ouroboros that helps to create blocks and validate transactions occurring on its blockchain.
Algorithm: Proof-of-Stake Market Dominance- 2.64% Market Capitalization- 0.03734 Current Price 2021: $1.26
Also Read: 20 Best Crypto Exchanges without KYC Verification
16. VeChain (VET)
VeChain is one of the most popular cryptos for the past few months. The crypto experts believe this is an underrated cryptocurrency that has a massive potential allowing investors to earn significant returns. At present, it is an affordable cryptocurrency, which is used to transfer value across the network. The VeChain Thor Blockchain was specifically designed for business processes and supply chain management through the use of distributed ledger technology.
Algorithm: Proof-of-Work Market Dominance- 0.34% Market Capitalization- 0.1149 Market Rank- 34 Current Price 2021: $0.081
17. BitTorrent Token (BTT)
BitTorrent is a recognized cryptocurrency established on the Tron blockchain by the BitTorrent foundation in 2019. The platform was launched on the Binance launchpad as a TRC-10 token. The cryptocurrency is a peer-to-peer cryptocurrency based on P2P protocol in order to transfer large files over the internet. The lucrative cryptocurrency was developed to expand the portfolio’s competencies and is an ideal choice for value exchange, third-party app developers, and fast decentralized data storage.
Algorithm: Proof-of-Work Market Dominance- 0.12% Market Capitalization- 0.1207 Market Rank- 52 Current Price 2021: $0.002701
Mining Profitability Calculators
While you are working on the best Cryptocurrency to mine, it is important to check the profitability of each Cryptocurrency with the help of a mining profitability calculator. Listed below are the steps that will help you find the best coin to mine effortlessly by allowing you to compare with the profitability calculator:
Once you enter the total hashing power of your mining rigs, you can check each GPU, CPU, or ASIC chips rate. You can check all of them on the non-specialized hardware comparison. The next step is to enter the total power consumed by your rigs in watts. Then, enter the Price of your electricity in kw/hr. If you are not aware of the prices per kw, you can ask your electricity provider. If you have joined the paid mining pool, enter its fee.
After deducting all these expenses, the mining calculator will calculate the net profit you would expect to make per day, month, or year. Easy, isn’t it?
What are the Risks Involved in Cryptocurrency Mining?
Many issues can impair your system’s performance and risk your businesses/end-users hijacking, information theft, etc. Therefore, it is a sensitive process that to be gauged diligently. Listed below are some risks involved that should be considered before you even consider the best Cryptocurrency to mine:
- Hackers In the world of crypto, you may come across many professional hackers. Unfortunately, they may use their talent illegitimately, break into your mining pool, and empty the user’s wallets.
- Electricity Costs are Exceptionally High Once you start dealing in top cryptocurrencies to mine, the electricity bill needs to be determined. As for most of the miners, the cost of 14 cents/kw hour is immensely high. You need to consider the dollar exchange rate each day you are paying your hardware investment. 3. Drop-in Value Just like gold and silver, it is likely your coin’s value fluctuates and changes over time. If the value falls, you may start thinking, ‘no news is good news.’
- Misleading Mining Pool Organizers If you get caught in the wrong trap of deceiving administrators/organizers, they may skim coins from your earnings without even letting you know. They could even take out the entire caul haul. So, just be careful and watch out!
- Losing your Digital Wallet Forgetting your login id or password may lead to locking yourself out. This could make you lose your digital wallet. Also, the hard drive is a crucial device that needs to be taken care of. In case it gets damaged, you may end up losing your digital wallet.
Mining vs. Staking?
You have a choice between proof of work and proof of stake. Some people think that if they can earn money by validating transactions just by staking coins, they will risk their mining investments. You would have always heard ‘More risk, More profit.’ The same is in the case of mining. Although Mining is a complicated process as compared to staking, mining is one thing that could yield stupendous outcomes and huge rewards. It solely depends on your resources and the coins you want to invest in, and then consider whether you want to mine or stake. So, even if you are not tech-savvy and extensive technical knowledge, you can still follow the process of the best Cryptocurrency to mine. The only thing you require is ample computer hash power. Recommended: Top 15 Cryptocurrencies to Invest other than Bitcoin We would recommend doing your homework to understand the aspects better before you could start mining any cryptocurrency. Even if you know how to mine crypto using GPU does not necessarily mean you would reap profits. You may also end up paying a massive loss. Remember, the world of Cryptocurrency is not without risks as the values of each coin are volatile and can fluctuate immensely at any point, under any circumstances.
