When the popularity of cryptocurrencies started to grow, mining was one of the most profitable jobs in the world. Yet, many people are not sure if this industry is still profitable and perspective as before. Well, we need to give you two opposite answers – yes and no.
Your success as a miner depends on a lot of factors. First of all, it is important which crypto you plan to mine. It is not a secret that not all of them are equally popular. More importantly, some of them probably won’t achieve some larger success.
The second factor that has an impact on your success is how you mine. We have noticed that some people consider the mining as an easy way to make money. Nothing about mining is easy; it is quite the opposite. You need to educate yourself before becoming a professional miner.
Finally, your electricity bills have a strong impact on your further success. The price of the bills varies. It depends on where your farms or rings are located.
As you see, you need to think about many things before getting involved in this industry. Fortunately, we are here to help you with one thing. We want to highlight the most perspective crypto to mine in 2024.
Table of Contents
1. Bitcoin
The first place on our list goes to the most popular cryptocurrency in the world. Bitcoin is some sort of association for modern money. When people make the first steps in this industry, they usually start analyzing this currency.
Still, just because it is the most popular one, that doesn’t mean you will surely become rich. The competition in this field is tough and you truly need to be an expert to achieve some larger success. That’s why it is necessary to educate yourself before everything. We encourage you to visit bitcointalkshow.com and learn more about this amazing crypto.
However, we suppose that you are still a beginner. There are also some alternatives that you should know.
2. ZCash (ZEC)
This crypto is relatively new because it was released only 4 years ago. There are many reasons why this crypto gained popularity for such a short time. The transaction of this virtual currency is completely anonymous. This is one of the features that most of the users simply love. No one can track your transactions, which raises the level of security.
The algorithm of ZCash allows the usage of mining graphics cards. It uses the so-called “Proof-of-Work” algorithm. This is a good thing for new miners.
In 2017, this crypto was introduced in some of the most popular exchange platforms. That is another reason why it became more popular among users.
However, we are sure that the potential of this crypto will reveal during this year. We encourage you to read more about it.
P.S. The current value of 1 coin is around 57 dollars.
3. Monero (XMR)
This crypto is a bit older than the previous one. It was published for the first time in 2014. Since then, it has proved many times how viable and reliable this crypto is. There is one disadvantage that many users probably won’t like. Compared to ZCash, the fees are around 10 times higher.
Yet, would people use it if it isn’t profitable and good? Many users appreciate this crypto because of the highest level of anonymity.
The good thing is that Monero constantly tries to improve its algorithm. The developers are doing that because they want to reduce the chances of ASIC-mining. That means that users can mine this crypto on their CPU and GPU as well.
We want to give you a direct reason why this crypto has potential. First of all, it uses the CryptoNightV8 proof of work algorithm. Believe it or not, it generates 3.38 CMRs as a blog reward every TWO minutes. Honestly, we are not quite sure why this crypto hasn’t already reached some huge successes.
The value of one coin is nearly $90.
4. Ethereum Classic (ETC)
For mining of this crypto, you will need to have a couple of GPUs. The block reward is a bit higher compared to some other currencies. More precisely, it is 4 ETC. Yet, ETC might have some higher scarcity and inflation. However, despite that fact, it seems that this crypto will become the right choice in 2024.
If you plan to enjoy passive income, invest your money in AMD or Nvidia cards. That is everything you will have to do.
5. Litecoin (LTC)
Well, this crypto is great for the type of miners that are not able to afford some more expensive equipment for work. Investing in this cryptocurrency is probably the smartest move you can make. Many experts say that LTC is the best alternative to BTC. There are several reasons for that.
First of all, it is available on different exchanging platforms. Users will not need to look for ways to exchange this crypto for money. Despite that, it is less volatile than the majority of other cryptos.
We need to be direct and say that Litecoin is one of the best GPU mining coins. The reason why we say this is because it uses SCRYPT protocol. This means that users do not have to buy ASIC. Despite that, it is probably popular among users because of its high-speed transactions. It also has moderate transaction fees.
The value of one coin is currently around 86 dollars and it tends to grow this year. Believe it or not, the market cap of this cryptocurrency is 5.3 billion dollars! That is the reason why it would be unfair not to put it on the list of most perspective cryptos.
6. Dogecoin (DOGE)
We believe that even Billy Markus, the inventor of the Dogecoin, would not believe that this crypto will achieve success. He made it just for fun. Yet, after a couple of years, this crypto became the 29th world cryptocurrency with a market cup of $346 million.
Just like Litecoin, this crypto uses Scrypt protocol. Buying an expensive machine will be unnecessary this time. Yet, that doesn’t mean you should use your laptop for mining. We suggest you use GPU or CPU and enjoy your income.
The current value of 1 coin is 0.003 dollars. However, this doesn’t need to demotivate you. The popularity started to grow at the end of 2019. We are sure it will reach some huger success this year.