Skip to main content

The cheapest cryptocurrency to mine in 2023

23 Aug, 2023 7 min read
cheapest crypto to mine

Cryptocurrency mining is no longer as profitable as it was a few years ago: Competition among miners is growing, and the mining difficulty is growing along with it. Nowadays, making money from mining crypto requires investment and careful business planning. However, this doesn't mean there's no place for newcomers with limited finances in this industry anymore. And one of the first questions the mining newcomers face is: "What is the cheapest and easiest crypto to mine?".


Register on StormGain Now
 

What is the cheapest cryptocurrency to mine?

To figure out which crypto is the cheapest to mine, you have to understand what the cost of mining consists of. It consists of two types of costs: capital and current expenditures.

The capital expenditures for mining usually include:

  • Cost of mining equipment. High-performance mining equipment isn't cheap, but if you want to start by mining on your home computer, you don't have to spend extra money.
  • A room for mining equipment. If you're not planning to engage in large-scale mining, you can do it with premises you already have, such as your own home.

In terms of capital expenditures, the cheapest cryptocurrencies to mine are those that can be mined in your home with your computer. This automatically filters out cryptocurrencies that are now inefficient to mine without ASICs, like Bitcoin.

The current expenditures on mining generally are:

  • Electricity prices. Cryptocurrency mining is energy-intensive. For this reason, electricity costs account for a large share of the cost of mining.
  • Maintenance. For beginners engaged in small-scale mining, such costs are usually very low.

Thus, if you're mining at home on your computer, your highest cost will be electricity. The problem is that due to high competition, the profit margin of mining is quite low. And if you live in a region with high electricity prices, mining can become unprofitable even if you use highly efficient equipment.

The cheapest way to mine cryptocurrency

So, as you can see, the cheapest way to mine cryptocurrencies is to mine on a home computer in a region with inexpensive electricity. Depending on your computer, it may be more profitable to mine on a GPU or mine coins whose hashing algorithm allows them to be efficiently mined on a CPU, such as Monero.

However, if there is a cheaper way to mine, it's cloud mining. It doesn't require the purchase of equipment or the payment of electricity bills. However, it has its own drawbacks, including a lack of flexibility in choosing a coin to mine and the risk of fraud. In addition, cloud mining contracts still cost money. However, it's possible to try cloud mining for free. The cryptocurrency platform StormGain offers such an option. You just need to register on the platform, go to the miner page and click 'Activate'.

The lowest difficulty cryptocurrency to mine

With cryptocurrencies already in existence numbering in the thousands and new ones emerging constantly, it's no surprise that many cryptocurrencies have low mining difficulty.

Such cryptocurrencies are easy to mine, but the disadvantage of choosing these cryptocurrencies for mining is that they're not widely known and have a low price.

In addition, such coins are often not listed on major cryptocurrency exchanges, so selling them can be difficult. And when their price, and hence the profitability of mining, increases, they begin to attract the attention of miners. As a result, the difficulty of mining increases accordingly, and the profitability of mining drops again.

The cheapest crypto to mine in 2023

Which particular cryptocurrency will be the cheapest for you to mine depends on the equipment you intend to use. The easiest way to find this out is to use an online mining calculator, such as whattomine.com.

However, below, we list a few cryptocurrencies that are among the cheapest to mine in 2023.

www.whattomine.com

Monero (XMR)

One of the best-known cryptocurrencies with anonymous transactions. Monero uses the RandomX hashing algorithm, which allows the coin to be efficiently mined on CPUs.

Monero (XMR) mining stats (as of 22/08/2023)

Hashing algorithm

RandomX

Network hashrate

2.76 Gh/s

Difficulty

339.4 G

Block time

2 m 3 s

Block reward

0.60 XMR

Current price

$148.42

Market rank

#26

Market cap

$2,727,411,095

Daily trading volume

$64,300,690


Register and start mining free

Ravencoin (RVN)

RVN is the platform coin designed for the easy tokenisation of almost any asset. Ravencoin uses the ASIC-resistant KawPoW algorithm and is one of the most efficient cryptocurrencies in terms of mining on older video cards.

Ravencoin (RVN) mining stats (as of 22/08/2023)

Hashing algorithm

KawPoW

Network hashrate

3.03 Th/s

Difficulty

42.35 K

Block time

1 m

Block reward

2,500 RVN

Current price

$0.01548

Market rank

#127

Market cap

$199,439,894

Daily trading volume

$4,885,623

Ravencoin's website

Sero (SERO)

Sero, or Super ZERO Protocol, is a still relatively little-known project that has positioned itself as the world's first privacy protection platform for dApps. Also, like RVN, it's good for mining on older GPUs.

Sero (SERO) mining stats (as of 22/08/2023)

Hashing algorithm

ProgPow

Network hashrate

66.34 Gh/s

Difficulty

851.99 G

Block time

12.84 s

Block reward

4.42 SERO

Current price

$0.005024

Market rank

#1144

Market cap

$2,007,533

Daily trading volume

$83,896

Sero's website


Register on StormGain Now
 

ZCash (ZEC) 

ZCash (ZEC) is a highly affordable cryptocurrency to mine in 2023, making it a favoured option for those interested in cryptocurrency mining. Introduced in 2016, ZEC is a decentralised and open-source cryptocurrency that prioritises user privacy and financial security. The creators of ZCash have implemented an innovative encryption algorithm known as zk-SNARKs. This algorithm enables users to maintain the confidentiality of their transactions while still ensuring their validity on the blockchain.

ZCash (ZEC) mining stats (as of 22/08/2023)

Hashing algorithm

Equihash

Network hashrate

7.66 GS/s

Difficulty

75.14 M

Block time

75 s

Block reward

3.125 ZEC

Current price

$24.83

Market rank

#79

Market cap

$405,440,358

Daily trading volume

$43,372,315


Register and start mining free

Vertcoin (VTC) 

In 2023, Vertcoin (VTC) remains one of the most affordable cryptocurrencies to mine, particularly for beginners. It aims to make mining accessible to all, much like Litecoin and Bitcoin. With its current price at $0.08 per VTC/USD, nearly 99% lower than its peak, Vertcoin offers a cost-effective starting point for cryptocurrency mining. Moreover, experts predict that Vertcoin's value may increase to $0.28, presenting miners with a profit potential if they hold onto their coins.

Vertcoin (VTC) mining stats (as of 22/08/2023)

Hashing algorithm

Lyra2RE

Network hashrate

2.7038 GH/s

Difficulty

83.69

Block time

2 minutes, 30 seconds

Block reward

12.50 VTC

Current price

$0.04199

Market rank

#1054

Market cap

$2,834,054

Daily trading volume

$33,385

Grin (GRIN)

Grin is a highly promising cryptocurrency for mining in 2023. Launched in 2019, it has built a strong following by prioritising privacy and scalability. Unlike many other cryptocurrencies, Grin does not have a predetermined maximum supply. This makes it an appealing choice for those seeking long-term profitability. Furthermore, since Grin is less well-known than Bitcoin or Ethereum, mining it could be more cost-effective due to lower competition and associated costs.

Grin (GRIN) mining stats (as of 22/08/2023)

Hashing algorithm

Cuckaroo29 and Cuckatoo31

Network hashrate

135.9524 H/s

Difficulty

159.36 M

Block time

1 minute

Block reward

60.00 GRIN

Current price

$0.02865

Market rank

#1054

Market cap

$2,813,949

Daily trading volume

$332,287


Register on StormGain Now

Exchange BTC

Mining icon
Want Bitcoin for free?

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

Start mining

Mining icon
Want Bitcoin for free?

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

Start mining

Instrument
Rate
Change (24h)

Сайт та всі послуги StormGain доступні також українською мовою.

Перейти