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 November 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>Zano (ZANO) 🏆</td>
<td>141%</td>
<td>509%</td>
<td>$32.67</td>
</tr>
<tr>
<td>Sero (SERO)</td>
<td>555%</td>
<td>395%</td>
<td>$25.02</td>
</tr>
<tr>
<td>Ravencoin (RVN)</td>
<td>-18.78%</td>
<td>399%</td>
<td>$27.42</td>
</tr>
<tr>
<td>Evrmore (EVR)</td>
<td>0%</td>
<td>368%</td>
<td>$27.24</td>
</tr>
<tr>
<td>Flux (FLUX)</td>
<td>-22.76%</td>
<td>396%</td>
<td>$28.04</td>
</tr>
<tr>
<td>Cortex (CTXC)</td>
<td>-52.17%</td>
<td>427%</td>
<td>$29.55</td>
</tr>
<tr>
<td>Conflux (CFX)</td>
<td>-27.14%</td>
<td>374%</td>
<td>$26.17</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>
Zano (ZANO)
Zano is a privacy-focused blockchain ecosystem launched in 2019, designed to offer secure and untraceable transactions through technologies like ring signatures and stealth addresses. It aims to provide developers with a platform for creating privacy-oriented projects without the complexities of maintaining their own blockchain. Zano's Zarcanum hardfork introduced RingCT and the first-ever Proof of Stake algorithm with hidden amounts, enhancing its privacy features.
Mining Zano is secured by a unique hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanism, making it suitable for users who prefer a mix of both. Additionally, the ecosystem supports on-chain aliases, escrow contracts, and flexible staking options.
Sero (SERO)
Sero (SERO) is a privacy-focused blockchain designed for Decentralized Applications (DApps), supporting both privacy coins and anonymous assets. It aims to be a next-generation platform with smart contract capabilities and offers developers the option to issue privacy coins for use within DApps. SERO’s advanced zero-knowledge proof encryption library, "Super-ZK," is reported to be over 20 times faster than zk-SNARKs (used by Zcash), making it one of the fastest privacy protocols available.
SERO’s mining structure includes a 250 million coin bonus pool. Miners receive rewards from this pool for generating blocks, with incentives adjusted based on gas usage to encourage efficient transactions.
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.
Evrmore (EVR)
Evrmore is a proof-of-work blockchain launched in October 2022, designed to simplify the creation, management, and swapping of decentralized assets. It aims to make blockchain assets and DeFi accessible to both technical and non-technical users, positioning itself as the "iOS of blockchains."
Evrmore uses the ASIC-resistant EvrHash mining algorithm, based on KawPow, ensuring a decentralized distribution of mining power. This makes it a viable option for home miners using GPU setups.
Evrmore's focus on user-friendliness and secure asset management sets it apart, providing an attractive platform for those looking to mine and engage with decentralized finance.
Flux (FLUX)
Flux is a growing player in the decentralized web (Web3) space, offering a comprehensive 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).
The cryptocurrency is mined using GPUs, making it accessible to everyday users. Miners can earn rewards by providing computational resources to the Flux Network, which currently boasts around 15,000 decentralized nodes. Flux is ideal for miners interested in new, promising altcoins that rely on GPU mining and wish to participate in the growing Web3 infrastructure.
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.
Conflux (CFX)
Conflux (CFX) is a public layer-1 blockchain designed to support decentralized applications (dApps), e-commerce, and Web 3.0 infrastructure with enhanced scalability, decentralization, and security compared to existing protocols. It facilitates fast, efficient asset transfers with minimal transaction costs and no network congestion.
The platform utilizes the Tree-Graph consensus mechanism, combining both Proof-of-Work (PoW) and Proof-of-Stake (PoS) algorithms. It supports Turing-complete smart contracts in Solidity and is EVM (Ethereum Virtual Machine) compatible, making it versatile for developers.
CFX, the native token, powers the Conflux network by rewarding miners, paying transaction fees, and governing the platform. Miners are incentivized through CFX rewards, which ensures the network’s security and long-term reliability.
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>