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Cryptocurrency mining is incredibly expensive. It requires you to spend thousands in buying expensive GPUs (or ASICs), arranging them together, and spending more to buy power supplies and other computer components. However, not all cryptocurrencies require this much hashing power.
At its core, mining is all about solving complex mathematical problems. For every complex equation solved, miners receive a small “fee” for their efforts. Mining is important as it helps verify transactions on the blockchain. However, the concept of diminishing marginal returns means that miners get paid less and less over time. However, if you have a semi-decent GPU or better, you can mine too!
So, here are the six best cryptocurrencies that you can mine at home in 2022.
1. Monero (XMR)
Monero (XMR) is one of the easiest cryptocurrencies to mine using a home computer. Monero is based on the CryptoNote protocol and utilizes the RandomX hash function to create increasingly complicated mathematical equations. You can either mine solo or join a mining pool, where your computer’s resources will be used in tandem with others in the pool to mine XMR.
This means frequent payouts, though you’ll have to pay a fee to join the pool. Of course, you can mine solo as well, but your hashrate needs to be high to find a block. In some cases, that can take months. Monero can be mined using both a CPU or a GPU, though GPUs are obviously more efficient and faster. To mine using a CPU, you need dedicated software such as XMRig or CSminer.
The good thing about Monero is that it’s ASIC-resistant, so all miners only use consumer-grade hardware to mine it. This makes mining competition a bit fairer too.
2. Litecoin (LTC)
Litecoin is one of the oldest cryptocurrencies out there, with many referring to it as a viable secondary option to Bitcoin. It’s an open-source P2P digital currency. At the time of writing, each miner gets 12.5 Litecoin per block (which halves every four years).
Mining LTC is a great idea as it’s widely accepted and because it’s based on the Scrypt protocol, which negates the need to invest in ASIC chips. Since it’s memory-intensive, mining with a GPU is highly recommended. The reason why LTC is a great choice for mining is simply because it’s less volatile than many other altcoins.
It’s also readily accepted on all major exchanges and has a relatively low transaction fee. You don’t have to worry about the price tanking overnight with this one (although obviously, anything can happen in crypto!).
3. Ethereum Classic (ETC)
Ethereum Classic is built on the Ethereum blockchain, and is the forked version of Ethereum, originally forming as a network hack back in 2016. Ethereum became the newer version, with Ethereum Classic being the original.
ETC is an open-source cryptocurrency that you can mine easily at home. It uses a slightly modified mining algorithm than Ethereum known as EtcHash. It supports smart contracts and decentralized apps, so it has plenty of practical use.
You will need to sign up for a wallet to mine this cryptocurrency, and it requires a powerful GPU. Block rewards are set at 3.2 ETC, so it’s a good cryptocurrency to start mining with.
4. Dogecoin (DOGE)
What started as the first “meme coin” now has a market cap exceeding 20 billion dollars. Dogecoin received lots of attention from people like Elon Musk and Mark Cuban, which directly contributed to its near-meteoric rise in the crypto world.
Unlike most other cryptocurrencies with a finite supply, Dogecoin is infinite, so don’t think of it as a viable hedge against modern-day inflation. Like Litecoin, DOGE also uses the Scrypt protocol for mining. This makes the mining landscape a bit more competitive and fair. Obviously, that doesn’t mean you can mine it on a gaming laptop!
You can mine Dogecoin using software like GUIminer or CudaMiner and a powerful GPU and CPU pairing.
5. Zcash (ZEC)
Zcash was explicitly designed with ASIC resistance in mind, making it much easier to mine for people using regular hardware. ZEC is another popular crypto that you can use to send and receive money quickly and efficiently.
For miners, this is a great choice to begin with. You can easily join mining pools to get a steady payout, and miners also have the option to shield their ZEC from its creation using a shielded coin base. This not only enhances privacy but also means that miners can get their mining rewards transferred immediately to a relevant wallet address.
Of course, you can mine ZEC solo using software such as the EWBF Zcash Miner. However, to generate some tangible rewards quickly, it’s recommended you start with a mining pool first.
6. Bitcoin Gold (BTG)
Bitcoin Gold has similar fundamentals to Bitcoin, which essentially means it’s a spinoff of the world’s most popular cryptocurrency. Bitcoin is mined using specialized mining equipment, whereas Bitcoin Gold was designed specifically for mining using regular hardware.
Bitcoin Gold is quite popular, and you can easily buy it from any major exchange. For miners, Bitcoin Gold is a great choice as it uses the Equihash algorithm, which is ASIC resistant but requires a decent GPU to start mining. In addition, there are a bunch of different Bitcoin Gold mining pools that you can join to distribute the workload and receive mining rewards quickly.
You don’t necessarily need a heavy mining rig to start mining BTG; people are mining it using Nvidia GTX 970’s too!
You Don’t Need an ASIC to Mine Crypto
The cryptocurrencies on this list show that it is still possible to mine cryptocurrency at home without paying out for expensive ASIC miners or investing your life savings in a GPU mining rig. These cryptos are the tip of the iceberg, too. You’ll find plenty of other cryptocurrencies you can mine at home if you search around.
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