What to Mine Next: A Cost-Effective Guide on Crypto Mining
So, you’re interested in earning passive income by mining cryptos? You’ve come to the right place, so you better keep reading. There are several ways and several engines to effectively mine crypto without you spending much more on power and electricity than the value of the coins that you mine. Successfully mined coins are then added to the circulation in the blockchain. But mining coins isn’t as easy as it sounds. It requires expensive hardware and it consumes a lot of power to earn significant profits.
There are dozens of available Graphics Processing Units (GPU) out there that you can utilize to mine cryptos, but not all are cost-effective. And of course, you need to keep in mind the cost of electricity in your area, because it might be higher compared to the rest of the world, in which case it might be better if you just buy the coins instead of investing in GPUs and continuously lose money because of the high overhead costs.
Another thing to consider is the price of GPUs available in the market. Since the boom of mining, people started to hoard and resell GPUs at a higher price, so if you buy from scalpers, then your ROI will naturally take longer.
You can check out WhatToMine to see how profitable things are with your current setup (electricity cost, your GPUs, etc.).
As a quick note as well, many miners mine at a loss if they truly believe in the coin – of course in hopes of the price increasing in the future. Think of mining Bitcoin back when it was still $100 and not selling any of it…and compare it to its current price now.
In any case, here are the best coins and GPUs that you can use to make some quick bucks.
1. Ethereum (ETH)
If you haven’t heard about it yet (which is impossible unless you’ve been living under a rock), Ethereum is one of the most popular cryptocurrencies out there and is also the second biggest cryptocurrency today right after Bitcoin.
It is a programmable blockchain platform with its own token called ETH, and many programs and DApps run on the Ethereum blockchain.
Recent mining profit on this coin shows that you can earn as much as $8.79 per day on NVIDIA GeForce RTX 3090.
2. Bitcoin Gold (BTG)
BTG was created in 2017 upon seeing that the competition between miners became so dense that individual miners didn’t stand a chance against large corporations that run huge mining farms.
So, BTG was made to shift the unbalanced mining space in Bitcoin. And once again giving opportunities for individual miners to earn without the need of using specialized power-hungry and expensive equipment.
The most cost-efficient GPU to mine BTG is AMD Radeon RX 6900 XT. Miners get to earn an average of $2.63 per day.
3. Sero (SERO)
They claim to be “The world’s first truly Privacy Protection platform for Decentralized Applications”. Since there was no blockchain privacy protection technology that supports smart contracts. SERO was created to solve occurring issues with private information leaks.
Its smart contract is used to detach input and output information by using temporary addresses making you untraceable and it is said to be the first cryptocurrency that provides anonymity for users and transactions.
SERO coin is best mined on NVIDIA GeForce RTX 3090 which can make you a profit of $4.84 per day.
4. Flux (FLUX)
Flux is a decentralized second-layer operating system that allows users to run their hardened dockerized apps with ease. And FLUX is a proof-of-work currency made to power the Flux network for utility purposes such as fees, rewards, governance, nodes, and other services.
According to the most recent calculation, you can earn $4.20 per day by mining on NVIDIA GeForce RTX 3080.
5. Ethereum Classic (ETC)
The Ethereum blockchain was split in two after it was hacked in June 2016, creating Ethereum Classic as the original and Ethereum as the new version. Ethereum Classic is a decentralized, open-source platform that operates on smart contracts aiming to become a global payment network.
ETC is its cryptocurrency which can be mined best on NVIDIA GeForce RTX 3090 and earn $4.80 per day.
6. Equilibria (XEQ)
Equilibria is interoperable with other blockchain networks like Ethereum, Solana, and Cardano, giving smart contracts the flexibility and resources it needs to perform their best. XEQ is its native coin, used to privately access data from the real world and blockchain. Making it secure, scalable, and providing incredible opportunities for businesses and companies to make use of.
Mining XEQ on AMD Radeon RX 6800 will make you a profit of $3.28 per day.
7. RavenCoin (RVN)
Ravencoin is a blockchain that specializes in peer-to-peer transactions, allowing users to trade both digital and real-world assets. RNV, its native token, is used for transactions and it is used to represent real-world assets like silver, gold, stocks, rewards, and other assets.
You can acquire RVN by buying or mining. And the best GPU to mine it on is NVIDIA Geforce RTX 3080 Ti. Making profits based on recent calculations for about $5.89 per day.
8. Firo (FIRO)
Firo, formerly known as Zcoin, competes in the privacy coin market. It had a rough start after it was launched on September 28, 2016. Zcoin was hacked multiple times and even after they rebranded to Firo.
They were resilient and acknowledged that their system has flaws that need to be fixed. They were able to overcome their hurdles, and they were the first protocol that was able to hide the user’s IP address without using VPN or other similar software.
Today, you can mine Firo on NVIDIA GeForce RTX 3090 to make a decent profit of $5.26 per day.
9. Callisto Network (CLO)
Callisto is also a decentralized, open-source platform, named after Jupiter’s moon. It is a blockchain developed to solve Ethereum Classic’s scalability problem and introduced a cold staking protocol. It has its native coin called CLO, which is used to store value within its blockchain.
Right now, you can earn an average of $3.75 per day, if you mine it on NVIDIA GeForce RTX 3090.
10. Expanse (EXP)
Expanse is a proof-of-work blockchain much like Ethereum, and it was founded by Christopher Franco in 2015. Its native coin called EXP can be used to interact with DApps and transactions on the blockchain. Trading EXP occurs on its main decentralized exchange called Eggswap.
Earn an average of $2.74 per day by mining on NVIDIA GeForce RTX 3090.
11. Cortex (CTXC)
Cortex, another decentralized, open-source platform, was made to create a public blockchain for users to create their own AI programs and DApps. Cortex coin is called CTXC; and is used for transactions, fees, and other services within its blockchain network.
Miners can earn a good amount of $6.39 per day when mining on NVIDIA Geforce RTX 3080 Ti.
12. Aeternity (AE)
Aeternity was created by Yanislav Malahov, one of the leading blockchain experts, and is also called “The Godfather of Ethereum”. Aeternity is also a blockchain network similar to the other ones mentioned above.
It uses smart contracts and has its own token called AE, which is used to interact with Dapps. Aeternity claims to have corrected some flaws that modern blockchains today have, making them much faster and efficient compared to other blockchains.
You can mine AE on NVIDIA Geforce RTX 3080 Ti and earn $5.61 per day on average.
13. Ergo (ERG)
Ergo was designed like a hybrid blockchain that combines the best of Bitcoin and the best of Ethereum. Ergo mines their token quite similar to how Bitcoin mining works, under a condition that the size of the computers that can mine is limited to avoid the power consumption and carbon emission that can be seen when farming bitcoin.
At the same time, its blockchain is quite similar to Ethereum, which can be programmed and allows users to make and interact with DApps.
Its native coin called ERG can be bought and mined, and I found out that it is best mined on NVIDIA GeForce RTX 3090 to make a profit of $4.83 per day.
14. Metaverse (ETP)
Metaverse is said to be an alternative for Ethereum in China, but the main difference is that Ethereum uses smart contracts while Metaverse, on the other hand, uses smart assets. The ETP token is a utility token that is used for fees, transactions, and other services within Metaverse’s ecosystem.
Mining ETP on NVIDIA GeForce RTX 3090 will make you a profit of $3.77 per day, which is adequate.
15. Beam (BEAM)
The last coin on the list, but is definitely not the least, Beam. It was launched in January 2019. It is focused on forging more reliable privacy controls that prioritize security. Making every transaction private by default, not something that needs to be requested.
They also stated that they’ve successfully built a scalable blockchain which is a common issue with other blockchains.
Based on recent calculations, BEAM coin is best mined on NVIDIA Geforce RTX 3080 Ti and will make you a profit of $4.18 a day.
Summary
Disclaimer
Mining crypto is time-consuming and requires a lot of power and energy. Also, note that the amounts that were listed here for each coin fluctuates. It changes and three main factors can affect your profitability, and that is the type of GPU, electricity cost, and the price of the coin itself.
The information that you see here is based on recent results and calculations for a specific GPU, and it does not mean that it would be the same amount that you’ll receive. So always keep that in mind.