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Top ASIC-Friendly Cryptocurrencies to Mine in 2024

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Which are the best cryptocurrencies for mining with ASICs in 2024, and how much can miners expect to earn?

The global cryptocurrency mining market, which reached nearly $2.93 billion in 2023, is projected to grow at a compound annual growth rate (CAGR) of 12.2% and reach $8.26 billion by 2032. This exponential growth can be attributed to the increasing adoption of cryptocurrencies and the rising demand for efficient mining solutions.

A 2023 report by the Energy Information Administration (EIA) highlighted that crypto miners used as much electricity as the entire country of Australia, accounting for about 1 percent of global electricity demand. This staggering statistic underscores the energy-intensive nature of cryptocurrency mining and its impact on global electricity consumption.

In the U.S. alone, crypto mining operations were responsible for up to 2.3 percent of the nation’s total electricity demand. This significant energy consumption has raised concerns about the environmental impact of cryptocurrency mining and its sustainability in the long run.

The market for crypto mining has witnessed substantial shifts, with the U.S. emerging as a major hub for Bitcoin (BTC) mining, hosting nearly 38 percent of all Bitcoin mining activities in Oct. 2023. This trend reflects the growing interest and investment in cryptocurrency mining within the United States.

Adding to the challenges faced by crypto miners is a new proposal from President Biden’s Fiscal Year 2024 budget, which includes a 30 percent excise tax on electricity used for mining cryptocurrencies. This taxation policy aims to generate additional revenue for the government while regulating the energy consumption associated with crypto mining.

Considering these developments, it is crucial for miners to carefully evaluate the ideal mining conditions and select the best cryptocurrency for mining in 2024 based on various factors.

Things to consider before you start mining crypto

Venturing into crypto mining requires a strategic approach, given the competitive landscape of the industry. Several factors should be taken into account before embarking on a mining operation:

Firstly, the choice of cryptocurrency plays a crucial role in determining the profitability of mining. Factors such as market stability, demand, and the complexity of mining algorithms should guide the selection process to maximize returns.

Another key consideration is energy consumption and cost. Mining operations are notorious for their high energy consumption, making it essential to calculate operational costs accurately, especially with fluctuating electricity prices worldwide.

Regulatory compliance and tax obligations vary by jurisdiction and must be carefully understood and adhered to by miners to avoid legal repercussions. Awareness of local laws and tax regulations is vital for maintaining compliance and operating within the legal boundaries of crypto mining.

Hardware selection is also a critical factor to consider, as different types of mining hardware offer varying levels of efficiency, longevity, and scalability. Choosing the right hardware can significantly impact the success and profitability of mining operations.

Types of mining hardware

The evolution of mining technology has led to the development of different types of mining hardware, each offering unique advantages and efficiencies:

Central processing units (CPUs) were the initial form of mining hardware but have become largely obsolete due to their inefficiency compared to newer technologies like ASICs.

Graphics processing units (GPUs) provided a significant improvement in mining efficiency over CPUs, making them popular among miners for their ability to solve complex algorithms faster.

Field-programmable gate arrays (FPGAs) offered even greater efficiency by allowing miners to configure chips for mining, delivering better performance without excessive power consumption.

Application-specific integrated circuits (ASICs) represent the pinnacle of mining technology, designed specifically for mining cryptocurrencies. ASIC miners are known for their superior processing power and energy efficiency, making them essential for professional mining operations in 2024.

Best coins to mine in 2024: ASICs-based

Bitcoin (BTC): most popular crypto to mine

Bitcoin remains the most popular choice among miners due to its widespread adoption and high value. Mining Bitcoin requires advanced ASIC equipment, such as the Antminer S21 Hyd, to effectively tackle the complex mathematical puzzles associated with Bitcoin mining.

While mining profitability is not guaranteed, miners using the Antminer S21 Hyd can expect to generate around $26.93 in daily revenue. However, operational costs, including electricity expenses, play a significant role in determining net profitability.

Considering an average electricity cost of $0.169 per kWh in the U.S., the net daily profit from mining with an Antminer S21 Hyd is approximately $5.19. Annual projections suggest potential profits of around $1894 from a single miner, though these estimates are subject to fluctuating market conditions.

Choosing the best cryptocurrency for mining: essential factors to consider - 1
Bitcoin mining profitability | Source: Minerstat

It is essential for miners to approach Bitcoin mining with a balanced perspective, considering factors such as initial investment in hardware, ongoing electricity costs, and potential market fluctuations. Thorough analysis and strategic planning are crucial for maximizing profitability in Bitcoin mining.

Kaspa (KAS): one of the most profitable cryptocurrencies to mine

Kaspa (KAS) has emerged as a profitable cryptocurrency for mining, attracting miners looking to maximize their returns with ASIC hardware. The Antminer KS3, a leading ASIC for mining Kaspa, offers a daily revenue potential of approximately $99.14.

Choosing the best cryptocurrency for mining: essential factors to consider - 2
KAS mining profitability | Source: Minerstat

After factoring in electricity costs and other operational expenses, the daily net profit from mining Kaspa with an Antminer KS3 stands at an impressive $86.05. As the mining landscape evolves, miners must stay informed about market trends and regulatory changes that could impact the long-term profitability of Kaspa mining.

Dash (DASH): privacy-focused crypto to mine

Dash (DASH) is known for its focus on privacy and fast transactions, making it an attractive option for miners seeking efficient mining solutions. ASIC miners like the Antminer D9 are commonly used for Dash mining, offering a daily revenue potential of approximately $20.11.

Choosing the best cryptocurrency for mining: essential factors to consider - 3

Considering daily operational costs, including electricity expenses, the net daily profit from using an Antminer D9 for Dash mining is approximately $9.08. However, miners should be aware of potential fluctuations in profitability due to changing market conditions and mining difficulty levels.

Key considerations before selecting the top crypto to mine

Profitability in cryptocurrency mining is influenced by several factors, including electricity costs, hardware efficiency, and maintenance expenses. Miners should be aware of the following considerations when choosing a cryptocurrency to mine:

Market volatility, mining difficulty, and electricity costs vary by region and can significantly impact mining profitability.

Continuous monitoring and adjustment of mining strategies are essential to adapt to changing market conditions and maximize returns.

Miners should conduct thorough research and analysis to assess the potential risks and rewards associated with mining different cryptocurrencies.


What is the best cryptocurrency to mine for beginners?

For beginners, cryptocurrencies like Kaspa (KAS) and Dash (DASH) are popular choices for mining. However, beginners should approach mining cautiously, considering the risks and potential costs involved. Thorough research and careful planning are essential for beginners to navigate the complexities of cryptocurrency mining successfully.

What is the easiest crypto to mine?

Cryptocurrencies that can be mined with CPU and GPU setups, such as Monero (XMR) and Zcash (ZEC), are often considered easier to mine for individuals with limited resources. However, the profitability of CPU and GPU mining may be lower due to their lower processing power and potential challenges in maintaining profitability over time.

What are the best crypto mining sites?

Platforms like Minerstat and NiceHash are popular among miners for providing detailed analytics, mining profitability calculators, and up-to-date statistics on mining pools. These sites offer valuable insights into the best cryptocurrencies to mine and help miners optimize their mining operations for maximum profitability.

Disclosure: This article serves as educational content and does not constitute investment advice. Readers are encouraged to conduct their research and seek professional advice before engaging in cryptocurrency mining activities.

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