What Crypto Should You Mine? The Unexpected Contenders in 2024

If you’re new to the mining game or looking to pivot from the well-known giants, you’re probably asking yourself: What should I mine? The answer might surprise you. In this article, we will dive into some unexpected contenders that have the potential to yield high returns while remaining accessible to small and medium-sized miners.

1. The Dark Horse: Ravencoin (RVN)

Ravencoin was launched in January 2018 as a fork of Bitcoin but with a specific purpose—to efficiently handle the transfer of assets from one party to another. Unlike Bitcoin, Ravencoin has a block time of just one minute, and its mining algorithm, KAWPOW, is designed to be ASIC-resistant, making it accessible to everyday miners.

With a strong community backing it, and the fact that it hasn’t yet seen the kind of explosive price growth that Bitcoin and Ethereum have, Ravencoin remains an attractive option for miners who are looking for stability with potential for future growth. Its lower energy consumption, combined with decent profitability, makes Ravencoin a noteworthy candidate for anyone looking to get into or switch to mining in 2024.

2. The Green Choice: Chia (XCH)

Chia, which operates on a unique proof-of-space-and-time model, is another cryptocurrency that has been flying under the radar. Unlike Bitcoin, which requires energy-intensive proof-of-work mining, Chia mining relies on unused hard drive space, making it a more eco-friendly option.

Chia’s blockchain is designed to be more decentralized than other cryptocurrencies, and while it had a somewhat rocky start with volatile price action and skepticism about its sustainability, it’s beginning to gain traction. For those concerned about the environmental impact of mining and the ever-increasing energy costs, Chia presents a viable alternative. The initial setup may be more complicated, involving plotting large amounts of data, but once it’s up and running, it can be highly profitable, especially if the price of Chia continues to rise.

3. The Long-Term Bet: Cardano (ADA)

Cardano is a blockchain platform with a proof-of-stake consensus algorithm, which makes it different from the traditional proof-of-work coins like Bitcoin and Ethereum. While Cardano is primarily known for staking rather than mining, the upcoming developments in its ecosystem, such as the introduction of side chains and new dApps, could make it a viable candidate for mining through delegated proof-of-stake (DPoS) systems.

Cardano’s focus on sustainability, scalability, and interoperability makes it a strong contender for long-term investment. Even though traditional mining isn’t applicable here, participating in its staking pools could yield significant returns, particularly as the network continues to grow and gain more users.

4. The New Kid on the Block: Kadena (KDA)

Kadena is one of the newer cryptocurrencies that has been gaining attention for its unique consensus mechanism called Chainweb. Chainweb allows multiple blockchains to work in parallel, solving the scalability issues that plague Bitcoin and Ethereum while maintaining high levels of security.

Kadena’s unique selling point is its ability to process a high number of transactions per second (TPS) without sacrificing decentralization. For miners, Kadena is appealing because it still uses a proof-of-work consensus mechanism, but it’s more energy-efficient and scalable than Bitcoin. The coin is still relatively new, and its price has seen substantial growth, but there’s still a lot of potential for early miners to profit as its ecosystem expands.

5. The Ethical Option: Monero (XMR)

Monero has long been known for its privacy features, making it a favorite among those who value anonymity. However, what makes Monero particularly interesting for miners is its RandomX algorithm, which is designed to be ASIC-resistant, ensuring that the network remains decentralized and accessible to CPU miners.

Monero’s focus on privacy and decentralization has made it somewhat controversial, but it also means that the network is resilient and resistant to centralization. If you’re someone who values the ethical aspects of cryptocurrency and wants to support a network that prioritizes privacy, Monero is a solid choice. Plus, it remains profitable to mine, even with a regular CPU, which lowers the barrier to entry.

6. The Dark Horse Contender: Ergo (ERG)

Ergo is a lesser-known cryptocurrency with a lot of promise, particularly for miners who are looking for a long-term play. Ergo combines the best features of Bitcoin, such as a limited supply and proof-of-work mining, with the ability to run complex smart contracts like Ethereum.

The Ergo team has focused on creating a sustainable and fair ecosystem, with an emphasis on miner rewards. Ergo’s Autolykos algorithm is designed to be ASIC-resistant and efficient, meaning that it can be mined with GPUs, making it accessible for smaller miners. The coin has seen steady growth, and as its ecosystem develops, the potential for profit is significant.

7. The Experimental Option: Flux (FLUX)

Flux is another up-and-coming cryptocurrency that has caught the attention of miners due to its innovative approach. Flux is a decentralized cloud computing network that allows developers to deploy decentralized applications (dApps) across multiple servers.

The network is powered by the Flux cryptocurrency, which is mined using a proof-of-work consensus mechanism. What makes Flux particularly interesting is its potential for growth as the demand for decentralized cloud services increases. For miners, Flux offers an opportunity to be part of an emerging market with significant upside potential.

8. The Low-Key Option: Vertcoin (VTC)

Vertcoin is a relatively old cryptocurrency that has remained under the radar but still holds potential for miners. It’s another proof-of-work coin that is designed to be ASIC-resistant, making it accessible to GPU miners.

Vertcoin’s mission is to stay decentralized and democratized, which aligns with the original ethos of cryptocurrencies. While it may not have the same level of hype as some of the newer coins, Vertcoin remains a stable and reliable option for those looking for a straightforward mining experience without the need for specialized hardware.

9. The Hidden Gem: Firo (FIRO)

Formerly known as Zcoin, Firo is a privacy-focused cryptocurrency that utilizes the MTP (Merkle Tree Proof) mining algorithm. Firo’s focus on privacy, combined with its commitment to ASIC-resistance, makes it an attractive option for GPU miners.

Although it hasn’t received the same level of attention as other privacy coins like Monero, Firo offers similar benefits and is still relatively easy to mine. As privacy continues to be a growing concern in the digital age, Firo’s value could increase, making it a worthwhile investment for miners.

10. The High-Risk, High-Reward: Grin (GRIN)

Grin is an experimental cryptocurrency that uses the Mimblewimble protocol, which is designed to be scalable and privacy-focused. Grin’s unique approach to blockchain design has made it a favorite among privacy advocates, but its experimental nature also means that it’s highly volatile and comes with significant risks.

Grin uses a proof-of-work algorithm that is ASIC-resistant, which makes it accessible to GPU miners, but its profitability can fluctuate wildly. For those who are willing to take on some risk, Grin offers the potential for high rewards, particularly if its price begins to rise as more people recognize the value of its underlying technology.

Conclusion:

Mining cryptocurrency in 2024 is a different game than it was just a few years ago. The days of easily mining Bitcoin with a simple setup are long gone. However, the opportunities are far from over. By focusing on lesser-known coins that offer unique value propositions—whether through environmental sustainability, privacy, scalability, or ethical considerations—you can still find profitable mining ventures.

As with any investment, it’s crucial to do your own research and consider your risk tolerance. The cryptocurrencies listed in this article represent a mix of high potential and accessibility, making them worthy of consideration for both new and experienced miners.