To mine or not to mine? In case you ask yourself such a question, perhaps, you haven’t find the perfect coin for you yet. Bitcoin is not the only mineable coin that helps you to make a profit. Changelly lists more than 160 coins and we know what we are talking about. We’ve prepared a list of ‘10 most profitable mineable coins’ that is going to show there is a bunch of great altcoins for profitable mining in 2021.
Estimate Profitability First
Miners are now smarter and way more experienced in crypto. They prefer mining the most promising cryptocurrencies only as there’re done wasting hash power, time, and investments on new coins with a low trading volume. Nevertheless, there are always a sufficient number of enthusiasts to support a new crypto project by mining or minting blocks and confirming transactions hoping for a future take-off to the Moon.
Before we start enlisting most profitable coins, let’s find out what defines crypto mining profitability:
Price of Cryptocurrency. The law is simple: the more expensive a coin is, the more profitable mining should be. It’s true only for short-term investments. If you’re patient enough, you can mine a promising coin and wait till the price grows.
Block reward & Halvings. What makes cryptocurrency mining 2020 less profitable than before is halving of rewards. The next BTC halving will take place in 2020 making it even less attractive. Make your own research to calculate whether your investment in mining equipment will be compensated by the amount of coins mined.
Time of block generation. The more blocks are generated by the network, the higher the chance of getting rewarded for a found block.
Mining difficulty and hash rate. Both GPU and CPU mining 2020 is quite challenging due to a high number of miners involved. However, it’s still possible to find a niche coin where you can make a decent profit without suffering from the competition. Find out most profitable algorithms & coins to mine on WhatToMine.com
Equipment efficiency. It depends on your budget and current difficulty of a coin, so choose accordingly. Theoretically, the power of mining equipment should be continuously increased, but in reality, it’s too expensive to invest in GPUs all the time.
The cost of electricity. This is the most important when calculating the profitability of cryptocurrency mining. You can find a list of countries with the cheapest electricity bills below.
The following table shows how ETH mining profitability fell during a couple of years:
How to Choose the Best Coin to Mine in 2020?
Even if you use the best GPU for mining 2020 and plan to mine thousands of coins, think how and where you will use them. There are a few aspects that matter:
The possibility of withdrawing to fiat. Find the exchange platforms allowing you to convert the newly mined coins to fiat or buy some popular tokens like ETH or BTC. Don’t forget about the exchange fees.
Which exchanges support the coin? When it comes to unpopular or low-quality coins, some of them can only be withdrawn to the internal wallet of crypto exchanges. Exchanges with a low level of popularity are forced to work with shitcoins (even if mining seems profitable) and rely on large commissions as the only way to survive. In this case, the miner will be forced to give a serious share of the earned only for withdrawal.
Make sure it’s legal. Some countries have pretty strict regulations concerning cryptocurrency mining. If it’s totally banned in your country – better avoid the risk. In some countries, authorities pay particular attention to the cryptocurrencies with a high level of anonymity because they serve as a perfect money-laundering tool and allow for illegal trading. Make sure you won’t have any legal issues after mining a new coin. If it seems unrealistic to mine the coin in your residence, you can always just purchase and trade crypto.
Now when you’ve decided which cryptocurrency to mine, evaluate the long-term use of the purchased equipment. The problem is that the complexity of mining is growing very quickly and mining equipment is always doomed to lose its value.
Top-10 Best Altcoins to Mine in 2020
In this list, we have gathered cryptocurrencies that are widely available for mining: you don’t have to build the entire mining farm to start earning. Each coin has tons of potential, so cryptocurrency profitability shouldn’t be a big concern.
1. Grin (GRIN) – Best for GPU mining
Grin is a relatively new cryptocurrency based on the MimbleWimble protocol, which ensures the privacy of transactions within the network.
Grin has unlimited coins, which is certainly attractive for miners. The complexity of mining changes dynamically in accordance with the hash of the network. The coin uses the so-called Cuckoo Cycle concept. On January 16, 2020, Grin met its second hardfork and introduced a new Cuckaroom-29 algorithm. The next hardfork is scheduled on 16th July 2020.
GRIN can be mined through three algorithms: CuckARood-29, CuckAToo-31, and Cuckaroom-29. Those miners who want to keep mining Grin via CuckARood-29 have to update their software.
The coin is traded on various crypto exchanges, including the famous Poloniex, HitBTC, Bittrex, OKEx, and KUCoin.
Algorithm: Proof-of-Work Hashing Function: CuckARood-29, CuckAToo-31, Cuckaroom-29 ROI since launch: -95.43% Curr. Price: $0.45 USD Mining Reward: 60 GRIN per block http://grin.mw
2. ZCash (ZEC)
ZCash (ZeroCash) was released in October 2016. Its algorithm allows using mining graphics cards. ZCash is completely anonymous in transactions. It is impossible to track them. Many people really like this feature.
The commission for ZCash transactions is negligible, so it’s absolutely convenient for trading and selling.
In 2017, ZCash was massively introduced to popular exchange platforms. Yet, the coin is greatly underestimated and, most likely, will reveal its potential only in 2020.
Algorithm: Proof-of-Work Hashing Function: Equihash ROI since launch: -99.29% Curr. Price: $30.43 USD Block Mining Reward: 10 ZEC https://z.cash/
3. RavenCoin (RVN)
This Bitcoin hardfork appeared in 2018, and already boasts high liquidity. Today, it’s #55 world cryptocurrency with the market cap over $78 mln. In 2019, developers added a set of new great features (messaging, voting with RVN, better compatibility, mobile wallet with seed phrase).
RavenCoin can be easily exchanged on many different platforms. In its essence, it’s a P2P blockchain that serves for efficient and fast transfer of assets from one person to another. It focuses on asset transfer on the basis of Ethereum and Bitcoin. Why RavenCoin is recommended for miners? It uses X16R algorithm and KawPoW protocol.
Algorithm: KawPoW Hashing Function: X16R ROI since launch: 39% Curr. Price: $0.0138 USD Block Mining Reward: 5,000 RVN https://ravencoin.org/
4. Monero (XMR)
Existing on the market since 2014, Monero has proved to be reliable and viable. Monero provides an exceptional level of anonymity. In 2019, Monero switched the CryptoNote algorithm to a more complex RandomX. Today, it’s one of the best coins for CPU mining.
“The Cryptonote series of algorithm that we’ve been using for a long time [have] been relatively simple. Pretty easy for someone to just pick up and grab, re-implement and understand. The new RandomX series is definitely a lot more complex […],” said the new lead maintainer of Monero, Alexander Blair.
The coin keeps altering its algorithm to prevent the possibility of ASIC-mining.
Monero (XMR) stands firmly among the most profitable cryptocurrencies to mine in 2020.
Algorithm: Proof-of-Work Hashing Function: RandomX ROI since launch: 1,490.68% Curr. Price: $39.29 USD Block Mining Reward: 1.73 XMR https://getmonero.org/home
5. Ethereum Classic (ETC)
Technically, Ethereum Classic is considered to be an authentic Ethereum blockchain that maintains the original history of the whole Ethereum network. Due to the notorious DAO event in 2016, Ethereum saw two ways of further development of the network. Those developers who followed the ‘Code is Law’ rule stayed to maintain the proper work of the unaltered network (Ethereum classic). Others preferred to develop Ethereum without dark DAO memories.
In accordance with Ethereum Classic monetary policy, the ETC network reduces the block reward every 5,000,000 blocks. The latest reduction took place in March 2020 and the block reward was cut from 4 ETH to 3.2 ETH. Nevertheless, ETC mining is still profitable.
If you can allow buying more or less expensive GPU, try mining Litecoin – all in all, this is one of the most successful Bitcoin hard forks. Why Litecoin?
It can be easily exchanged on a variety of platforms.
It’s less volatile than many other altcoins.
It’s one of the best GPU mining coins – you don’t have to buy ASIC because it uses SCRYPT protocol.
High speed and moderate transaction fees.
The top-10 world cryptocurrency with a $2.3 bln market cap, Litecoin will never be a wrong decision.
Algorithm: Proof-of-Work Hashing Function: Scrypt ROI since launch: 743.42% Curr. Price: $36.27 USD Block Mining Reward: 12.5 LTC https://litecoin.org/
7. Bitcoin Gold (BTG)
Another great cryptocurrency to mine in 2020, Bitcoin Gold was created specifically for GPU mining. It’s ranked as 39th world cryptocurrency with its $125 mln market cap.
One of the main reasons to try Bitcoin Gold is stability. Although it didn’t grow during 2019, it’s appeared to be less volatile than other altcoins. The coin has avoided being affected by the bearish trend this year – it’s a good sign.
Algorithm: Proof-of-Work Hashing Function: Zhash ROI since launch: -98.52% Curr. Price: $7.11 USD Block Mining Reward: 12.5 BTG https://bitcoingold.org/
8. DASH (DASH)
Dash describes itself as digital cash in the world of cryptocurrencies. It enables swift and secure transactions around the globe via InstanSend and PrivateSend.
The best DASH ASIC miner is considered to be Antminer D3 produced by Bitmain. Is it profitable to mine DASH in 2020? It quite is. However, don’t forget that the mining profitability depends on the hashrate of your mining device, network difficulty and electricity costs of your region.
Algorithm: Proof-of-Work Hashing Function: X11 ROI since launch: >9000% Curr. Price: $65.74 USD Block Mining Reward: 3.11 DASH https://www.dash.org/
9. Dogecoin (DOGE)
The creation of Billy Markus, Dogecoin cryptocurrency was made just for fun, but it suddenly became popular and now is #33 world cryptocurrency with a $219 mln market cap! Like Litecoin, it uses Scrypt protocol, so you don’t have to use very expensive machines to add DOGE to your portfolio.
However, it doesn’t mean you should use your laptop for mining. Dogecoin is highly popular, so is its mining difficulty. Use a CPU/GPU to enjoy steady performance and income.
Algorithm: Proof-of-Work Hashing Function: Scrypt ROI since launch: 216.51% Curr. Price: $0.001769 USD Block Mining Reward: 10,000 DOGE http://dogecoin.com/
10. Ethereum (ETH)
In 2019, Ethereum has managed to get its second place back, and the price of the coin is expected to grow after the reduction of reward from 3 to 2 ETH. As a result, a decrease in supply, if there is demand, usually flows into an increase in value.
JoeTechnologist creator Joe Rachinski claims ETH will cost $ 1,200 by the end of 2019. As we can see in 2020, this prediction didn’t work. Still, Nigel Green believes ETH will someday cost $ 2,500. This will be facilitated by increased demand for digital currencies, the popularity of smart contracts and the decentralization of cloud computing.
Algorithm: Proof-of-Work Hashing Function: Ethash ROI since launch: 4,352.08% Curr. Price: $126.07 USD Block Mining Reward: 2 ETH https://www.ethereum.org/
Bitcoin (BTC) – The King
Bitcoin remains the king of cryptocurrencies with a current dominance index of 64.5% according to CoinMarketCap. A recent survey from a well-known crypto-community influencer @hodlonaut, more than 60% of cryptocurrency holders assign more than 75% of their portfolio to Bitcoin (BTC). It is a brand and has its own unique currency symbol – ₿.
Moreover, the “2020 BTC block reward halving” is coming soon and will reduce the reward for the mined block from 12.5 to 6.25 bitcoins. A decrease in production, as a basic rule, means an increase in the value of the asset, especially with that constantly growing demand. There is still enough time to start mining some bitcoins.
It is important to understand that despite all the positive aspects, Bitcoin mining remains an extremely competitive market and the situation will only worsen in this sense. Be prepared to invest enough in mining equipment, technical support, and to pay some huge electricity bills.
Also, Bitcoin mining is dominated by ASIC mining machines for several years already. Do not even try to get involved in mining it on a CPU or GPU.
Algorithm: Proof-of-Work Hashing Function: SHA-256 ROI since launch: 8.215.50% Curr. Price: $ 5,996.36 USD Block Mining Reward: 12.5 BTC https://bitcoin.org/
By the way, if you have a pretty moderate amount of mining power, you can increase your crypto mining profitability by joining a mining pool (mine together with others and share profit). Here are platforms allowing for it:
Is crypto mining worth it? Absolutely yes, if you calculate all investments and earnings beforehand and make up a thorough plan. Your budget should correspond with what you’re going to mine. The more popular and expensive a cryptocurrency is, the more powerful equipment is required.
On whattomine, you can calculate the average CPU or GPU mining profitability.
Read to the end? If now you doubt that mining is a good idea for you, just buy any cryptocurrency via Changelly. We provide the best and fixed rates for fast and easy transactions.