When bitcoin first appeared on the scene in 2009, bitcoin mining used the CPU (central processing unit) in any basic computer. That lasted several years until miners learned to use the more powerful GPU (graphics processing unit).
While it is still possible to mine altcoins with a GPU (or even a CPU) these days, bitcoin and most others have gone beyond accessibility for home miners. In 2022, most mining uses powerful ASIC (application-specific integrated circuit) rigs that have been created specifically for cryptocurrency mining.
Whether you’re using a CPU, GPU, or ASIC machine, what are the most profitable coins for crypto mining in 2022? Read on to find out.
Crypto Mining Profitability Changes Rapidly
One excellent resource for keeping up-to-date on profitable altcoins to mine is Coinwarz, which maintains an updated database of altcoins and the profitability of mining them. You can find similar information at WhattoMine.com.
The primary difference between the two is Coinwarz compares profitability versus mining bitcoin, while WhattoMine compares profitability versus mining Ethereum.
It is not likely you will get rich through mining any altcoin. While it is true that some people became extremely wealthy by mining bitcoin in the early days, those days are gone. Today, mining is a good way to understand how the blockchain works, and it can be a fun hobby with a small return.
If you get lucky, you might mine a coin that later goes to the moon, meaning your mining efforts could eventually be more profitable than you might imagine today.
8 Good Crypto Mining Choices for 2022
Below are eight of the top coins for crypto mining in 2022. Some are older coins that have remained resistant to ASIC mining. Others are new coins that have launched recently, intending to stay free from ASIC mining.
Even though Ethereum remains the second-largest altcoin by market cap and is mineable by ASIC rigs, it remains profitable for GPU miners. This is partly because of the extreme decentralization the Ethereum network has attained.
With that not likely to change, crypto mining Ether should remain profitable until Ethereum 2.0 switches the network to Proof-of-Stake sometime in 2022. Also, since Ethereum is one of the leading blockchain projects, it is not as likely to disappear anytime soon. In fact, Ethereum proponents expect it to overtake bitcoin as the top cryptocurrency eventually.
Monero goes back and forth between profitability and small losses. Therefore, you will want to keep an eye on it to determine if it is profitable to mine at any given time.
Many early blockchain adopters like Monero because of its privacy and anonymity. It has become very popular among GPU miners because the Monero development team is committed to keeping Monero ASIC-resistant.
They are so committed to this path that they changed their consensus algorithm earlier in 2018 in response to releasing an ASIC rig capable of mining Monero. You can be pretty confident Monero will remain accessible for home miners using a simple GPU.
Launched in August of 2012, Peercoin utilizes both proof-of-stake- and proof-of-work systems. While Peercoin may not yet be a household name, it was the first altcoin to use the proof-of-stake system for processing transactions. This mining method requires very little energy, making Peercoin the first “green” cryptocurrency.
Peercoin was one of the top cryptocurrencies in its early years. While it’s less popular now, the coin has a dedicated and passionate development team behind it. Due to its hybrid proof-of-stake and proof-of-work model, it’s still one of the most energy-efficient coins to mine.
Horizen, known as ZenCash until August 2018, is another privacy-centric altcoin.
Horizen promotes both privacy and anonymous transactions. Like Zcash, the Horizen team decided to embrace the ASIC miners because it made their network more stable and secure. Even so, it remains a profitable coin for GPU crypto miners.
Vertcoin considers itself “the people’s coin.” It was developed with specific properties to ensure that it remains ASIC-resistant. Its developers might be the most strongly ASIC-resistant development team. Therefore, it’s likely that it will remain a good altcoin to mine using your GPU.
Vertcoin also has a unique miner created specifically to mine VTC, and it’s probably one of the easiest miners to use. Once you download and install the miner, all you need to do is join a mining pool, and you’re ready to go.
Bitcoin Cash (BTC)
Not to be confused with bitcoin, miners and developers created Bitcoin Cash in response to concerns about the future of bitcoin and its ability to scale effectively. Bitcoin Cash has its own blockchain and specifications. It also has an increased block size of 32 MB (Bitcoin’s is 1 MB) to speed up the verification process.
This means that Bitcoin Cash can process transactions more quickly than the bitcoin network, resulting in shorter wait times and lower processing fees on transactions. However, apart from block size, Bitcoin Cash comes with the same mining limitations as Bitcoin. It’s deflationary like bitcoin, meaning only 21 million coins will ever exist. It also uses the same SHA-256 hashing algorithm, with the reward halved roughly every four years.
While it used to be way more profitable to mine bitcoin, the profitability of Bitcoin Cash is catching up. And, thanks to its fast transactions and increased block size, it’s easier to mine and create transfers for lower fees.
Ethereum Classic (ETC)
Ethereum Classic is the first version of the Ethereum blockchain, with ETC its native token. Before July of 2016, Ethereum Classic was Ethereum. However, after a network hack, developers split the original Ethereum blockchain into two. Ethereum Classic was designated as the original, and Ethereum was designated as the newer blockchain.
Just as Ethereum is proof-of-work, so too is Ethereum Classic. Mining Ethereum Classic is still lucrative for at-home miners and can be mined efficiently with GPU mining machines. However, it can’t be mined with CPU cards.
What started as a joke turned into an impressive market capitalization and powerful lesson for crypto investors and miners. Two software engineers created Dogecoin to poke fun at the wild speculation involved with cryptocurrencies.
The parody token went live in 2013 and reached mainstream popularity when Elon Musk, the CEO of Tesla, publicly endorsed it in 2019. Now, Dogecoin has a market capitalization of $21.98 billion, with over 131 million DOGE in circulation.
Mining Dogecoin became increasingly popular in 2021 (in part due to Elon Musk continuing to endorse it). It reached its highest revenue figures this past year since early 2018. Dogecoin has lost some of its footing in the early days of 2022. However, mining is likely to remain profitable.
Other Altcoins to Consider for Crypto Mining
While the above eight altcoins are some of the most profitable to mine in 2022, other altcoins are worth considering that look to remain ASIC-resistant. However, they haven’t shown the profitability of some other coins in this article.
That said, some other ASIC-resistant altcoins to keep an eye on include RavenCoin (RVN), LiteCoin (LTC), Grin (GRIN), Metaverse (ETP), and BitcoinGold (BTG).
Should You Mine Bitcoin in 2022?
So, is it still profitable to mine bitcoin at home in 2022? Yes … but it isn’t easy. Contrary to popular belief, you don’t need a nuclear power plant or wind turbine to mine bitcoin these days successfully. Bitcoin mining comes with many variables, and many people find buying bitcoin on an exchange more profitable.
However, if done efficiently, one can profit from mining bitcoin in addition to buying and holding. To succeed at bitcoin mining in 2022, you’ll need to invest in efficient hardware and have access to affordable electricity.
Additionally, because the network of bitcoin mining machines is so extensive these days and your chances of regularly finding a block are so low, you’ll need to mine through a mining pool. [See our article on Best Mining Pools here.]
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