This article walks through some of the best cryptocurrencies to mine in 2024, based on factors like hardware requirements and mining rewards per block.
| Cryptocurrency | Mining rewards per block | Hardware requirements | Difficulty |
|---|---|---|---|
| Bitcoin (BTC) | 3.125 BTC | High-end ASIC miners | Very hard |
| Monero (XMR) | 0.6 XMR | CPU or GPU (ASIC-resistant) | Easy |
| Zcash (ZEC) | 2.5 ZEC | GPU or more efficient ASIC miners | Easy |
| Ravencoin (RVN) | 2,500 RVN | CPU or GPU (ASIC-resistant) | Easy |
| Vertcoin (VTC) | 12.5 VTC/block | CPU or GPU (ASIC-resistant) | Easy |
| Dash (DASH) | 2.3097 DASH | GPU/ASIC recommended | Easy/Medium |
| Ethereum Classic (ETC) | 2.5 ETC | GPU/ASIC recommended | Easy/Medium |
| Dogecoin (DOGE) | 10,000 DOGE | ASIC miners | Medium |
| Litecoin (LTC) | 12.5 LTC | ASIC miners | Hard |
Best Cryptocurrencies to Mine
1. Bitcoin (BTC)
Mining Rewards Per Block: 3.125 BTC
Hardware Requirements: High-end ASIC miners
Difficulty: Very hard
Bitcoin is the most popular cryptocurrency in the world — which means that it’s one of the first cryptocurrencies aspiring miners look at! It’s important to note that mining Bitcoin is incredibly competitive and requires a high initial investment, which means it may not be the best choice for at-home miners.
2. Monero (XMR)
Mining Rewards Per Block: 0.6 XMR
Hardware Requirements: CPU or GPU (ASIC-resistant)
Difficulty: Easy
Monero is a privacy-focused blockchain that makes transactions completely untraceable. Unlike other blockchains, Monero is accessible for at-home miners! Because the blockchain is ASIC-resistant — at-home miners can compete using affordable CPUs and GPUs.
In recent years, many exchanges have delisted Monero due to pressure from regulators, who claim that the cryptocurrency can potentially be used for illegal activities.
3. Zcash (ZEC)
Mining Rewards Per Block: 2.5 ZEC
Hardware Requirements: GPU or more efficient ASIC miners
Difficulty: Easy
Zcash is a privacy-focused coin that offers accessible rewards for at-home miners. Zcash also has mining pools available for miners who want higher chances of earning rewards!
Like Monero, Zcash has been delisted by many major exchanges due to regulatory pressures.
4. Ravencoin (RVN)
Mining Rewards Per Block: 2,500 RVN
Hardware Requirements: CPU or GPU (ASIC-resistant)
Difficulty: Easy
Ravencoin is a blockchain network based on Bitcoin designed to make it easy for anyone to issue tokens. Ravencoin is ASIC-resistant — which means that it’s a great option for at-home miners!
5. Vertcoin (VTC)
Current Mining Rewards: 12.5 VTC/block
Hardware Requirements: CPU or GPU (ASIC-resistant)
Difficulty: Easy
Vertcoin is an open-source Bitcoin variant. Like Ravencoin and Monero, Vertcoin is ASIC-resistant.
6. Dash (DASH)
Mining Rewards Per Block: 2.3097 DASH
Hardware Requirements: GPU/ASIC recommended
Difficulty: Easy/Medium
Dash is a cryptocurrency that was created as a hard fork of Bitcoin designed to offer faster transactions and more privacy. While you can mine DASH with a GPU, using an ASIC will give you a greater chance of earning profits.
7. Ethereum Classic (ETC)
Mining Rewards Per Block: 2.5 ETC
Hardware Requirements: GPU/ASIC recommended
Difficulty: Easy/Medium
Ethereum Classic was created after the 2016 DAO hack — when Ethereum was split into two blockchains — Ethereum and Ethereum Classic. While Ethereum Classic (ETC) is significantly less popular than its counterpart, it is a relatively easy cryptocurrency to mine. Mining ETC can be a great way for at-home miners to get started.
8. Dogecoin (DOGE)
Mining Rewards Per Block: 10,000 DOGE
Hardware Requirements: ASIC miners
Difficulty: Medium
Originally started as a meme, Dogecoin has garnered a massive following and mining community — partially due to an endorsem*nt from Tesla CEO Elon Musk. While Dogecoin is easier to mine than Bitcoin because block rewards are more frequent, it does require expensive ASIC equipment.
9. Litecoin (LTC)
Mining Rewards Per Block: 12.5 LTC
Hardware Requirements: ASIC miners
Difficulty: Hard
Litecoin — a cryptocurrency designed for instant peer-to-peer transactions — remains a popular choice for cryptocurrency miners. While it can be difficult for at-home miners to compete with large-scale LTC mining operations, you’ll likely earn profits if you join a LTC mining pool.
Bonus: NiceHash Mining!
NiceHash is a great option to earn cryptocurrency rewards in BTC.
NiceHash is a network that allows interested investors to ‘rent’ hashpower from miners. NiceHash users select the cryptocurrency they’re interested in mining, then use hashpower from the NiceHash network to mine that cryptocurrency.
If you connect your mining hardware to NiceHash, you'll receive all payouts in BTC. It’s a great way to earn Bitcoin without competing with large-scale miners on the Bitcoin network!
What should I take into account before getting started mining?
Account for costs and volatility
Before you get started, it’s important to factor in hardware costs, electricity costs, and fluctuation in the price of cryptocurrency. Remember, your mining operation may not be profitable if costs are too high or the market goes through a severe downturn.
Consider a mining pool
Mining pools allow miners to pool together resources to earn rewards. It can be a great way to increase your chances of earning block rewards (though you’ll have to share these rewards with other miners in the pool).
Is it still profitable to mine Bitcoin?
The more miners on a blockchain, the more difficult it is to mine a given cryptocurrency.
Because of its popularity, Bitcoin is one of the most difficult cryptocurrencies to mine profitably. At-home miners often find themselves losing money on equipment and electricity costs while competing with large-scale BTC mining operations.
While it may be profitable to mine Bitcoin through a mining pool, you may find more success mining lesser-known cryptocurrencies.
What do I need to get started mining?
If you’re looking to get started hobby mining, you’ll need the following:
- Mining hardware: You’ll need dedicated mining hardware to get started earning rewards. Hobby miners typically use cheaper GPUs or CPUs, while professional miners typically rely on more expensive ASIC hardware.
- Mining software: Mining software connects your hardware to the blockchain. There are many free mining software programs available for at-home miners!
- Cryptocurrency wallet: A cryptocurrency wallet allows you to hold the cryptocurrencies you mine. A hardware wallet like Ledger is a great option for security!
How is cryptocurrency mining taxed?
Crypto mining rewards are taxed as income upon receipt and capital gains upon disposal.
When you earn cryptocurrency from mining, you’ll recognize income based on the fair market value of your coins at the time of receipt.
When you dispose of your mining rewards, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.
Conclusion
While getting started with mining can be difficult, it can be a great way to earn a passive income. Make sure to do your research before purchasing mining equipment and choosing a cryptocurrency to mine.
