Which cryptocurrencies are profitable to mine in 2023: Top picks for miners

  • Pros and cons of mining in 2023 
  • The Most Profitable Mining: Key Recommendations 
  • Which coin to mine in 2023 on video cards 
  • Top coins for mining in 2023: the best options 
  • RavenCoin (RVN) 
  • Monero (XMR) 
  • Monaco (MONA) 
  • Ethereum (ETH) 
  • Vertcoin (VTC) 
  • Bitcoin (BTC) 
  • Bitcoin Gold (BTG) 
  • FAQs

Pros and cons of mining in 2023

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Before we get started, let’s talk about the basics and weigh the pros and cons of cryptocurrency mining in 2023.

Pros of cryptocurrency mining:

  • Profit Potential: Despite the fluctuations in the cryptocurrency market, mining can still be a lucrative endeavor if you play it right. With the right equipment and a bit of research, you can mine coins that offer a good ROI.
  • Network Support: Mining isn’t just about making money. It’s also about supporting the decentralization and security of the blockchain network. By mining, you are contributing to the stability of the cryptocurrency ecosystem.
  • Getting cryptocurrency: Mining is one way to get cryptocurrency without buying it directly. If you believe in the long-term value of cryptocurrencies, mining can be a way to build your digital asset portfolio.

Minuses of mining:

  • High energy costs: Mining cryptocurrencies requires a lot of processing power, which entails high energy consumption. Depending on your location, the cost of electricity can significantly affect the profitability of your mining.
  • Equipment investment: The initial cost of quality mining equipment can be quite high. Although there are affordable options on the market, cheaper equipment may be less efficient, which will affect your potential earnings.
  • Market Volatility: The value of cryptocurrencies can fluctuate wildly, which means that the coin you are mining today may drop in value significantly tomorrow. It is important to keep an eye on market trends and adjust your mining strategy accordingly.
  • Technical Knowledge: While there are many resources available to help beginners learn how to mine, it requires a certain level of technical knowledge. Understanding how different cryptocurrencies work and optimizing your mining setup is critical.

In the following sections, we will take a closer look at the most profitable coins for mining in 2023, the top coins to consider, and the best options for those interested in mining on video cards.

The Most Profitable Mining: Basic Recommendations

If you’re ready to dive into the world of cryptocurrency mining, it’s important to optimize your operations for maximum benefits. Here are a few key recommendations to help you achieve the most profitable results:

  • Research and choose the most profitable cryptocurrency: Not all cryptocurrencies are equally profitable to mine. Factors such as current market value, reward per block, and difficulty of mining can greatly affect your profitability. Do thorough research and choose the cryptocurrency with the highest profit potential based on your goals and available resources.
  • Invest in high-yielding equipment: To maximize your profits from mining, it’s important to invest in high-quality mining equipment. Depending on your chosen cryptocurrency, ASIC miners or powerful graphics processing units (GPUs) can yield the most profitable results. Consider the specific requirements of your chosen cryptocurrency and invest accordingly.
  • Join a pool of miners for optimal profits: Joining a pool of miners can significantly increase the chances of regular income. Pooling computing resources with other miners allows for more efficient block solving and fair distribution of rewards. This collective approach helps mitigate the uncertainty of solo mining and provide a more stable revenue stream.
  • Optimize your energy costs: Cryptocurrency mining requires significant power consumption. Always factor in the cost of electricity when calculating potential profits. Some miners choose to locate their operations in areas with affordable electricity to maximize their profits.
  • Watch market trends: The cryptocurrency market is highly volatile. A coin that is profitable to mine today may not generate the same returns tomorrow. Be aware of market trends and be prepared to change your mining strategy if necessary.
  • Ensure the safety of your capital: Be sure to store your mined coins in a safe wallet. Cryptocurrencies are an attractive target for cybercriminals. Use wallets with robust security features and never share your private keys with others.
  • Comply with regulation: Cryptocurrency regulations can vary from country to country. Some regions have strict rules for mining operations, including electricity usage and taxation of mined coins. Make sure you understand and comply with the regulators in your region.
  • Consider the environmental aspect: Cryptocurrency mining can have a significant environmental impact due to its high energy consumption. Consider using renewable energy sources or participating in a carbon offset program to reduce the environmental footprint of your mining operation.

Which coin to mine in 2023 on video cards

There are several cryptocurrencies that are particularly suitable for mining on graphics processing units (graphics cards). These coins are designed to either resist the use of ASICs (specialized integrated circuits) or use memory-intensive algorithms that are therefore ideal for video cards. Here are some of the best options:

  • RavenCoin (RVN): RavenCoin is known for its decentralization bias and is a great choice for mining on graphics cards. Its design and profitability make it attractive to miners.
  • Ethereum (ETH): Ethereum remains a popular choice for mining on graphics cards despite its higher level of complexity. However, keep an eye on Ethereum’s transition to Ethereum 2.0 and Proof of Stake as this may affect its ability to mine.
  • Litecoin (LTC): Litecoin, based on the Scrypt protocol, is also a great choice for mining on graphics cards. The Scrypt protocol requires a large amount of memory, making it ideal for use with video cards.
  • Vertcoin (VTC): Vertcoin is designed to counter ASIC mining, making it a great choice for those with video cards. It also has easy-to-use one-click mining software.

Monero (XMR): Monero is a privacy-focused cryptocurrency that can be mined using regular processors and video cards. Its CryptoNight algorithm is designed to provide a fairer mining process.

Top coins for mining in 2023: the best options

In this installment, we take a look at some of the most profitable coins for mining that promise to be the most promising this year.

CRIPTOVALUTE PROTOCOL HALVING BLOCK TIME
RavenCoin (RVN) KawPoW (Proof of Work) About every four years 1 minute
Monero (XMR) CryptoNight (Proof of Work) None, gradual decrease 2 minutes
Monaco (MONA) Lyra2REv2 (Proof of Work) About every 1,051 days 1.5 minutes
Ethereum (ETH) Ethash (Proof of Work, moves to Proof of Stake) None, release rate varies About 15 seconds
Vertcoin (VTC) Lyra2REv2 (Proof of Work) About every four years 2.5 minutes
Bitcoin Gold (BTG) Equihash (Proof of Work) About every four years 10 minutes
Bitcoin (BTC) SHA-256 (Proof of Work) About every four years 10 minutes

 

Please note that this data is subject to change

RavenCoin (RVN)

RavenCoin (RVN) 

RavenCoin is a blockchain with a peer-to-peer protocol that enables efficient creation and transfer of assets from one party to another. It is designed with user control, privacy, and censorship resistance as a priority, and is built on the assumption that a decentralized coin can better serve specific user needs than a universal coin such as Bitcoin.

RVN features:

  • Asset creation and transfer: Ravencoin allows you to create and transfer digital assets directly on its blockchain.
  • Real Asset Representation: Tokens created on Ravencoin can represent real assets such as commodities, securities, collectibles, or even loyalty rewards.
  • Decentralized mining: Ravencoin is designed to be mined by any ordinary computer, which promotes decentralization.
  • KawPoW consensus mechanism: This unique variation of the Proof of Work mechanism secures the Ravencoin protocol and distributes newly mined RVNs across the network.
  • Open Source Development: Ravencoin encourages community input and supports transparency in its development process.

Monero (XMR)

Monero (XMR).

Monero is a privacy-focused cryptocurrency that is known for its ease of mining and powerful privacy features for users. It uses a Proof of Work (PoW) consensus algorithm that can be mined using common PC processors.

Monero (XMR) is a unique cryptocurrency with several distinctive features that make it stand out from other cryptocurrencies:

  • Anonymity: Monero is known for its powerful privacy features. It uses ring signatures and hidden addresses to provide anonymity to both the sender and receiver in a transaction, making it impossible to trace the origin of the transaction.
  • Low transaction fees: Unlike Bitcoin and Etherium, which have been criticized for their high transaction fees, Monero offers low fees, making it ideal for simple transactions, especially for small amounts.
  • Fully Substitutable: Monero is a fully substitutable currency, which means that each unit of currency is identical and interchangeable. This ensures that no transaction can be singled out or tied to any individual, and it is impossible to blacklist or cancel XMR.
  • Resistance to Censorship: With its privacy features, Monero is an ideal network for people who are subject to political persecution or surveillance in authoritarian systems.
  • Based on CryptoNote technology: Monero is based on CryptoNote technology, which prioritizes user privacy and anonymity.

Monaco (MONA)

Monaco (MONA)

Monaco, also known as MonaCoin, is a Japanese cryptocurrency that has gained popularity due to its community support and adaptability. It utilizes the Lyra2RE(v2) algorithm for mining, which allows coins to be mined efficiently using both video cards and processors.

Monaco (MONA) is a unique cryptocurrency with several distinctive features:

  • Japanese origin: MONA was the first Japanese cryptocurrency and is an alternative to Bitcoin or Lightcoin of national importance in Japan.
  • Faster transactions: MONA was created as a fork of Lightcoin in order to achieve faster transactions than its predecessor.
  • Resistance to ASIC mining: MONA originally used the Scrypt algorithm to provide resistance to ASIC mining. However, when an ASIC compatible with the Scrypt algorithm was developed, MONA switched to Lyra2REv2 to stay true to its GPU/CPU mining mission.
  • Block complexity adjustment: MONA adjusts the complexity of each block using the Dark Gravity Wave v3 algorithm.
  • SegWit and Lightning Network: The MONA team has reportedly implemented SegWit and Lightning Network for its coin, following the lead of Bitcoin, Lightcoin, Vertcoin and other payment-oriented cryptocurrencies.

Ethereum (ETH)

Ethereum (ETH) 

Ethereum is one of the most well-known cryptocurrencies. While its mining is more difficult than some other coins due to its popularity and high level of complexity, it can still be profitable due to its widespread acceptance and use in the decentralized finance (DeFi) sector.

Distinctive features of ETH:

  • Smart Contracts: Ethereum allows developers to create and deploy smart contracts, which are self-executing contracts with terms of agreement explicitly written in the code.
  • Decentralized Applications (DApps): Ethereum is known for its platform that allows developers to create decentralized applications on its blockchain.
  • Ether (ETH): Ether is the internal cryptocurrency of the Ethereum platform. It is used to reward miners for securing the network and executing smart contracts.
  • Ether Virtual Machine (EVM): The EVM is the execution environment for smart contracts in Ethereum. It is completely isolated from the main Ethereum network, making it an ideal sandbox for testing smart contracts.
  • Transition to Ethereum 2.0: Ethereum is in the process of transitioning to Ethereum 2.0, also known as Eth2 or “Serenity”. This is a major upgrade to the Ethereum network aimed at improving the speed, efficiency, and scalability of the network.

Vertcoin (VTC)

Vertcoin (VTC)

Vertcoin is a cryptocurrency that aims to keep mining decentralized. It is resistant to ASIC mining, which means it can be mined using regular computer hardware such as video cards, making it a good option for home miners.

Vertcoin (VTC) is a decentralized cryptocurrency with the following unique features:

  • Resistance to ASIC mining: Vertcoin is designed to resist specialized integrated circuit (ASIC) mining. This promotes decentralization, allowing users to mine Vertcoin using conventional hardware.
  • User-friendly mining software: Vertcoin offers user-friendly software that allows users to start mining with a single click, making it accessible to those new to cryptocurrency mining.
  • Active Community: Vertcoin has a very active community, especially on social media platforms such as Reddit. The participation of this community helps in the development and promotion of the cryptocurrency.
  • Fast Block Time: Vertcoin has a block formation time of 2.5 minutes, which is faster than many other cryptocurrencies, allowing transactions to be confirmed more quickly.
  • Halfing: Similar to Bitcoin, Vertcoin undergoes a halfing event approximately every four years, reducing the reward for mining new blocks and potentially affecting the value of the coin.

Bitcoin (BTC)

Bitcoin (BTC)

Bitcoin (BTC) is a leading cryptocurrency that has attracted a lot of attention and is widely popular. Here are some key features of this coin that make it one of the most attractive to miners:

  • Decentralization: Bitcoin runs on a decentralized network, which means that it is not controlled by any single organization or government. This was one of the main goals of Bitcoin’s creation.
  • Transparency: All Bitcoin transactions are recorded in a publicly accessible registry known as the blockchain. This ensures that every transaction can be tracked, providing a high level of transparency.
  • Anonymity: While all transactions are traceable, the identities of the participants in the transaction remain relatively anonymous. Bitcoin addresses and wallets are used for transactions, and it is possible to make transactions without revealing one’s real identity.
  • Portability: Bitcoin is a digital currency, which makes it highly portable. As long as you have access to the internet, you can access and use your Bitcoins anywhere in the world.
  • Low transaction fees: Bitcoin transaction fees can be low, and these fees are voluntary. They provide an incentive for miners to maintain the network and add new transactions to the blockchain.
  • Limited supply: Bitcoin will only exist for 21 million, and this limitation is encoded in the Bitcoin protocol and is one of the reasons for its value.

Bitcoin Gold (BTG)

Bitcoin Gold (BTG) 

Bitcoin Gold is a Bitcoin hardfork that aims to be more decentralized, allowing everyone to mine this currency using video cards. It uses a different algorithm for mining, called Equihash, which makes it difficult to use specialized ASICs.

BTG is characterized by the following features:

  • Decentralization: The main goal of Bitcoin Gold is to decentralize Bitcoin mining. This is accomplished by making mining available to more people, not just those who can afford expensive specialized equipment.
  • ASIC Resistance: Bitcoin Gold uses a different mining algorithm called Equihash, which is ASIC resistant. This means that mining can be done using regular graphics cards that are available to the average user.
  • Equihash Algorithm: The Equihash algorithm requires more memory to execute, which limits the computational power of ASICs and makes mining on video cards more competitive.
  • Fair distribution: As with Bitcoin, Bitcoin Gold was launched fairly. Everyone who owned Bitcoin before the hardfork received an equivalent amount of Bitcoin Gold.
  • Re-transaction protection: After the hardfork, Bitcoin Gold implemented full re-transaction protection, which is an important feature to protect users’ coins.

Keep in mind that the profitability of mining these cryptocurrencies can vary depending on factors such as electricity costs, equipment costs and the current market price of the cryptocurrency. Always do your own research before you start mining.

In conclusion, miners will face new opportunities and challenges in 2023. A host of cryptocurrencies including RavenCoin, Monero, Monaco, Ethereum, Vertcoin, Bitcoin Gold and Bitcoin can offer lucrative opportunities for GPU mining.

However, it is important to remember that the profitability of mining depends on many factors, including the cost of electricity, the price of cryptocurrency, and the efficiency of the equipment. Therefore, it is important to do a thorough research before you start mining.

The key to successful mining in 2023 and beyond is to stay up-to-date with the latest trends in the cryptocurrency world, adapt to changes and optimize your mining strategies. Have fun mining!

FAQs

Which coins will be most profitable for CPU mining in 2023?

Many cryptocurrencies may be profitable for CPU mining in 2023, including Monero (XMR) and Vertcoin (VTC), which are designed with CPU mining in mind. However, the specific profitability will depend on many factors, including the cost of electricity and the current market price of the cryptocurrency.

What to mine besides ether in 2023?

There will be many alternatives for mining besides Ethereum in 2023. Some of them include RavenCoin, Monero, Monaco, Vertcoin, Bitcoin Gold and Bitcoin. Choosing a specific cryptocurrency to mine will depend on your individual preferences, available equipment and the current market situation.

What factors affect the profitability of cryptocurrency mining in 2023?

The profitability of cryptocurrency mining in 2023 will depend on many factors. These include the cost of electricity, the cost and efficiency of your mining equipment, the current market price of the cryptocurrency, the difficulty of mining and the reward per block.

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