Cryptos You Can Mine at Home – You don’t need an expensive ASIC or the latest high-end GPU to mine these cryptocurrencies.
Mining cryptocurrency is very expensive. It costs a lot because you must buy expensive GPUs (or ASICs) and assemble them. You also have to buy power supplies and other computer parts. Not every cryptocurrency, though, needs this much hashing power.
At its heart, mining is about finding answers to hard math problems. Miners get a small “fee” for their work when solving a hard equation. Mining is important because it helps check that transactions on the blockchain are legitimate. But, because of the idea of diminishing marginal returns, miners get paid less and less as time goes on. But you can also mine if you have a decent GPU or better.
So, here are the eight best cryptos you can mine at home in 2023.
1. Monero (XMR)
One of the easiest cryptocurrencies to mine on a home computer is Monero (XMR). Monero is a cryptocurrency that focuses on privacy. It is based on the CryptoNote protocol and uses the RandomX hash function to make math equations that get more and more complicated. You can mine XMR alone or join a mining pool, where your computer’s resources will be used along with those of other computers.
This means that you will get paid often but must pay to join the pool. You can mine yourself, but you’ll need a high hash rate to find a block. This can sometimes take months. A CPU or a GPU can be used to mine Monero, but GPUs are more efficient. It would be best if you had special software like XMRig or CSminer to mine with a CPU.
The good thing about Monero is that it can’t be mined with ASICs. This means everyone who mines it only uses consumer-grade hardware (ASICs are expensive dedicated mining hardware). This also makes the competition in mining a bit fairer.
2. Ethereum Classic (ETC)
Ethereum Classic is a cryptos you can mine at home and the original version of Ethereum. It is built on the Ethereum blockchain and continued after a network hack in 2016. Ethereum is now the more recent version, while Ethereum Classic is the first.
ETC is a cryptocurrency with open-source code that is easy to mine at home. It uses a mining algorithm called EtcHash that is a bit different from Ethereum’s. It works with smart contracts and apps that don’t need a central server and can be used in many ways.
To mine this cryptocurrency, you must sign up for a wallet and use a powerful GPU. But the rewards for each block are set at 3.2 ETC, which makes it a good cryptocurrency to start mining.
3. Litecoin (LTC)
Litecoin is one of the oldest digital currencies, and many see it as a good alternative to Bitcoin. It is a peer-to-peer digital currency with open source. When this was written, each miner got 12.5 Litecoin per block. Every four years, the reward for a Litecoin block drops by half. In 2023, the reward for a Litecoin block will be 6.25 LTC.
Mining LTC is a good idea because it is widely used and based on the Scrypt protocol, so you don’t need to buy ASIC chips. Mining is best done with a GPU because it uses a lot of memory. LTC is a great cryptocurrency to mine because it is less volatile than many other altcoins.
Buying and selling on all major exchanges are easy, and the transaction fee isn’t too high. So you don’t have to worry that the price will plummet overnight (though anything can happen in crypto). It’s one of a few cryptocurrencies that can be sent and received with almost no fees.
see also; Advantages and Disadvantages of Investing in Crypto
4. Dogecoin (DOGE)
What started as the first “meme coin” is now worth more than $20 billion on the market. People like Elon Musk and Mark Cuban paid much attention to Dogecoin, which led to its almost meteoric rise in the crypto world.
Dogecoin doesn’t have a limited supply like most cryptocurrencies, so it’s not a good way to protect yourself from inflation in the modern world. The Scrypt protocol is also used to mine DOGE, just like Litecoin. This makes mining more competitive and fair, but that doesn’t mean you can mine it on a gaming laptop.
You can mine Dogecoin with a powerful GPU, CPU, and software like GUIminer or CudaMiner.
See also; Terra Luna Crypto Crash: Why Is LUNA Price Falling?
5. Zcash (ZEC)
As one of the cryptos you can mine at home, Zcash was made resistant to ASICs, making it much easier for people to mine with regular hardware. ZEC is another popular cryptocurrency that can quickly send and receive money.
This is a great choice for people who mine. You can easily join a mining pool to get a steady payout, and miners can also use a shielded coin base to protect their ZEC from being created. This makes the system more private and lets miners send their earnings right away to a wallet address.
You can mine ZEC on your own with software like the EWBF Zcash Miner. But to get things done quickly, you should start with a mining pool.
You Don’t Need an ASIC to Mine Crypto
The cryptocurrencies on this list demonstrate that home cryptocurrency mining is still feasible without spending a fortune on high-priced ASIC miners or sinking all of your savings into a GPU mining setup. Of all, these cryptos only represent the very beginning. If you look around, you can find a ton of other cryptocurrencies that you can mine at home.