10 Best Cryptocurrencies to Mine – A Simple Guide

What are the best cryptocurrencies to mine? Mining cryptocurrencies is a process where an ASIC or Application Specific Integrated Circuit is used.

It is done by mining equipment which is specially designed for this purpose. However, this is an expensive process because you will need to continually upgrade your ASIC miner to the latest version, as and when it comes out.

Nevertheless, you can use your computer at home to mine cryptocurrencies easily. However, these at-home mining operations can be done on a smaller scale without having to invest a lot on electricity costs.

Typically, you will need two things for that, namely:

  • A proper setup and
  • Knowledge of the type of cryptocurrencies to mine.

For successful mining of cryptocurrencies you will also need to compete with other miners, most of which will be sophisticated.

This is challenging by itself because everyone involved will be inclined to make the most out of the same coin as rewards.

Therefore, assuming that you have a proper setup in your home, the most important thing to know is the type of cryptocurrencies to mine.

10 Best Cryptocurrencies to Mine in 2021

Best Cryptocurrencies to Mine

The cryptocurrencies that you want to mine should have an actual use case and a user base growth.

Since mining cryptocurrencies is not devoid of risks as its value fluctuates widely, you should choose some of the best cryptocurrencies to mine. This will prevent you from investing more than you can afford to lose in mining.

Here, in this guide, you will find a list of some of the best cryptocurrencies to mine from home. Check out knowing more about crypto markets.

Depending on the prospects of different types of cryptocurrencies, few of these should be sold immediately after mining while others should be retained.

1. Vertcoin (VTC) – PoW Mechanism

This is a peer-to-peer cryptocurrency. It uses an ASIC or an Application Specific Integrated Circuit resistant PoW mechanism called Lyra2REv3.

This Proof of Work incentivizes the miners because the coins are distributed more fairly with no control on mining it by the ASIC mining pools and firms.

Vertcoin cryptocurrency was launched in January 2014. It is based on a fork of Bitcoin code and has a block time of 2.5 minutes. The maximum coin supply limit of Vertcoin is 84 million.

In order to mine this crypto asset you will need to download the One-Click Miner from the Vertcoin website. In addition to that, you will also need to download the Vertcoin wallet from there to store the coins you mine.

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2. Monero (XMR) – Specially Designed

This crypto is specially designed on the CryptoNote protocol. This privacy-focused coin runs on the RandomX hash function.

The Bytecoin codebase was forked by Bitcointalk user thankful_for_today in 2014 to develop BitMonero. However, the name was later changed to Monero by the community.

This is also an ASIC resistant coin which allows mining it at home easily. Setting up is easy with the only need of a proper mining hardware and a wallet. However, you will need to download and configure the mining software to use it.

The block time of it is two minutes but the maximum coin limit is not available.

3. Ravencoin (RVN) – Decentralized Mining

This is one of the best cryptocurrencies to mine at home. The best part of it is that it primarily focuses on decentralizing mining which means it is easy to mine this specific crypto with a proper setup at home.

The algorithm used by this cryptocurrency is known as KAWPOW and it was launched in November 2018.

As for the protocol of Ravencoin, it is based on a fork of Bitcoin’s code. Nevertheless, this is much different from Bitcoin because it allows transferring assets and sub-assets.

The block time of Ravencoin is about one minute and it has a total of 21 billion coins in circulation. To mine the coins, use a reliable mining software and configure it before you join one of the mining pools that supports RVN.

4. Haven Protocol (XHV) – Privacy Features

A fork of Monero, the Haven Protocol is a cryptocurrency that has similar privacy features. However, it offers greater stability in terms of price through the synthetic stablecoin, xUSD.

This cryptocurrency runs on the CryptoNight Heavy algorithm. This is not compatible with Nicehash and is also ASIC resistant.

As a result, it is easy to mine this cryptocurrency at home using a compatible mining software and graphics card.

The mainnet of Haven Protocol was released by the developer in July 2020 and has a block time of 120 seconds. As of March 2021, the total number of XHV coins in circulation was about 14.2 million.

5. Ethereum Classic (ETC) – Supports Smart Contracts

ETC is a hard fork of Ethereum and is designed keeping the original blockchain of Ethereum. Launched in July 2016, this blockchain of ETC also supports smart contracts and Dapps.

It has a maximum coin supply of 210,700,000 and its block time is quite low, clocking just 13 seconds.

The mining algorithm used in Ethereum Classic is the modified version of Ethash mining algorithm of Ethereum called EtcHash.

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This is also referred to as the Thanos upgrade and offers a better and easier access to the miners.

This means that you can mine ETC using your home computer with a graphics card of a minimum of 3 GB or 4 GB dedicated video memory.

In order to mine ETC, you will need to create a digital wallet that supports this cryptocurrency and the graphics cards.

Also, you have to download a good mining software such as Gminer. Configure the software and your system will be ready to mine ETC for you.

6. Monacoin (MONA) – Fork of Litecoin

This specific cryptocurrency is the fork of Litecoin. Developed by one anonymous developer, Mr. Watanabe, this crypto is based on the ASCII cat character, Mona, which was created in 2000 and became one of the most popular internet memes in Japan.

Launched in 2013, this crypto is accepted by several merchants in Japan as a payment option.

The Proof of Work algorithm used in Monacoin is the Lyra2REv2. It has a block time of 15 minutes and has a maximum coin supply of 105,120,000.

In spite of a long blocktime, this is one of the best cryptocurrencies to mine, courtesy the Lyra2REv2 algorithm.

The mining process is simple and similar to other cryptocurrencies. You have to acquire a wallet, a graphics card, download mining software, and configure it before starting to use it for mining Monacoin.

7. Aeternity (AE) – Easy to Mine

This is one of the most popular cryptocurrencies to mine at home easily. It was founded by Yanislav Malahov in 2016 and its blockchain runs on both Proof of Work and Proof of Stake consensus mechanisms.

The PoW mechanism is called Cuckoo Cycle which is an algorithm that is power efficient and ASIC resistant allowing you to mine the coins at home.

To mine Aeternity with your home computer, you will need a graphics card with a dedicated memory of 4 GB, at least, apart from a relevant mining software. You will start receiving the coins in your wallet once you configure the mining software.

It takes about 180 seconds to create the main block on the AE blockchain. However, the maximum coin supply of AE is unknown.

8. Beam (BEAM) – Modified Algorithm

BEAM is another cryptocurrency that you can mine easily at home using your computer which should have a memory of at least 4 GB.

This specific digital asset works primarily on a modified version of Equihash PoW mining algorithm. It is called Beam Hash III. Apart from that, the blockchain protocols that it runs on are LelantusMW and the Mimblewimble.

Launched in 2018, Beam has an upper limit coin supply of up to 262,800,000. The block time of Beam is about a minute.

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Mining Beam is easier because you will find the mining software on the Beam website itself that is compatible with most common computers with either an Nvidia or an AMD graphics card.

All you have to do is simply download the mining software and configure it before you start mining this crypto.

9. Komodo (KMD) – Interoperable

Komodo is a specific cryptocurrency that utilizes the Equihash PoW mining algorithm. This specific blockchain variant allows Komodo to offer interoperable and most secure blockchain solutions.

Komodo was originally designed as a fork of Zcash but later on it has undergone a lot of developments. Newer and better features have been incorporated in it such as smart contracts.

Moreover, this specific crypto asset uses a PoW consensus mechanism. This is called dPoW or Delayed PoW. This mechanism uses the Bitcoin blockchain specifically which enhances the security aspect of it significantly.

The total number of Komodo coin supply is around 200 million. With a low block time of 60 seconds, you can mine KMOD by downloading any mining software.

However, make sure that you configure it with the mining pool and a wallet.

10. Feathercoin (FTC) – Oldest

This is an open-source crypto asset that you can mine both by using a GPU or CPU at home, albeit with varied efficiency. The algorithm used here is NeoScrypt and basically favors GPU mining.

This is also one of the oldest altcoins to mine because it originated way back in April 2013. The good thing about it is that it has a fast block time of one minute which allows it to offer ‘feather light’ and low-cost payments.

In terms of volumes, the total supply of Feathercoin is about 336 million.

You will need to use specific software such as Cudaminer for best mining results. Also, make sure that you follow the recommendation of the Feathercoin community and choose the P2Pool, which is the best.

Conclusion

You must do your homework to know the best cryptocurrencies and their prospects before you start mining. It will be unwise to believe that you will be able to mine cryptocurrencies profitably just because mining is allowed.