Bitcoin may be the most valuable cryptocurrency but it is no longer the easiest or the most profitable cryptocurrency to mine. We look at the top 5 cryptocurrencies to mine and the countries where electricity is the cheapest, which makes them a great option for setting up cryptocurrency mining rigs.
Top cryptocurrencies to mine:
GRIN is a privacy coin launched in 2019. It is built around the Mimblewimble protocol, the coin is said to be a “lightweight” application of the protocol. It aims to be more scalable and less storage intensive compared to other privacy coins. Grin promises to enforce privacy by getting rid of residual transaction information on the network. Grin has unlimited coins which makes it attractive to miners.
Hashing Function: MimbleWimble
Mining Reward: 60 GRIN per block
ZCash is a privacy focussed cryptocurrency, it offers more privacy focussed features when compared to other coins. It was released in 2016 and was launched massively on major exchanges. It can be mined by anyone as its algorithm allows for mining using mining graphics cards.
Hashing Function: Equihash
Block Mining Reward: 10 ZEC
Ravencoin is a top 50 cryptocurrency named after the small blackbirds in George R. R. Martin’s fictional world of Westeros. It was launched in 2018 on the 3rd of January to coincide with Bitcoins launch. It was developed to enable easy and faster transfer of fungible and non-fungible assets among users. It was forked from Bitcoin and hence contains many of the same features including the POW consensus protocol. It has a maximum supply of 21 billion and currently has a market cap of just under $150 Million.
Hashing Function: X16R
Block Mining Reward: 5,000 RVN
Monero is one of the leading privacy coins, ranked number #14 in the cryptocurrency market. This giant of cryptocurrencies was launched in 2014 as a private, secure and untraceable cryptocurrency. It gives its users complete control of their funds and privacy preventing others from seeing your balances and transactions.
Hashing Function: CryptoNightR
Block Mining Reward: 2.47 XMR
Ethereum Classic (ETC)
Ethereum Classic is a continuation of the original Ethereum blockchain which was forked in 2016 after a hacker exploited a loophole which resulted in millions of Ether being stolen. From this fork Ethereum (ETH) and Ethereum Classic (ETC) were formed. ETC is ranked #17 amongst cryptocurrencies on coinmarketcap and has a Market Cap of just under a billion dollars.
Hashing Function: Ethash
Block Mining Reward: 4 ETC
Cheapest countries to mine cryptocurrency
Elite Fixtures conducted some research in 2018 on the cost of mining bitcoin in various locations around the world. The infographic below is the result.
Please note that bitcoin is still the most valuable cryptocurrency and has a market dominance above 60%. The bitcoin halving has now happened, many expected this event to have a major effect on bitcoin prices in 2020.
To find other coins worth mining use a tool such as what to mine: https://whattomine.com/coins
What is an alternative way to mine cryptocurrencies efficiently for profitability?
There are now cryptocurrency cloud mining companies which allow you to rent out cryptocurrency mining hardware for a certain period of time and they run the cryptocurrency mining operation in locations where it is cheap to mine, they decide what cryptocurrencies to mine etc. You don’t need technical know-how to get involved with these mining operations. You just get regular payments that are in proportion to your investment amount or mining package that you buy.