Crypto mining is becoming exponentially competitive. It used to be that anyone with a PC could mine at a profit, but now you need expensive equipment to stand any chance. So what’s the most profitable crypto to mine in 2020?
Bitcoin is the most profitable if you have millions to invest
Crypto mining profitability is highly nuanced, it depends on a wide range of variables such as hardware, electricity costs, and the type of cryptocurrency you would like to mine.
Bitcoin is the most profitable coin to mine currently, although not if you’re an individual miner, in most cases. Bitcoin mining is extremely competitive, requires specialized hardware in the form of ASIC (Application Specific Integrated Circuit) rigs, and requires cheap electricity in order to maximise earnings.
Bitcoin is primarily mined by large companies with millions of dollars invested in thousands of ASIC miners, cooling systems, and operate out of countries with competitive electricity rates. Bitcoin’s current block rewards pay out $14,130,000 to miners daily, at current BTC prices.
Besides Bitcoin, which crypto gives the best bang for your mining buck?
Ethereum – The second most popular crypto is the most profitable coin for most home miners. While ASICs have been developed for Ethereum, making GPU mining less profitable, Ethereum still allows for GPU mining. ProgPOW is a mining algorithm change designed to restore ASIC resistance to ETH mining. Other ETHASH coins exist to mine after ETH switches to PoS.
Ethereum Classic – This is another ETHASH crypto coin that is profitable for home miners using GPU mining rigs. Expect ETC hash rate to climb after Ethereum 2.0 is released and no longer supports mining.
Grin – Grin’s CR29 and CT31 hashing algorithms are also profitable for home miners. Grin was designed to be ASIC resistant like ETH and other coins which aim to keep mining decentralized, and accessible for hobbyist miners.
Haven Protocol – Haven protocol uses Cryptonight, a PoW algorithm also used by Monero and several other crypto coins. Nvidia GPUs are more suited to mining Cryptonight efficiently than AMD GPUs, although both can be used to mine Haven.
BitTube – BitTube is a decentralized Youtube alternative, utilizing blockchain. Content creators get paid in TUBE tokens. BitTube uses Cryptonight also, and is a smaller cap coin that has been proven to be profitable for GPU miners in recent history.
There are also many smaller cap coins that are profitable to mine, although DYOR, because many smaller cap projects could disappear, get hacked, or exit scam at any time. Because of this, these smaller projects pose a much higher risk for miners who are trying to make a return for the hardware they purchased.
Just take the risks into mind when deciding which coin to mine.
What coin do you think is the most profitable to mine at home? Let us know in the comments!
Images via Shutterstock origin »
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