Are you considering investing in cryptocurrencies and exploring the potential of the best proof of work coins? 

Different assets within the world of cryptocurrency are often divided by consensus mechanism (the way transactions are settled). As one of the most popular mechanisms, investing in the best proof of work coins can be an excellent strategy.

This guide reviews 13 of the best proof of work coins, explaining exactly what a proof of work (PoW) coin is and evaluating their investment potential.  

Let’s get to work.

Top 13 Best Proof of Work Cryptocurrency List 

  1. Bitcoin ETF Token – Overall Best Alternative To Proof Of Work Coins with High Staking Yields and Deflationary Features
  2. Bitcoin Minetrix – Revolutionary Stake-to-Mine Crypto Has Raised Over $5 Million on Presale
  3. Launchpad XYZAccess Multiple Web3 Services through this Crypto Platform
  4. yPredictAnalytics Platform offering Predictive Models about the Future of the Crypto Markets
  5. Tamadoge –New Meme Cryptocurrency Offering P2E Earning Opportunities
  6. Battle Infinity –New P2E Crypto Making a Big Splash
  7. Bitcoin –The Original Proof of Work Coin
  8. Litecoin – Forked Token for Transactions
  9. Zcash – Privacy-Focused Cryptocurrency
  10. Dogecoin – World-Famous Meme Coin
  11. Ethereum –Largest Smart Contract Formerly Proof of Work Blockchain
  12. Bitcoin Cash – Transactional Version of Bitcoin
  13. Nervos Network – Open-Source Layer-1 Blockchain

Best Proof of Work Coins to Invest In – Reviewed

To help investors make a better-informed decision on which proof of works cryptos are right for their portfolios, we’ve reviewed the top 13 contenders.

1. Bitcoin ETF Token 

The Bitcoin ETF Token ($BTCETF) is currently the best alternative to Proof-of-Work coins that merges the excitement around the potential approval of Bitcoin spot ETFs by the SEC with a rewarding structure. 

$BTCETF’s presale was divided into ten stages, each releasing 84 million tokens, and as of late December 2023 is sold out.

Of its 2.1 billion token supply, 840 million were reserved for the presale, ensuring an ample yet controlled distribution to interested buyers.

Bitcoin etf presale sold out

$BTCETF stands out with its staking program, offering initial Annual Percentage Yields (APY) exceeding 500%. This high yield, however, is expected to adjust and decrease as more tokens are staked, highlighting the benefits of early staking.

The token has attractive staking benefits and uses a deflationary mechanism with 5 token burn events. These events will be triggered by SEC’s approval of Bitcoin spot ETF, launch of first ETF, Bitcoin valuation of $100K or $1B in assets under management.

According to the Bitcoin ETF whitepaper, this strategy aims to burn up to 25% of the total token supply, improving the token’s value over time.

Furthermore, a 5% transaction tax is implemented to decrease by 1% following each milestone achievement, reinforcing the token’s deflationary aspect.

For potential investors, $BTCETF tokens can be bought using cryptos like ETH, BNB, MATIC, USDT, or through card payments, which are compatible with Ethereum wallets like MetaMask. 

Also, the project’s commitment to transparency is evident from its smart contract audit conducted by Coinsult. Interested users can enter the Bitcoin ETF Telegram group to keep up with the latest updates.

2. Bitcoin Minetrix 

Another alternative to proof-of-work coins is Bitcoin Minetrix ($BTCMTX). Bitcoin Minetrix is a PoS cryptocurrency that introduces a new stake-to-mine mechanism. 

Bitcoin minetrix presale homepage

The project aims to reduce the entry barrier for crypto mining operations for everyday people. Since the costs of setting up crypto mining rigs and purchasing advanced equipment are high, investors rely on cloud mining – a process through which people can rent mining power from large corporations. 

However, purchasing renting power from these corporations can be risky – since many tend to engage in dubious activities. Therefore, Bitcoin Minetrix will offer rented mining times as cloud mining credits and record them on the blockchain. Thus, investors will have full control over their credits and get more transparency. 

To earn the ERC-20 cloud mining credits, one can stake $BTCMTX on the Bitcoin Minetrix staking mechanism. You will be able to generate credits and earn APYs (Annual Percentage Yield) as high as 590%. 

While the credits cannot be traded, they can be burned to earn Bitcoin mining power. Through the mining power, you can earn allocated mining times and generate a percentage of mining revenues. Thus, Bitcoin Minetrix reduces the entry barriers while maintaining high levels of security. 

This stake-to-mine token is being distributed through twenty presale rounds. During this round $BTCMTX has already raised over $5.7 million. By the final round, $BTCMTX will be priced at $0.0129 per token.

Read the Bitcoin Minetrix whitepaper and join the Telegram channel to learn more about this cryptocurrency. 

3. Launchpad XYZ 

Launchpad XYZ wants to establish a simple gateway for experiencing a magnitude of Web3 services. One of the platform’s main offerings is a Web3 wallet, which can be set up using a phone number or email address. 

On the wallet, one can swap tokens, interact with decentralized applications, and have self-custody of all their assets. Users can access multiple crypto pairs and enter perpetual contracts with Launchpad XYZ’s decentralized exchange. By holding $LPX, the native token, members can get discounts on trading fees. 

Launchpad xyz presale homepage

Those who stake a monthly average of 10,000 $LPX tokens can get guaranteed access to the presales listed on Launchpad XYZ and whitelists of different NFT mints. The platform hosts different Web3 presale projects, enabling users to identify the top utility tokens that are coming up. The ecosystem also observes the current market trends and the past performance of different markets. 

$LPX can also purchase fractionalized assets from the decentralized exchange. These are parts of real-world assets that offer historical value, such as cars, real estate, and art. Members can collect more statistical data on various cryptocurrencies through the Launchpad Quotient feature. 

This feature uses over 400 data points, including moving averages, sentiment, and buying volume. Launchpad XYZ also uses an AI model to identify emerging patterns and alert users. 

Currently, the token is priced at $0.0445, and the price will jump to $0.07 per token by the final stage.

Read the Launchpad XYZ whitepaper and join the Launchpad XYZ Telegram community to stay updated with all the new platform developments. 

To know more about this cryptocurrency, read our how to buy the $LPX token guide.

4. yPredict 

By holding $YPRED, the native token of yPredict, one can purchase monthly subscriptions to various predictive models through a financial marketplace. This analytics platform offers data-driven insights to analyze the future of various cryptocurrencies. 

The models on the financial marketplace are verified by members of the yPredict DAO (Decentralized Autonomous Organization), ensuring that members are provided with reliable information. 

yPredict stage 8 presale homepage

The platform offers AI trading signals and technical analysis on hundreds of crypto tokens. Using Natural Language Processing (NLP), yPredict can conduct sentiment analysis on various digital assets. This allows one to get a better understanding of the buying sentiment of cryptocurrencies. 

Furthermore, yPredict offers a patent-pending chart recognition algorithm, that generates real-time pricing alerts, and informs the traders on bearish or bullish momentum. 

10% of all new subscriptions generated on yPredict are allocated amongst token holders. Moreover, 15% of all swapping fees collected is also sent to the staking pool. Since yPredict charges a 7% selling tax on $YPRED, traders may be unlikely to buy and sell the token regularly, which could increase the volatility.

$YPRED has a total supply of 100 billion tokens. Currently, the token is priced at $0.11 on the presale, and the price will increase to $0.12 by the final round. 

Read the yyPredict whitepaper and join the telegram channel to stay updated with all the presale developments.

5. Tamadoge

Tamadoge (TAMA) is a wildly popular new meme coin set to disrupt the status quo by injecting a plethora of utility into a sector otherwise largely devoid of intrinsic value.

This concept has proven to be a big hit with investors as Tamadoge sold out its presale in just eight weeks before pumping nearly 2,000 over its early presale price after listing.

One of the key features of Tamadoge is its play-to-earn (P2E) game – set in a Metaverse world named the Tamaverse, players can explore and interact with each other while taking care of 3D-animated NFT-based pets, based on 90s craze Tamagotchi.

Using items attainable from the in-game store, players can level up a pet to increase their leaderboard ranking, to receive a greater share of the rewards pool.

In addition to the aforementioned features, Tamadoge has a locked wallet that slowly releases funds over a 10-year period to further the project’s development.

As an ERC-20 token, TAMA previously utilized its parent network’s proof of work consensus mechanism (Ethereum) to validate transactions before Ethereum switched to proof of stake.

While this benefits added security and decentralization, it has paved the way for seamless centralized exchange (CEX) listings.

TAMA is now listed on various exchanges with more in the pipeline – analysts are expected this huge-potential coin to pump once the crypto markets improve.

Join the Tamadoge Telegram to learn more and stay updated.

6. Battle Infinity

Battle Infinity (IBAT) is a P2E gaming and decentralized finance (DeFi) ecosystem that has been attracting a lot of attention recently. The project takes elements from NFTs, the Metaverse, and other trending crypto subsectors to appeal to a wide audience of crypto enthusiasts.

As Battle Infinity packs a lot of utility into a relatively small package, it’s split into six platforms, each hosting a different core feature. There’s a fantasy sports platform initially dedicated to Cricket but soon expanding to other sports, a Metaverse arena featuring customizable avatars, a collection of player-vs-player P2E games, an NFT marketplace, a DEX, and a staking platform.

Battle infinity price chart

Following IBAT token launch, IBAT shot up in value by over 400% from presale prices ($0.015). As IBAT features an adjustable tax on transactions, further exchange listings can be easily implemented, making IBAT perhaps the best new cryptocurrencies.

The IBAT token utilizes the BEP-20 standard to facilitate fast, low-cost transactions. The token can purchase in-game items, earn staking rewards, and even purchase Metaverse advertising. While IBAT uses a hybrid proof-of-stake proof-of-authority consensus mechanism, it offers an equal amount of upside potential compared to our other top picks so it remains a worthy addition.

While not a proof of work blockchain in the same sense as our other picks, Battle Infinity has proven incredibly popular. As the project has clear plans to release key functionality over the coming months, IBAT could likely perform extremely well. As such, it’s worth checking out Battle Infinity today and joining the IBAT Telegram to stay up-to-date with the latest developments.

7. Bitcoin

Just about every crypto investor will have heard about Bitcoin (BTC), a decentralized transactional crypto commonly touted as being the best proof of work crypto on the planet. It was the project that spawned the crypto market and helped make it into the asset class we all love today.

Bitcoin price chart december 22 2023

The primary purpose of Bitcoin is to act as a borderless, decentralized currency that can be easily sent around the world without the need for third-party intermediaries.  This goal was achieved by creating the blockchain, an immutable ledger that permanently records every transaction.

Being the largest and most well-known digital asset on the planet, Bitcoin is arguably the best cryptocurrency on the market. With that said, smaller cap projects like Tamadoge and Battle Infinity will typically still offer greater upside potential, so it’s advisable to create a balanced portfolio rather than investing in a singular asset.

You can check our Bitcoin price prediction for more perspective on the number one cryptocurrency.

8. Litecoin

Litecoin (LTC) is a popular altcoin and a forked version of Bitcoin. The project was created by Charlie Lee, an early crypto adopter, as a more lightweight and user-friendly variant of Bitcoin. Released in late 2011, Litecoin is almost as old as Bitcoin and has long been a favorite among crypto investors.

Litecoin price chart december 22 2023

With Litecoin being a direct descendent of Bitcoin, it’s no surprise that the project quickly built up steam to become one of the most widely used cryptocurrencies on the market. As Litecoin benefits from greater throughput, quicker transactions, and lower fees when compared to Bitcoin, it has become fairly widely accepted among crypto-friendly merchants.

Litecoin is one of the largest cryptocurrencies on the market and perhaps the project most closely related to Bitcoin. Even today, over 10 years after its release, new Bitcoin forks are still being created, proving the need for a more transaction-friendly variant of the popular cryptocurrency.

9. Zcash

Many people believe that cryptocurrency and privacy go hand in hand. And while it’s true to a degree, most fail to realize that all the information linked to a transaction using Bitcoin or a similar crypto can be easily looked up. As not everyone wants their personal information available on the web. Zcash (ZEC) aims to change the status quo by providing crypto enthusiasts with in-built privacy tools.

Zcash price chart 22 december 2023

To provide investors with a way to transact without privacy concerns, Zcash settles transactions on a public blockchain like a traditional crypto but hides key information like sender/receiver address and the amount of funds being transferred. However, unlike competitor Monero, Zcash also offers the ability to reveal these details to allow regularity compliance.

Like many of the best proof of work coins, Zcash is a forked version of Bitcoin with additional features. It has become quite popular as a Monero alternative and is worthy of consideration for privacy-focused investors.

10. Dogecoin

Next on our proof of work cryptocurrency list is Dogecoin (DOGE), a massively popular cryptocurrency that birthed the meme coin trend. Despite originally being created as a joke, thanks in no small part to Elon Musk, DOGE has become a transactional cryptocurrency that shouldn’t be overlooked.

Dogecoin price chart december 22 2023

As a fork of Litecoin, Dogecoin utilizes the proof of work consensus mechanism to validate transactions; however, Dogecoin’s version of the mechanism does vary in a few key ways. Firstly, As Dogecoin has just a 1 minute block time, transactions are settled much faster than other proof of work blockchains. Furthermore, as the token has an unlimited supply, it’s suited for use as a transactional token.

While Dogecoin may have been brought into the limelight thanks to Elon Musk, it’s now built up a loyal following and become one of the most popular digital assets in the world.

11. Ethereum

As the second largest cryptocurrency on the planet and arguably the best altcoin. Ethereum is among the best web3 coins and a leading platform for smart contracts, powering more smart contract agreements than any other crypto project.

The primary draw to the Ethereum network is the ability to build dApps and Web3 projects using smart contracts.

Ethereum price chart december 22 2023

This enables projects to be created far more quickly than possible and even comes with the added bonus of heavy decentralization and security.

Ethereum previously utilized proof of work before the Merge upgrade saw it switch to proof of stake, which increased its speed and scalability and made it 99.99% more energy efficient.

With the utility offered by the Ethereum network, it’s undeniably one of the best coins on the market.

Like Bitcoin, Ethereum can be considered a blue-chip crypto and is worth considering as an addition to a balanced portfolio.

12. Bitcoin Cash

Bitcoin Cash (BCH) is a variant of Bitcoin designed specifically as a transactional currency.

It utilizes a peer-to-peer network to allow users to transfer funds between one another and aims to become the de facto currency for global transactions.

Bitcoin Cash price chart december 22 2023

To work well as a transactional cryptocurrency, Bitcoin Cash focuses on reducing the time and cost required to send funds on the network. To achieve this, the project increased block size, allowing more transactions to be settled simultaneously.

Bitcoin Cash is one of the best proof of work coins on the market and one of the largest cryptocurrencies overall. While there are quite a few Bitcoin forks designed for everyday transactions, Bitcoin Cash is one of the most popular and could perform well if it’s picked up by more establishments.

13. Nervos Network

Last on our proof of work cryptocurrency list is the Nervos Network (CKB), an open-source proof of work blockchain and ecosystem consisting of many protocols.

Nervos Network price chart december 22 2023

Today, applications created on different networks struggle to interact with each other. However, Nervos Network aims to change this by providing developers with tools designed to facilitate the creation of universal apps. With interoperability being a large technology barrier to crypto, this could be huge for furthering the adoption of the asset class.

Overall, the Nervos Network is an interesting project and one of the best penny cryptos available. Few proof of work cryptocurrencies offer as much ingenuity as the Nervos network, so seeing how many developers adopt the Nervos tool suite will be exciting.

What is a Proof of Work Crypto?

Firstly, it’s important to understand what a consensus mechanism is. A blockchain is essentially a ledger containing information. A consensus mechanism is a fault-tolerant system that validates a transaction (information).

Proof of work is a consensus mechanism used in blockchains to validate transactions. To ensure that transactions are valid, proof-of-work cryptos allow validators to use computational resources to solve puzzles to prevent a bad actor from sending false transactions.

The process of validating transactions using computing power is typically called mining. After downloading the necessary software and a copy of the blockchain, an individual can use their computer to solve puzzles (thereby validating transactions) to receive crypto rewards.

Proof of Work vs Proof of Stake

Proof of work is a method where the blockchain requires members to confirm and verify the accuracy of new transactions added on the network. On the other hand, the Proof of Stake Consensus lets users use stake tokens on the blockchain to verify transactions.

Two of the most common types of consensus mechanisms are proof of work and proof of stake (PoS). While both achieve a similar goal (securely validating transactions), the way this goal is achieved differs a fair bit.

While proof of work coins incentivize miners to validate transactions by solving complex puzzles, proof of stake coins select a random person staking a specific amount of tokens to ensure the transaction is legitimate.

Each type of consensus mechanism has its own benefits and drawbacks.  The main arguments for proof of stake over proof of work are superior throughput, lower fees, and less energy expenditure.

However, becoming a validator in a proof of stake system can take time due to a high barrier to entry. For instance, Ethereum requires validators to own a certain amount of cryptocurrency, which at today’s prices amounts to over $50,000. In contrast, proof of work only requires a decent computer.

With proof of stake coins having such a comparatively higher barrier to entry, it can result in the network being solely governed by those with large capital reserves, something that cryptocurrency was initially trying to change.

Are Proof of Work Coins a Good Investment?

As one of cryptocurrency’s main uses is as an investment vehicle, it makes sense that people would wonder whether the best proof of work coins make good investments. Below, we’ve summarized a few key points why proof of work projects can make excellent investments.

1. Decentralization 

Decentralization is undeniably at the core of the crypto ethos and proof of work offers a greater level of decentralization than other consensus mechanisms. As crypto was designed to give power back to the people, it makes sense that a way of governing transactions with minimal barrier to entry would be popular.

Many crypto enthusiasts believe that proof of work blockchains are better for the average person than alternative consensus mechanisms and as buyer sentiment drives the market, proof of work coins can perform well.

2. Prestigious Roots

While cryptocurrency is a rapidly evolving industry, many of the largest and best-performing projects utilize proof of work. Bitcoin, Ethereum, and many of the top 30 digital assets utilize the consensus mechanism. As the saying goes, ‘follow the money’, if the biggest and best projects utilize proof of work, it’s likely beneficial and as such, gives an investment a greater chance of paying off.

3. Tried and Tested

PoW has stood the test of time for more than 10 years. While new mechanisms are springing up constantly and promising phenomenal throughout and minuscule fees, few will actually enjoy mainstream adoption.

New mechanisms simply haven’t been tested as much as PoW which can lead to issues surrounding security and decentralization down the line. As such, PoW projects can make better long-term investments.

Conclusion

Throughout this guide, we’ve looked at some of the best proof of work coins on the market, explained what proof of work token is, and discussed how it stacks up to competing consensus mechanisms.

It is important to consider all the factors regarding Proof of Work (POW) coins. Some of the potential negative factors of POW include high energy consumption that can result in high bills and the requirement for expensive hardware to mine effectively.

FAQs

What coins use proof of work?

Is Bitcoin the only proof of work coin?

Is Ethereum a proof of work coin?

Is XRP proof of work?