Best Crypto to Mine in 2024: Top Profitable Picks

To make a fully informed decision about crypto mining, there are a number of important factors to consider that can have a direct impact on profitability.

Cryptocurrency mining remains a compelling avenue for those looking to participate in the digital currency space beyond mere investment. It involves the use of computer hardware to calculate complex mathematical problems that validate and secure transactions on a blockchain network, rewarding miners with newly minted coins. With an array of cryptocurrencies available, selecting the most profitable ones to mine is a crucial decision that hinges on a number of factors, including the miner's hardware capabilities, electricity costs, and the chosen cryptocurrency's market dynamics.

The landscape of crypto mining has evolved a lot, with various methods like CPU, GPU, and ASIC mining being deployed, each suitable for different cryptocurrencies and miners with diverse technical expertise and investment capacities. In 2024, amidst the growing number of digital currencies, certain cryptocurrencies have emerged as more profitable options for miners. These often include coins that are not as mainstream as Bitcoin but offer lower competition and unique mining algorithms.

Choosing the best cryptocurrency to mine requires very careful consideration of the potential profitability, which can change with market fluctuations and mining difficulty. While popular cryptocurrencies like Bitcoin are often in the spotlight, alternative coins may present more lucrative opportunities for miners equipped with the right knowledge and tools.

Understanding Cryptocurrency Mining

Cryptocurrency mining is the process through which new coins are introduced to the existing circulating supply, and transactions are verified and added to the public ledger known as the blockchain. It involves complex computational work and also contributes to the security of the cryptocurrency network.

Proof of Work vs. Proof of Stake

Proof of Work (PoW) and Proof of Stake (PoS) are two consensus mechanisms used to verify transactions without needing a third party.


  • Utility: Miners solve complex cryptographic puzzles to validate transactions and create new blocks.
  • Energy Consumption: Typically requires substantial computational power, leading to high energy consumption.


  • Utility: Validators are chosen to create new blocks based on the number of coins they hold and are willing to "stake" as collateral.
  • Energy Consumption: Generally consumes less energy than PoW as it does not involve intense computational tasks.

Mining Algorithms and Difficulty

The mining algorithm is a set of rules that miners have to follow to mine a cryptocurrency. The difficulty is a dynamic parameter that adjusts how hard it is to find a new block.

Common Algorithms:

  • SHA-256 (used by Bitcoin)
  • Scrypt (used by Litecoin)

Difficulty Adjustment:

  • Occurs to ensure that the time between blocks remains consistent.
  • As more miners join, the difficulty increases; when miners leave, it decreases.

Block Rewards and Transaction Fees

Miners are incentivized through block rewards and transaction fees.

Block Rewards:

  • Miners receive a certain number of cryptocurrency units for adding a new block to the blockchain.
  • These rewards decrease over time in events known as "halvings."

Transaction Fees:

  • Miners receive fees for each transaction included in a new block.
  • The fee is paid by users making the transaction and is determined by supply and demand.

Evaluating Mining Profitability

Evaluating mining profitability is rooted in a thorough analysis of costs against potential returns. Miners need to consider hardware expenses, electricity costs, and the predicted earnings to determine if the venture is financially viable.

Initial Investment Costs

Mining cryptocurrency requires an upfront investment in hardware. The prices vary based on the type of mining:

  • CPU Mining: Generally low cost but less powerful and now largely outdated.
  • GPU Mining: More expensive, though offering a balance of power and affordability. A typical GPU unit costs from $200 to $1000.
  • ASIC Mining: The most expensive with prices often exceeding $2000, but highly efficient for specific cryptos.

Electricity and Operational Expenses

The operational cost primarily includes electricity, which can significantly impact profitability:

  • Electricity Cost: Priced per kilowatt-hour (kWh), varies by location.
  • Cooling Systems: Necessary to prevent hardware overheating.
  • Maintenance: Regular hardware maintenance to prevent faltering efficiency.

Calculating Return on Investment

Return on investment (ROI) is calculated by comparing earnings against the total costs:

  • Daily Mining Outputs: Estimated using calculators like WhatToMine.
  • Payback Period: Time to recoup initial investment.
  • Net Profit: Total earnings minus total expenses over time.

Top Cryptocurrencies to Mine

Certain coins have established themselves as the prime candidates for mining, based on factors like block reward, mining difficulty, and their market value.


Bitcoin remains the most recognized cryptocurrency. Despite its high computational difficulty, the potential for profitability keeps it at the forefront of mining choices. It employs the SHA-256 algorithm, and miners often use ASIC (Application-Specific Integrated Circuit) devices for optimum results.


Litecoin is a peer-to-peer cryptocurrency that presents a less resource-intensive mining process compared to Bitcoin. It uses the scrypt algorithm, which allows miners to use GPUs and offers a block reward of 12.5 LTC, with block time around 2.5 minutes.


Monero stands out for its privacy features, employing the RandomX algorithm, which is ASIC resistant. This makes Monero an attractive option for miners using CPUs or GPUs. The block reward for Monero is dynamic and the block time is approximately 2 minutes.

Mining Hardware and Software

Selecting the right hardware and software is critical for efficient cryptocurrency mining. The choice depends on several factors including budget, electricity cost, and the specific cryptocurrency one wishes to mine.

ASIC Miners

ASIC miners are specialized devices designed for the specific purpose of mining cryptocurrencies. They are known for their powerful performance and efficiency in processing the computations required for mining. Examples include the Bitmain Antminer series and the WhatsMiner line from MicroBT. ASIC miners often outperform other types of mining hardware in hash rate and energy efficiency, making them a popular choice for Bitcoin mining.

GPU and CPU Mining

While ASIC miners dominate Bitcoin mining, GPU and CPU mining remain viable for other cryptocurrencies, especially those resistant to ASIC mining. GPU mining utilizes graphics cards—typically those from manufacturers like Nvidia or AMD—capable of handling complex computations. On the other hand, CPU mining uses the processors of ordinary computers and is not as effective or efficient as GPU or ASIC mining. GPUs strike a balance between performance and flexibility, allowing miners to switch between different cryptocurrencies.

Mining Pools and Software

Mining pools are groups of miners who combine their computational resources over a network to strengthen their chances of finding a block and receiving mining rewards. Rewards are then distributed among pool members based on the contributed mining power. Popular mining pools include F2Pool and Poolin.

The success of pool mining depends greatly on the mining software used. The software connects hardware to the blockchain and mining pool. It also provides a user interface to monitor and manage the mining operation. Reliable software is characterized by stability, efficiency, and accurate reporting. Some of the widely used mining software includes CGMiner and BFGMiner for advanced users, as well as NiceHash and MinerGate, which are friendly for beginners.

Legal and Regulatory Considerations

When engaging in cryptocurrency mining, it is crucial to be aware of the legal and regulatory frameworks that govern such activities. Different jurisdictions have varying rules and regulations that could significantly impact the viability of mining operations.

United States: The regulatory landscape in the U.S involves multiple federal agencies. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) can impose regulations on certain aspects of cryptocurrencies. Miners should also be mindful of state-level regulations that may apply.


  • Tax Obligations: Cryptocurrency miners must report earnings as taxable income.
  • Securities Laws: If a mined cryptocurrency is classified as a security, the miner must comply with the relevant securities laws.
  • Anti-Money Laundering (AML): Miners could be subject to AML laws and may need to implement Know Your Customer (KYC) measures depending on the scale of their operations.

Energy Consumption: Authorities may also regulate the environmental impact of crypto mining, particularly in regions where energy consumption is a concern.

  • Reporting: In some areas, miners must report their energy consumption levels.

Global Considerations:

  • In some countries, cryptocurrency mining is entirely banned, while in others, it is encouraged or subject to specific guidelines.

Remember, the legal environment is dynamic:

  • Laws and regulations surrounding cryptocurrency mining can change rapidly, requiring miners to stay informed and flexible. Engage with legal counsel where necessary to ensure compliance with all applicable laws.

Frequently Asked Questions

What are the most profitable cryptocurrencies to mine with a GPU in 2024?

The profitability of GPU mining fluctuates with market conditions. As of 2024, cryptocurrencies like Ethereum, if it's still on Proof of Work, and newer altcoins optimized for GPU mining remain among the most profitable options for miners.

Which cryptocurrencies are considered easiest for beginners to mine?

Beginners often find cryptocurrencies with low computational requirements to be the easiest to mine. Coins such as Litecoin and Dogecoin have historically been accessible to novice miners due to their simpler mining processes.

What are the most effective real mining apps available currently?

Legitimate and efficient mining apps include NiceHash, which allows flexible mining options across various cryptocurrencies, and MinerGate, which offers a user-friendly interface for mining multiple coins.

Can you profit from mining cryptocurrencies with a CPU as of 2024?

Profiting from CPU mining in 2024 is largely dependent on the choice of cryptocurrency and the cost of electricity. Mining coins specifically designed for CPU mining can still be profitable, particularly in regions with low energy costs.

Which new cryptocurrencies can be mined for free and show potential?

Newer cryptocurrencies that offer no-cost entry mining and exhibit potential for growth are often found in the form of airdrops or rewards for community participation. However, due diligence is critical to assess their future potential.

Are there any cryptocurrencies that can be easily mined on a mobile device?

Certain cryptocurrencies are tailored for mobile mining, providing apps that enable mining from smartphones. These coins include Electroneum and Pi Network, but the return on investment can be minimal compared to traditional mining methods.