In 2024, getting into cryptocurrency mining can be a smart move for the future economy. It’s key to pick the best ones to mine. Starting a mining operation at home could bring in some good cash. But, mining big names like Bitcoin might not work at home. This is because it needs special gear and faces a lot of competition. We’ll show you some great cryptos for 2024 that you can mine at home.
Key Takeaways:
Bitcoin offers 3.125 BTC per block for miners, but it’s very tough with high-end gear needed1.
Monero gives out 0.6 XMR per block and is easier to mine because it doesn’t need special equipment1.
Zcash rewards miners with 2.5 ZEC each block. It needs good GPUs or more advanced ASICs, but it’s easier to mine1.
Ravencoin has 2,500 RVN per block for miners, and it’s friendly for CPUs and standard GPUs. It’s also easy to mine1.
Vertcoin rewards you with 12.5 VTC for each block. You can mine it with just a CPU or GPU, and it’s quite easy1.
Dogecoin (DOGE)
Dogecoin (DOGE) is an altcoin that has become very popular. It got a boost from Elon Musk’s tweets and its big community. There’s something special about this coin. While Bitcoin’s supply is limited, Dogecoin keeps adding more coins every year. This makes it more appealing to miners wanting to make a profit.
Mining Algorithm and Energy Efficiency
Dogecoin stands out in the crypto world because of its mining process. It uses the Scrypt algorithm. This means it uses less power, making it easier for more people to mine. It also stops certain types of powerful mining machines from taking over. This way, everyone can have a fair go at mining, and it stays decentralized2.
Mining Profitability and Factors to Consider
To make money with Dogecoin mining, lots of factors come into play. These include if you mine in a group or alone, the coin’s total supply, how many people are mining, and how hard it is to mine. It’s usually better to mine with others in a pool. This gives you a better shot at earning steady rewards. There are several good pools like DogeChain, WeMineDogecoins, and others you could check out2.
Hardware and Software Requirements
To mine Dogecoin, you need the right tools. This includes GPUs, CPUs, or even special ASIC miners made for coins like Dogecoin. Each type has its own speed, power use, and cost. So, pick what fits your mining setup best. You’ll also need software to mine, such as CGminer. Plus, don’t forget a secure wallet for your Dogecoin, a computer, and a stable Internet connection2.
Cloud Mining and Recommendations
Cloud mining is an option for mining Dogecoin without having the hardware yourself. It works by renting mining gear online. But, it has its own risks because you depend on someone else’s setup. For more consistent earnings, it’s advised to mine in a pool. You’ll likely get more regular rewards this way2.
Exchanges and Trading
After mining Dogecoin, you might want to trade it. There are exchanges like Binance and OKX for this. They let you buy, sell, or swap Dogecoin for other digital or traditional currencies. Do your homework to find a reliable exchange that keeps your money safe.
Ethereum Classic (ETC)
Ethereum Classic (ETC) is a cryptocurrency that stays true to the original Ethereum blockchain. It offers an option for those not in favour of the DAO bailout3. Unlike Ethereum, which moved to proof of stake, ETC still allows mining. Thus, miners can now focus on Ethereum Classic using the same machines and mining software3.
To mine Ethereum Classic, you need GPU or ASIC machines and the right software3.
When you want to mine Ethereum Classic, consider a few things. Look at the market price and the costs of mining equipment. Also, the hash rate and energy use of your miner play a big role43. This info is key for making mining profitable. Also, keep an eye on Ethereum Classic’s price changes, your electricity costs, and trends in the mining market4.
Mining Ethereum Classic is changing. New tech for mining will make it more efficient and profitable4. Cloud mining services could also change how miners operate4. If the mining algorithms get updated, miners may have to change their methods. The price of Ethereum Classic is also important. A high price makes mining better, but a low price makes it hard4.
Ethereum Classic blocks average around 228,835.650 in a set time5. It has a stable hash rate of 3.10 Mh/s with little change, making the network reliable53. The price for each unit of Ethereum Classic is usually $1.14, but it can change by $0.155. Mining Ethereum Classic is often profitable, offering a return between 365% to 369%5. Plus, there’s a 3.13 ETC block reward every 10 minutes and 4 seconds, boosting mining’s potential5.
Ethereum Classic has a market cap of about $6 billion USD3. It has a 15-minute block time, making it secure for miners to use3. Monacoin, with a 2.5-minute block time, is popular for GPU mining. Yet, Ethereum Classic is still a strong choice3. Vertcoin is also popular for GPU mining, adding to the mining options3.
Ethereum Classic Exchanges
For those keen on Ethereum Classic, many exchanges support buying, selling, and trading ETC. HitBTC, Binance, and Huobi Global are among the popular ones. These exchanges provide safe and easy ways to deal in Ethereum Classic3.
Monero (XMR) is a well-known type of crypto that’s kept secure and private. It started in 2014 to help people keep their financial business to themselves. Now, it’s worth about $2.8 billion and is very active in trading, about $87 million happens daily6.
Monero is special because it’s set up to not work well with powerful mining machines called ASICs. This makes it easier for people to mine using everyday computers. For each block of coins they help add to Monero, miners get 0.6 XMR. With so many blocks added often, this can mean earnings of 45 cents to a dollar a day for miners6.
Some worry that Monero’s privacy makes it good for illegal money movements like laundering. In reality, only a tiny 0.15% of all crypto deals are for bad reasons, says Chainalysis6. Monero is more private than Bitcoin, though, which makes following the money harder. This is why some people sell and buy things in secret places of the internet, where they use Monero more than Bitcoin7.
To mine Monero, you’ll need a wallet and mining software. Then, you can start on your own or join others in mining pools. You can swap Monero for other types of money on big sites like Binance. But remember, the cost of electricity is a big factor in how much money you make from mining6.
Monero is a solid choice for those looking into mining. Its focus on staying anonymous, the fact that it’s not great for super-powerful mining machines, and being easy to trade make it good for both beginners and more experienced miners. You can mine solo or work with others in pools to share rewards. Monero gives chances for anyone who’s interested in mining to jump in8.
ZCash (ZEC) is a major cryptocurrency focusing on privacy, launched in 2016 from Bitcoin’s technology9. It improves user safety and anonymity. Originally Zerocoin, it became ZCash with the Electric Coin Company9. Just like Bitcoin, its coins are capped at 21 million to prevent inflation10.
It uses the Equihash algorithm for mining, not Bitcoin’s SHA-256, which is better for GPU mining9. You must download the software and set up a wallet to mine ZCash. Don’t forget to get the right drivers for your graphic cards to mine efficiently.
Mining ZCash earns you about 0.03 ZEC per block10. Also, 20% of these rewards aid organizations working on ZCash’s development10. Working in a mining pool boosts your chances. But, the network’s high difficulty means using ASIC miners is better than using a PC9.
ZCash uses zk-SNARK to verify transactions without sharing any details9. It’s fast, secure, and private but also meets regulatory standards9. Although its focus on user privacy has drawn regulatory attention9.
ZCash Mining Facts
Mining with Antminer Z9 mini can earn miners around $8,000 in under two years, significantly more profitable than mining ether using Antminer E3 configurations, which can only earn about $2,800 over the same period11.
As of January 12, 2023, it takes approximately 24.2 days to mine 1 ZCash at the current difficulty level, consuming 1,550.00 watts of electricity costing $0.10 per kWh, with a block reward of 2.5 ZEC11.
ZCash is a Bitcoin fork with a capped quantity of 21 million coins, leading to increased mining difficulty11.
To trade ZCash, try exchanges like Binance, Huobi Global, or Bitfinex. Keep up with ZCash news and rules for smarter mining and trading decisions.
Ravencoin (RVN)
Ravencoin (RVN) is a blockchain focused on moving assets. It started in 201812. Using Bitcoin’s code, Ravencoin lets you make new assets quickly. It’s designed so you can mine it at home with normal computer parts. This is because it’s hard for big mining machines, which use a lot of power, to take over12. The reward for mining a block is 5,000 RVN. There will be a total of 21 billion RVN ever made12. Every four years, the reward for mining a block gets cut in half. After January 2022, miners will get 2,500 RVN per block12. Ravencoin’s difficulty in mining adjusts so that a new block is found about every minute. Right now, the network does about 10.72 trillion calculations every second12.
Ravencoin has caught the eye of many in the crypto world. Its price has been changing, seeing a 3.43% rise in a day and a 6.05% rise in a week13. At the moment, 1 RVN is worth about $0.01991213. The total value of all RVN coins out there is over $435 million13. The most RVN has ever cost was $0.29. The lowest price was $0.0113.
So, what’s coming next for Ravencoin’s price? Analysts say it could hit $0.052022 in the next week, up by 161.26%13. By June 24, 2024, the price might drop a little, but on June 29, 2024, it could reach $0.023990, up by 20.48%13. Right now, opinions on where the price will go are mixed. Some are bearish (not too hopeful), but others feel bullish (positive) about it, with a 33% score13. Looking at June 23, 2024, the expected price is $0.019725, showing a small decrease. However, on June 29, 2024, we might see it at $0.023990, a possible 20.48% rise13.
You can trade Ravencoin on several exchanges like Binance, Huobi Global, and OKX12. For those interested in mining Ravencoin, check out this detailed guide: How to Mine Ravencoin12. Join the Ravencoin community and see how this network makes it easy to work with assets.
Bitcoin Gold (BTG)
Bitcoin Gold (BTG) is a cryptocurrency that came from the original Bitcoin in 2017. It wanted to make Bitcoin fairer and decentralized. It used a new way for miners to find coins called Equihash-BTG14. The Bitcoin Gold team also mined 100,000 extra coins to help the network grow14.
To mine Bitcoin Gold, first get the right software. Then, set up a mining rig. Most people use NVIDIA and AMD graphics cards, like the GeForce GTX 1060 or Radeon RX58015. These cards are good because they balance performance and energy use well. Tools such as OptiMiner, Claymore’s Dual Miner, and EWBF Miner help with mining15.
Working in a mining pool can boost how many rewards you get. In a pool, everyone adds their mining power together. The coins found are shared out based on how much each person mined15. Pools use different ways to pay out, like Pay Per Share (PPS) or Pay Per Last N Share (PPLNS). These ways change how often and how much you get paid15.
Bitcoin Gold has had its tough times, including hacking attacks and stolen wallets14. But, it’s still traded on top platforms like Binance and HitBTC14. As of November 2023, there were 70 places around the world where you could join the Bitcoin Gold network. Many of these are in the United States, Germany, and France. It’s supported by 18 different wallet services as well14.
Bitcoin Gold is looking to the future with plans for better technology. It wants to be more compatible with other systems and to get faster. The goal is to make decisions in a way that everyone agrees with, through technology14.
Bitcoin Gold’s value changes often. In a week, its price can go up or down a fair bit. Right now, it’s $23.17 per coin, with a worth of over $660 million. In the last month, it had ten good days in the market. Experts think its price could rise to $30.21 by 202416.
In the end, Bitcoin Gold is one way for miners to join the world of cryptocurrency. By using pools and the best mining software, you can earn Bitcoin Gold. Despite some issues, it’s still doing well in the crypto market14.
Horizen (ZEN)
Horizen (ZEN) is a cryptocurrency that’s mineable with a GPU. It uses the Equihash algorithm. This makes it one of the cryptos known for Zero-Knowledge (ZK) technology.
The way ZEN works is interesting. It uses PoW mining for security and sets up a treasury for community projects. It also supports a node system. Although ZEN started as a privacy coin, it decided to focus on something else earlier this year. Now, it’s focused on growing its ecosystem. Most of ZEN’s coins are already mined.
The Horizen team has a big plan. They want to add a layer for super-efficient proof verification. This upgrade aims to support all future ZK projects. EON, a related project, will move to this upgraded system. It will make EON even more valuable. ZEN is planned to still play important roles, like being a gas token and a governance token. The team is also thinking about adding a new token for that proof verification layer.
EON is set to become a top-notch EVM system. The team is even talking about a new token specifically for that proof layer. They have some ZEN coins reserved to reward those who help grow the ZK ecosystem.
Horizen is excited to keep up with new tech. They want to be a top choice for ZK projects. ZEN is at the core of their plans.
Horizen Mining
To mine ZEN, you need the right mining software for Equihash. This lets you mine efficiently using a GPU. So, anyone with a computer can join the mining network.
Exchanges like Binance and HitBTC help traders buy, sell, or swap their ZEN. This way, miners can turn their ZEN into other coins or cash.
How to Mine Horizen
Start by setting up a Horizen wallet to store your ZEN rewards.
Download a mining software compatible with the Equihash algorithm, such as ZENMiner or Funakoshi Miner.
Configure the mining software with your Horizen wallet address and mining pool details.
Join a mining pool to increase your chances of earning consistent rewards.
Connect your mining hardware, such as a GPU, to your computer.
Launch the mining software and start mining Horizen.
Monitor your mining activities and adjust settings as needed.
By following these steps, you can begin mining ZEN. This not only earns you rewards but also helps secure and decentralize the Horizen network17.
Horizen Statistics
Here are some key statistics about Horizen (ZEN):
Statistic
Value
Price Change 24h
3.31%
Price Change 7d
7.41%
Market Cap
$136,333,004.88
All-Time High
$168.15
All-Time Low
$3.09
Price Prediction 7d
$8.54 (+25.4%)
Fear-Greed Index
53 (Neutral)
Volatility
12.97%
Green Days
13/30 (43%)
Price as of today
$6.81 USD
Projected Price by June 24, 2024
$7.54 (10.72% increase)
Bullish Sentiment
25%
Green Days (last 30 days)
13/30 (43%)
These stats offer insights into ZEN’s recent performance and market feelings. They show a promising future along with its price changes and volatility18.
Bytecoin (BCN)
Bytecoin (BCN) is a type of cryptocurrency you can use without others knowing who you are. It lets people do something called mining with their own computer at home. Bytecoin is popular because it focuses on keeping your money and personal info safe.
There are different ways to mine Bytecoin. One way is to mine alone, which is easy for anyone to do. But, to earn more, many people join forces in groups called mining pools. These pools use lots of computers together. Some pools work best with a computer’s processor, others with a graphics card.
If you want to start mining Bytecoin, here’s what you need. First, get the Bytecoin wallet to keep your coins safe. Then, download mining software like XMRig or XMR-Stak. Many people around the world use these tools to mine19.
Deciding between XMRig and XMR-Stak depends on what you like. XMR-Stak can do more ways of mining and lets you customise more. But XMRig is easier to use because it works well with most systems and shows clear information about your mining19.
Cloud mining, which is mining online, hasn’t been very successful for the kind of technology Bytecoin uses19. It’s better to stick to traditional mining, using your own software and equipment.
To trade Bytecoin, you can use platforms like HitBTC and Poloniex. These are well-known places where you can exchange your Bytecoin for other types of money online20.
Source
Hash Power (MH/s)
Percentage of Network Hash Power
Minergate
1.3
3%
Bytecoin-pool.org
110
80%
Bytecoin.uk (Unipool)
15
12.3%
Bytecoin.party
2.9
3.2%
Bytecoin.fairhash.org
9
Third-largest pool
Bytecoin is the 26th largest cryptocurrency by how much it’s worth20. It’s highly available for people to mine, with 184.46 billion BCN out there. You can go down to 8 decimal places with each coin, making for flexible transactions21.
A coin can be moved from one person to another in just 2 minutes with Bytecoin21. As more coins are mined, the reward for mining them gets less. This helps money be spread fairly and grow at a steady pace21.
Bytecoin does a lot to keep your privacy and your money safe. It uses new ways to make sure no one can follow your payments, fake who sent them, or see a way to spend the same coin twice. On top of that, it’s made hard for anyone to analyse the blockchain, set limits on how it’s used, and make sure new coins are added smoothly21.
The system for mining Bytecoin is made to always be fair. Every new block of coin changes the task for miners based on the previous 720 blocks. Also, the size of a block is set by checking the last N blocks, making sure everything runs well and is quick21.
So, if you’re interested in digging into mining, Bytecoin is both user-friendly and safe. With the right tools, you can mine along with others and earn a spot in the Bytecoin network. Its strong focus on privacy makes it stand out for anyone looking to keep their financial moves hidden21.
Beam (BEAM)
Beam (BEAM) is designed for easy mining at home. It uses the Hashii algorithm, which is great for GPU mining. To mine Beam, download the official Desktop Wallet and set it up. Beam uses expiring addresses for better privacy. You can trade Beam on exchanges like Binance and Bitforex.
Beam Mining
Mining Beam secures its network and checks transactions. Beam uses the ASIC-resistant Equihash (150,5) algorithm called BeamHashIII. This means you can only mine it with video cards. You’ll need a graphic card with at least 4GB VRAM to mine Beam22.
You can mine Beam alone or in pools. F2pool and sparkpool are popular choices23. Pools combine mining power for more regular rewards. Cruxpool’s pool uses a fair 1% PPS scheme for rewards22.
How to Mine Beam
Start mining Beam with these steps:
Download and set up the Beam Desktop Wallet from their site.
Open the Wallet and make a new wallet or import one.
Adjust mining settings by choosing BeamHashIII and setting intensity.
Decide if you want to mine solo or in a pool. For pools, enter details like Cruxpool’s.
Save your settings and start mining.
When mining Beam, think about your power usage, energy costs, and fees. Use Gminer for Nvidia GPUs and MiniZ for a 2% fee23. These help you mine more efficiently.
Beam Mining Statistics
Mining in the Beam network is growing, with over 60 new mines added24. Each day, about 57,600 coins are mined, worth £7,500 at £0.18 per coin24. Beam’s reward halving happens every six years. It expects to grow with possible price increases. But, some say investing in Beam for the long term might not be the best idea compared to other coins24.
Beam Mining Equipment
Memory Size
Nvidia GTX 1080
8 GB
AMD Radeon VII
16 GB
Beam mining works with 4GB cards such as the Nvidia GTX 1080 and 16GB cards like AMD Radeon VII23. These cards are a good fit for Beam’s mining needs.
So, Beam (BEAM) is made for mining at home. It protects privacy and uses a special algorithm. This lets you mine with certain graphic cards. By choosing the right gear and following our steps, you can start mining Beam2223.
Conclusion
In 2024, the cryptocurrency mining scene is full of chances for miners to make money. Despite it getting harder to mine and needing more investment, Bitcoin (BTC)25 is still the top choice for many. Yet, there are lots of altcoins that look good for miners working from home.
Litecoin (LTC)25 offers quick transactions and is easier to mine than Bitcoin, which attracts many miners. Zcash (ZEC)25 is great for those valuing privacy and security. Ethereum Classic (ETC)25 is a solid choice if you prefer GPU mining, focusing on staying decentralized and immutable.
Dogecoin (DOGE)25 has become a favourite among miners thanks to its Scrypt mining, friendly for GPUs. Ravencoin (RVN)25 stands out for being able to transfer assets and being GPU-friendly, making it attractive. Monero (XMR)26 and Zcash (ZEC)26 are also good for both CPU and GPU miners because they stop ASICs from dominating.
The cost of electricity, the price of the cryptocurrency, rewards, and mining difficulty all affect how much you can make252627. Miners must think about these things, as well as the risks like high energy prices, costs of the equipment, market changes, competition from big pools, and new laws2627.
Choosing the right cryptocurrency to mine means doing a lot of research. Look into the supply and demand, tech advancements, real-life uses, support from the community, and if your hardware matches up27. It’s also smart to mine different coins to spread your risks and make the most of the changing market27. With the right info and tools, anyone can join the fun of cryptocurrency mining.
FAQ
Can I mine Bitcoin at home?
Mining Bitcoin at home faces high competition and requires special hardware. This makes it hard for many people to mine at home.
What are some lucrative cryptocurrencies to mine in 2024?
Lucrative cryptocurrencies in 2024 are Dogecoin (DOGE), Ethereum Classic (ETC), and others. Include Monero (XMR) and Zcash (ZEC) too, as well as Ravencoin (RVN), Bitcoin Gold (BTG), and more.
How do I mine Dogecoin?
To start mining Dogecoin, get a wallet for your earnings. Install mining software for your computer or graphics card. Join a mining pool for better mining returns.
How do I mine Ethereum Classic?
To mine Ethereum Classic, use GPU or ASIC machines and the right software. If you previously mined Ethereum (ETH), switch to Ethereum Classic.
How do I mine Monero?
Mining Monero requires a wallet and special software like MultiMiner. It’s great for home mining with standard computers because it resists ASIC development.
How do I mine ZCash?
To mine Zcash, first, download mining software and set up your wallet. Also, download necessary graphics cards drivers. Home mining is possible with GPUs.
How do I mine Ravencoin?
Ravencoin is best mined with standard GPUs. Download the required software and join a mining pool. This improves your chances of getting rewards.
How do I mine Bitcoin Gold?
For mining Bitcoin Gold, download the software and join a pool. Being a fork of Bitcoin, it aims for better scalability and development.
How do I mine Horizen?
To mine Horizen, download and set up specific mining software. It uses proof-of-work Equihash, letting you mine it at home with a GPU.
How do I mine Bytecoin?
Mining Bytecoin at home is straightforward. Download a Bytecoin wallet and the xmrig software. Check if your computer meets the requirements.
How do I mine Beam?
To mine Beam, download its Desktop Wallet and set it up. It’s a good choice for home mining and supports GPU mining through the Hashii algorithm.
Lucas Grayson is a technology writer and digital marketing expert at PCSite.co.uk. With a background in software engineering, Lucas has a deep understanding of the inner workings of the latest tech products and services. He brings a unique perspective to his writing, offering readers practical advice and tips for optimizing their digital experiences. In addition to his work as a tech writer, Lucas is passionate about exploring the intersection of technology and society, and how it shapes our daily lives. In his spare time, he enjoys building and programming new gadgets in his home workshop.
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