Anyone planning to get into cryptocurrency mining should familiarize themselves with the necessary mining equipment and the benefits of mining pools. Depending on which coin he chooses, there are differences. In order to be successful in this endeavor, it is very important to first understand your own goals and limits.
On this page, we will introduce you to the best cryptocurrencies you can mine in 2022. And we will also tell you about the different platforms you can use for mining. We also introduce you to the profitability aspect and pros and cons of cryptocurrency mining.
Our list of top cryptocurrencies for mining
Here is a list of 10 cryptocurrencies that definitely deserve a look from anyone interested in crypto mining. 1. Bitcoin
If you have the capital and are willing to make the effort, Bitcoin (BTC) continues to be the first choice among crypto miners around the world. Its price hovered around the $35,000/BTC mark at the time of writing this article. In fact, not too long ago, in Jan 2021, BTC hit an all-time high of $42,000. However, you should also know that the current BTC mining reward is 6.25 BTC per block, which will drop to 3.125 BTC after four years. Bitcoin is also a much more difficult and resource-intensive cryptocurrency to mine than newer cryptocurrencies on the market.2. Ethereum
Ethereum, or Ether, is an extremely popular cryptocurrency that can be created right now, as it is widely recognized as a leader in innovation in the crypto industry due to its “smart contracts” and “dApps.” The cryptocurrency has a market cap of around $171 billion at the time of writing this article. The current mining premium is 2 ETH per block. It uses the Ethash hashing feature and can be mined with CPU and GPU devices. Although this cryptocurrency has been converted to Ethereum 2.0 (ETH 2.0), miners still have at least a few years left after changing their consensus algorithm from Proof-of-Work (PoW) to Proof of Stake (PoS) to continue PoW on Ethereum. The current ETH will never be converted to the latest PoS blockchain before phase 1.5 of ETH 2.0.3. ZCash
The year 2016 saw the launch of several major cryptocurrencies, including ZCash (ZEC). Considering that the ZCash development company is overly focused on privacy, this is an excellent cryptocurrency to mine. However, despite its ASIC-resistant design, ZEC cannot simply be mined. Nevertheless, its value is quite stable, making it an ideal mining opportunity for people who are willing to take a long-term approach. The current mining reward is 2.5 ZEC/block, and 21 million coins is the maximum possible supply to be completely mined by 2032. ZCash Mining requires higher memory due to its Equihash algorithm.4. Grin
Grin (GRIN) was launched in 2019 and, unlike other cryptocurrencies, does not come with a maximum supply. Considering the fact that Cuckoo mining is used as ASIC resistant, it allows the regular users of cryptocurrencies to easily mine with CPU and GPU devices without the need for large investments. The hashing feature used is MimbleWimble and the current mining reward is 60 GRIN per block.5. Monero
This is another popular ASIC-resistant cryptocurrency that appreciates the importance of equity when it comes to crypto mining. With a market cap close to $3 billion, Monero (XMR) continues to mine among the most profitable cryptocurrencies you can mine. The current mining reward is 2.15 XMR per block and the total number of blocks expected is 2,272,762. It employs the CryptoNightR hashing feature and you can mine it with CPU and GPU devices.6. Ravencoin
Ravencoin (RVN) was launched just a few years ago in 2018 and emerged from a Bitcoin hard fork. This cryptocurrency has gained widespread popularity due to its special features, for example, through its mobile crypto wallet (along with seed phrases), through messaging and also the RVN voting. Additionally, RVN is fairly actively traded on all major crypto exchanges, so RVN is extremely liquid in nature. It is an attractive cryptocurrency for miners because of its KawPow protocol and X16R hashing feature. The block mining reward for Ravencoin is now at 5,000 RVN per block. 7. Litecoin
Litecoin (LTC), which is ranked among the best Bitcoin hardforks, has a great appeal as well as solid functionalities. It is counted as one of the top 10 cryptocurrencies in several lists, and for good reason. LTC uses the Scrypt protocol and is one of the leading coins mined with GPU. As obvious, the hashing feature used is Scrypt and by August 2023, all Litecoin miners will be rewarded with 12.5 LTC for each mined block. By January 2021, a total of 66.8 million LTCs of a maximum of 84 million had been mined.8. Dash
Dash (DASH) is a hard spin-off of Litecoin and was launched in January 2014. It has a market cap of around $1.07 billion and is known for enabling secure and fast transactions around the world through PrivateSend and InstantSend. The hashing algorithm used is X11, a creation of Evan Duffield, the Dash founder. There are a total of 9.96 million DASH in circulation and the current reward for mining each block is 2.88 DASH.9. Dogecoin
What began as a joke for carefree fun, Dogecoin (DOGE) became more and more popular and in no time developed into one of the most successful and widely used cryptocurrencies. It was originally released in December 2013 as another of the Litecoin forks. DOGE is mainly used to tip Reddit and Twitter content creators and can be mined using CPU or GPU devices. It uses the Scrypt protocol and has no limit on the overall offer. The block reward is currently 10,000 Dogecoins per block.10. Bitcoin Gold
Another Bitcoin hardfork, Bitcoin Gold (BTG), was introduced in 2017. The difference with Bitcoin was that it used Equihash instead of the PoW algorithm. The idea was to democratize Bitcoin mining and ban the use of specialized mining equipment. This cryptocurrency is specifically designed for mining with GPU devices and can be considered an excellent option for anyone looking for a profitable cryptocurrency to mine this year. The reward per block is 6.25 coins and there are about 18.6 million BTG in existence today.
Simply put, cryptocurrency mining is the process of solving complex mathematical equations to validate the various cryptocurrency transactions. For every new cryptocurrency that is mined, the people involved in it are rewarded with a fraction of that currency. Contrary to popular belief, mining a cryptocurrency does not mean the creation of a new coin, but the release of one from the overall supply.
The majority of crypto products on the market today have a limited number of coins that are released over the years, increasing their value as they become rarer. The biggest reason why crypto mining exists is the solution to the biggest problem associated with such currencies, which is double spending.
Crypto mining can be done with three different types of computer components – CPU (Central Processing Unit), GPU (Graphics Processing Unit or Graphics Cards), or ASIC (Application-Specific Integrated Circuit) – depending on the amount of investment you are willing to make. In addition, there are three rough approaches: “solo” mining, i.e. mining on an individual level. “Pool” mining, in which several miners join together to form a pool to increase the computing power of a server. And “cloud” mining, where you don’t have to invest in mining equipment, but opt for rented computing power. Nowadays, it is also possible to mine cryptocurrencies with your own mobile phone by lending its computing power to a corresponding app.