Cryptocurrency mining offers an excellent opportunity for individuals to earn passive income on a daily basis and that is why it continues to attract people. However, the complexity of this earning type is also increasing with that.
According to the report of Bankrate, around 21 percent of American adults have owned cryptocurrency as of 2022. Because of that, newcomers have to invest more money and time in mining than before.
And anyone who is planning to get into cryptocurrency mining should get familiar with the mining apparatus required and the benefits of mining pools depending upon the exact coin they want to mine. You should also know about the best cryptocurrency to mine and the different platforms that you can use to mine them.
In this article, we have shared the list of the best cryptocurrency to mine in 2023 that you can easily mine at home without investing heavily in equipment. Also, here we have covered what cryptocurrency mining actually is and how you can mine cryptocurrency.
So, let’s get started.
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Table of Contents
Why Are You Searching For The Best Cryptocurrency To Mine?
I know, if you are aware of cryptocurrency and really mean to earn it then you are definitely looking for a free way to grab it.
Cryptocurrency mining is another best way to grab cryptocurrency at home, just set up your infrastructure either in PC or farmhouse and you are done.
So let us discuss the mining of cryptocurrency using CPU and GPU and what to mine?
Before we deep dive, if you are new to the cryptocurrency world then it is worth knowing on the number of ways to get cryptocurrency.
It is well suited if you have money to buy any cryptocurrency as it can be done through the crypto exchanges, but be aware of the transaction fees.
While converting fiat currency to crypto you may be charged more than 5-10%, so do not miss to learn how to avoid transaction fees and buy cryptocurrency with 0$ trading fees guide.
In the popular choice list, you can use Binance, Bittrex, Coinbase, and GDEX.
Free Faucet Earning
If you do not have money and willing to collect some free cryptocurrency then there are a number of free faucets that really provide a decent amount of cryptocurrency for free.
Most of them will just ask you to solve the captcha on an hourly basis to get credited free coins in your wallet if you never tried before make sure to check MoonLitecoin.
Not only moonLitecoin but there are few others like Hashflare, FreeBitcoin, etc.
Mining Of Cryptocurrency
Here in this article, we will discuss the mining of Cryptocurrency and if you want to learn about free cryptocurrency earning then you should probably try the above free faucet.
What Is Cryptocurrency Mining
Mining is correlated with cryptocurrency generation, so let me first tell you how cryptocurrency is generated, have you ever heard about blocks in blockchain technology?
Blocks are the period of time in which transactions of specific digital currency got clear, you can imagine this as a container of transactions.
In cryptocurrency, every transaction must be verified and should be registered into the Blockchain registry like a bank ledger.
So whenever, if anyone does a transaction with any of the virtual cryptocurrencies then a mathematical problem originated with that.
This mathematical problem should be solved by someone to authenticate that transaction and register it into Blockchain.
To verify those transactions, multiple people are competing with each other using high-power computers and trying to clear those transactions.
whoever got succeeds to solve those mathematical problems quickly, will get a few bonus currency in return and that is called mining reward.
This process of clearing transactions using computers or mining devices is known as Cryptocurrency mining.
In summary, mining is a process to clear the transactions in the blockchain network by using high-power computers and the miner will get a reward for doing that proof of work.
To learn more about CryptoCurrency mining, we have a separate guide that explains how proof of stacks (POS) and proof of Works (POW) mining works.
This mining could be done in many ways, using a PC or using mobile phones.
But if you will do mining using your desktop or mobile phones then both could damage or you will experience the heating problem with devices. So, it is always advisable to use a mining device to mine cryptocurrency.
Let’s take an example of Bitcoin, till the beginning of the year 2017, it was very easier to mine. But after the huge spike of bitcoin price at the end of the year, 2017 made Bitcoin and even cryptocurrency very popular, and worldwide people jumped into Bitcoin mining.
At this moment, it is very hard to mine bitcoin using a common computer or low-power mining devices.
So in this article, I will be sharing you the list of the best cryptocurrency to mine, which will not place a burden on your bank balance and you will be able to make a decent profit out of it.
How To Mine Cryptocurrency
Before jumping into Best cryptocurrency to mine, let me first tell you the way on how to mine.
As I said earlier because of the popularity of cryptocurrency. Now a day’s it is very hard to mine any cryptocurrency.
But there are around 2000+ cryptocurrencies actively traded in the market which are known as Altcoins and you can mine them easily using few sophisticated devices.
Let’s first discuss the possible ways for mining cryptocurrencies.
Cryptocurrency Mining Using Desktop
Desktop or CPU which has good enough RAM and a decent processor could help you to mine less competitive cryptocurrency.
Cryptocurrency Mining Using Mobile
This time the new era of mobile mining came into the picture, where trending coins like Electroneum are building open new technology to mine their coins like ETN using Mobile phones.
Cryptocurrency Mining Using Cloud Computing
The best part of Cloud mining is, you could buy resources for a specific period of time for mining purposes on rent and release them when you achieved your target.
Cryptocurrency Mining Using GPU
A Graphical Processing Unit (GPU), is the best way to mine cryptocurrency which is also known as ASICs Chip, which you could purchase from 100$- 2000$ and can mine efficiently.
Above provided ways are simple and cheaper ways to mine any cryptocurrency but it depends on what altcoin you want to mine and mining device you choose for.
Now let me introduce to you, what cryptocurrency you should focus on mining.
Top 7 Best Cryptocurrency To Mine With GPU Or CPU
This guide is focused on only CPU or GPU mining as it makes your job easier to mine easily with very few or close-to-nothing investment and in some cases using your own existing mobile or PC.
1. Ethereum (ETH) – Best Cryptocurrency To Mine With GPU
In the cryptocurrency world after Bitcoin if you have heard any name then I am sure it would be Ethereum(ETH).
Ethereum was introduced back in the year 2015 and become the second most popular choice of the crypto world because it introduced the concept of smart contract on top of the blockchain technology.
If we talk about the price of Ethereum, it is the second-largest cryptocurrency in terms of price after Bitcoin and of course total market capitalization.
It is backed by a very strong community and big enterprises, if you do not know then probably you should check Ethereum Enterprise Alliance.
Because of its popularity, it is obviously hard to mine but not that much difficult as compared to Bitcoin, and of course, it is worth mine.
Uber, Airbnb, and many other enterprise solutions have started using Ethereum blockchain as their test projects, if got successful it would change the era of technology.
To learn more on what is Ethereum and why this is more important to mine, I recommend having a look at the future of Ethereum.
When it comes to answering how to mine Ethereum (ETH)?
Ethereum could be mined using two ways :
This means it supports mining using a few bucks graphics card or to get more rewards you can also join the mining pool.
If you made your mind to mine Ethereum then probably the next level is to check the detailed guide on how to mine Ethereum(ETH).
2. Monero (XMR) – Best Cryptocurrency To Mine With GPU Or CPU
Monero (XMR) is an open-source cryptocurrency created in April 2014, which was more focused on providing a secure, private, and decentralized transactions platform.
Monero got exponential growth in the year 2017, it helps you to run your own bank where your transaction would be anonymous and no one can track your activities.
There is an entire nation, North Korea is using Monero on the dark web market. Due to nationwide interest, it might have a bright future and could be the best cryptocurrency to mine for future purposes.
The best part of Monero is you can mine this using your CPU or GPU, it is not that much hard to mine.
When it comes to how to mine Monero (XMR)?
The official website recommends installing its own GUI version of the wallet and you could start mining Monero –find here more detail.
In a similar way, you can also mine Monero through the mining pool, and here is a list of trusted mining pools – Pool list
3. Electroneum (ETN) – Best Cryptocurrency To Mine With Mobile
I am not sure how many of you are aware of this hidden jewel but it seems like this could be the new face of cryptocurrency.
Electroneum was introduced first in the year 2017 and it is based on mobile mining technology which changed the form of crypto mining.
After the official release, it got high popularity and crypto experts shared their views on Electroneum’s future growth possibility and ETN price prediction.
Cryptocurrency is mainly mined using the desktop and expensive hardware, which limits its reach to most people.
Currently, worldwide around 1.7 billion people don’t have access to a banking system, so what they need is a form of currency and a financial system, using which they can transact with each other.
With the introduction of mobile mining, it will be cheaper and easier to move money from one place to another and that is what is targeted by Electroneum (ETN), this just needs a mobile or desktop with an internet connection.
Mining of the Electroneum could be done in two ways using the existing CPU or desktop and Mobile.
Electroneum offers the very first way to mining cryptocurrency through mobile devices, which means no more need for expensive hardware or special setup.
It can be done by installing the Electroneum mobile mining app, which is available for both Android and iOS users. You can download it from their official page.
Electroneum has recently launched the Google mobile service certified smartphone, which has inbuilt cloud mining for Electroneum which assure you to mine 3$ per month in the initial.
As usual like other cryptocurrency mining using the GPU or CPU you can install the desktop application and can start from the very first day.
You can get the desktop version from their official page just download and get connected with the internet and you are done.
In South Africa, many retailers have started accepting ETN to purchase mobile airtime and data and that is why I would highly recommend you to start mining of best cryptocurrency Electroneum (ETN).
Because it has the trust of a lot many people and this could redefine the era of decentralized cryptocurrency.
4. Dash Coin (Dash) – Best Cryptocurrency To Mine With GPU And CPU
Dash coin is forked from the Bitcoin protocol in the year 2014, which provides fast transactions which can not be traceable and that is why been mostly used in the dark web.
It got high popularity in a few spans of time. Its older name was Dark coin but with a few name changes, finally, it has been rebranded as Dash Coin and could be the best coin to mine.
Dash coin came with innovative ideas to work on the X11 algorithm. This Means, now the miner has to solve the algorithm of X11.
It has a max supply of 18 million Dash Coins and out of which around 9.1 million are in the current circulating supply.
Dash in April 2018 become one of the top 12 cryptocurrencies where its market capitalization reached around $4.3 billion.
How to mine Dash Coin?
Mining of Dash coin can be done using CPU but mining through GPU can give you more rewards as compared to CPU.
But be aware.
Due to increased competition in Dash coin mining, the number of X11’s ASICS is available in the market, which makes your job complicated if you are still mining through CPU and GPU.
ASICs are powerful processors, that have higher efficiency in solving puzzles by running multiple pipelines parallel.
But what if you can not afford ASICs? The other solution is pool mining.
Mining of DashCoin can be done through the mining pool such as P2P Pool, which will be easy to get an efficient reward instead of running an individual node using your own computer.
There are few other mining pools available like Zpool, Supernova, multipool, etc.
Dash coin is still among the top 10 cryptocurrencies, so if possible do continue with mining for future profit possibility.
5. Litecoin (LTC) – Best Cryptocurrency To Mine With GPU And CPU
Litecoin was introduced back in the year 2011 by an ex-Google engineer Charlie Lee, it was introduced to overcome the drawback of Bitcoin.
Litecoin is a peer-to-peer digital cryptocurrency and it offers close to zero payment fees. It is also a decentralized currency which is a much more popular and well-known name after Bitcoin (BTC) and Ethereum (ETH).
Block generation time in the Litecoin network is small as compared to Bitcoin which makes it faster.
Currently (Since, August 2019) in each block around 12.5 Litecoins (LTC) is awarded to successful miners.
It has a max supply of 84 million which is 4 times higher than Bitcoin 21 million.
Due to halving in August 2019, the new generation of the coin was reduced from 25 to 12.5 LTC per block, as a result, the new supply will be cut off in the network.
How to mine Litecoin (LTC)?
Litecoin mining can be done through CPU or GPU by installing software like CPU Miner and GPU Miner and the other ways are through the mining pool.
If you have decided to mine Litecoin then why can’t you have a look for a detailed guide on Litecoin Mining?
If willing to earn free Litecoin then do not miss, Free Faucet for Litecoin and many other cryptocurrencies.
6. Ethereum Classic (ETC) – Best Cryptocurrency To Mine With GPU And CPU
Etehreum classic was the hard fork of Ethereum after the DOA Attack in 2016. There is a long history behind the community support of Ethereum and Ethereum classic.
At this point, you can think of Ethereum classic as the parallel independent chain of Ethereum which is the original Ethereum blockchain, from which the current Ethereum Blockchain is hard forked and free from DAO attack.
Max supply of the Ethereum Classic is of around 210 million, and around 115 million coins are in the current circulation supply.
If you will ask how to mine Ethereum Classic (ETC)?
Like Ethereum, Ethereum Classic also supports a Proof of work mining mechanism but the mining difficulty is low as compared to the Ethereum blockchain.
This means it could be the most profitable coin or best cryptocurrency to mine as compared to others and for mining, you can use three ways.
- Use a graphics card like Nvidia which you have used for Ethereum mining.
- Use the AMD GPU, but this will be not that much powerful.
- Use a mining pool like Nanopool, Ethermine, etc.
Mining pool could be the best choice in case you are not able to mine them independently, else you can do your own investment and can start mining Ethereum Classic (ETC) and it is among the popular choice or best coin to mine with GPU.
7. Dogecoin Mining: Best Cryptocurrency To Mine With GPU And CPU
Almost everyone is aware of Dogecoin, the most familiar and fun of cryptocurrency.
All the fans following of Dogecoin call themselves as Shibes!
It was launched back in the year 2013 and did a great contribution in helping the community, where the best example is the Dogecoin community raised 50,000 USD to send the Jamaican team to the winter Olympics.
But you can not ignore the power of Dogecoin as for every block mining you will be awarded 10,000 coins and people do trade the same on cryptocurrency exchanges.
This means you can mine millions of coin and can sell them on exchanges or can donate to a charity, whatever is your choice.
But how to Mine Dogecoin?
Dogecoin is not that much complicated as it is also working on Proof of Work mechanism and the difficulty level is very low as compared to others.
If willing to mine then you can use three recommended ways.
- Use AMD GPU to mine the dogecoin for maximum results.
- You can also mine using your traditional CPU.
- You can participate in mining pools like LitecoinPool, Multipool
If you are still in confusion to mine Dogecoin or not, then why can’t you decide first by reading guide on Is dogecoin mining worth or not?
Wrap-Up On Cryptocurrency Mining
Before investing in any mining device first make sure to identify the potential of the cryptocurrency to which you are willing to mine.
But the above-provided cryptocurrencies will not cost that much to set up mining software.
This time to mine any cryptocurrency is a dream for each Crypto trader. Because that gave them the opportunity to grab free Coins.
If you are investor and also looking for the top 10 best cryptocurrencies to invest in 2019 then I would recommend reading an article that has a detailed analysis by considering 2016-2019 history.
If you are really interested in investing cheap AltCoins which are emerging right now than you should check for the below list.
Facebook has recently launched its own Libra coin to rule the crypto world, if you are willing to explore on Libra then check the detailed guide on 7 Key Points of Libra coin.
I tried my best to share the best cryptocurrency to mine using CPU or GPU. All the above-provided currencies have future potential for growth.
If you are struggling to get an idea on how to sell Bitcoin or any CryptoCurrency and to get USD or cash of any fiat currency than this suggested guide will solve your all problems.
Try to get Bitcoin as much as possible because ultimately every coin is impacted with that only and if you really feel is it worth to buy Bitcoin then here is all you must know.
I hope you enjoyed, reading but always be cautious to invest in Crypto-assets as it’s future is still uncertain to predict.
FAQ: Best Cryptocurrency To Mine
As a lot of people want to know what are the best cryptocurrency to mine, they also have many other questions related to it. Here we have picked some questions and tried to answer them briefly.
Q1. Is Crypto Mining Profitable For Beginners?
Ans: Bitcoin mining can be profitable for beginners, however, you need to invest in the right tools and also join a bitcoin mining pool. However, there are a lot of variables, and a high profit is not guaranteed, because mining is definitely not for everyone.
Q2. Can Crypto Mining Make Me Rich?
Ans: Bitcoin mining can definitely be an excellent way to make money with Bitcoin, however not for individual investors. Due to the computing power required for this, the upfront and ongoing costs can easily outpace the mining rewards earned.
Q3. Can You Mine Crypto On A Phone?
Ans: Mining cryptocurrency on a smartphone is definitely possible, as there are various crypto mining apps that you can use to mine crypto directly through your smartphone’s hardware. And these apps generally allow you to join mining pools that use some of your phone’s power in the mining process.