Top 10 Cryptocurrencies: In 2024, mining cryptocurrency will not yield the same profits it did in the past. Nowadays, profit margins are slim, and investing in pricey mining equipment is impractical if you can’t get your hands on cheap electricity.
Plus, with current cryptocurrency prices being so high, even the most powerful ASIC miners would have a hard time making a profit if market valuations take a little nosedive. Miners with the proper gear and access to cheap electricity may profitably mine several cryptocurrencies that depend on the Proof-of-Work (PoW) network. Here, we will examine the top cryptocurrencies to mine in 2024 and analyze their earning potential.
Methodology
Before we can move forward, we need to define the parameters that guided our report. For this study, we used a power cost of $0.10/kWh and gathered cryptocurrency pricing data on July 3, 2024. We sourced the profit margins from WhatToMine, an industry-leading platform that monitors the efficiency and expenditure of cryptocurrency mining equipment. Lastly, when selecting the mining equipment to compare, we emphasized the most lucrative miners for each mining algorithm, ranging from kHeavyHash to Ethash.
If you want to know how profitable certain cryptocurrencies are, choose miners that generate the highest profit rate currently available. Building your own ASIC miner isn’t an option. Surprisingly, most miners would have to wait a long time before they start producing money, making them a bad investment for most individual miners. Having said that, if you have a robust mining machine, you can disregard the day-to-day profitability rate and focus just on profitability. This has the potential to alter the equation entirely, turning mining into an efficient method of passive income generation.
The best crypto to mine: Examining the ten most profitable options
In the following sections, we will more closely examine each of the most profitable coins to mine.
1. Kaspa (KAS)
A new cryptocurrency, Kaspa, makes waves with lightning-fast block speeds and impressive scalability. Miners like it because it uses the kHeavyHash algorithm, which is geared for efficiency and performance. Bitmain Antminer KS5 Pro miners have the potential to make $76.99 each day. Kaspa is among the best options for making money in 2024, even with a hefty starting cost of $10,500. The miner turns a profit in just 136 days.
- Algorithm: kHeavyHash
- Daily Mining Profit: $76.99
- Miner Used: Bitmain Antminer KS5 Pro
- Cost of Miner: $10,500
- Days to Profitability: 136
2. Dogecoin (DOGE)
Over the past decade, Dogecoin—which started as a joke—has grown into a formidable competitor in the cryptocurrency market. Mining with Litecoin is possible since it employs the Scrypt algorithm. Miners may make $17.72 daily using the Bitmain Antminer L9, the successor to the popular Antminer L7. The miner has a price tag of $6,629, but it will take around 374 days before it breaks even. The strong community support and widespread adoption of Dogecoin make it an attractive option for miners.
- Algorithm: Scrypt
- Daily Mining Profit: $17.72
- Miner Used: Bitmain Antminer L9
- Cost of Miner: $6,629
- Days to Profitability: 374
3. Bitcoin (BTC)
Despite reduced daily income compared to other coins, Bitcoin, the largest and oldest cryptocurrency, continues to be a staple for miners. It uses the well-known and secure SHA-256 algorithm. Miners may make $2.89 every day using the Bitmain Antminer S21 Hydro. It will take around 1937 days to profit, which is quite a while considering the miner costs $5,599. Bitcoin is a trustworthy yet long-term mining venture because of its established network and value retention.
- Algorithm: SHA-256
- Daily Mining Profit: $2.89
- Miner Used: Bitmain Antminer S21 Hydro
- Cost of Miner: $5,599
- Days to Profitability: 1937
4. Peercoin (PPC)
With an eye toward security and energy efficiency, Peercoin provides a novel combination of proof-of-stake and proof-of-work algorithms. Its algorithm is identical to Bitcoin’s SHA-256. One of the best ASIC machines for mining Peercoin is the Antminer S21 Hydro, which can earn you $2.68 daily. Profitability is attained in approximately 2089 days with a mining cost of $5,599. Peercoin’s dual system could be the deciding factor for miners seeking a safe and sustainable choice.
- Algorithm: SHA-256
- Daily Mining Profit: $2.68
- Miner Used: Bitmain Antminer S21 Hydro
- Cost of Miner: $5,599
- Days to Profitability: 2089
5. eCash (XEC)
eCash focuses on being an efficient digital payment solution, leveraging the SHA-256 algorithm. Miners using the Bitmain Antminer S21 Hydro can expect to earn $2.52 daily. The miner, costing $5,599, reaches profitability in over 2200 days. eCash’s emphasis on transactional efficiency and low fees makes it an intriguing option for those waiting for the Top 10 Cryptocurrencies.
- Algorithm: SHA-256
- Daily Mining Profit: $2.52
- Miner Used: Bitmain Antminer S21 Hydro
- Cost of Miner: $5,599
- Days to Profitability: 2222
6. Monero (XMR)
The anonymity it provides during transactions is one of Monero’s standout privacy features. Because it employs the RandomX algorithm—which is intentionally resistant to ASICs—CPU miners will benefit. You may earn $2.49 daily with the Antminer X5, a miner made just for RandomX. Profitability is anticipated in approximately 1,149 days for miners, with a cost of $2,860. The privacy-focused nature of Monero makes it appealing to consumers and miners who value anonymity.
Also Read: Market Analysis and Earnings of Crypto Minning
- Algorithm: RandomX
- Daily Mining Profit: $2.49
- Miner Used: Bitmain Antminer X5
- Cost of Miner: $2,860
- Days to Profitability: 1149
7. Horizen (ZEN)
Horizon offers a strong foundation for decentralized apps with improved privacy. It is one of the top 10 Cryptocurrencies. It uses the Equihash algorithm, which works well with GPUs and ASICs for mining. Miners using the Antminer Z15 Pro can earn daily earnings of $2.03. With an initial investment of $2,000, the miner will turn a profit in around 985 days. Horizon is a flexible choice for miners who want to offer a wide range of applications because of its focus on privacy and scalability.
- Algorithm: Equihash
- Daily Mining Profit: $2.03
- Miner Used: Bitmain Antminer Z15 Pro
- Cost of Miner: $2,000
- Days to Profitability: 985
8. Zcash (ZEC)
Verifying a transaction in Zcash does not expose any information regarding the sender, receiver, or amount because of its advanced privacy measures that utilize zero-knowledge proofs. In addition, the Equihash algorithm is used. Bitmain Antminer Z15 Pro miners can make $1.69 every day. With a price tag of $2,000, the miner needs around 1,183 days to turn a profit. The community and Electric Coin Company are working to improve Zcash, and the cryptocurrency offers strong privacy guarantees.
- Algorithm: Equihash
- Daily Mining Profit: $1.69
- Miner Used: Bitmain Antminer Z15 Pro
- Cost of Miner: $2,000
- Days to Profitability: 1183
9. Ethereum PoW (ETHW)
Following the network’s switch to proof-of-stake in 2022 due to The Merge, Ethereum PoW maintains the original proof-of-work method. The memory-intensive Ethash algorithm is used. You can make $1.50 daily using the Bitmain Antminer E9 Pro to mine. At the current exchange rate, the miner has a profitability period of around 1667 days and costs $2,500. The PoW algorithm powers Ethereum’s decentralized application ecosystem, which continues to provide value to miners through ETHW.
- Algorithm: Ethash
- Daily Mining Profit: $1.50
- Miner Used: Bitmain Antminer E9 Pro
- Cost of Miner: $2,500
- Days to Profitability: 1667
10. Ethereum Classic (ETC)
With an emphasis on decentralization and immutability, Ethereum Classic preserves the original Ethereum blockchain. It is also Ethash-based. With the Bitmain Antminer E9 Pro, you can mine Ethereum for $1.19 daily. After purchasing the miner, which costs $2,500, it takes about 2101 days to turn a profit. Ethereum Classic is the way for those who value decentralization and authenticity because it stays true to the original Ethereum goal.
- Algorithm: Ethash
- Daily Mining Profit: $1.19
- Miner Used: Bitmain Antminer E9 Pro
- Cost of Miner: $2,500
- Days to Profitability: 2101
Final Thought
We have compiled a list of the top cryptocurrencies for miners to benefit from as of July 2024. You can see that most of them demand a significant upfront cost and don’t provide particularly great returns, though. Before determining if buying an ASIC miner is worth it, you must also consider how much power will cost. This article’s calculations were based on the assumption that the energy cost is $0.10/kWh. The entire equation, though, alters drastically without inexpensive power. For instance, except for kHeavyHash-specific miners, almost all miners become unprofitable if we take the widely-used assumption of $0.30/kWh for electricity costs.
