10 Best Coins to Mine in 2024

Crypto mining is the process of solving complex mathematical puzzles to secure blockchain transactions and earn crypto assets.

This article is going to list the best coins to mine in 2024, offering detailed reviews and practical mining advice. We delve into where and how you can mine these coins effectively and share tips on identifying the most rewarding mining opportunities.

A Closer Look at the Best Coins to Mine

1. Bitcoin – Overall Best Coin to Mine in 2024

• Current Mining Reward: 6.25 BTC/block  
• Profitability: Approximately $206 per month

Bitcoin is now the most profitable cryptocurrency to mine. As of this writing, its price is around $57,560. Not long ago, on March 14, 2024, Bitcoin reached a record high of $75,830. Additionally, many crypto experts think that by the end of 2024, BTC could reach the $90,000 mark. This suggests that its price could increase by about $32,440.

It’s also worth noting that bitcoin has a hard cap supply of just 21 million tokens. This means that its demand and value will most likely increase in the future. How many bitcoins are left? About 19,704,237.5 BTCs are currently in circulation.

Keep in mind that BTC mining can be very expensive. The cheapest mining rigs cost over $3,000. However, BTC mining is still highly profitable, especially if you use cloud mining platforms.

2. Monero – Best Coin to Mine With GPU in 2024

• Current Mining Reward: 0.6 XMR/block  
• Profitability: Approximately $23.89 per month

Monero is the easiest crypto to mine with GPUs or CPUs. The standout feature of this privacy coin is that its transactions are untraceable. Unlike other cryptocurrencies such as BTC and ETH, Monero doesn’t have a trackable transaction history. This means that its blockchain has been able to maintain the confidentiality of its network users.

Monero is an ideal crypto to mine at home since it’s ASIC-resistant. Moreover, miners will get 0.6 XMR per block. This means that they’ll be able to make between $0.45 and $1 per day since new blocks are mined every 2 minutes. However, these figures will depend on many factors, such as hash rate, exchange rate, and power consumption.

In terms of market performance, Monero is highly volatile. Nevertheless, due to its privacy-centric nature, the coin is widely viewed as an excellent investment in the long term.

3. Zcash – Best Privacy Coin to Mine in 2024 

• Current Mining Reward: 3.125 ZEC/block
• Profitability: Approximately $62.96 per month

The next contestant on our list of best coins to mine in 2024 is Zcash. Zcash is a privacy coin suitable for home miners. Zcash uses the Equihash algorithm. This is an asymmetric PoW algorithm that relies on RAM memory. This network also uses zk-SNARKs technology to enhance its privacy features.

Investors can mine ZEC with GPUs and ASIC rigs. However, mining ZEC via GPUs is less likely to be profitable. Moreover, you’ll need to use a hash rate of 140,000 H/s to make the mining process fruitful. New blocks are added every 75 seconds, while its block reward is 3,125 ZEC. This means that miners will be able to earn about $2.10 per day or $62.88 per month.

Zcash has a total supply of 21 million, of which 10,922,059 tokens are currently in circulation. At the time of writing the ZEC token trades at $33.

4. Litecoin – Best for ASIC Miners

• Current Mining Reward: 6.25 LTC/block 
• Profitability: Approximately $194.49 per month

Litecoin is a decentralized P2P cryptocurrency that’s very similar to bitcoin. They both use the PoW consensus mechanism, however, litecoin requires a lower hash rate. Moreover, BTC uses the SHA-256 algorithm, while LTC uses Scrypt, which is less complex. 

Litecoin can also confirm 56 transactions per second, which means that its transactions take about 2 minutes. This is much faster compared to BTC, whose transactions take about 10 minutes.

When it comes to litecoin’s profitability, using ASIC rigs and a mining pool is more profitable than solo mining. On that note, those who use a 14,400.00 hash rate will be able to earn about $194.49 per month. However, litecoin is not the fastest crypto to mine. I.e., it takes about 45 days to mine 1 LTC. Its block reward stands at 6.25 LTC, while this token trades at $58.73 (at the time of writing).

5. Dogecoin – Top Meme Coin to Mine

• Current Mining Reward: 10,000 DOGE/block
• Profitability: Approximately $298 per month

Dogecoin is the most profitable meme coin to mine this year. Its mining process includes completing different tasks using cryptographic techniques. Like LTC, DOGE uses the Scrypt algorithm, which enables simultaneous mining. Solo mining via GPUs is not very fruitful. This means that using ASIC rigs and joining mining pools will be the most profitable option. 

DOGE miners will earn 10,000 DOGE per block. However, to earn about $298 per month, miners will have to use a hash rate of 14400.00. Even when going through a mining pool, it takes less than a minute to validate a single DOGE token and add it to the blockchain ledger. The profitability will also depend on the market price of the token.

Although DOGE’s market cap has diminished since it reached its all-time high in 2021, it’s still one of the most popular meme coins. 

6. Dash – Best Altcoin to Mine With ASICs and GPUs

• Current Mining Reward: 2.30967229 DASH/block 
• Profitability: Approximately $122 per month

Dash is an open-source crypto that was created as bitcoin’s hard fork. This is also a DAO, which means that it uses blockchain technology to automate its transactions. This project utilizes the X11 algorithm, whose role is to make ASIC rigs more difficult to create. This algorithm uses 11 different hash functions, which makes it more secure than BTC.

According to WhatToMine, DASH miners can earn about $122 per month. The most profitable method involves the use of ASIC rigs, although this token can also be mined via GPUs. DASH has a maximum supply of 18.92 million tokens, of which 11.91 million are currently in circulation. Its present price stands at $22.77.

That said, DASH is a good investment due to its innovative features, which include the DashPay Alpha Program and username-based transactions.  

7. Grin – Best New Coin to Mine   

• Current Mining Reward: 60 GRIN/block 
• Profitability: Approximately $43.08 per month

If you’re looking for new coins to mine in 2024, GRIN should be on your go-to list. This is a relatively new cryptocurrency that launched in 2019. What makes it different from its peers is that it has no addresses or amounts. Moreover, no entity stands behind this project. Instead, the GRIN network is run by its community.

This coin is focused on privacy, which makes it a popular mining option. On top of that, it operates on two mining algorithms – Cuckatoo32+ and Cuckaroo29. The former is ASIC-friendly, while the latter is ASIC-resistant. This means that it can be mined on both ASICs and GPUs. 

The mining rewards amount to 60 GRIN per block, while for a 6.00 hash rate, miners will be able to earn about $1.44 per day or $43.08 per month. The GRIN token currently trades at $0.0235.

8. Ravencoin – The Most Profitable Coin to Mine With GPU

• Current Mining Reward: 2,500 RVN/block
• Profitability: Approximately $117 per month

If you want to find the best coins to mine at home, opt for Ravencoin. This project uses the KAWPOW algorithm, which is optimized for GPU mining. This makes it suitable for solo miners. The RVN token can be mined using 4GB GPUs – which is relatively low when compared to most other cryptocurrencies. Furthermore, this crypto is ASIC-resistant, which means it can be mined via both CPUs and GPUs.

The mining rewards amount to 2,500 RVN per block, while miners can earn about $117 per month if they use a hash rate of 350.00. Ravencoin has low crypto gas fees, which is another aspect that attracts miners. Once mined, RVN can be used to tokenize real-world assets such as gold and stock. Ravencoin can also issue gift cards and reward points in the form of tokens.

At the time of writing, the RVN token trades at $0.01556.

9. Ethereum Classic – Hard Fork of Ethereum

• Current Mining Reward: 2.5 ETC/block  
• Profitability: Approximately $307 per month  

Ethereum Classic is the second-most profitable crypto to mine. Since ethereum switched from PoW to PoS, investors won’t be able to mine ETH. However, they can mine ETC. Ethereum Classic is a result of ethereum’s hard fork, and so far, there are no indications that it will change its PoW consensus. ETC can be mined via both GPUs and ASICs, however, the latter is more profitable.

That said, with ethereum shifting to a PoS blockchain, it is believed that some miners could jump over to ETC instead. This might help ETC become more stable and secure. Furthermore, ETC has a fixed supply of 210.7 million tokens, of which 148.2 million tokens are currently in circulation.

Its mining rewards amount to 2.5 ETC per block, while miners who use a hash rate of 5800.00 will be able to earn about $307 per month.  

10. Vertcoin – Easiest Crypto to Mine on Phone

• Current Mining Reward: 12.50 VTC/block 
• Profitability: Approximately $18.99 per month  

Vertcoin is a digital token that was developed with the aim of making crypto mining accessible to everyone. To elaborate – this token is ASIC-resistant, which means it cannot be mined with ASIC equipment. Instead, miners will have to use other hardware options, such as CPUs and GPUs.

With that in mind, VTC mining can be done with 2GB GPUs. It’s even possible to mine VTC tokens via smartphones. Vertcoin’s rewards amount to 12.50 VTC per block. This means that miners can earn about

 $18.99 per month if they use a hash rate of 2.50. This makes VTC a popular coin for home miners who prefer to use GPUs and their phones.

The VTC token is currently priced at $0.07424.

How to Find the Most Profitable Crypto to Mine

Now that we have covered how crypto mining works, let us consider the next important concern – choosing the right digital token.

Unfortunately, there is no one-size-fits-all answer to the question – which is the best cryptocurrency to mine? Instead, individuals will have to take into account a number of variables, which we discuss below. 

Future Potential of the Coin

One of the most obvious aspects to consider is how the chosen cryptocurrency is performing in the open marketplace. No matter how many tokens one can mine, if the cryptocurrency does not have any demand in the market – all efforts will be in vain.

For instance, both Bitcoin and Ethereum are considered to be good long-term investments due to their wide adoption and large market capitalizations.

Similarly, cryptocurrencies such as Solana and Cardano also have value propositions that make them attractive in investment terms. In other words, it could be a smart idea to mine coins that have a good chance of increasing in value in the future.

Likewise, investors should also be cautious before mining any new or upcoming cryptocurrencies – which promise high returns.

Looking for the newest cryptocurrency to mine comes with a high level of risk because there is no guarantee that a new project will become successful.

Cost of Mining

If we haven’t made this clear already – conventional crypto mining is, by all means, an expensive endeavor. Even if miners choose GPUs or CPUs instead of ASICs, the setup costs will still come to a few thousand dollars. The hardware specifications required to start mining also differ from one cryptocurrency to another. On top of this, there are ongoing expenses to consider – such as the cost of electricity and the maintenance of the equipment.

While cost might not be a significant issue for everyone, for some miners, this might be the deciding factor.  Therefore, it might also be a good idea to choose mineable coins based on the investment required.

Mining Yield

The best cloud mining platforms offer a convenient calculator that offers a breakdown of the estimated payout on the chosen crypto.

We particularly like ECOS for this purpose, which offers projected yield in terms of percentages. This makes it easy for everyone to understand how much profit they are likely to make from mining a certain cryptocurrency.

Taking a look at these calculators will be worthwhile in deciding the most profitable crypto to mine. That said, take note that the projected yield is never guaranteed. Ultimately, the profitability of mining will depend on broader market conditions.

Conclusion

We’ve extensively researched the crypto mining market to bring you a list of the best coins to mine today. The list is based on unbiased and current data for each coin. It goes beyond listing the cryptocurrencies, providing practical advice on where and how to mine them. This is aimed to help you start mining immediately, as safely and effectively as possible.

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