Cryptocurrency Mining is the process by which transactions on a decentralized network are secured, verified, and first recorded in a public ledger — called a blockchain. The blockchain is the real deal — it’s where Bitcoin, Ether, Litecoin, and many other crypto coins come to life (Note: I’m not saying they are alive!).
There are over a thousand cryptocurrencies that can be mined. Some capture your imagination through their unique use cases while others give you that warm and fuzzy feeling because they’re backed by some of the biggest companies in the world. In this blog, I’ll look at some of the best cryptocurrencies to mine in 2022 and what makes them special in which you can multiply your investment within a few months.
- Monero (XMR)
- Litecoin (LTC)
- Ethereum Classic (ETH)
- Ravencoin (RVN)
- Vertcoin (VTR)
- Cardano (ADA)
- Dash (DASH)
- Bitcoin Gold (BTG)
- Aeternity (AE)
- Monacoin (MONA)
Cryptocurrency Monero makes use of the RandomX hashing algorithm. It is based on the CryptoNote protocol, which holds the highest value of equity in cryptocurrency mining.
One of the best cryptocurrencies to mine in 2021 is Monero, which has a market cap of more than $3 billion. It is ranked 14th on the market list for cryptocurrencies and, like Verticoin, is resistant to ASICs.
The best part is that setting up a mining rig for this cryptocurrency is simple. You just need to buy the wallet and mining equipment, and you’re ready to set it up. Additionally, this cryptocurrency’s block time is 2 minutes, but the maximum supply is not specified.
|Current Mining reward||2.15 XMR/block|
|Current Price 2022||$456.56|
Open-source software project Litecoin was made available under the MIT/X11 license. In October 2011, a peer-to-peer cryptocurrency called it was launched. It is identical to Bitcoin technically.
Since Litecoin is a reliable cryptocurrency used by a wide range of users, mining it is never a bad idea. Additionally, it uses the SCRYPT protocol, which eliminates the need for ASIC chips and makes GPU mining simple.
Additionally, it is more easily exchangeable on a variety of platforms due to its lower volatility compared to other altcoins. Additionally, it is a fast coin with low transaction costs.
|ROI since launch||743.42%|
|Current Price 2022||$359.08|
|Block Mining Reward||12.5 LTC|
A cryptocurrency called Ethereum Classic seeks to preserve the original Ethereum blockchain. This amazing cryptocurrency platform went live in July 2016. The market capitalization of the company is currently over $13 billion. The supply of coins for this cryptocurrency has recently been capped at 210 million.
The list of the top cryptocurrencies in the world places it at number 16. With support for DApps and Smart Contracts, Ethereum Classic uses a modified version of Ethereum’s Ethash mining algorithm called EtcHash.
Getting a wallet and a graphics card that supports this cryptocurrency is all you need to get started mining it. Additionally, this cryptocurrency’s block time is shorter than another, which is roughly 13 seconds.
|ROI since launch||525.52%|
|Current Price 2022||$292.10|
|Block Mining Reward||3.2 ETC|
One of the most high-paying coins to mine is RavenCoin, which primarily focuses on making mining decentralized. It was given the name after the tiny blackbirds found in George R.R. Martin’s Game of Thrones, a fictional setting.
The launch of this cryptocurrency was on January 3, 2018. (at the ninth anniversary of Bitcoin). The coin was created with instant payments in mind. The creators of this coin introduced some magnificent features in 2019 including messaging support, a mobile wallet with a seed phrase, improved compatibility, RVN voting, etc.
The main goal of RavenCoin is to build a blockchain that is best suited for asset transfers from one person to another.
|ROI since launch||39%|
|Current Price 2022||$0.1634|
|Block Mining Reward||5,000 RVN|
Vertcoin is the best coin to mine if that’s what you’re looking for. The Lyra2RE proof-of-work algorithm is used by this cryptocurrency to validate transactions. The coin belongs to the group of coins that can be mined using GPUs and is resistant to ASIC technology.
Being ASIC resistant demonstrates that Vertcoin’s creators did not decide to impose mining restrictions on this coin. This increased the likelihood that this cryptocurrency would be distributed fairly throughout the world without being under the control of ASIC mining companies and pools.
Based on your computing power, Vertcoin has two pools named Network 1 and Network 2. Choose Network 1 if you have more than two graphic cards. Alternatively, choose Network 2 if you have two graphics cards or fewer.
|Current Price 2022||$1.32|
Cardano is a strong cryptocurrency with a very promising future. The cryptocurrency offers a seamless user experience thanks to its flexible network and quick transactions. Scalability, sustainability, and interoperability are also some of its USPs.
By investing in Cardano through trading, mining, and ETFs, one can earn a sizable profit. It is primarily a programmable blockchain with the potential to outperform Litecoin and Ethereum.
Cardano can act as a foundation for different software and virtual currencies. ADA also offers products for identity management and product tracing. Additionally, it makes use of Ouroboros, which supports the creation of blocks and the validation of transactions on its blockchain.
|Market Dominance||– 2.64%|
|Market Capitalization||– 0.03734|
|Current Price 2022||$1.26|
Dash is a combination of the words digital and cash. As Xcoin, the coin was launched in January 2014. It changed its name after a few days to Darkcoin before being renamed “Dash” in March 2015.
Dash is open-source crypto that gives users the flexibility to spend and transfer money whenever they want. The primary goal of this coin is to guarantee quick and secure money transfer transactions via PrivateSend and InstaSend throughout the world.
This currency was created by forking Litecoin, which in turn was created by forking the Bitcoin protocol. A decentralized autonomous organization run by master nodes is another aspect of this cryptocurrency (a subset of its users).
The best Dash ASIC miner at this time is the Bitmain Antminer A3.
This coin is one of the most lucrative to mine, so mining it can be extremely profitable in 2022. The profitability of mining, however, heavily depends on the hash rate of your mining device, the cost of electricity, and the network range at your location.
|ROI since launch||>9000%|
|Current Price 2022||$422.38|
A fork of Bitcoin called Bitcoin Gold was created to support blockchain scaling. It promoted the use of the so-called proof-of-work Equihash algorithm to make sure that big miners, particularly those using ASICs, weren’t given an advantage in the mining process.
In contrast to Bitcoin, it also uses replay protection and exclusive wallet addresses to boost data security. The coin is listed on a large number of cryptocurrency exchanges, but as of this month, there are still fewer than 100 nodes that can be reached. Germany and the United States have most of those nodes.
The goal of Bitcoin Gold will be accomplished by converting that thermodynamic energy into digital assets. So, if you’re considering starting to mine cryptocurrencies, go for it!
|Algorithm||Proof of work Equihash-BTG algorithm|
|ROI since launch||-96.93%|
|Current Price 2022||$118.7|
The ability to launch and operate decentralized applications or smart contracts scaling through state channels makes Aeternity one of the most profitable cryptocurrencies to mine.
Users can create and run decentralized applications that scale through state channels using Aeternity. Running smart contracts off the chain is possible. Decentralized finance, payments, loans, shares, identity, voting and governance, IoT, and gaming are some of its use-cases.
Tokens that are fungible, non-fungible, restricted fungible and constricted non-fungible have all been created using it. The goal of the coin’s launch was to make dApps, smart contracts, sharding, and off-chain contracts more scalable.
|Algorithm||CuckooCycle proof of work algorithm|
|Market Capitalization||– 0.1462|
|Network Hashrate||– 28.48 Gps|
|Current Price 2022||$0.1035|
Monacoin was established in December of 2013 and has a thriving community in Japan. It is a meme coin similar to Dogecoin.
To mine this cryptocurrency, miners don’t need ASIC machines. The best part is that, in contrast to other heavy coins, this coin’s mining requires little investment. Plus, it only takes about two minutes to mine 1 block and earn a reward (1.5 minutes).
A variety of software, including XMR Stak, CCMiner, Suprnova, CGMiner, and Lyra2REv2, can be used to mine Monacoin.
|Market Capitalization||– 0.01586|
|Current Price 2022||$1.33|
Calculators for Mining Profitability
It’s crucial to use a mining profitability calculator to assess the profitability of each cryptocurrency as you consider which one is the best to mine.
The following steps will make it simple for you to compare with the profitability calculator like NiceHash and find the best coin to mine:
- You can check the rate of each GPU, CPU, or ASIC chip after entering the overall hashing power of your mining rigs. All of them can be verified using a non-specialized hardware comparison.
- The total power used by your rigs in watts must be entered next.
- Next, enter your electricity cost in kw/hr. Ask your electricity provider if you are unsure of the per-kW prices.
Enter the cost if you have joined the paid mining pool.
The mining calculator will determine the net profit you can expect to make each day, month, or the year after subtracting all of these costs. Yes, it is simple.
In conclusion, the best cryptocurrencies and coins to mine right now are those that provide affordable mining options. Starting a mine should be less expensive. Monero and Ravencoin will be good choices if you’re looking for the least expensive cryptocurrency to mine. For instance, CPUs with standard computer hardware resources can be used to mine Monero.
However, if you’re looking for the most lucrative cryptocurrencies to mine, Bitcoin and Ethereum should be at the top of your list.
The majority of cryptocurrencies require at least a GPU to mine them, but the most lucrative ones demand an investment in ASICs. It might be pricey. However, once you have the necessary mining equipment and software, I advise mining on a cryptocurrency mining pool.
Before you begin mining any cryptocurrency, I advise doing your research to better understand the components. Even if you are skilled at GPU crypto mining, it does not guarantee that you will be successful. Additionally, you might incur a significant loss.
Keep in mind that there are risks associated with the world of cryptocurrency because the values of each coin are unstable and subject to significant fluctuations at any time, under any conditions!
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