As the profitability of mining Bitcoin on personal computers continues to decline, many cryptocurrency enthusiasts are seeking alternative options to mine from the comfort of their homes to earn passive income. While Bitcoin remains out of reach for most home miners, there are still several other cryptocurrencies that can be effectively mined with a standard PC setup. In this article, we will explore some of the top cryptocurrencies that can be mined at home in 2024, providing an overview of their mining methods and the necessary steps to get started. Before reading this article we recommend you read “How to Mine Bitcoin at Home in 2024”.
Are All Cryptocurrencies Minable?
No, not all cryptocurrencies are minable. Mining is a process used by some cryptocurrencies to validate transactions and create new coins. Miners use powerful computers to solve complex mathematical problems, and when they successfully solve these problems, they are rewarded with new coins.
However, not all cryptocurrencies work this way. Some cryptocurrencies have different methods of creating and distributing coins. Here are a few examples:
- Mining-Based Cryptocurrencies: These are cryptocurrencies like Bitcoin and Ethereum that use mining as the primary method to create new coins. Miners compete to solve mathematical problems, and when they succeed, they earn new coins as a reward.
- Proof of Stake (PoS) Cryptocurrencies: Instead of mining, some cryptocurrencies use a different method of consensus mechanisms called Proof of Stake. In PoS cryptocurrencies, users can participate in the network by holding a certain amount of coins in a wallet. By holding these coins, they have a chance to be chosen to validate transactions and earn rewards.
- Pre-Mined Cryptocurrencies: Some cryptocurrencies are created with all the coins already in existence. These coins are distributed according to a predetermined plan. In this case, there is no mining involved, and the coins are usually allocated to the project’s founders, team members, or early investors.
- Non-Mineable Tokens: Tokens are a type of cryptocurrency that are built on existing blockchain platforms like Ethereum. Some tokens are not minable themselves. Instead, they are created through smart contracts and distributed through methods like initial coin offerings (ICOs) or other means.
As a beginner, it’s important to understand that each cryptocurrency may have its own unique way of creating and distributing coins. Some can be mined, while others use alternative methods. It’s a good idea to research and understand the specific characteristics of the cryptocurrencies you are interested in before getting involved.
Cryptocurrencies to Mine with a PC
1. Dogecoin (DOGE)
Dogecoin (DOGE) is a digital currency that started as a meme but gained popularity thanks to Elon Musk. It has become an alternative coin with a significant number of users. Unlike Bitcoin, Dogecoin is designed to produce new coins each year, which can be an extra incentive for people who mine it.
To mine Dogecoin, you need a wallet to store your earnings. You can download the Dogecoin core wallet or find suitable online wallets on the website. If you mine using your computer’s CPU, the best software is CPU miner, although it may be slow. To increase mining speed, you can use graphic cards, specifically AMD and Nvidia cards. For GPU mining, you should use either cgminer or cudaminer software. Detailed instructions for mining Dogecoin can be found on the website.
While it is possible to mine cryptocurrencies individually, it is recommended to join a mining pool. Mining pools allow you to take advantage of greater processing power and speed, resulting in higher mining returns. An example of a mining pool that supports Dogecoin is MultiPool. Once you have mined Dogecoin, you can trade it on exchanges like Binance and OKX. If you’re not experienced in trading, you can consider using crypto trading bots with copy trading tools, which allow you to make trades similar to those made by experts.
2. Ethereum Classic (ETC)
Ethereum Classic (ETC) is a digital currency with a goal to preserve the original Ethereum blockchain. It was created as an alternative for those who strongly disagreed with the DAO bailout and the direction taken by the Ethereum Foundation. Unlike Ethereum, which moved to a different method called proof of stake, Ethereum Classic can still be mined using regular desktop computers. The resources previously used for mining Ethereum can now be easily used for mining Ethereum Classic.
To mine Ethereum Classic, you have the option to use ASIC machines or regular desktop machines. You can find a complete list of mining resources for Ethereum Classic on the website. Once you have mined Ethereum Classic, you can trade it on exchanges such as HitBTC, Binance, and Huobi Global.
3. Monero (XMR)
Monero (XMR) is a popular digital currency known for its anonymity. Unlike some other cryptocurrencies, Monero’s network is designed to resist the development of specialized mining machines called ASICs. This makes it suitable for mining using a regular home computer.
To start mining Monero, you need to download a wallet to store your coins. It is recommended to use the official Monero GUI client. After that, you can download mining software that supports Monero, such as MultiMiner. MultiMiner is easy to use, but there are also other mining options available online. Once you have successfully mined Monero, you can trade it on exchanges like Binance and Bitfinex.
4. Zcash (ZEC)
Zcash (ZEC) is a digital currency that prioritizes privacy and was launched in 2016. One of its important features for mining at home is that it uses the Equihash algorithm, which is designed to prevent specialized mining machines called ASICs. This means that regular home miners with a graphics card (GPU) can participate in mining Zcash.
To start mining Zcash, you need to download software that will control your hardware. You also need to download the Zcash blockchain and set up a wallet to store your coins. This process may take some time as the blockchain needs to download completely on your computer and sync. Additionally, you need to download the drivers for your graphics cards. Detailed instructions for mining Zcash can be found on the website.
Once you have successfully mined Zcash, you can trade it on exchanges such as Binance, Huobi Global, and Bitfinex.
5. Ravencoin (RVN)
Ravencoin (RVN) is a blockchain network that focuses on transferring assets, such as tokens, between different individuals. It is built on the same code as Bitcoin but includes some improvements. These include a shorter block reward time of one minute, changes in the number of coins released, and the ability to develop assets and send messages. Ravencoin is an open-source project.
To mine Ravencoin, you can use a regular graphics card (GPU) as the Ravencoin KAWPOW algorithm is designed to prevent specialized mining machines called ASICs. You can find more detailed information on mining Ravencoin on the website. Once you have successfully mined Ravencoin, you can trade it on exchanges like Binance, Huobi Global, and OKX.
6. Bitcoin Gold (BTG)
Bitcoin Gold (BTG) was created in 2017 as a separate version of Bitcoin. It had plans to improve the scalability and development of Bitcoin, but in recent years, the project has become inactive. The project hasn’t updated its website roadmap or Twitter feed since 2021. However, Bitcoin Gold still has a decent market value and daily trading volumes, so if you mine Bitcoin Gold, you should have no trouble finding buyers for it.
To mine Bitcoin Gold, you need to use the Equihash-BTG algorithm, which is also known as Equihash(144,5) or Zhash. The price of Bitcoin Gold usually follows the price movements of the original Bitcoin quite closely. You can find more information on mining Bitcoin Gold on the website. Once you have successfully mined Bitcoin Gold, you can trade it on exchanges like Binance, Bitfinex, HitBTC, and Huobi Global.
7. Horizen (ZEN)
Horizen (ZEN) is a digital currency that was launched in 2017. It uses a proof-of-work system and can be mined using a graphics card (GPU). The goal of the project is to ensure the security and privacy of data, allowing for real-world applications within a secure blockchain system. In terms of price, ZEN typically follows the general trend of Bitcoin and Ethereum, like many other alternative coins. Its highest price was $148 in December 2021. ZEN has a decent market value and a good amount of daily trading activity.
If you’re interested in mining ZEN, you can find more information on how to do it on the website. Once you have successfully mined ZEN, you can trade it on exchanges such as Binance, HitBTC, and Huobi Global.
8. Bytecoin (BCN)
Bytecoin (BCN) is a digital currency that focuses on anonymity. It is considered an alternative coin (altcoin) and can be easily mined using your home computer. Mining Bytecoin on your own is designed to be a simple process for Bytecoin users.
To mine Bytecoin, you need to download the Bytecoin wallet and run the program on your computer. Once the program has finished syncing with the Bytecoin blockchain, you can create a wallet for yourself. Then, you can start mining by entering a command and setting your wallet address as the recipient of the mined coins. Solo mining on the Bytecoin network is possible, but it may be slow and not generate significant revenue. To increase your earnings, you can join a mining pool that supports CPU mining. An example of such a pool is bytecoin-pool.org. You will also need to download compatible mining software like xmrig.
It is also possible to mine Bytecoin using graphics processing units (GPUs). However, the setup process for GPU mining is more complex compared to CPU mining, but it allows for faster mining. Once you have successfully mined Bytecoin, you can trade it on exchanges such as HitBTC and Poloniex.
9. Beam (BEAM)
Beam (BEAM) is a type of digital currency that uses a technology called MimbleWimble. It is well-suited for mining at home. Beam uses the Hashii algorithm, which supports mining using graphics cards (GPUs).
To start mining Beam, you need to download the official Desktop Wallet that matches your computer’s operating system. However, your antivirus software might flag the mining software as potentially harmful. In that case, you need to exclude it from being labeled as harmful to avoid any issues during the mining process. After downloading and syncing the blockchain, you can begin mining. First, you need to configure your settings. Enable the “Run Local Node” feature and set the number of mining threads to a value greater than zero.
It’s important to know that Beam’s system uses addresses that expire to enhance privacy. However, you need a permanent address to ensure you can recover your mining earnings. Otherwise, your tokens might be lost. To create a permanent address, go to the receive tab on the main dashboard of the software. You can generate a new address and set it to never expire. This address can be used for your mining setup. Once you have successfully mined Beam, you can trade it on exchanges such as Binance and Bitforex.
10. Vertcoin (VTC)
Vertcoin (VTC) is a digital currency that was launched in 2014 and is favored by small-scale miners. It aims to uphold the principles of decentralization and financial freedom that Satoshi Nakamoto envisioned when creating Bitcoin. The developers of Vertcoin created this blockchain as a response to the increasing dominance of specialized mining machines called ASICs on the Bitcoin network and the mining industry as a whole.
If you want to mine Vertcoin, it uses the Lyra2RE algorithm for its proof-of-work consensus mechanism. This algorithm is designed to resist ASIC mining and provides support for mining using graphics cards (GPUs) and central processing units (CPUs). Vertcoin is popular among miners because it offers a straightforward mining process. You can start mining with just a single click, as the project developers have designed it to be user-friendly. To begin mining, you can download the software from the provided link and join a mining pool to maximize your mining earnings. Once you have successfully mined Vertcoin, you can trade it on exchanges such as Bittrex and UPBit.
11. Grin (GRIN)
Grin (GRIN) was launched in January 2019 and focuses on privacy and scalability. Similar to Beam, Grin uses the MimbleWimble algorithm to ensure transactional privacy. For home miners, the important thing to note is that Grin’s blockchain is designed to resist specialized mining machines called ASICs. The project developers have taken further steps to periodically update the network to counter any potential ASICs specifically designed for Grin.
If you want to start mining Grin, you need to download the blockchain from the official website to set up a node. Once you have successfully synced the blockchain, you need to connect the node to your wallet. Creating a wallet is a simple process of running a file in the directory. After setting up the wallet, you need to configure your graphics cards to work with it. Make sure to select the Cuckaroo POW version, which supports GPU mining. Grin allows both CPU and GPU mining, but if you choose to go with GPUs, it is recommended to purchase Nvidia cards as they are considered more effective. Additionally, you need to have at least 5.5 GB of available space to start mining the coin. Once you have successfully mined Grin, you can trade it on exchanges such as Bittrex and HitBTC.
12. AEON (AEON)
AEON (AEON) is a digital currency that was originally created by making some changes to Monero, another popular cryptocurrency. AEON is built on the CryptoNote protocol and uses the CryptoNight-Lite algorithm and ring signatures to ensure that transactions are not easily traceable.
If you want to mine AEON, it’s worth noting that unlike some other cryptocurrencies, AEON doesn’t prioritize resistance against specialized mining machines called ASICs. However, you can still mine AEON using CPUs on Windows computers, as well as AMD and Nvidia GPUs. If you need more information on how to mine AEON, you can find it on the project’s website. Once you have successfully mined AEON, you can trade it on exchanges like Bittrex and HitBTC. To check the current price of AEON, you can visit the exchanges or use a cryptocurrency price tracking website.
What Are Some Examples of Non-Mineable Cryptocurrencies?
There are several examples of non-mineable cryptocurrencies. Here are a few notable ones:
- Ripple (XRP): Ripple is a digital payment protocol and cryptocurrency that operates on a distributed ledger technology called the XRP Ledger. All XRP tokens were created when the network was launched, and there is no mining process involved. The total supply of XRP already exists, with a significant portion held by the company Ripple Labs.
- Cardano (ADA): Cardano is a blockchain platform that aims to provide a secure and scalable infrastructure for the development of decentralized applications and smart contracts. Cardano uses a proof-of-stake (PoS) consensus mechanism called Ouroboros, where token holders can participate in the network and earn rewards by staking their ADA coins. There is no mining involved in the traditional sense.
- Binance Coin (BNB): Binance Coin is the native cryptocurrency of the Binance exchange. It operates on the Binance Chain, a blockchain developed by Binance. BNB is not minable but was initially distributed through an initial coin offering (ICO). BNB holders can use the cryptocurrency for various purposes within the Binance ecosystem, including trading fee discounts and participation in token sales.
- EOS (EOS): EOS is a blockchain platform designed for the development and hosting of decentralized applications (dApps). EOS operates on a delegated proof-of-stake (DPoS) consensus algorithm, where token holders can vote for block producers who validate transactions and maintain the network. EOS tokens were distributed through an ICO, and there is no mining involved.
- Stellar (XLM): Stellar is a blockchain platform focused on facilitating fast and low-cost cross-border transactions. Stellar’s native cryptocurrency, XLM, was created with a fixed supply and distributed through various mechanisms, including airdrops and partnerships. There is no mining involved in the creation or distribution of XLM.
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In conclusion, while Bitcoin mining may not be profitable for home miners, there are still several cryptocurrencies that can be successfully mined with a PC at home in 2024. By exploring alternatives like Dogecoin, Ethereum Classic, Monero, Zcash, Ravencoin, and Bitcoin Gold, mining enthusiasts can capitalize on the opportunities presented by these digital currencies. It is important to note that each cryptocurrency has its own unique mining requirements, and conducting thorough research is essential before diving into the mining process. By staying informed and leveraging the right resources, you can still participate in cryptocurrency mining and potentially earn rewards. As the crypto landscape continues to evolve, it is crucial to adapt and explore new opportunities that arise in the world of mining.