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The best cryptocurrency to mine in 2023

22 Aug, 2023
The best cryptocurrency to mine

Cryptocurrency mining continues to attract people. This is evidenced by the ever-increasing hash rate of Proof-of-Work cryptocurrency networks, such as Bitcoin and Ethereum. But, of course, the complexity of this earning type is also increasing. As a result, newcomers have to invest more money and time in mining than before. In this article, we list the best cryptos to mine in 2022 that you can mine at home without investing heavily in equipment.

Ethereum hashrate chart
Ethereum hashrate chart

What do the mining profits depend on?

Due to high competition, profits in the mining industry have decreased. You must carefully calculate costs and revenues to keep mining from becoming unprofitable. And in a bear market, the chances of mining going below profitability increase significantly. That said, once miners aren't required to sell the mined cryptocurrency immediately, many often continue to operate even at a loss, hoping to sell the accumulated crypto when prices recover. The following factors influence mining profits:

  • The price of a coin. The price of the cryptocurrency being mined is one of the most important factors affecting the profitability of mining. And the fact that cryptocurrency prices are constantly changing forces miners to monitor them constantly.
  • Electricity prices. Mining equipment consumes quite a lot of energy. For this reason, miners tend to operate in regions with cheap electricity.
  • The hashrate of the network. The higher the hashrate of the cryptocurrency network, the harder it is to mine.
  • The hashrate of the mining equipment. The higher it is, the easier it is to mine crypto.
  • Cost of equipment. Efficient mining equipment isn't cheap, whether it is high-performance graphics cards or ASICs.
  • Block reward. It usually consists of new coins generated by the network and commissions for the transactions included in that block. Because of the halving mechanism present in Bitcoin and some other networks, the block reward can periodically decrease.


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The best crypto to mine right now

Since the profitability of mining depends on many factors, some of which are constantly changing, it's virtually impossible to answer which is the best coin to mine right now. However, some online calculators can be used to calculate the current estimated profitability of mining various cryptocurrencies. The most popular ones are www.whattomine.com, www.minerstat.com and www.coinwarz.com.

www.whattomine.com

As of 21 August 2023, the best cryptocurrency to mine for most modern graphics cards is Ethereum (ETH).

Ethereum (ETH) mining stats (as of 21/08/2023)

Hashing algorithm

Ethash

Network hashrate

908.6615 Th/s

Difficulty

13.4106 P

Block time

14.95 s

Block reward

2.3558 ETH

Current price

$1,679.30

Market rank

#2

Market cap

$201,842,634,825

Daily trading volume

$4,002,098,583

However, for some graphics cards, such as the Nvidia GeForce RTX 3060 and 3070, the most profitable cryptocurrency to mine is Ergo (ERG). It's a much less known cryptocurrency, and out of the major crypto exchanges, it's traded on Gate.io and KuCoin.

Ergo (ERG) mining stats (as of 21/08/2023)

Hashing algorithm

Autolykos

Network hashrate

15.68 Th/s

Difficulty

1,803,285 G

Block time

1 m 55 s

Block reward

63.03 ERG

Current price

$1.12

Market rank

#292

Market cap

$65,636,196

Daily trading volume

$202,801

Ergo's website


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The best crypto to mine in 2023

You might not have time or don't want to constantly monitor changes in the cryptocurrency market. In that case, it makes sense to mine coins that combine the profitability of mining with a long-term perspective. Or you can try those that yield relatively steady mining profits that aren't much affected by fluctuations in the crypto market.

The best crypto to mine with GPU

If you're looking for the best cryptocurrency to mine with GPU, the first one to consider is Ethereum (ETH). It's the second-largest crypto asset by market capitalisation and is the cryptocurrency of the most popular blockchain platform for creating decentralised apps and smart contracts. However, it's worth keeping in mind that despite numerous delays, the process of transitioning the Ethereum network to the Proof-of-Stake consensus algorithm is underway, and at some point, the coin will become unavailable for mining.

The common alternative to Ethereum for mining on graphics cards is Ethereum Classic (ETC). It can hardly be called a promising cryptocurrency in terms of future price growth, but its mining profitability is usually quite stable.

Ethereum Classic (ETC) mining stats (as of 21/08/2023)

Hashing algorithm

Etchash

Network hashrate

21.58 Th/s

Difficulty

280.59 T

Block time

13.11 s

Block reward

2.48 ETC

Current price

$15.61

Market rank

#29

Market cap

$2,227,436,166

Daily trading volume

$74,166,581

Ethereum Classic's website


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Another alternative for mining with GPU is Ravencoin (RVN), which uses the ASIC-resistant KawPoW algorithm. An additional argument in favour of mining RVN is that many crypto experts consider Ravencoin a promising project.

Ravencoin (RVN) mining stats (as of 21/08/2023)

Hashing algorithm

KawPoW

Network hashrate

2.52 Th/s

Difficulty

28.45 K

Block time

1 m

Block reward

2,500 RVN

Current price

$0.01573

Market rank

#127

Market cap

$202,495,985

Daily trading volume

$4,328,165

DigiByte (DGB) is a digital currency designed for scalability that operates on a peer-to-peer network. It provides fast transaction speeds and low fees. While DigiByte (DGB) may not be as widely known as other cryptocurrencies, it presents appealing mining opportunities.

DigiByte (DGB) mining stats (as of 21/08/2023)

Hashing algorithm

SHA-256, Odocrypt, Qubit, Scrypt, and Skein

Network hashrate

84.62 PH/s

Difficulty

1.75 M

Block time

15 s

Block reward

379.787 DGB

Current price

$0.006827

Market rank

#179

Market cap

$112,200,169

Daily trading volume

$1,556,937

Litecoin (LTC) has a long history and is one of the oldest cryptocurrencies, second only to Bitcoin. Despite its age, it remains a profitable option for mining in 2023. Its blockchain platform facilitates easy payments for goods and services with its low transaction fees.

Unlike Bitcoin, Litecoin uses Scrypt, a proof-of-work hashing algorithm. You can mine Litecoin using a GPU instead of purchasing expensive ASIC chips. However, it's worth noting that mining Litecoin requires a powerful hardware setup and consumes a significant amount of energy. If you need access to cost-effective energy, mining Litecoin may not be your most suitable choice.

Litecoin (LTC) mining stats (as of 21/08/2023)

Hashing algorithm

Scrypt

Network hashrate

763.3 TH/s

Difficulty

26.6363M

Block time

2.5 minutes

Block reward

6.2500

Current price

$66.41

Market rank

#15

Market cap

$4,879,044,438

Daily trading volume

$315,251,700


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The best crypto to mine with CPU

Given the low hashing power of CPUs, mining most cryptocurrencies with them is unprofitable and pointless. However, some cryptocurrencies seek to increase their decentralisation with algorithms that make mining with a CPU relatively viable.

Probably the best cryptocurrency to mine with a CPU at the moment is Monero (XMR). It's a cryptocurrency with anonymous transactions that uses the ASIC-resistant and CPU-friendly hashing algorithm RandomX.

Monero (XMR) mining stats (as of 21/08/2023)

Hashing algorithm

RandomX

Network hashrate

2.56 Gh/s

Difficulty

301.13 G

Block time

1 m 58 s

Block reward

0.60 XMR

Current price

$147.65

Market rank

#27

Market cap

$2,714,221,426

Daily trading volume

$61,919,158

Monero's website

The best crypto to mine on laptops

Mining on laptop GPUs is generally not recommended. Therefore, if you want to use your laptop, mining Monero with your laptop CPU is a sensible choice.

The best crypto to mine on mobile

Mining on mobile devices isn't profitable and isn't recommended as it can cause damage to the device. However, for mobile device owners wishing to mine crypto, there's an alternative cloud mining on the StormGain platform. To use StormGain's free Bitcoin cloud miner, you just need to register on the platform, go to the miner page and click 'Activate'. You can do it every 4 hours.


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Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.

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