The Easiest Cryptocurrency to Mine in 2023
The difficulty of mining top coins is reaching terrifying levels. At the same time, new cryptocurrencies appear on the market almost every day, the further role of which has not yet been predetermined.
In such an unpredictable environment, even experienced miners are easily confused. Meanwhile, the profitability of mining also depends on the choice of cryptocurrency.
In this article, we will talk about the easiest cryptocurrency to mine in 2023.
Read our previous list of the best coins to mine here.
Is it profitable to mine in 2023?
Over the past few years, crypto mining has reached an industrial scale. Now, mining has become a business that requires significant investments over the long term, which it is not always possible to recoup.
Nevertheless, some coins need only a home computer and a minimum of expenses. So, with the right approach and detailed calculation, mining can be very profitable.
At the moment, it can be argued that bitcoin home mining is dead. Its production is now carried out exclusively in large data centers. Miners are advised to consider coins with less network complexity and lightweight mining algorithms.
The easiest cryptocurrency to mine in 2023
Crypton (CRP) is an internal cryptocurrency of the Utopia P2P ecosystem — a closed, decentralized ecosystem that provides the opportunity for the anonymous and private use of many built-in tools for communication, searching for information, data transfer, and even online payments.
Crypton (CRP) mining does not require crypto farms or other types of specialized equipment. All you need is the internet and a modern computer that meets minimal mining requirements.
CRP mining does not require additional costs for the creation of mining farms, the purchase of expensive equipment, or complicated analysis of the most suitable tools. In addition, users can forget about the need to cool the equipment or the possible transportation and disposal of it in the event of a breakdown.
The only thing that is necessary to start CRP mining is an internet connection and a modern computer with the basic characteristics that every computer has today. At the same time, CRP mining does not affect the operation of the computer in any way and does not require a lot of memory.
To get started, you need to install a special bot for mining — UAM (Utopia Alternative Mining). It must be installed on Linux. You can also use a free server on another computer or purchase an additional VPS or VDS and install UAM there. In addition, Crypton mining uses Proof-of-Stake and Proof-of-Connectivity technologies, which are by far the most productive and secure options.
Utopia P2P offers quick purchase, sale, exchange, or withdrawal of Crypton through an internal crypto exchange — Crypton Exchange. There is no need to search for crypto exchanges on the internet and trust an untested option.
Learn more about Crypton here.
Zcash is one of the main cryptocurrencies represented on almost any cryptocurrency exchange. It is also privacy-oriented, which contributes to its popularity among users and miners. Zcash runs on the Equihash algorithm which, in the process of mining, accesses the RAM of computing equipment, which makes the coin resistant to mining on most ASICs.
Zcash remains one of the most profitable cryptocurrencies for mining. Significant advantages are the high liquidity of the asset and a fairly high cost. Many people even advise you to keep a certain number of mined coins for yourself, in case their value jumps sharply.
Litecoin is one of the first forks of bitcoin, which was developed specifically to solve the problem of mining complexity. Litecoin is similar to bitcoin in many ways, but has a larger issue and a lighter hashing algorithm. Litecoin mining also requires Proof-of-Work, but a lighter Scrypt encryption algorithm is used.
Litecoin is one of the main cryptocurrencies and has a reputation and liquidity no less than that of the market leader, but the speed of block generation here is four times faster. It should be noted that the complexity of the Litecoin network cannot be called low. Mining coins is attractive to many, so that a high level of competition is created.
In addition, many ASICs have been developed for the Scrypt algorithm, which are difficult to compete with using video cards.
Even though Ethereum is one of the top and most expensive coins, its mining is still relevant for home mining. You can mine Ether using ASIC devices and video cards. One advantage of its extraction may the confidence of many experts that Ether will soon become the leading cryptocurrency in terms of value and capitalization, surpassing even bitcoin.
The cryptocurrency uses the Ethash hashing algorithm. New coins are created with great speed and do not have a final issue, but the market is still not overloaded with Ether. This is achieved mainly because smart contracts and decentralized applications can be created based on the platform, which is very popular in the market and require payment in Ether.
The huge demand and high speed of coin creation allow us to conclude that Ether mining will remain profitable in 2023.
The Ravencoin cryptocurrency appeared in January 2018. The coin is based on open source code, and its main goal is to optimize the blockchain for the use of tokens. In fact, Ravencoin is a system designed to simplify actions with tokens. It recognizes assets and their values well.
The new X16R algorithm is applied with 16 other hashing algorithms. The algorithm of the new block is selected in order, depending on the hash of the previous block. Mining takes place according to the classical Proof-of-Work system.
Ravencoin is resistant to mining on ASICs, which restrains a sharp increase in complexity. Video cards are best suited for its extraction.
The Dogecoin project appeared as a joke, but managed to gain popularity that many “serious” cryptocurrencies would envy. The coin was introduced in 2013, and in 2018 it entered the top 20 cryptocurrencies by capitalization. A low entry threshold, easy mining, fast transaction speed, and meager commissions are all advantages of Dogecoin.
The final issue of the coin is not limited. Initially, it was planned to issue 100 billion coins. But taking into account the fact that more than 98 billion have already been mined in a year, the developers decided to remove the restrictions and add 5%. So, about 5 billion coins can be mined annually.
The coin uses Scrypt hashing on the PoW algorithm. The competition among miners is not too intense here, but the total hash rate on pools is not very high. Given the method of reaching consensus, it can be concluded that a fairly high hash rate of the farm will be required for good earnings.
Bitcoin Gold (BTG)
Bitcoin Gold is a popular fork of Bitcoin created specifically for GPU mining. The main purpose of creating the coin was concern about the centralization of bitcoin mining. The analog runs on the Equihash algorithm, which makes it a little more resistant to ASIC chips, since a sufficiently high amount of RAM is required for successful mining. You can mine a coin on AMD and Nvidia video cards with at least 3 GB of RAM.
In the future, the authors of the project hope to implement the Lightning Network algorithm, but even without that, Bitcoin Gold mining is now profitable. On average, one farm of eight video cards can bring in $450 per month of work.
Previously, the currency was known as ZenCash, but after rebranding, it was renamed to Horizen. In 2023, it is still one of the best currencies for mining on your GPU. Among all cryptocurrencies based on Equihash, this coin holds leadership in terms of the profitability of mining.
It should be noted that additional income from an increase in value should not be expected from it. Although some prerequisites for this run counter to disappointing forecasts.
The Vertcoin project was founded to give the crypto community the most desirable thing — absolute decentralization. The developers refused to hold an ICO and collected the necessary investments for the start at the expense of charitable contributions. To date, the coin is not in the top 100 of the capitalization rating, but it has every prospect of becoming a leader.
The developers position themselves as volunteers who have taken on an important mission — to return decentralization to mining. The cryptocurrency uses revolutionary algorithms that prevent mining on ASICs and its centralization by large data centers.
The creators of the project made sure that mining was easy for all categories of the population and released a One-Click Miner program for cryptocurrency. It should be noted that they did not exaggerate too much and, thanks to the official client, even a beginner can start mining Vertcoin.
The SegWit protocol was also updated on the network, which significantly reduced the block size, solved the scalability problem, and also prepared the ground for the introduction of several levels of the blockchain and further improvement of the system.