If you are wondering about which crypto to mine, this post on the best crypto to mine in 2024 is for you. Crypto mining can be a reliable source of passive income, provided that you are on the right track. However, mining costs can eat out all your profits if you are mining the wrong coins or not using the right tools suited for a coin. In this post, we are going to talk about the most preferred cryptos to mine in 2024.
- 1. Profitable Crypto Mining in 2024
- 2. Crypto Mining Profitability Explained
- 3. Different Ways to Mine Cryptos
- 4. Best Crypto to Mine in 2024
- 5. How to Choose the Right tool for Crypto Mining?
- 6. The Future of Crypto Mining
- 7. Conclusion
- 8. Best Crypto to Mine in 2024 - FAQs
1. Profitable Crypto Mining in 2024
When it comes to profitable crypto mining, all cryptocurrencies are not the same. Some cryptos are costlier to mine, but might have a higher market value. On the other hand, there are cryptos with lower mining costs and low market value at the same time. Therefore, in addition to the right hardware and software for crypto mining, you need to know the most profitable cryptocurrencies for a profitable mining experience.
In this post, we are going to talk about the most profitable crypto to mine, CPU mining, Crypto mining using GPU and ASIC, and cloud mining. To give a more detailed overview of crypto mining’s profitability, we are also going to talk about profitability of crypto mining, choosing the right crypto mining tool, and the future of crypto mining. After reading this post, you will find answers to questions like:
- What is the most profitable coin to mine?
- What are the best crypto to mine 2024?
- Is crypto mining profitable?
- Is Bitcoin mining profitable?
- What cryptocurrency to mine?
- What are the best coins to mine to earn regular profits?
- What is the best coin to mine?
- The best cryptocurrency to mine for high profits?
- What is the best crypto to mine using GPU or ASIC?
If these things are of no interest to you, perhaps you would like to find out what are the best crypto trading strategies for beginners. If that's the case, please click on the link, and read the related article about that.
2. Crypto Mining Profitability Explained
Let’s first answer the question ''What is crypto mining''? Crypto mining is an essential activity to secure and maintain the blockchain associated with a cryptocurrency. Crypto mining involves solving complex mathematical problems to guess a ‘hash’, which is basically a 64-digit hexadecimal number. The first participating computer (also called node) to do it gets a chance to validate transactions in a block and complete it. The miner (the node completing the block) is then rewarded with a certain amount of crypto.
Miners are interested in crypto mining because of this mining reward which can be highly lucrative. For example, the reward for completing 1 block on the Bitcoin network is currently 6.25 BTC. However, despite these high-value rewards, crypto mining may not be a highly profitable venture for everyone. You need the most advanced mining hardware and software of the day. Also, mining needs a humongous amount of electricity to run your mining rig (the entire computer set up to mine cryptos). Moreover, mining profitability is affected by a plethora of other factors, and here we've listed some of the most important factors affecting crypto mining profits:
- Type of crypto coin
- Sunk costs like the cost of hardware, software, and other tools
- Operating costs involving electricity, Internet data, etc.
- Other costs like the cost of crypto wallets
- The market price of the mined crypto
- Crypto market volatility
- Changes in the regulatory environment
- Overall economic conditions
As you can see, there are many different things to consider if you want to start mining cryptocurrencies. If you feel discouraged by all of that, perhaps sticking to exchanging cryptocurrencies at the best crypto exchanges in 2024 will be sufficient!
If you decide to buy and sell cryptocurrencies, choose only the best crypto exchanges!
3. Different Ways to Mine Cryptos
Back in those good old days, crypto mining was relatively simple, required simpler tools, and cost less. As profitability soared, more and more people jumped in. This led to increased mining difficulty, more intense competition, requirements for increasingly advanced tools, and lower profitability. Let’s look at some common ways we can mine cryptos at present.
3.1 CPU Mining
Initially, it was absolutely fine to mine cryptos using a simple home computer or laptop using CPUs. However, as Bitcoin mining competition rose, there was a need for higher hash rates, which is basically the computing power needed to solve mathematical puzzles in mining.
CPU mining soon fell out of fashion as CPU mining profitability fell drastically. Today, it’s nearly impossible to mine cryptos using CPUs profitably.
3.2 GPU Mining
Next came GPU, short for the Graphics Processing Unit, which was mainly intended for creating graphics for videos and games. Soon, it was realized that GPUs are great tools for crypto mining too, as they can generate much more hash rates compared to CPUs.
Also, GPUs are highly customizable. This means they suit a wide variety of crypto coins. So, tomorrow if one crypto becomes less profitable to mine, a GPU miner can easily switch to another crypto. Today, a large share of crypto mining takes place through GPUs.
3.3 Crypto Mining Using ASIC and FPGA
If GPU’s entry into crypto mining was accidental, it was ASIC or Application-Specific Integrated Circuit (ASIC), that was specifically designed for crypto mining. When the first ASIC came in 2012, it was 200 times more powerful than the standard GPUs of the day. Today, the best ASICcs can reach 90-100 terra hashes per second, which is far higher compared to the top GPUs.
However, despite ASICs being super tools exclusively designed for crypto mining, it has a significant shortcoming. An ASIC is generally customized for a specific cryptocurrency. This means you cannot mine different cryptos using the same tool. Therefore, when it comes to flexibility and customization, GPUs are still the preferred tool for many miners.
Field Programmable Gate Arrays (FPGA) give you the best of both worlds - GPU mining and ASIC mining. FPGA mining is superfast, and it’s customizable like GPUs. While ASICs still provide much superior performance, FPGA mining is much simpler and more flexible.
3.4 Cloud Crypto Mining
If you want to mine cryptos without setting up your mining rig or spending a lot on expensive crypto mining tools, cloud mining can be your preferred crypto mining equipment. Cloud mining offers you a straightforward and unburdened way of mining cryptos.
In cloud mining, a crypto miner pays a fee to subscribe to a cloud mining service provider who owns the mining hardware and other tools. The block rewards are then shared among other users of the mining company. So, if you are wondering ‘is cloud mining profitable?’, the answer is ‘yes’.
Remember that while there are a number of tools for mining cryptos, your mining profitability largely depends on the crypto of your choice. After reading this post, you will find answers to questions like ‘is crypto mining profitable in 2024?’, ‘which crypto will boom in 2024?’ or ‘what is the most profitable cryptocurrency to mine 2024?’. Let’s now look at the best crypto to mine in 2024 and the most profitable crypto to mine in 2024.
4. Best Crypto to Mine in 2024
Choosing the right cryptocurrency for your portfolio can be slightly different from selecting the best crypto to mine. Therefore, we conducted detailed research to compare the profitability, difficulty levels, hardware and software requirements, and the amount of investment required to come up with the top 7 cryptocurrencies to mine in 2024. Here are the best cryptos to mine which made it to our list:
- The leading and most valued cryptocurrency
- Huge potential in terms of revolutionizing the future of finance
- Extreme popularity and a well-established reputation
- A large network of Bitcoin miners
- Privacy-focused cryptocurrency with a high potential for long-term investment
- ZEC has a fixed long-term supply
- It’s one of the best cryptos to mine with GPU or even CPU.
- One of the top 30 cryptos by market capitalization
- Heavily focused on security and decentralization
- XMR is cryptocurrency with a low mining difficulty
- One of the best privacy-focused cryptocurrencies
- GRIN’s Mimblewimble protocol makes it highly scalable
- GRIN has different mining protocols to suit CPU, GPU, and ASIC mining.
- It’s a payment-focused cryptocurrency that was forked from the Bitcoin protocol
- DASH is highly scalable with fast transaction speed
- ASIC is the most suited tool for mining DASH
- It’s designed to create and transfer assets (crypto tokens, NFTs, and other digital assets) from one party to another
- RVN is best suited for GPU mining
- It’s also suited cryptocurrency for easy mining
- It belongs to a low cost. private, and secure blockchain platform for processing borderless payments
- LTC can be mined using CPU, GPU, and ASIC
We strongly suggest you to consider these 7 cryptos if you are really thinking about mining cryptocurrency in 2024. After you choose what crypto you want to mine, you should also know how to safely store your crypto, and we have a detailed article on that too.
5. How to Choose the Right tool for Crypto Mining?
Your crypto mining profitability mainly depends on two components - the cryptos you choose to mine and the crypto mining tools you have. Different crypto-mining tools have different hash powers, energy needs, efficiency, compatibility, and speed. Let’s look at some of the factors to consider while choosing the right crypto tool, be it hardware or software:
- Compatibility of your hardware and software with the cryptos of your choice
- Total fixed and variable costs including the costs of electricity, subscription costs, or any other associated costs
- The computing power of your hardware and software to increase mining profitability
- Ease of set up and use
- Flexibility and ease of customization of the selected tools
6. The Future of Crypto Mining
Crypto mining faces a number of criticisms because of its energy-intensive nature and high carbon footprint. Also, the overall crypto industry is criticized for its speculative nature and a lack of intrinsic value. Moreover, there are certain regulatory uncertainties surrounding the crypto industry.
However, crypto’s transparency, speed, and decentralization make it a highly innovative technology. This is also a reason many consider crypto to be the future of finance. So, while crypto has many critics, it has an overwhelming number of supporters and loyalists as well.
Crypto mining is essential to the operations of cryptos. Mining ensures that the blockchain platform is properly secured, maintained, and operated. Therefore, as long as crypto exists, crypto mining is going to exist in one form or another. However, due to environmental concerns, we are likely to have more innovative crypto-mining technologies and environment-friendly mining processes.
Crypto mining involves securing a blockchain platform and receiving rewards in return. In recent years, the difficulty level of crypto mining has increased while profitability has come down.
However, crypto mining can still be a profitable activity if you have the right hardware, software, and other tools. Moreover, you need to mine the best cryptos to maximize your returns.
8. Best Crypto to Mine in 2024 - FAQs
8.1 ❔ Will GPU mining be profitable in 2024?
GPU is one of the most efficient tools for mining cryptos. Currently, GPUs, along with ASIC, remain highly preferred mining hardware for all types of crypto miners.
8.2 ❔ Can I still mine Ethereum in 2024?
Ethereum was available for mining when it was based on the Proof of Work (PoW) consensus mechanism. However, in September 2022 it shifted to the proof of Stake (PoS) consensus protocol, which doesn’t involve mining. However, Ethereum staking is also a profitable venture similar to mining, and if you want to find more info about the differences between PoS and PoW protocols just click on the link.
8.3 ❔ Is crypto mining still profitable in 2024?
Despite the increasing difficulties, crypto mining can still result in significant profits in 2024. However, your crypto mining profitability majorly depends on the cryptos of your choice and the efficiency of your mining tools.
8.4 ❔ What are the most profitable cryptocurrencies to mine in 2024?
Bitcoin (BTC), ZCash (ZEC), and Monero (XMR) are some of the best crypto to mine in 2024, and in this article you can find a comprehensive list of the most profitable coins to mine.