In this guide, we discuss the best cryptocurrencies that can be mined in 2023. We have also included a detailed review of cryptocurrency mining in an easy and cost-effective way.
What is cryptocurrency mining
Cryptocurrency mining is simply the process by which new cryptocurrencies are introduced into circulation Cryptocurrency mining also involves validating cryptocurrency transactions on a network blockchain.
It's also one of the best ways to learn about the crypto industry, without having to buy digital assets via third-party exchanges and marketplaces.
Cryptocurrency mining is a laborious, expensive, and intermittently rewarding process, however, mining is attractive to many crypto-interested investors due to the fact that miners are rewarded for their work using crypto tokens.
Take a look at our top picks
- Betcoin- The best currency for mining in general
- Ethereum - the best cryptocurrency for long-term investments
- Dogecoin -
- Ethereum Classic - Ethereum
- Helium - LongFi Enabled Cryptocurrency
- Solana - Blockchain with smart contract capability
- Cardano – Sustainable and Programmable Blockchain
- Vertcoin - cryptography with ASIC resistant mining algorithm
- Monero - Cryptocurrency for Privacy
- Ravencoin - a cryptographic network that encodes assets
Overview of the best cryptocurrencies in mining
The best coins that can be mined are those that yield high returns on the original investment share. However, the potential returns of the currency also depend on market conditions - in terms of price movement.
This means that investors will need to do some serious research to find out the most profitable coins for mining in 2023.
Bitcoin – Best Mining Coin Overall in 2023
Since its invention more than a decade ago, Bitcoin is still the most popular cryptocurrency of choice, there is still an ever-increasing demand for this digital token. As such, Bitcoin is still one of the best cryptocurrencies for mining – especially from an investment perspective.
The price of Bitcoin was hovering around $17,000 at the time of writing. However, not so long ago, in November 2021, the value of a single BTC token reached an all-time high of around $68,000. It is also worth noting that Bitcoin has a maximum supply of only 21 million tokens.
This means that the value of Bitcoin can increase over the years, especially if this high demand is maintained. All that being said, Bitcoin mining is generally considered resource-consuming and expensive. One way around this is to use cloud mining platforms.
Investors can simply purchase a Bitcoin mining contract from mining platforms and get the BTC yield added to their account. In this way, the platform allows its users to benefit from bitcoin mining easily and passively.
. Ethereum - the best cryptocurrency for long-term investments
After Bitcoin, Ethereum occupies the position as the second most valuable cryptocurrency. The Ethereum network is also a technological platform that hosts many services, such as smart contracts and NFTs. Thus, this blockchain is widely used to build and deploy decentralized applications.
Due to its use cases, many investors believe that Ethereum is one of the best crypto winter tokens to buy right now. The coin was first launched in 2015, with an ICO price of just $0.30. Today, at the time of writing, one ETH token is trading for around $1200.
This translates into an increase of about 500,000%. Moreover, Ethereum is undergoing the transition to a proof-of-stake consensus mechanism, which will make it cheaper and faster. Given these considerations, Ethereum is probably the best cryptocurrency for mining for long-term investors.
. Dogecoin - the highest meme coin
Dogecoin has a reputation for being one of the best meme coins in the industry. Although the coin has no real-world benefit, it has an impressive societal support that pushes its price. However, market sentiment towards this currency is remarkably volatile, as is its price.
Regardless, Dogecoin has earned a place among the best cryptocurrencies for mining right now. Even when going through a mining pool, it takes less than a minute to validate a single DOGE token and add it to the blockchain. It depends on the profit on the market price of the token.
Although Dogecoin's market capitalization has dwindled since its all-time high in 2021, it remains one of the most popular cryptocurrencies. The currency has become widely accepted as a means of payment and is available for purchase via most crypto exchanges. Traders can also consider the automated wallets you offer when investing in Dogecoin.
. Ethereum Classic
Ethereum Classic uses proof-of-work consensus and relies on miners to secure the network. This cryptocurrency is a hard fork of Ethereum and also offers support for smart contracts. However, the venture was unable to replicate the success of Ethereum in terms of market capitalization and token holders.
However, with Ethereum switching to blockchain PoS, it is believed that some miners could jump to Ethereum Classic instead. This may help Ethereum Classic become more stable and secure. Moreover, unlike ETH, ETC has a fixed display of just over 2 billion tokens.
In other words, there are a few different factors that can boost Ethereum Classic adoption in the long run. As such, many would argue that Ethereum Classic is one of the best cryptocurrencies that can be mined right now. However, again, the profitability of mining Ethereum Classic will largely depend on how the coin performs on the open market.
5. Helium.- A cryptocurrency that powers LongFi
Before investing, experienced traders tend to look at real-world use cases for cryptocurrency. In this regard, helium is probably the best cryptography for mining at the moment. The goal of the helium network is to facilitate the longevity of the Internet and its connected devices.
Users can install Helium routers in their homes or anywhere else and earn HNT to provide connectivity. Alternatively, it is also possible to access Helium tokens via mining. In fact, Helium has the reputation of being one of the easiest coins to min.
As with most other cryptocurrencies, Helium is also going through a bear market at the time of writing. However, some analysts predict that the usefulness of the network may increase in the future. Therefore, there are potential advantages to helium mining in 2023.
. Solana - Blockchain with smart contract capability
Like Ethereum and Ethereum Classic, Solana is another blockchain that supports smart contracts. Thus, developers can use Solana to create decentralized applications. However, the main drawback of these blockchains is that they facilitate fast and cheap transactions.
In addition, Solana Pay is also gaining momentum among global merchants as a free-to-use payments framework. In terms of architecture, Solana uses a hybrid protocol that mixes proof of stake and proof of date. This means that SOL tokens cannot be extracted technically.
However, the way around this is to join the mining pool and share SOL tokens. People can find a platform that supports crypto stakes and deposit their Solana tokens to generate interest. For an investor who believes in Solana's future prospects, being able to obtain SOL tokens for passive income can be a notable advantage.
7. Cardano – Sustainable and Programmable Blockchain
Solana's biggest competitor in the crypto market is Cardano, another programmable blockchain. It is designed to support smart contract functions and facilitate fast transactions. However, it has the advantage of being the first blockchain to be developed using evidence-based methods and peer-reviewed research.
Cardano's roadmap is divided into five phases – at the time of writing, it is in phase three. In the coming phases, the network will add support for side chains. The original token of Cardano, ADA, can also be extracted via betting - such as Solana.
There are both centralized and decentralized platforms that offer Cardano betting facilities. By depositing ADA coins in a pool of stakes, investors will be able to get a return without having to do any work themselves. The returns they collect will be proportional to the number of ADA coins mortgaged.
For those interested in mining ADA coins, be sure to check the Cardano price prediction first.
. Vertcoin - cryptography with ASIC - resistance mining algorithm.
Vertcoin is a digital token developed with the aim of making crypto mining accessible to everyone. To clarify - this token cannot be extracted using ASIC equipment. Instead, miners will have to use other hardware options such as CPUs and GPUs.
This property makes Vertcoin the best crypto mining for investors. In fact, Vertcoin mining can be done using 2GB GPUs. It is even possible to mine VTC tokens via smartphones these days.
However, the market performance of this cryptocurrency is nothing to write about. The token performed excellently at the end of 2017, but since then, the price has not risen significantly.
Regardless, Vertcoin is considered by many to be the most profitable cryptocurrency for mining, especially since GPUs and CPUs are cheaper than ASICs.
9. Monero - cryptocurrency for privacy
Monero is believed to be one of the easiest cryptocurrencies to mine using GPUs or CPUs. However, GPUs are supposed to be more efficient and are recommended by the Monero network. The notable feature of Monero is that transactions are untraceable.
Unlike other cryptocurrencies like Bitcoin or Ethereum, Monero does not have a trackable transaction history. As such, blockchain has managed to keep its network users confidential. Therefore, we put forward Monero as one of the best must-mine coins for privacy-conscious users.
In terms of market performance, Monero is very volatile. However, due to its privacy-focused nature, the coin is widely seen as an excellent long-term investment.
10. Ravencoin - a cryptographic network that encodes assets
Launched in 2018, Ravencoin was the result of a solid Bitcoin fork. RVN is considered by many to be the best coin for mining because it has low hardware requirements. This coin can be mined using 4GB GPUs - which is relatively low compared to most other cryptocurrencies.
Moreover, Ravencoin has low fees, which is another aspect that attracts miners. Once mined, Ravencoin can be used to tokenize real-world assets such as gold, stocks, or virtual commodities. Ravencoin can even issue credit such as gift cards and reward points in the form of tokens.
Ravencoin has many real-world use cases. Along with the fact that it is one of the easiest coins to min, we find Ravencoin to be the best choice for crypto investors.
Cryptocurrency mining method
Typically, crypto mining is carried out using sophisticated hardware that has the ability to solve very complex computational math problems. This requires considerable technical expertise as well as cash investment.
For this reason, cryptocurrency mining is generally expensive and rarely rewarding.
However, today there are facilities that allow investors to profit from cryptocurrency mining without having to acquire thousands of dollars to buy expensive hardware.
These are called cloud mining services.
In simple terms, miners will outsource equipment from a third-party provider that solves crypto hashes through a cloud mining contract.
This eliminates the need to purchase any physical devices that are expensive or require any technical competence. Alternatively, individuals can generate passive income simply by entering into a contract with the cloud mining platform.
This means that there is no need to buy expensive mining equipment or worry about rising electricity costs. Users also do not need to pay attention to equipment maintenance. Instead, mining platforms will take care of all that, and users can collect BTC revenue by purchasing a contract from this platform.
.How to Find the Best Cryptocurrencies for Mining
Now that we've covered how cryptocurrency mining works, let's consider the important concern of choosing the right digital token.
Unfortunately, there is no one-size-fits-all answer to the question - what is the best cryptocurrency for mining? Instead, individuals will have to take into account a number of variables, which we discuss below.
1.Future potential of the currency
One of the most obvious aspects to consider is how the chosen cryptocurrency performs on the open market. No matter how many tokens one can mine, if the cryptocurrency has no demand in the market - all efforts will be in vain.
For this reason, when looking for the best cryptocurrency to mine, all investors should consider token use cases.
For example, both Bitcoin and Ethereum are good long-term investments due to their widespread adoption and large market capitalization.
Similarly, cryptocurrencies such as Solana and Cardano also have valuable propositions that make them attractive in terms of investment. In other words, it may be a smart idea to mine coins that have a good chance of increasing their value in the future.
Similarly, investors should also be cautious before mining any new or upcoming cryptocurrencies – which promise high returns.
Searching for the latest cryptocurrency for mining may not be the best way to go, as it comes with a high level of risk. This is because there is no guarantee that a new project will become successful.
2.Mining Cost
If we haven't already explained this – traditional crypto mining is, by all means, an expensive endeavor.
Even if miners chose GPUs or CPUs instead of ASICs, setup costs would still be as high as a few thousand dollars.
The specifications of the hardware required to start mining also vary from cryptocurrency to cryptocurrency.
Moreover, there are ongoing expenses to consider – such as the cost of electricity and equipment maintenance.
While cost may not be a significant problem for everyone, for some miners, this may be the deciding factor. Therefore, it may also be a good idea to choose the best cryptocurrency for mining based on the desired investment.
Moreover, as we discussed earlier, cloud platforms allow people to start crypto mining without having to purchase any hardware equipment. As such, this enables people with a mining budget.
3. Mining Yield
The best cloud mining platforms provide a convenient calculator that offers an analysis of the estimated return on the chosen crypto.
For this purpose, which presents the expected yield in percentage terms. This makes it easy for everyone to understand how much profit they are likely to make from mining a particular cryptocurrency.
Taking a look at these calculators will be helpful in determining the most profitable crypto for mining. However, note that the expected return is never guaranteed. Ultimately, mining profitability will depend on broader market conditions.
Note
It is important to always invest responsibly and be aware of all the risks involved in this process. Markets can be very volatile, so you should do extensive research before investing. Our site provides regular updates and diligently checks all the platforms it recommends, but you should form your own opinion and invest only what you can afford to lose. There is never any guarantee of a return on investment.
Warning: The content on this website should not be considered investment advice and we are not authorized to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you should consider the information in light of your objectives, financial situation and needs.