HIGHLIGHTS
- GPU mining remains an affordable option for home users interested in mining cryptocurrency.
- Sero (SERO) is making a strong debut at Rank 2, led by an impressive year-to-date performance.
- Zano (ZANO) retains its top spot, demonstrating exceptional profitability, monthly revenue and consistent year-to-date gains.
Looking for profitable cryptocurrency mining from home? For everyday users, mining bitcoins has become nearly impossible due to the increased difficulty of digging and the rise of specialized ASIC hardware designed specifically for bitcoin. But don't worry - there are still other cryptocurrencies that can be mined efficiently using GPU mining at home. Check out our top 7 coins to mine at home in late 2024 to find out which ones offer the best returns for small miners.
Crypto Asset | YTD Performance | Profitability | Monthly Revenue |
---|---|---|---|
Zano (ZANO) 🏆 | 141% | 509% | $32.67 |
Sero (SERO) | 555% | 395% | $25.02 |
Ravencoin (RVN) | -18.78% | 399% | $27.42 |
Evrmore (EVR) | 0% | 368% | $27.24 |
Flux (FLUX) | -22.76% | 396% | $28.04 |
Cortex (CTXC) | -52.17% | 427% | $29.55 |
Conflux (CFX) | -27.14% | 374% | $26.17 |
*We used data from whattomine.com for this ranking, focusing on GPU digging with the GeForce RTX 3070 and a power cost of $0.10 per kWh. Ranking criteria include 7-day yield versus Ethereum Classic, year-to-date (YTD) performance, and monthly revenue. Please note that these calculations are based on averages, so your final results may vary.
Note that the monthly income must include the cost of electricity. The key challenge in mining is providing affordable electricity to maximize profitability.
Zano
Zano is a privacy-focused blockchain ecosystem launched in 2019, offering secure and untraceable transactions with technologies such as ring signatures, stealth addresses and RingCT. Its unique hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanism is designed to maximize security by requiring attackers to control both the majority of the network hashrate and a significant portion of the underlying ZANO, making 51% attacks financially infeasible. This combination of PoW and PoS also strengthens the decentralization of Zano.
The Zano platform, designed for privacy-centric projects, supports developers by removing the need for them to maintain a self-contained blockchain. It also includes features such as in-chain aliases, escrow contracts, and flexible staking options, all of which are protected by Zano's robust hybrid consensus engine.
The Zano team is actively improving the ecosystem, with several major updates in the works:
Integrating the confidential layer: upcoming release of Mainnet
Wallet Extensions: Integration with Cake Wallet and Bitcoin.com Wallet
Consensus improvements: New proposal for improved consensus
Alias Messenger: Secure Messaging in the Circuit
Control Mechanisms: Developing the Zano Control Framework
Packaged Zano update: Zano utility expansion
Further updates are described in their roadmap.
Sero (SERO)
Sero (SERO) is a privacy-focused blockchain designed for decentralized applications (DApps), supporting both privacy coins and anonymous assets. It aims to be a next-generation platform with smart contract capabilities and offers developers the option to issue privacy coins for use within DApps. SERO's advanced zero-knowledge encryption library, "Super-ZK", is reportedly over 20 times faster than zk-SNARK (used by Zcash), making it one of the fastest privacy protocols available.
SERO's dig structure includes a bonus pool of 250 million coins. Diggers receive rewards from this pool for generating blocks, with incentives adjusted based on gas usage to encourage efficient transactions.
Ravencoin (RVN)
Ravencoin (RVN) is a blockchain network optimized to efficiently transfer assets, such as tokens, from one holder to another. Forked from bitcoin, Ravencoin offers faster transactions and is ASIC-resistant, making it suitable for GPU mining. The network uses the KawPow algorithm, specifically designed to prevent the centralization of mining and promote fair distribution. Ravencoin is open source and allows for easy token issuance, making it an attractive option for home miners looking for an alternative in more saturated markets. It is supported on major exchanges such as Binance, Huobi Global and OKX, providing liquidity for mined coins.
Evrmore (EVR)
Evrmore is a proof-of-work blockchain, launched in October 2022, designed to simplify the creation, management and exchange of decentralized assets. It aims to make blockchain assets and DeFi accessible to both technical and non-technical users, positioning itself as the "iOS of blockchains". Evrmore uses the ASIC-resistant EvrHash mining algorithm based on KawPow, providing decentralized power allocation for mining. This makes it a viable option for home diggers using GPU setups. Evrmore's focus on user-friendliness and secure asset management sets it apart, providing an attractive platform for those looking to dig in and commit to decentralized funding.
Flux (FLUX)
Flux is an emerging player in the decentralized web (Web3) space, offering a robust ecosystem for developing and deploying decentralized applications. The Flux ecosystem includes a native cryptocurrency that can be mined ($FLUX), a decentralized computing network, and a Linux-based operating system (FluxOS). Accessible via GPU mining, the $FLUX cryptocurrency allows everyday users to earn rewards by providing computing resources to the Flux Network, which currently supports about 15,000 decentralized nodes. This makes Flux particularly attractive to miners looking to support new altcoins with promising potential in a Web3 infrastructure.
The Flux team has an ambitious roadmap for Q4 2024 that includes major developments such as the launch of FluxEdge Beta, FluxAI and FluxEdge Scaling Deployments. Other key updates include SSP Wallet Mobile, expanded blockchain support through Zelcore, and the release of FluxAI API for developers and FluxAI Document Intelligence. Additionally, updates to FluxEdge Pricing (V2) and the implementation of Role-Based Access Control (RBAC) are set to improve network functionality and security.
Further development planned for 2025 can be explored in the roadmap.
Cortex (CTXC)
Cortex is a decentralized blockchain platform that supports the integration and execution of artificial intelligence (AI) models within smart contracts. It is designed to democratize AI by allowing open source models to be used in decentralized applications (DApps). Cortex's security measures include encryption, smart contract audits and data privacy strategies, providing a secure environment for users and developers.
Cortex can be mined using GPUs, making it accessible to home miners interested in contributing to a blockchain platform that brings together AI and cryptocurrency. This unique combination makes Cortex an exciting project for those interested in both AI and blockchain technology.
Conflux (CFX)
Conflux (CFX) is a public layer-1 blockchain tailored to support decentralized applications (dApps), e-commerce and Web 3.0 infrastructure, featuring improved scalability, decentralization and security compared to existing protocols. It enables fast and efficient asset transfers with minimal transaction costs and no network congestion.
The platform is built on the Tree-Graph consensus mechanism, which combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. Conflux supports full Turing smart contracts in Solidity and is compatible with EVM (Ethereum Virtual Machine), offering flexibility for developers.
The native token, CFX, powers the Conflux network by rewarding diggers, covering transaction fees and enabling governance. Incentives for diggers through CFX rewards strengthen the security of the network and ensure its long-term stability.
Entering the final quarter of the year, Conflux has unveiled its technology roadmap for the coming years, focusing on advanced blockchain solutions and AI integrations. This roadmap aims to establish Conflux as a leading tier 1 platform for widespread adoption and bring new innovations to the Web3 ecosystem. Conflux's vision is to become the preferred choice for developers and users looking for a fast, secure and cost-effective blockchain solution.
Learn more about the roadmap here.
How does GPU digging differ from other methods?
Crypto digging can be categorized into three main types: CPU digging, GPU digging, and ASIC digging, each with their own unique characteristics and performance levels.
Digging the CPUA: This method uses the computer's central processing unit (CPU) to mine cryptocurrency. Although it was popular in the early days of cryptocurrency, CPU mining is now considered the least efficient method. It has limited processing power compared to other digging methods, making it generally unprofitable for most cryptocurrencies due to high electricity costs and low digging performance.
GPU diggingA: Unlike CPU digging, GPU digging uses the computer's graphics processing unit (GPU), which is much more efficient for digging purposes. GPUs are able to perform a large number of mathematical calculations simultaneously, making them more suitable for mining altcoins and other cryptocurrencies. This method is widely used among home miners due to the balance between cost and performance, offering a viable alternative to more expensive mining setups.
ASIC diggingA: This method uses application-specific integrated circuits (ASICs), which are specialized hardware designed specifically for cryptocurrency mining. ASIC miners are highly efficient and powerful, making them the preferred choice for mining highly competitive cryptocurrencies like bitcoin. However, ASIC mining comes with higher upfront costs and less flexibility, as these devices are typically optimized for a specific cryptocurrency.
In summary, GPU digging offers a middle ground between the low efficiency of CPU digging and the high cost of ASIC digging. It is ideal for miners looking for a cost-effective solution without sacrificing too much in terms of digging power, especially when targeting less competitive cryptocurrencies.
Key Factors to Consider When Choosing a Crypto for Digging
Profitability: Evaluate current digging rewards and potential monthly profits. Cryptocurrencies with higher rewards and yields provide more lucrative opportunities. Our rankings use data from whattomine.com, comparing the yield of each coin with Ethereum Classic.
Market performance: Research the market demand and growth potential of each cryptocurrency. Understanding market trends can help miners anticipate changes and take advantage of new opportunities. We took year-to-date (YTD) performance into account in our rankings.
YTD (year-to-date) is a metric that analyzes the performance of an asset over the course of a calendar year, from January 1 to today.
TechnologyA: Take into account the technological basis of the project and the capabilities of the team. Explore their experience, skill set and commitment to the project. Review their GitHub profiles to see their development progress. If you're not sure how to assess this, consult an expert before committing to a project.
Privacy and security: Analyze the privacy features and security protocols of each cryptocurrency. Privacy-focused coins provide increased anonymity while strong security measures protect against potential threats.
Is crypto mining profitable?
The unsatisfactory short answer: it depends. The profitability of cryptocurrency mining depends on several factors, such as electricity costs, difficulty of mining, and market conditions, making it difficult to give a definitive answer.
To determine if mining is profitable for you, it's essential to conduct thorough research, calculate potential costs and rewards, and stay abreast of industry trends. This will help you make well-informed decisions about entering the mining space.
If you have a home photovoltaic system generating excess power, consider using that excess power for crypto digging instead of selling it at a low price. Learn more in our article: Digging with excess solar energy.
Understanding the tax implications of crypto digging
The tax implications for crypto digging depend on your country's regulations and whether your digging is considered a private activity or a business. In general, mining rewards are taxed as income when received and as capital gains when sold.
When you receive mined cryptocurrency, it is taxed as income based on its fair market value at the time. Upon disposal, you will face a capital gain or loss depending on the change in value since you acquired it.
Nothing in this article constitutes professional and/or financial advice, nor does the information in the article constitute a comprehensive or complete statement of the issues discussed or the law relating thereto.