Best Coins to Mine with GPU in 2023
Profitable Coins for GPU Mining in 2023
As mining with GPUs is becoming more selective, knowing which coins are profitable has become key to success. While Bitcoin (BTC) dominates the mining space, it requires ASICs (Application-Specific Integrated Circuits), meaning GPUs can’t touch it. However, there are still numerous altcoins that can be mined with GPUs, offering considerable profitability. Let’s dive into some of the best options:
1. Ravencoin (RVN)
Ravencoin is a fork of Bitcoin with specialized use cases such as asset transfer and token creation on its blockchain. It uses the KAWPOW algorithm, specifically designed to be ASIC-resistant, making it a solid choice for GPU miners. Ravencoin’s market capitalization has stayed relatively stable, and while it fluctuates, the coin has remained one of the most profitable to mine in recent years.
Mining Rewards (Per Day):
| GPU Model | Hashrate (MH/s) | RVN Earned | Daily Earnings ($) |
|---|---|---|---|
| Nvidia RTX 3060 | 22 | 16.4 RVN | $0.73 |
| Nvidia RTX 3080 | 44 | 32.7 RVN | $1.45 |
With electricity costs factored in, mining RVN remains a profitable venture in 2023, especially for those in regions with lower electricity rates.
2. Ergo (ERG)
Ergo uses the Autolykos algorithm, designed to resist ASICs, making it an excellent option for GPU miners. With a focus on efficient and decentralized mining, Ergo has gained a dedicated following. Its block rewards and low difficulty make it highly attractive to miners using mid-range GPUs.
Mining Rewards (Per Day):
| GPU Model | Hashrate (MH/s) | ERG Earned | Daily Earnings ($) |
|---|---|---|---|
| Nvidia RTX 3060 | 115 | 2.45 ERG | $0.90 |
| Nvidia RTX 3080 | 230 | 4.9 ERG | $1.80 |
Mining Ergo can be particularly rewarding due to its lower power consumption compared to coins like Ethereum Classic or Ravencoin.
3. Flux (FLUX)
Flux is another coin making waves in the GPU mining space. It utilizes the ZelHash algorithm, which is GPU-optimized and ASIC-resistant. FLUX has seen an uptick in usage due to its role in decentralized cloud computing, aiming to create an alternative to Amazon Web Services (AWS). With its robust infrastructure and growing ecosystem, Flux is one of the more future-proof options for miners.
Mining Rewards (Per Day):
| GPU Model | Hashrate (MH/s) | FLUX Earned | Daily Earnings ($) |
|---|---|---|---|
| Nvidia RTX 3060 | 45 | 1.2 FLUX | $0.65 |
| Nvidia RTX 3080 | 90 | 2.4 FLUX | $1.30 |
FLUX's mining profitability is stable, and its unique use case in the cloud space provides long-term potential for miners.
4. Ethereum Classic (ETC)
After Ethereum’s merge to PoS, Ethereum Classic emerged as a top coin for miners who used to mine ETH. Using the Etchash algorithm, ETC is still highly compatible with GPU mining. It is the closest miners can get to the profitability that Ethereum once offered.
Mining Rewards (Per Day):
| GPU Model | Hashrate (MH/s) | ETC Earned | Daily Earnings ($) |
|---|---|---|---|
| Nvidia RTX 3060 | 25 | 0.015 ETC | $0.50 |
| Nvidia RTX 3080 | 50 | 0.03 ETC | $1.00 |
ETC’s network has attracted many former Ethereum miners, contributing to its growing hashrate and steady profitability.
5. Conflux (CFX)
Conflux is an interesting new contender in the GPU mining space, using the Octopus algorithm, which is also ASIC-resistant. Conflux operates on a consensus algorithm called Tree-Graph, which optimizes for bandwidth and throughput. Miners have seen impressive returns, making CFX a valuable asset to mine in 2023.
Mining Rewards (Per Day):
| GPU Model | Hashrate (MH/s) | CFX Earned | Daily Earnings ($) |
|---|---|---|---|
| Nvidia RTX 3060 | 30 | 12 CFX | $0.60 |
| Nvidia RTX 3080 | 60 | 24 CFX | $1.20 |
With its fast network and scalability, Conflux remains a future-proof coin for miners.
What to Consider When Choosing a Coin to Mine
When choosing which coin to mine, several factors should guide your decision. It's not all about the coin’s price or block reward—other aspects like electricity consumption, GPU hashrate, and network difficulty play a crucial role in your profitability.
1. Network Difficulty
The higher the network difficulty, the harder it is to mine new blocks. This affects how much you can earn in a day, so it’s essential to consider coins with moderate or lower difficulty if you don’t have access to top-tier mining rigs.
2. Power Consumption
Each coin has different power consumption requirements. Coins like Ergo are well-known for being energy-efficient, while others like Ethereum Classic consume more power. Consider the cost of electricity in your area before choosing a coin to mine.
3. GPU Hashrate
A coin’s mining algorithm dictates its compatibility with various GPU models. High-end GPUs like Nvidia’s RTX 3080 offer higher hashrates but come at a premium price. In contrast, mid-range cards like the RTX 3060 offer more modest hashrates at lower costs.
4. Coin Price Volatility
Altcoins are notorious for price volatility, which can drastically affect profitability. Always keep an eye on a coin’s market price and analyze trends before making long-term mining decisions.
Mining Software and Pool Selection
To maximize your earnings, the mining software and pool you choose are crucial. Popular mining software like T-Rex Miner, Gminer, and PhoenixMiner are highly optimized for Nvidia GPUs, offering a good balance between efficiency and user-friendliness. Pool selection can also impact your profitability. Pools like 2Miners and Ethermine are known for low fees and high payout rates, ensuring you maximize your rewards.
A Glimpse into the Future: What’s Next for GPU Mining?
GPU mining might face challenges, especially with the rise of ASICs and PoS transitions in major blockchains like Ethereum. However, the decentralized nature of crypto suggests that GPU mining will continue to thrive, albeit in a more specialized manner. New coins will emerge, and older ones like Ravencoin, Ergo, and Flux will adapt to stay relevant.
Investors and miners who stay informed, adaptive, and creative in their approach will continue to find profitable avenues in GPU mining. The question is not whether GPU mining will survive, but how it will evolve.
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