Cryptocurrency mining is one of the fundamental elements that every crypto lover considers to practice in this ever-growing digital asset era. In this article, we will talk deeply about the best cryptocurrencies to mine and the exact GPU machines you can use in 2021.
What Is Cryptocurrency Mining?
In simple terms, crypto mining verifies transactions between users by adding to the blockchain. A miner is a person who engages in crypto mining activities.
Miners receive rewards for completing “blocks” at any time they verify transactions and add them to the blockchain.
Nevertheless, we cannot talk about the best cryptocurrencies to mine without mentioning the flagship currency Bitcoin (BTC) and Ethereum (ETH). Now, let’s consider and highlight first how to mine Bitcoin and Ethereum in our best cryptocurrencies to mine in the 2021 article.
Specifically, most of the renowned crypto tokens like BTC and ETH to be precise can only be mined by using Application-Specific Integrated Circuit (ASIC). Of note, ASIC is specifically designed purposely for mining a precise digital asset only.
Historically, the concept of crypto mining began with the creation of Bitcoin. Since then, investors started to show more interest by investing their funds in crypto-mining.
However, the how and why behind cryptocurrency mining is that mining exists to mainly address day-to-day issues associated with double-spending currencies.
Regarding the mining process, you can use the aforementioned Graphic Processing Unit (GPU), Central Processing Unit (CPU), and ASIC with a preferred softwares to mine. Mining cryptos specifically depends on how much investment you accept to make.
Before deciding to mine cryptocurrencies, consider reading and understanding all the pros and cons of crypto mining from our best cryptocurrencies to mine article this 2021.
Moreover, in the best cryptocurrencies to mine studies, you will know that it is worth noting that not all virtual currencies are worth mine.
Our best cryptocurrencies to mine article focuses on giving miners an overview of mineable cryptocurrencies that are profitable to do. Below are some of the GPU-based digital currencies that have the potential to give returns to miners.
Our List of the Top Cryptocurrencies to Mine in 2021
Here is a list of 10 cryptocurrencies which definitely deserve a look from anyone interested in crypto mining.
Vertcoin is an open-source currency launched in 2014. As a P2P digital asset, it uses Application-Specific Integrated Circuit (ASIC). Not only this, but Vertcoin (VTC) also uses a resistant Proof-of-Work (PoW) consensus mechanism and Lyra2REv3 in terms of mining.
Due to the Vertcoin (VTC) resistivity features, miners can mine individually without any interference from any other centralized ASIC mining firms and pools. What is more, Vertcoin (VTC) has a block of 2.5 minutes and a coin supply limit of 84 million.
To start mining Vertcoin using GPU, you need to download One-Click Miner. After doing this, miners have to be mindful and also download Vertcoin wallet to be able to store the mined VTC.
The next crypto to consider in this our best cryptocurrencies to mine article is Monero (XMR). Monero is a privacy-oriented cryptocurrency created in 2014. Monero is one of the best cryptocurrencies to mine using GPU. In mining, Monero represents the opposite of Bitcoin.
Monero (XMR) operation is based on the CryptoNote protocol. Also, Monero uses the RandomXhash function for its crypto-related activities. Briefly, XMR functions as a native currency within the Monero ecosystem. Monero originated from Bytecoin (BCN).
In terms of mining, XMR is also ASIC compatible like Vertcoin. Also, Monero can be mine anywhere at all times using GPU. Moreover, setting, mining rig to mine Monero does not require any hard effort in any way.
After completing the rig setting, miners can go forward and download mining hardware and Monero compatible wallet for mining. Prior, it is also important to download mining software to be able to mine Monero. Miners receive XMR tokens as a reward for mining.
Precisely, Monero block time is two minutes.
Ravencoin is an altcoin that can be mined easily with GPU. Ravencoin (RVN) proposed mining activities are decentralized and is one of the best cryptocurrencies to mine in the crypto market.
Without any restrictions, users can mine Ravencoin even from home. Ravencoin works using the KAWPOW mechanism. Its protocol is based on Bitcoin’s code which was Founded in November 2018.
Ravencoin’s protocol is based on Bitcoin code but it is completely different from Bitcoin (BTC). This is because the owners have the right to create and transfer assets and sub-assets.
Compared to Vertcoin (VTC) and Monero (XMR), Ravencoin block time is minute and a total coin supply of 21 billion.
To mine Ravencoin using GPU, download preferred mining software. Thereafter, connect any of RVN supported mining pools to start. Miners receive RVN tokens as a reward for mining Ravencoin.
Ethereum Classic (ETC)
Of note, we can not figure out the best cryptocurrencies to mine in 2021 without including Ethereum Classic.
Historically, the Ethereum blockchain network encountered a Decentralized Autonomous Organization (DAO) attack in 2016. As a result, the Ethereum network was divided mainly into two parts that led to the launch of Ethereum Classic. Its focus is to support the original Ethereum.
Ethereum Classic mainly utilizes EtcHash, a complete version of the Ethereum mining algorithm. However, EtcHash gives miners access to GPUs. Prior, individual miners having 3GB and 4GB GPUs can mine ETC without any hassle.
More importantly, anyone can efficiently mine Ethereum Classic at home with the proper mining setup. Also, individuals need to get an Ethereum-based wallet and a graphic card for support.
After acquiring a supported wallet, you can now download GMiner mining software for the mining. Upon mining Ethereum Classic, miners get rewarded with ETC.
In terms of supply limit, Ethereum Classic is 210,700,000 and a block time of 13 seconds. Based on our best cryptocurrencies to mine article, we recommend Ethereum Classic also as one of the best and profitably crypto you can mine.
Now, without further ado, let’s meet the fifth best cryptocurrencies to mine on our list this 2021.
Haven Protocol (XHV)
To begin with, Haven Protocol (XHV) is a Monero-based cryptocurrency. For this reason, Haven Protocol also has similar privacy-focused features like how Monero does. Yet, the Haven protocol mainly ensures price stability via its synthetic stablecoin xUSD.
Moreover, the Haven protocol also provides efficient options in terms of mining. XHV mainly operates as a native currency within the Haven Protocol’s ecosystem. In terms of algorithm, XHV uses CryptoNight Heavy with ASIC that is not compatible with Nicehash.
In fact, miners can easily mine Haven cryptocurrency from their homes with approved graphic cards and mining software and obtain XHV as a mineable reward.
Haven Protocol has a block time of 120 seconds with over 14.2 million coins circulation.
Meet Monacoin is also a well-known meme coin in Japan forked from Litecoin. Monacoin was created in 2013. Mr.Watanabe is a developer behind Monacoin who specifically used ASCII cat characters.
Due to Monacoin’s user-friendly and peer-to-peer (P2P) services, many Japan-based merchants even accept MONA tokens as means of payment.
Monacoin uses the Lyra2RE(v2) Proof-of-Work (PoW) mechanism for its crypto-related operations. The LyraRE (v2) efficiently puts Monacoin among the best cryptocurrencies to mine. Monacoin is GPU-friendly. MONA block time is 15 minutes and the total coin supply of about 105,120,000.
Next is Aeternity (AE), a blockchain-based cryptocurrency and a GPU-mineable digital coin launched in 2016. Aeternity network uses both Proof-of-Work (PoW) and Proof-of-Stake (PoS) technologies to function.
The Aeternity’s PoW consensus mechanism is called Cuckoo Cycle. What is more, the Cuckoo Cycle is an ASIC-based resistance and an effective power-efficient algorithm. To start mining Aeternity, you have to get a card with about 4GB of memory and mining software.
Miners receive AE tokens for mining Aeternity cryptocurrency anytime. Furthermore, Aeternity has about 180 seconds of block time. Consequently, Aeternity is yet to have a coin supply.
To start with, Beam is also another mineable digital currency that everyone can effortlessly mine using GPU equipment. Beam also requires miners to have at least 4GB the same as Aeternity (AE) before mining can be done successfully.
In terms of technology, Beam uses a version of Equihash, the (150,5) Proof-of-Work (PoW) mining algorithm called Beam Hash III. Moreso, Beam operates on Mimblewimble and LelantusMW blockchain protocols.
Launched in 2018. Beam has a block time of one minute and a total coin supply of about 262,800,000. Miners can search via Beam’s website and download Nvidia and AMD graphics cards compatible software to configure and start mining BEAM tokens.
Komodo is one of the digital coins in the crypto market that is GPU-friendly. Continuously, let’s keep reading the best cryptocurrencies to mine this 2021. Komodo mainly works using the Equihash Proof-of-Work (PoW) mining mechanism.
Started in 2014. Komodo is originally obtained from Zcash cryptocurrency. Komodo did not start with a smart contract at the beginning of its development. It also uses a PoW mechanism called delayed PoW (dPoW).
Of note, the dPoW works by using the Bitcoin blockchain to securely keep the Komodo blockchain network from malfunctioning. Mining KMD, you have to download software and configure it with a wallet and mining pool.
Komodo ((KMD) has a total supply of 200 million and a block time of 60 seconds.
Feathercoin is another peer-to-peer (P2P) cryptocurrency that every GPU miner can also attend to. With this said, Feathercoin mainly uses a NeoScrypt that is friendly to all GPU miners.
Feathercoin gateway offers fast and more advanced payment that pushes its mainstream adoption, thanks to the Feathercoin’s one-minute block time limit.
To mine Feathercoin, you have to download Cudaminer software for successive FTC mining. Best of all, the Feathercoin (FTC) ecosystem proposes that P2Pool is a recommended mining pool you must consider using.
In this our best cryptocurrencies to mine article, you will bear witness with me that you can only mine cryptocurrencies with a proper or a specific GPU and not just any machine. In other words, mining crypto requires effort and consistency.
To be successful in crypto mining, miners need to better read and understand the best cryptocurrencies to mine since mining also contains risk. Also, you have to do proper research before you start mine.
Moreso, you must be mindful not to invest what you cannot afford to lose in crypto mining.
You have got crypto questions, we have got crypto answers for you! Join me to answer day-to-day questions regarding crypto mining in this our best cryptocurrencies to mine article.
Prior, by reading our best cryptocurrencies to mine in 2021 FAQs, you will understand everything regarding crypto mining to speed up on the topic of cryptocurrency mining.
Crypto mining is a step-by-step practice for verifying transactions in many forms of cryptocurrency and adding to a decentralized ledger or blockchain network. Also, crypto mining deals with computerized mathematics that mainly helps decentralized cryptocurrency networks.
As we have already briefly explained what crypto mining is earlier, now, let’s dive deep and digest how crypto mining works in our best cryptocurrencies to mine in the 2021 article.
Factually, there is no easy-to-follow answer to “how does crypto mining work”. Rather, there is computer hardware that eventually resolves mathematical problems to transfer value from one point to another in a decentralized manner.
The answer is simply yes! Both technically inclined and beginners can mine effectively from anywhere. Even miners can mine different kinds of cryptocurrencies discussed in our best cryptocurrencies to mine in 2021 efficiently.
For successful crypto mining, you have to get a computer and a proper internet connection available and you are set to go. Having this, amateurs can easily connect their hardware mining components to their computer and begin mining.
Using Bitcoin as an example, Bitcoin miners receive a reward every ten minutes for verifying blocks successfully. Moreover, nodes on crypto networks validate transactions and make sure that one Bitcoin sent is equal to one Bitcoin received.
Like Western Union, crypto users pay for chargebacks whenever they initiate a transaction across networks. When this happens, miners that confirm that block transactions receive the fees as a reward.
The legality of crypto mining will depend entirely on the geographic location from where you mine. Always check the local laws before planning to make any investment.
Crypto miners are rewarded with a full or partial coin for their share of effort in mining a new block.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.