Looking to mine cryptocurrency profitably from home? For everyday users, Bitcoin mining has become nearly impossible due to increased mining difficulty and the rise of specialized ASIC hardware designed specifically for Bitcoin. But don’t worry—there are still other cryptocurrencies that can be mined effectively using GPU mining at home. Explore our top 7 coins to mine at home in December 2024 to discover which ones offer the best returns for small-scale miners.
<figure class="block-table">
<table>
<tr>
<th>Crypto Asset</th>
<th>YTD Performance</th>
<th>Profitability</th>
<th>Monthly Revenue</th>
</tr>
<tr>
<td>Xelis (XEL) 🏆</td>
<td>58,61%</td>
<td>556%</td>
<td>46,44$</td>
</tr>
<tr>
<td>Zano (ZANO)</td>
<td>150,87%</td>
<td>345%</td>
<td>37,69$</td>
</tr>
<tr>
<td>Cortex (CTXC)</td>
<td>56,93%</td>
<td>457%</td>
<td>46,13$</td>
</tr>
<tr>
<td>Flux (FLUX)</td>
<td>21,34%</td>
<td>387%</td>
<td>42,16$</td>
</tr>
<tr>
<td>Conflux (CFX)</td>
<td>10,3%</td>
<td>378%</td>
<td>40,49$</td>
</tr>
<tr>
<td>Ravencoin (RVN)</td>
<td>23,78%</td>
<td>349%</td>
<td>38,06$</td>
</tr>
<tr>
<td>Neoxa (NEOX)</td>
<td>-65,5%</td>
<td>462%</td>
<td>41,26$</td>
</tr>
</table>
</figure>
*We used data from whattomine.com for this ranking, focusing on GPU mining with the GeForce RTX 3070 and a power cost of $0.10 per kWh. The ranking criteria included profitability over a 7-day period compared to Ethereum Classic, year-to-date (YTD) performance and monthly revenue. Please note that these calculations are based on average values, so your final results may vary.
<div fs-richtext-component="info-box" class="info-box protip"><div class="flex-info-card"><img src="https://assets-global.website-files.com/65098a145ece52db42b9c274/650c6f4b151815fb0be48cec_Lightning.svg" loading="lazy" width="64" height="64" alt="" class="icon-info-box"><div fs-richtext-component="info-box-text" class="info-box-content"><p class="color-neutral-800">Keep in mind that monthly revenue must account for electricity costs. The key challenge in mining is securing affordable electricity to maximize profitability.</p></div></div></div>
Xelis (XEL)
Xelis is an innovative cryptocurrency built from scratch, leveraging advanced technologies like BlockDAG, Homomorphic Encryption, Zero-Knowledge Proofs, and Smart Contracts. Written in Rust, it benefits from the language's memory safety and speed. Its event-driven system enables real-time network monitoring and responsiveness, making it developer-friendly.
To maintain decentralization, Xelis employs anti-FPGA and anti-ASIC mining. While initially CPU-mineable, GPU mining quickly became the preferred method. The development team remains ready to adjust the algorithm to prevent centralization.
Xelis is listed on exchanges such as MEXC, CoinEx, and XeggeX, with the XEL/USDT pair being the most traded. The team continues to prioritize decentralization and security while expanding platform features. Stay informed through official channels for updates on this promising cryptocurrency.
Zano (ZANO)
Zano is a privacy-focused blockchain ecosystem launched in 2019, offering secure and untraceable transactions with technologies like ring signatures, stealth addresses, and RingCT. Its unique hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanism is designed to maximize security by requiring attackers to control both the majority of network hashrate and a significant portion of staked ZANO, making 51% attacks financially unfeasible. This combination of PoW and PoS also strengthens Zano’s decentralization.
The Zano platform, intended for privacy-oriented projects, supports developers by removing the need for them to maintain a standalone blockchain. It also includes features such as on-chain aliases, escrow contracts, and flexible staking options, all of which are protected by Zano’s robust hybrid consensus mechanism.
The Zano team is actively enhancing the ecosystem, with several major updates in progress:
- Confidential Layer integration: Mainnet release upcoming
- Wallet Expansions: Integration with Cake Wallet and Bitcoin.com Wallet
- Consensus Enhancements: A new proposal for improved consensus
- Alias Messenger: Secure on-chain messaging
- Governance Mechanisms: Developing Zano’s governance framework
- Wrapped Zano Update: Expanding Zano’s utility
Further updates are outlined in their roadmap.
Cortex (CTXC)
Cortex is a decentralized blockchain platform that supports the integration and execution of Artificial Intelligence (AI) models within smart contracts. It is designed to democratize AI by allowing open-source models to be used in decentralized applications (DApps). Cortex's security measures include encryption, smart contract audits, and data privacy strategies, ensuring a secure environment for users and developers.
Cortex can be mined using GPUs, making it accessible to at-home miners interested in contributing to a blockchain platform that merges AI and cryptocurrency. This unique combination makes Cortex an exciting project for those interested in both AI and blockchain technology.
Flux (FLUX)
Flux is an emerging player in the decentralized web (Web3) space, offering a robust ecosystem for developing and deploying decentralized applications. The Flux ecosystem includes a native mineable cryptocurrency ($FLUX), a decentralized computational network, and a Linux-based operating system (FluxOS). Accessible via GPU mining, the $FLUX cryptocurrency allows everyday users to earn rewards by contributing computational resources to the Flux Network, which currently supports around 15,000 decentralized nodes. This makes Flux particularly appealing for miners looking to support new altcoins with promising potential in Web3 infrastructure.
The Flux team has an ambitious roadmap for Q4 2024, which includes major developments such as the launch of FluxEdge Beta, FluxAI, and FluxEdge Scaling Deployments. Other key updates include the SSP Wallet Mobile, expanded blockchain support through Zelcore, and the release of the FluxAI API for developers and FluxAI Document Intelligence. Additionally, updates to FluxEdge Pricing (V2) and the implementation of Role-Based Access Control (RBAC) are set to enhance the network’s functionality and security.
Further developments planned for 2025 can be explored in the roadmap.
Conflux (CFX)
Conflux (CFX) is a public layer-1 blockchain tailored to support decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure, boasting enhanced scalability, decentralization, and security compared to existing protocols. It enables quick, efficient asset transfers with minimal transaction costs and no network congestion.
The platform is built on the Tree-Graph consensus mechanism, which combines Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. Conflux supports Turing-complete smart contracts in Solidity and is EVM (Ethereum Virtual Machine) compatible, offering versatility for developers.
The native token, CFX, powers the Conflux network by rewarding miners, covering transaction fees, and enabling governance. Miner incentives through CFX rewards strengthen the network’s security and ensure its long-term stability.
Entering the final quarter of the year, Conflux has unveiled its tech roadmap for the years ahead, focusing on advanced blockchain solutions and AI integrations. This roadmap aims to establish Conflux as a leading Layer 1 platform for widespread adoption and to bring new innovations to the Web3 ecosystem. Conflux’s vision is to become the preferred choice for developers and users who seek a fast, secure, and cost-effective blockchain solution.
Find out more about the roadmap here.
Ravencoin (RVN)
Ravencoin (RVN) is a blockchain network optimized for the efficient transfer of assets, such as tokens, from one holder to another. Forked from Bitcoin, Ravencoin offers faster transactions and is ASIC-resistant, making it suitable for GPU mining. The network employs the KawPow algorithm, specifically designed to prevent mining centralization and promote fair distribution. Ravencoin is open-source and allows easy token issuance, making it an attractive option for at-home miners looking for an alternative to more saturated markets. It is supported on major exchanges like Binance, Huobi Global, and OKX, ensuring liquidity for mined coins.
Neoxa (NEOX)
Neoxa is an innovative blockchain platform merging gaming and cryptocurrency through its dual mechanisms of Proof of Work (PoW) and Proof of Game (PoG). Gamers can earn cryptocurrency simply by playing their favorite games, making blockchain participation more accessible and inclusive. This novel approach addresses the historical divide between gamers and miners, fostering a unified community where expensive hardware investments are unnecessary.
By integrating Play-to-Earn features into popular games, Neoxa appeals to both casual and dedicated gamers, offering a seamless way to earn cryptocurrency rewards. The platform prioritizes security through its decentralized blockchain infrastructure, PoW mining, and the unique PoG mechanism, which allows gamers to help secure the network by engaging in gameplay.
Neoxa's multi-layered security includes regular testing and quality assurance, ensuring the network’s resilience against threats. With its commitment to bridging the gap between gaming and blockchain, Neoxa sets a new standard for inclusivity and innovation in the cryptocurrency space, providing a glimpse into the future of blockchain technology.
How Does GPU Mining Differ from Other Methods?
Crypto mining can be categorized into three primary types: CPU mining, GPU mining, and ASIC mining, each with its unique characteristics and levels of efficiency.
CPU Mining: This method uses the Central Processing Unit (CPU) of a computer to mine cryptocurrencies. While it was popular in the early days of crypto, CPU mining is now considered the least efficient method. It has limited processing power compared to other mining methods, making it generally unprofitable for most cryptocurrencies due to high electricity costs and low mining output.
GPU Mining: Unlike CPU mining, GPU mining leverages the Graphics Processing Unit (GPU) of a computer, which is far more efficient for mining purposes. GPUs are capable of performing a large number of mathematical calculations simultaneously, making them more suited for mining altcoins and other cryptocurrencies. This method is widely used among home miners due to its balance between cost and performance, offering a viable alternative to more expensive mining setups.
ASIC Mining: This method employs Application-Specific Integrated Circuits (ASICs), which are specialized hardware designed specifically for mining cryptocurrencies. ASIC miners are highly efficient and powerful, making them the preferred choice for mining highly competitive cryptocurrencies like Bitcoin. However, ASIC mining comes with higher initial costs and less flexibility, as these devices are typically optimized for a specific cryptocurrency.
<div fs-richtext-component="info-box" class="info-box"><div class="flex-info-card"><img src="https://assets-global.website-files.com/65098a145ece52db42b9c274/650c6f4cef4c34160eab4440_Info.svg" loading="lazy" width="64" height="64" alt="" class="icon-info-box"><div fs-richtext-component="info-box-text" class="info-box-content"><p class="color-neutral-800">In summary, GPU mining offers a middle ground between the low efficiency of CPU mining and the high cost of ASIC mining. It's ideal for miners who are looking for a cost-effective solution without sacrificing too much in terms of mining power, especially when targeting less competitive cryptocurrencies.</p></div></div></div>
Key Factors to Consider When Choosing a Crypto to Mine
Profitability: Evaluate the current mining rewards and potential monthly earnings. Cryptocurrencies with higher rewards and profitability present more lucrative opportunities. Our ranking uses data from whattomine.com, comparing each coin's profitability against Ethereum Classic.
Market Performance: Examine the market demand and growth potential of each cryptocurrency. Understanding market trends can help miners anticipate changes and seize new opportunities. We considered Year-to-Date (YTD) performance in our ranking.
<div fs-richtext-component="info-box" class="info-box"><div class="flex-info-card"><img src="https://assets-global.website-files.com/65098a145ece52db42b9c274/650c6f4cef4c34160eab4440_Info.svg" loading="lazy" width="64" height="64" alt="" class="icon-info-box"><div fs-richtext-component="info-box-text" class="info-box-content"><p class="color-neutral-800">YTD (year to date) is a metric that analyzes an asset's performance over the course of a calendar year, from January 1 to today.</p></div></div></div>
Technology: Consider the project's technological foundation and the team's capabilities. Research their background, skillset, and commitment to the project. Review their GitHub profiles to see their development progress. If you're unsure how to evaluate this, consult with an expert before committing to a project.
Privacy and Security: Analyze the privacy features and security protocols of each cryptocurrency. Privacy-focused coins provide enhanced anonymity, while strong security measures protect against potential threats.
Is Crypto Mining Profitable?
The unsatisfying short answer: it depends. The profitability of cryptocurrency mining hinges on several factors, such as electricity costs, mining difficulty, and market conditions, making it hard to give a definitive answer.
To determine if mining is profitable for you, it's essential to conduct thorough research, calculate potential costs and rewards, and stay up-to-date with industry trends. This will help you make well-informed decisions about entering the mining space.
If you have a home photovoltaic system generating surplus energy, consider using this excess power for crypto mining instead of selling it at a low rate. Learn more in our article: Mining with Surplus Solar Energy.
Understanding the Tax Implications of Crypto Mining
Tax implications for crypto mining depend on your country's regulations and whether your mining is considered a private activity or a business. Generally, mining rewards are taxed as income upon receipt and as capital gains upon sale.
When you receive mined cryptocurrency, it's taxed as income based on its fair market value at that time. Upon disposal, you'll face a capital gain or loss, depending on the change in value since you acquired it.
For more details, check our tax guides for various countries: US, UK, Germany, Austria, Switzerland, Italy, France, Spain, Belgium, and the Netherlands.
<div fs-richtext-component="info-box" class="info-box"><div class="flex-info-card"><img src="https://assets-global.website-files.com/65098a145ece52db42b9c274/650c6f4cef4c34160eab4440_Info.svg" loading="lazy" width="64" height="64" alt="" class="icon-info-box"><div fs-richtext-component="info-box-text" class="info-box-content"><p class="color-neutral-800">Nothing in this article constitutes professional and/or financial advice, nor does any information in the article constitute a comprehensive or complete statement of the matters discussed or the law relating thereto.</p></div></div></div>