10 Most Profitable Cryptocurrency To Mine in 2023

Welcome back Antminer L7 blog! Cryptocurrency mining is a process that involves validating transactions and adding them to the blockchain while earning rewards in the form of newly minted coins. Mining can be done using various computer components, such as CPUs, GPUs, or ASICs, and it offers the potential for profitability. In this blog post, we will explore some of the best cryptocurrencies to mine and provide insights into their mining prospects. Whether you are a seasoned miner or new to the world of cryptocurrency mining, this guide will help you identify promising options and make informed decisions to maximize your mining profits.

What Is Cryptocurrency Mining?

Simply put, cryptocurrency mining is the process that involves solving complex mathematical equations, so as to validate the various cryptocurrency transactions. For each new cryptocurrency that is mined, the people involved in making it possible are rewarded a fraction of that currency. As against popular belief, mining of a cryptocurrency doesn’t imply the creation of a new coin, however, it means the release of one from the overall supply. 

The majority of the crypto products in the market today have a limited number of coins that will be released over the years, increasing their value, as they become rarer. The biggest reason why crypto mining exists is to resolve the biggest issue associated with such currencies which is double-spending.

Crypto mining can be done using three distinct types of computer components–CPU (Central Processing Unit), GPU (Graphics Processing Unit or Graphics Cards) or ASIC (Application-Specific Integrated Circuit)–depending upon the extent of investment you’re willing to make. Furthermore, you can take three broad approaches–‘Solo’ mining, which is mining at an individual level; ‘Pool’ mining, wherein multiple miners join a pool to increase the computational power of a server; and ‘Cloud’ mining which does away with the need of investing into mining equipment and rather opt for rented computing power. Nowadays, it’s also possible to mine cryptocurrencies using one’s mobile phone, by lending its computing power to a pertinent-app. 

Best Cryptocurrency To Mine

Here is a list of 10 cryptocurrencies that definitely deserve a look from anyone interested in crypto mining.  

Bitcoin (BTC)

Despite the rise of altcoins and various other cryptocurrencies, Bitcoin has retained its value as the star of the crypto market. You can mine Bitcoin using powerful ASIC computers and compete with other miners to validate its blocks. Though there is a lot of competition in Bitcoin mining, you can still earn a good profit by joining a mining pool. 

At the time of writing, 1 Bitcoin is $21,436.36. Its market cap is $409,207,323,472, and a circulating supply of 19,078,293.00 BTC. The current hash rate of Bitcoin is 197.04 EH/s. You have to follow the Proof-of-Work mechanism for mining Bitcoin. 

Ravencoin (RVN)

Ravencoin uses a peer-to-peer network to facilitate the transfer or trading of assets from one party to another. It is based on a Bitcoin fork and is purely based on the community with no master nodes or ICO. Examples of customers include Medici Ventures who at one time completed a $3.6 million securities token transfer using the coin’s blockchain. Medici Ventures, which is owned by Overstock.com, is also a funder of this project.

Litecoin (LTC)

Litecoin is an open-source software project released under MIT/X11 license. It is a peer-to-peer cryptocurrency established in October 2011. Technically, it is identical to Bitcoin.

Mining Litecoin will never be a wrong decision as it is a robust cryptocurrency used by a comprehensive range of users.  It uses a hashing algorithm called Scrypt that requires specifically designed mining software and hardware. Antminer L7 is the most profitable Litecoin ASIC miner in today’s market.

Besides, it is less volatile than other altcoins, making it easily exchangeable on a wide array of platforms. Furthermore, it is a high-speed coin with lower transaction fees.

Read more: How Do You Mine Litecoin (LTC)? Ultimate Guide

ZCash (ZEC)

ZCash is a cryptocurrency that is perfect for individual miners. You can mine on this blockchain using GPU systems and the EWBF Zcash Miner Windows miner. You can also mine using CPUs which makes it very beginner-friendly.

 As it is ASIC-resistant, this blockchain will have less competition and be easier to mine. You can also use GUI miner, console & Android mining app. Each block takes 75 seconds to mine, and you get a reward of 3.125 ZECs.

Ethereum Classic (ETC)

Ethereum Classic is a cryptocurrency aiming to maintain the original Ethereum blockchain. This spectacular crypto platform was launched in July 2016.

It stands at 16^th in the list of top cryptocurrencies in the world. Ethereum Classic is a modified version of Ethereum’s Ethash mining algorithm called EtcHash, supporting the DApps and Smart Contracts.

It is pretty simple to start mining this Cryptocurrency just by acquiring the wallet and a graphic card supporting this Cryptocurrency. In addition, the block time for this crypto is less than another crypto which is around 13 seconds.

Monero (XMR)

Monero is a cryptocurrency that uses the RandomX hash function. It is based on the CryptoNote protocol holding the utmost significance of equity in mining crypto. It is ranked 14^th in the cryptocurrency market list, which is also ASIC-resistant, similar to Verticoin.

The best part is that it is easy to set up a mining rig for this crypto. You just need to acquire the mining hardware along with the wallet, and you are all set to configure it.

In addition, the block time of this crypto is 2 minutes, whereas the maximum supply is not mentioned.

Grin (GRIN)

Unlike Bitcoin, grin does not have a limited supply which makes it attractive for miners. Grin was recently launched in 2019, allowing crypto users to mine without large investments. Besides, this Cryptocurrency has chosen to execute the Cuckoo cycle mining to be ASIC-resistant.

The process followed in Grid does not allow any residual transaction information on the network enforcing its privacy in the long run.

Grin is a lightweight application of the protocol that aims to be more scalable and less storage intensive than other privacy coins.

Dash (DASH)

Dash is a combination of word digital and cash. The coin was released in January 2014 as Xcoin. After a few days, it changed its name to Darkcoin before finally being renamed ‘Dash’ in March 2015.

Dash is an open-source cryptocurrency providing users with the freedom to spend anywhere and move their money anytime they want. The main objective of this coin is to ensure seamless and secure money transfer transactions around the globe via PrivateSend and InstaSend.

This coin was forked from Litecoin, and Litceoicn was forked from the Bitcoin protocol. In addition, this crypto is also a decentralized autonomous organization run by master nodes (a subset of its users).

So far, Antminer A3produced by Bitmain is considered the best Dash ASIC miner.

It can be immensely profitable to mine this coin in 2021 as it is one of the most profitable coins to mine. However, it is imperative to ensure the hash rate of your mining device, electricity cost, and network range at your location as the mining profitability extremely depends upon these factors.

Dogecoin (DOGE)

Dogecoin is a cryptocurrency made for fun with the symbol of the dog by Billy Markus. This Cryptocurrency is well ahead in the altcoin rally, which has broken many records and does not show any signs of slowing down.

Primarily, it is a fully functional cryptocurrency that can store value and be used for transactions. In May 2021, its Price surged to $0.558, which was just 0.00026 in December 2020. The coin has no supply cap, which means it is not considered a hedge against inflation.

It uses Scrypt protocol similar to Litecoin, which means you can also mine Dogecoin with Antminer L7.

Read more: Litecoin & Dogecoin Merged Mining With Antminer L7

Bitcoin Gold (BTG)

GPU mining is incomplete without mentioning Bitcoin Gold. It is one of the best cryptocurrencies to mine using GPU launched to get rid of ASICs. Apart from kicking out ASIC miners, it also involves a minimal investment, unlike other altcoins.

The primary aim of this crypto was to lower the risk for the miner. The approach of Bitcoin Gold developers was to minimize the risk so as the investors need not throw away BTG Antminer even if the Cryptocurrency’s Price comes down drastically. The best part is you can direct your hash power to any coin you desire.

The objective of Bitcoin Gold to transform that thermodynamic energy into digital assets will be fulfilled. Thus, if you are thinking of starting mining a cryptocurrency, go for it!

How To Mine Cryptocurrency

It is easy to earn money from mining given that all you need is connecting a GPU, CPU, or ASIC miner to a mining pool.

Mining pools allow many miners to combine the hash rate or computer processing power and so increase the chances of winning block verification. This is because the verification process is itself a competition in which many miners are competing to verify a block. Only the winning miner wins the specified rewards.

This tutorial contains a list of the best cryptocurrencies to mine now and win top rewards. Besides including the most profitable and easiest cryptocurrency to mine, the tutorial discusses the tools and software you need to mine each cryptocurrency. This helps those looking for information on how to mine cryptocurrencies.

Is Cryptocurrency Mining Profitable?

The hardware, power requirements and costs involved in mining popular proof-of-work cryptocurrencies like Bitcoin don’t make it profitable anymore, unless of course, you’re a corporate entity willing to invest millions of dollars. However, the lesser-known Proof of Work cryptos still have plenty of mining potential and can take you places if you get in at the right time! Please remember, there are various other considerations like current market price, block rewards, hash rates, possible halving etc. which must also be factored in before going ahead with such an endeavour. 

It also behoves us to acknowledge the competition between Proof of Stake (PoS) and Proof of Work (PoW) cryptocurrencies. Now, when it’s possible to generate revenues from validating transactions by simply staking coins, not everyone would want to mine them anymore. Having said that, it can’t be denied that mining, though is more complicated, it delivers bigger rewards. It all comes down to the resources you’re willing to invest.

As mentioned earlier, you can mine PoW coins by becoming a part of some mining pool, running an independent set-up (with CPUs, GPUs and/or ASIC devices) or by renting a third-party’s computing power. Please note, should you choose to have your own set-up, you’d need to factor in electricity costs and the cost of updating the hardware & software from time-to-time. The electricity cost may vary from country to country, and is cheapest in China, where a large majority of crypto mining happens today. New and inexperienced miners could consider smaller cryptos that deliver more cost-benefit but the mining apparatus setup costs can go up to around $1000 upfront on consumer-level hardware. The electricity costs will vary depending on where a user resides. However, the biggest upside of the entire activity is gaining a coin whose value could see some appreciation with time.

Conclusion

While cryptocurrency mining can be a profitable venture, the choice of which cryptocurrency to mine plays a crucial role in determining your success. In this blog post, we discussed several cryptocurrencies that offer potential mining opportunities. Bitcoin, Litecoin, Ethereum, Dogecoin, and other cryptocurrencies each have their unique features and mining requirements. Additionally, the Antminer L7, with its powerful capabilities and compatibility with various algorithms, can significantly enhance your mining operations.

It is important to consider factors such as mining profitability, algorithm compatibility, electricity costs, and market trends when selecting the best cryptocurrency to mine. Conduct thorough research, stay updated with the latest developments in the crypto industry, and monitor mining conditions to optimize your mining efforts.

Remember, mining profitability is subject to fluctuations, and individual circumstances may vary. It is advisable to calculate your costs and expected returns, considering factors like hardware efficiency, electricity costs, and network coverage. With the right strategy, equipment, and knowledge, you can embark on a successful mining journey and maximize your profits in the ever-evolving world of cryptocurrencies.