Crypto you can mine from a home computer in 2024

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Mining Profitability in 2023: A Comprehensive Guide on Hashrates, Revenue Calculation, and Scaling Up GPU Mining

Last Updated: March 22, 2024. For those who find the unpredictability of investing in cryptocurrencies unsettling yet eager to capitalize on the emerging digital economy, consider establishing a modest home-based cryptocurrency mining setup as an alternative. Keep in mind that reported yields are substantial, but be cautious about ‘cloud mining’ schemes, as every instance we have encountered has proven to be fraudulent.

What Crypto To Mine?

One simple way to rephrase this text:

Dogecoin (DOGE)

Market Cap: 21.8B Average Daily Volume: 2.5B+

Despite its humorous origins as a meme-inspired digital currency, Dogecoin (DOGE) has gained significant traction and recognition, thanks in large part to Elon Musk’s endorsement. This altcoin now boasts a considerable following. Unlike Bitcoin, which has a limited supply, DOGE introduces new coins annually as part of its design, making it an attractive option for miners.

How To Mine Dogecoin

As a researcher, I would recommend starting by obtaining a wallet to store any Dogecoins earned during the mining process. You may download the Dogecoin core wallet from their official website or explore other suitable online wallet options. For CPU mining, the most effective software is the CPU miner. While it’s possible to mine using only your central processing unit (CPU), the process will be slow.

It’s possible for an individual to mine cryptocurrencies like Dogecoin, but joining a mining pool is recommended due to the increased processing power and faster speeds that come with it. This results in higher mining returns. An example of a Dogecoin-supporting mining pool is MultiPool. After mining, you can sell your Dogecoin on exchanges such as Binance or OKX. For those who aren’t experienced traders, consider our article on top crypto trading bots, many of which offer copy trading features that allow you to mimic the trades made by experts.

Check current Dogecoin Price

Ethereum Classic (ETC)

Market Cap: 4.35B Average Daily Volume: 300M

The primary objective of Ethereum Classic was to preserve the original Ethereum blockchain and offer an option for those who opposed the Ethereum DAO bailout and the Ethereum Foundation’s subsequent direction. With Ethereum transitioning to proof of stake in October 2022, standard Ethereum mining became obsolete. This development benefited Ethereum Classic as the previously utilized resources for Ethereum mining could now be directed towards ETC mining instead.

How To Mine Ethereum Classic

As a crypto investor, I can tell you that Ethereum Classic (ETC) can be mined using both ASIC machines and desktop computers. For those who prefer a more DIY mining experience, they can still use their desktop computers to mine ETC. A comprehensive list of resources for Ethereum Classic mining can be found here. After successfully mining some ETC, you can trade it on various exchanges such as HitBTC, Binance, and Huobi Global.

Check current Ethereum Classic price

 

Monero (XMR)

Market Cap: 2.5B Average Daily Volume: 40M-100M

Monero, represented by the symbol XMR, is a widely-used anonymous cryptocurrency. Its unique network architecture sets it apart, as it was intentionally engineered to thwart the creation of specialized ASICs (Application Specific Integrated Circuits) for Monero mining. Consequently, it makes an excellent choice for individuals to mine using their personal computers.

How To Mine Monero

To get started, it’s essential to download a digital wallet to keep your Monero coins securely. I recommend using the official Monero Graphic User Interface (GUI) client for this purpose. Afterward, you need to obtain mining software that is compatible with Monero, such as MultiMiner. MultiMiner is a user-friendly choice, but other mining options are also available online. Once you’ve mined some Monero, consider selling it on cryptocurrency exchanges like Binance or Bitfinex.

Check current Monero Price

ZCash (ZEC)

Market Cap: 470M Average Daily Volume: 40M-80M

Introduced in 2016, Zcash (ZEC) stands out as a prominent digital currency focusing on privacy. Its key attribute for mining at home is the utilization of Equihash algorithm, specifically designed to thwart ASICs (Application-Specific Integrated Circuits). Consequently, miners with GPU (Graphics Processing Unit) technology remain competitive in the process.

How To Mine ZCash

As a Zcash miner, the first step you’ll need to take is downloading the necessary software to manage your mining hardware. Begin by obtaining the Zcash blockchain and setting up your wallet. Be prepared for some patience as the entire blockchain will need to download and sync onto your node. Furthermore, make sure you have the correct graphics card drivers installed. Detailed instructions on how to mine Zcash can be found here.

Check current Zcash Price

Ravencoin (RVN)

Market Cap: 350M Average Daily Volume: 50M

Ravencoin (RVN) is a blockchain platform designed primarily for transferring assets between parties, including tokens. A spin-off from Bitcoin’s codebase, Ravencoin distinguishes itself with several key enhancements: a one-minute block generation time, a modified coin supply, and the addition of features to facilitate asset creation and messaging. As an open-source project, Ravencoin encourages community collaboration and innovation.

How To Mine Ravencoin

As a crypto investor, I’d put it this way: The Ravencoin network employs the KAWPOW algorithm, which is specifically designed to thwart ASIC mining and instead allows for mining with consumer-grade GPUs. For more information on how to mine Ravencoin, you can check out these resources. Post-mining, you’ll find that major exchanges like Binance, Huobi Global, and OKX support Ravencoin trading.

Check current Ravencoin Price

Bitcoin Gold (BTG)

Market Cap: 785M Average Daily Volume: 40M

Bitcoin Gold (BTG), which emerged as a spin-off from the Bitcoin (BTC) blockchain in 2017, was intended to enhance scalability and development possibilities for Bitcoin. However, the project has become relatively dormant in recent times, with no updates on its website roadmap or Twitter feed since 2021. Despite this inactivity, BTG retains a noteworthy market capitalization and regular trading volumes, ensuring that mining BTG will not pose a challenge for finding potential buyers.

How To Mine Bitcoin Gold

Bitcoin Gold employs the Equihash-BTG mining algorithm, which is also referred to as Equihard(144,5) or Zhash. The value trends of Bitcoin Gold usually align closely with those of the original Bitcoin. For more information on Bitcoin Gold mining, please refer to this link. After being mined, Bitcoin Gold can be traded on various exchanges such as Binance, Bitfinex, HitBTC, and Huobi Global.

Check current Bitcoin Gold Price

Horizen (ZEN)

Market Cap: 202M Average Daily Volume: 10M-12M

Introduced in 2017, Horizen, also known as Zencash, is a decentralized digital currency built on a proof-of-work system with Equihash algorithm, making it mineable using a Graphics Processing Unit (GPU). The Horizen team focuses on delivering data authenticity and privacy through practical applications within a connected and secure blockchain network. Similar to many other alternative coins, ZEN‘s price behavior generally mirrors the market trends of Bitcoin and Ethereum. Its all-time high value stood at US$148 in late 2021. The project boasts an impressive market capitalization and consistent daily trading volume.

How To Mine Zen Coin

As a researcher exploring the topic of cryptocurrencies, I would recommend checking out this resource for detailed information on mining Zen. After successfully mining Zen, you may consider trading it on various exchanges such as Binance, HitBTC, and Huobi Global.

Check current ZEN price

Bytecoin (BCN)

Market Cap: 6.8M Average Daily Volume: 5k-10k

As a cryptocurrency analyst, I’d like to share that Bytecoin, an anonymous digital currency, stands out as a miner-friendly altcoin. Its solo mining feature is specifically tailored to provide an effortless experience for its users, allowing them to mine the coins directly on their home computers.

How To Mine Bytecoin

To acquire Bytecoins (BCN), first download the Bytecoin wallet and install it on your computer. Once synced with Bytecoin’s blockchain, create a personal wallet. Subsequently, issue the mining command and input your wallet address as the payout location. Solo mining is an option on Bytecoin’s network but may yield minimal returns. For increased earnings, consider joining a CPU-friendly mining pool like bytecoin-pool.org. Don’t forget to download and use compatible software such as xmrig for optimal performance.

As a crypto investor, I can tell you that Bytecoin can also be mined using GPUs. To get started with GPU mining, you’ll first need to download software that is specifically designed for this purpose. Keep in mind that the setup process for GPU mining is more intricate than CPU mining. However, the payoff is a faster mining process. Once you’ve successfully mined some Bytecoin, you can sell it on exchanges like HitBTC and Poloniex.

Check current Bytecoin price

Beam (BEAM)

Market Cap: 17M Average Daily Volume: 100k-150k

One way to rephrase this statement in a more conversational and clear manner could be: “Beam (BEM), which is based on MimbleWimble, offers a suitable option for home miners due to its use of the Hashii algorithm, making it amenable to GPU mining.”

How To Mine Beam

To begin, choose the appropriate Desktop Wallet version based on your computer’s operating system. During download, your antivirus might identify the mining software as a potential threat. Disregard this warning or modify the settings to allow the software, otherwise you may encounter issues in the mining procedure. Upon completion of the blockchain download and synchronization, prepare for mining by activating the “Run Local Node” option and specifying a value greater than zero for the number of mining threads.

It is important to note that Beam’s infrastructure involves the use of expiring addresses to maximize privacy. However, you will require a permanent address to successfully recover your mining revenues or your tokens will be lost. To create a permanent address, navigate to the receive tab on the main dashboard of the software. You can create a new address and set it to never expire to use it for the mining set-up. Once mined, exchanges that trade Beam include Binance and Bitforex.

Check current Beam price

Vertcoin (VTC)

Market Cap: 3.6M Average Daily Volume: 15k+

Introduced in 2014, Vertcoin (VTC) is a favored option among small-scale miners due to its commitment to upholding the original ideals of decentralization and financial freedom, as envisioned by Satoshi Nakamoto when he established Bitcoin. In reaction to the increasing dominance of Application Specific Integrated Circuits (ASICs) on the Bitcoin blockchain and mining community in general, Vertcoin’s developers designed their blockchain as a countermeasure.

How to Mine Vertcoin

The consensus mechanism of Vertcoin’s proof-of-work algorithm is named Lyra2RE, which was developed to thwart the use of ASICs (Application-Specific Integrated Circuits) while allowing both GPU (Graphics Processing Unit) and CPU (Central Processing Unit) mining. Vertcoin gains popularity due to its uncomplicated mining procedure. Miners merely need to download the software from this link, and then sign up with a mining pool to boost their earnings. After successful mining, Vertcoin can be traded on various exchanges such as Bittrex and UPBit.

Check current Vertcoin price

Grin (GRIN)

Market Cap: 6.3M Average Daily Volume: 20k-50k

Launched in January 2019, Grin (GRIN) is a privacy-focused and scalable cryptocurrency project. It utilizes the MimbleWimble algorithm, similar to Beam, to ensure transactional confidentiality. However, what sets Grin apart for home miners is its ASIC-resistant Proof of Work (PoW) algorithm. Additionally, the developers have implemented a hard fork every six months as a countermeasure against potential ASICs designed specifically for their network.

How To Mine Grin

To begin using “GRIN” technology, first download the blockchain from the official website to establish a node. After successfully synchronizing the blockchain, link your node to your wallet. Creating a wallet involves running a file in the designated directory. Subsequently, configure your graphics cards for use with the wallet. Don’t forget to set the software to Cuckaroo POW, which is the Grin network’s GPU-mining version. Although GRIN supports both CPU and GPU mining, Nvidia GPUs are more effective for the latter. Make sure you have at least 5.5 GB of free space before starting the mining process. Once mined, consider trading your GRIN coins on exchanges such as Bittrex or HitBTC.

Check current GRIN price

AEON (AEON)

Market Cap: $1.3M Average Daily Volume: $50-$220+

Originally derived from Monero, AEON operates under the CryptoNote protocol and is built around the CryptoNight-Lite algorithm. This combination ensures that all transactions remain untraceable through the application of ring signatures.

How To Mine AEON

Despite being modeled after Monero, AEON has opted against ASIC resistance in its design. Consequently, it can be mined using Windows CPUs, as well as AMD and Nvidia GPUs. For more information on mining AEON, please check out this link. After mining, you can find AEON listed for trading on exchanges such as Bittrex and HitBTC. Here’s the current AEON price.

How much money can you make GPU crypto mining at home?

As a crypto analyst, I’d suggest rephrasing it as follows:

In plain language, hashrate refers to the computing power or speed of a GPU when used for mining cryptocurrencies. It’s measured in ‘million hashes per second’ (MH/s), meaning one million calculations per second. Affordable GPUs generally have lower hashrates. CPUs found in desktops and laptops, on the other hand, have even less computing power for mining, which is measured in ‘thousand hashes per second’ (TH/s).

The hashrate and revenue calculation

As a crypto investor, I frequently use the website WhatToMine to assess the profitability of mining different cryptocurrencies compared to Ethereum or Bitcoin. This calculator takes into account my hardware’s hashrate and provides an estimate of potential earnings. Other factors that significantly impact profitability include electricity costs, mining difficulty, and the current market price for each specific cryptocurrency.

  • The market price of the coin you are mining. Cryptocurrency prices are highly volatile – so mining a crypto that is trending up will make you more money than one that is flat or trending down.
  • The cost of electricity. A basic rule of thumb for a GPU is the higher the hashrate it can produce, the more electricity it will use. The price of electricity worldwide is measured in kilowatt-hours.

Electricity prices vary widely in the US. Source – EnergyBot

 

As a crypto investor, I’ve come across some interesting data from EnergyBot regarding electricity prices in the U.S and globally. The average cost per kilowatt-hour in the States is 16.11 cents, yet this figure fluctuates significantly among different states. For instance, Idaho boasts the lowest price at just 7.99 cents per kWh, while Hawaii unfortunately bears the heaviest burden with a rate of 43.18 cents. On a global scale, the most economical electricity can be found in Burma, and various Arab countries also offer remarkably affordable rates.

How to scale up GPU mining – case study

A GPU mining expert has penned down this case study, sharing firsthand insights into the larger-scale GPU mining operations they have encountered in the real world.

The technology set

In our setup, we make use of 13 affordable desktops, all powered by Intel processors and running Windows 10. The primary focus is identifying motherboards capable of accommodating eight or more GPUs. Most of these systems utilize Z390 chipsets which are compatible with both 8th and 9th Gen Intel CPUs, as they are readily available on Amazon. Mining performance will solely depend on the GPUs, making CPU speed an irrelevant factor. This is where you can effectively reduce expenses.

Windows becomes unstable when more than eight graphics processing units (GPUs) are in use. We employ Windows for remoting into each of our rigs via Google Chrome on our smartphones. It is not advisable to operate larger setups due to instability issues, and you would also need Linux for such configurations. All rigs feature open frames and are equipped with 120mm cooling fans to manage heat dissipation. If GPUs aren’t adequately cooled or housed in a case, they will experience thermal throttling.

 

The profitability equation

As a researcher, I’ve discovered that Ethereum is currently the most profitable cryptocurrency to mine in terms of wattage efficiency. With a low-budget setup consisting of eight AMD RX580 graphics cards, you can earn approximately $20 per day before factoring in electricity costs. To boost profits by 30%, I suggest swapping out the RX5700s for newer AMD 5700 XT models since they consume the same amount of electricity but generate more revenue.

As a crypto investor and home miner, I acknowledge that the mining landscape has become increasingly competitive with large-scale operations dominating the industry. However, my determination doesn’t waver. By meticulously researching and selecting the most profitable coins to mine based on their current market value and mining difficulty, and investing in the latest and most efficient mining hardware, I am optimistic that I can still yield profitable returns from crypto mining in 2023.

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2024-06-04 08:48