Mining in 2024 — What to Mine?
The cryptocurrency world is gearing up for 2024. It's the perfect time to review the outcomes of 2023, reassess your investment portfolio, and contemplate mining new coins in the upcoming year. Unfortunately, it's not as straightforward as some might expect. A profound understanding of market dynamics and precise knowledge of actions to maximize profits are crucial. The first decision to make is which cryptocurrency to focus on primarily.
To ease the choice, here are several of the best coins and tokens that every miner should consider mining in 2024.
Most Profitable Cryptocurrencies to Mine in 2024
Cryptocurrency mining can be highly lucrative, but it requires some effort. If you want to earn through mining in 2024, you need to identify one or two tokens that you find most convenient to mine. This is crucial, as some miners may not be suited for mining certain tokens, for example, DOGE coin, but may excel in mining Bitcoin.
Here are some cryptocurrencies that stand out in terms of mining convenience, positive market trends, and popularity among experts:
- Zcash (ZEC);
- Ethereum Classic;
All of them have their advantages, which will manifest during their mining in 2024.
Is it Worth Mining Bitcoin in 2024?
Bitcoin is a true veteran in the cryptocurrency market. Since its release in 2009, it has experienced numerous ups and downs, including the challenging year of 2022. However, over the past 1.5 years, this token has seen significant price growth and, despite a slight dip, continues to rise.
The surge in Bitcoin's chart above the $44,000 mark per coin, observed in early December 2023, was influenced, among other factors, by the growing enthusiasm around the potential approval of spot ETF BTC applications in the U.S. These ETFs allow investors to track price movements of the leading virtual currency in their brokerage accounts in a convenient real-time format. Unlike standard BTC futures, with ETFs, investors can invest in Bitcoin as the underlying asset, providing an accessible and regulated way to earn on it.
This indirectly led to an increase in the price of this leading cryptocurrency, attracted more investors, boosted market confidence, and ensured high liquidity. There's a good chance that Bitcoin's value will continue to grow over time—experts expect a stable pace and universal excitement at least until mid-2024 to early 2025 if nothing changes. This makes it an excellent cryptocurrency for mining in early 2024.
If you are just starting your journey into the cryptocurrency world in 2024, then Bitcoin is your best option. It not only rebounds after its fall in value in 2022, but it can be mined by almost any miner. There are various models available on the market, with different power, profitability, and energy consumption. Choose the optimal option and start mining Bitcoin now for maximum benefits.
If Bitcoin is not suitable, and you want an additional source of income, then choose one of the five cryptocurrencies presented below. They may not have experienced the rapid pace of Bitcoin over the past six months, but these coins are also popular and profitable for mining.
Litecoin in 2024
Another good potential asset for mining in 2024 is Litecoin (LTC). It is much easier to mine than Bitcoin and other mainstream cryptocurrencies, and its average market price remains quite stable. Its significant advantages include faster transaction confirmation and a different hashing algorithm.
It can be mined using common and inexpensive ASICs, as well as popular software such as EasyMiner and CGMiner.
Zcash (ZEC) – Mining in 2024
Zcash (ZEC) is rarely found in cryptocurrency tops, but that doesn't make it a bad investment. Thanks to advanced encryption technologies and transaction shielding, ZEC provides the highest level of privacy. Although its value is lower than LTC and BTC, it is effortless to mine on ASICs like Antminer using Cuda Miner.
Ethereum Classic (ETC) – Will it be Relevant in 2024?
Ethereum Classic is a blockchain platform with the original Ethereum token. Its advantages include stability and a high coin value. It can be mined through miners, but there is also an option to use graphics processors and mining software such as Claymore's Dual Miner or PhoenixMiner. It works with both AMD and more powerful Nvidia graphics cards.
Mining Dogecoin in 2024
Dogecoin started its journey to mainstream adoption as a simple meme, a joke that surpassed its original purpose and became one of the best tokens for investment in 2024. It has significant potential, according to experts, especially considering its increasing value.
Moreover, Dogecoin has other advantages. Primarily, since it operates on the Scrypt algorithm, it is very convenient to mine. You can use budget-friendly ASICs like Goldshell or Antminer, as well as your PC.
Completing the list of the best cryptocurrencies for mining in 2024 is the Filecoin token. It is not very popular yet, but that might change. It is mined using a mechanism called Proof of Space-Time with specialized equipment called Filecoin Miners. It is quite profitable but demanding on hardware. Small-sized miners allow you to mine it even in your own bedroom, setting up a whole farm.
These are the best tokens for mining in 2024. Of course, no one is forcing you to focus only on them and abandon experiments. However, if you want a stable source of income without the risk of going into negative territory due to electricity bills due to market fluctuations, it's best to mine one of the coins listed in the article.