For mining to be financially viable, you need to choose the right cryptocurrency. However, so many coins are now available, which makes choosing the best one a difficult task. Therefore, we will talk about the top, most profitable, and interesting cryptocurrencies for mining in 2023.
Mining equipment: Top-of-the-line ASICs, such as the latest generation Bitmain Antminer.
In fact, you will have no problem selling the coins you mine. Bitcoin is tradable on many exchanges and even locally. In fact, you can meet the buyer to transfer the cryptocurrency.
Bitcoin's economic stability is relative. This cryptocurrency has high volatility with rate jumps of up to 20-30% in both directions within one month. However, bitcoin's liquidity makes it quite stable in the market. In fact, even if you can't sell cryptocurrency, you can still buy with it something useful for your household.
The main disadvantage of BTC is the complexity of mining. In order to mine this cryptocurrency, you need top-notch equipment. For example, Bitmain ASIC miners of the latest generations - Antminer S17/T17, Antminer S19/T19. Mining with old equipment isn’t so effective.
Mining equipment: ASIC miners, even old generations.
If you have an old or just not too productive ASIC-miner, then it is advisable to mine not Bitcoin, but its fork - Bitcoin Cash. It isn’t so demanding to the resources of the device, although it uses the same algorithm - SHA-256.
Bitcoin Cash is one of the first forks of Bitcoin. Several new technologies were implemented into it, which increases the speed of transaction verification. However, the Bitcoin user community didn't show much enthusiasm, so they had to split the blockchain into two cryptocurrencies.
Bitcoin Cash is well mined in the classic Chinese pools - Antpool, BTC.com, and F2Pool. But you can also mine it solo. The downside of the cryptocurrency is a relatively low price - at the time of writing this article, the value of the coin was $615.5.
Mining equipment: Video cards.
Ethereum Classic is an unofficial fork of Ethereum, which appeared in 2015 amid the situation of theft of assets from the startup The DAO. This cryptocurrency has a strong community. Its liquidity is slightly less than ETH's, and its cost is lower. However, it is stable and mineable on video cards. Furthermore, you can freely trade it on many exchanges.
Interestingly, Ethereum Classic is rising in price against the backdrop of falling other cryptocurrencies. Many miners who mine ETH switched to ETC after the PoS consensus algorithm was implemented. Ethereum Classic looks like the most promising cryptocurrency for mining after Ethereum mining became impossible.
Mining equipment: video cards and specialized ASICs.
Expanse is an Ethereum cryptocurrency that uses a decentralized management system with no direct administration. Expanse mining is good because it doesn’t require too powerful equipment. Withdrawal of earned coins is possible to web wallets https://expansewallet.net/ and multicurrency wallets like Meatamask, Guarda, as well as accounts of some cryptocurrency exchanges.
EXP has the same algorithm as Ethereum - Dagger-Hashimoto. This allows you to mine it on video cards using a miner such as Claymore.
Mining equipment: ASIC miners with Scrypt hashing support.
Litecoin and Dogecoin use Scrypt hashing technology, which is similar to the classic SHA-256, but somewhat different. That's why you need to mine it on special ASICs. However, these devices are much cheaper than the models for SHA-256 mining.
Litecoin was originally an alternative and fork to Bitcoin with simple mining. Therefore, it doesn’t require as many resources to mine as other cryptocurrencies. One of the most popular and productive LTC miners - Bitmain Antminer L3+ - consumes only 800 W of electricity.
Dogecoin is a parody, "meme" cryptocurrency, but in 2021 rose in popularity. First of all, thanks to Elon Musk's tweets and promotion by fans. Because of this, the volatility of Dogecoin price is very high. Thus, the cryptocurrency itself is primarily for speculation. But it is easy to mine and quickly pays back the equipment.
Mining equipment: Video cards and CPUs.
Monero is one of the few cryptocurrencies you can mine on CPUs from 2021. True, you will need a really productive chip for high-efficiency mining. For example, the top ones are the 64-core AMD Ryzen Threadripper 3990X, at $5,100 for the BOX version, and the similar AMD Epyc with a similar cost.
Therefore, it is more profitable to mine Monero on video cards. The cryptocurrency uses the CryptoNight encryption algorithm, which further increases the anonymity of mining and transactions. That is why Monero has high liquidity - it actively trades on various exchanges. It is also spent in not-too-legal marketplaces and online casinos.
When you choose a cryptocurrency to mine, you don’t sign a contract. So you can switch at any time. The easiest way to "switch" is to switch to a cryptocurrency that uses the same hashing algorithm as the "boring" one.
The main cryptocurrency using SHA-256 hashing algorithm is Bitcoin. In addition to it, you can use the same ASIC miner to mine the following "coins":
In total, more than 72 cryptocurrencies use the SHA-256 encryption algorithm, but about a third of them are worthless, their total capitalization is $0.
Mining equipment: specialized ASICs, CPUs, and video cards.
The Scrypt algorithm is the basis of two cryptocurrencies - Litecoin and Dogecoin. Unfortunately, there is no clear alternative for these two coins. No other cryptocurrency compares to them in terms of capitalization.
However, there are interesting options. WhiteCoin, Afro, MonaCoin, ReddCoin - many of the cryptocurrencies were created as a joke but turned out to be very profitable. You can quickly switch between mining different "coins" and thus compose your portfolio.