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 October 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>97,33%</td>
<td>526%</td>
<td>35,84$</td>
</tr>
<tr>
<td>Neurai (XNA)</td>
<td>78,67%</td>
<td>504%</td>
<td>32,55$</td>
</tr>
<tr>
<td>Xelis (XEL)</td>
<td>0%</td>
<td>539%</td>
<td>42,56$</td>
</tr>
<tr>
<td>Evrmore (EVR)</td>
<td>0%</td>
<td>527%</td>
<td>38,75$</td>
</tr>
<tr>
<td>Conflux (CFX)</td>
<td>4,52%</td>
<td>513%</td>
<td>38,88$</td>
</tr>
<tr>
<td>Clore (CLORE)</td>
<td>20,05%</td>
<td>462%</td>
<td>33,93$</td>
</tr>
<tr>
<td>Flux (FLUX)</td>
<td>0,4%</td>
<td>465%</td>
<td>34,49$</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.
Neurai (XNA)
Neurai is a cryptocurrency project launched on April 17, 2023, by three electronics specialists with a background in IoT. It aims to bridge the gap between IoT and blockchain, integrating AI into IoT devices via API or dedicated AI equipment like ESP32 or RISC-V, and linking them with blockchain assets. Neurai is built on the Ravencoin code, offering a robust, ASIC-resistant mining algorithm to ensure decentralization and security.
The mining process is designed to be accessible, allowing participants to contribute to the network while supporting Neurai’s mission to connect IoT and AI with blockchain technology.
Xelis (XEL)
Xelis is an innovative cryptocurrency built from scratch, featuring advanced technologies like BlockDAG, Homomorphic Encryption, Zero-Knowledge Proof, and Smart Contracts. Written in the Rust programming language, Xelis benefits from Rust's memory-safe features and speed. The network operates on an event-driven system, using asynchronous tasks for database, P2P, and API interactions, allowing developers to monitor network events and react instantly.
Mining Xelis is designed to be anti-FPGA and anti-ASIC, ensuring decentralization. Initially, Xelis was CPU-mineable, but GPU mining quickly became the more efficient method. The development team is ready to adjust the algorithm if needed to maintain its decentralized nature.
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.
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.
Clore (CLORE)
Clore.ai is a cutting-edge platform that connects high-performance GPU resources with users needing them for tasks like AI training, video rendering, and cryptocurrency mining. Powered by its native cryptocurrency, Clore Coin (CLORE), the platform creates a seamless marketplace for renters and server owners.
Clore.ai’s standout features include a user-friendly interface with easy lease initiation and minute-by-minute billing, ensuring efficient use of resources. Hosters can also mine in the background, earning passive income when their GPUs are idle. Environmental sustainability is a priority, with an emphasis on renewable energy use.
Launched in December 2022 in the Czech Republic, Clore Coin operates on the KaWPOW Proof-of-Work algorithm. It rewards hosters and offers users discounts through the Proof of Holding system, making the platform even more appealing. Clore.ai is legally registered in the Czech Republic, ensuring transparency and compliance with local regulations.
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.
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>