If you’re looking to get into mining cryptocurrency you could be embarking on a very lucrative journey. Once you’ve established what coin you’d like to mine, you’ll need to establish whether the endeavour will be profitable.
Due to varying electricity costs, the cost to mine 1 BTC costs roughly $1,852 in Ukraine vs $9,913 in Australia. While you establish the costs in your area, we’ve rounded up the top 10 most profitable crypto coins to mine in 2022.
What Affects The Profitability Of Mining Crypto
We know the electricity costs are going to affect the profitability of mining crypto, but what other aspects are there to consider? Firstly, you’ll need to look at the price of the cryptocurrency, as the more valuable the coin, the more profitable the mining.
You’re going to want to check in to see when the next halving will take place, and if this occurs soon after you’ve set up your mining rig this might have large consequences on your financial outcome.
The crypto coin’s mining difficulty and hash rate will also affect whether you come out on top, or if you’re going to be getting involved with an already saturated competition. You can find profitable algorithms and coins to mine here.
Lastly is to consider the efficiency of your equipment. What machines you invest in will largely depend on your budget and should be compared with the difficulty of the coin.
Top 10 Most Profitable Crypto Coins To Mine in 2022
Let’s dive into our list of the top coins to mine in 2022.
Zero Cash launched in 2016 and offers a completely anonymous cryptocurrency. Its mining algorithm allows using mining graphics cards, and the total coin supply is 21 million.
ZCash uses the hashing algorithm Equihash, an asymmetric memory-hard PoW algorithm built on the generalized birthday problem. This relies on high RAM requirements to bottleneck the generation of proofs and in the process makes ASIC development unfeasible.
Algorithm: Proof-of-Work
Hashing Function: Equihash
Block Mining Time: @ 140kH/s- 46 Days
Block Mining Reward: 3.13 ZEC
Official website: https://z.cash/
Following the DAO attack on the Ethereum network in 2016, the network split into two and the original blockchain became known as Ethereum Classic.
Every 5,000,000 blocks the network reduces the block reward, with the most recent undertaking in March 2020 where the blocks were reduced from 4 ETH to 3.2 ETH. The coin still remains profitable to mine and uses the Ethash hashing function.
Algorithm: Proof-of-Work
Hashing Function: Ethash
Block Mining Time: @ 400 MH/s- 9 Days
Block Mining Reward: 3.2 ETC
Official website: https://ethereumclassic.github.io/
Horizen (ZEN)
Horizen was created to be one of the most powerful cross-chain protocols for blockchain development. They have gained a lot of attention due to their focus on user privacy and security, their popularity continues to grow because of all they offer.
The network has secured its platform by offering an improved consensus with enhanced protection against 51% attacks. They have also been recognized as one of the most profitable coins to mine.
Algorithm: Proof-of-Work
Hashing Function: Equihash
Block Mining Time: @ 140 kH/s- 28 Days
Mining Reward: 6.25 ZEN
Official website: https://www.horizen.io/
This highly regarded cryptocurrency remains a viable option for mining. By far one of the best hard forks of Bitcoin, Litecoin has wide appeal and strong functionalities. The coin uses the Scrypt protocol and is the leading GPU mining coin. Due to the Scrypto protocol, users can mine both Dogecoin and Litecoin simultaneously.
Algorithm: Proof-of-Work
Hashing Function: Scrypt
Block Mining Time: @ 3000 MH/s- 210 Days
Block Mining Reward: 12.5 LTC
Official website: https://litecoin.org/
Another Ethereum addition to our top 10 most profitable crypto coins to mine in 2022 is the hard fork, Ethereum. Currently sitting at number 2 on the list of biggest cryptocurrencies, Ethereum offers a platform that facilitates dapp creation.
The platform introduced the world to smart contracts and is also widely used in the DeFi movement. Ethereum uses the Ethash proof-of-work algorithm and does not have a limited supply.
Algorithm: Proof-of-Work
Hashing Function: Ethash
Block Mining Time: @ 750 MH/s- 186 Days
Block Mining Reward: 2 ETH
Official website: https://www.ethereum.org/
Monero (MNR)
Monero is another privacy-based coin that offers total anonymity. Established in 2014, the coin has experienced increased adoption. Monero now uses the RandomX algorithm which it continuously alters in order to prevent the possibility of ASIC-mining. This coin is one of the best options for CPU mining.
Algorithm: Proof-of-Work
Hashing Function: RandomX
Block Mining Time: @ 20 kH/s- 223 Days
Block Mining Reward: 0.7412 XMR
Official website: https://getmonero.org/home
Vertcoin (VTC)
Vertcoin claims to be a coin for the people, offering the same decentralized and transparent services as Bitcoin but with more focus on the community.
They want to put the mining power in your hands, and have pledged to make their coin as ASIC resistant as possible, so you don’t have to compete with big mining farms to profit. In making mining more accessible to the masses, they have created a mining system that allows anyone with a device to earn.
Algorithm: Proof-of-Work
Hashing Function: VertHash
Block Mining Time: @ 2 MH/s- 3 Days
Block Mining Reward: 12.50 VTC
Official website: https://vertcoin.org/
Launched in January 2014, Dash sits in the top 30 cryptocurrencies based on market capitalization. The cryptocurrency is a hard fork of Litecoin and facilitates swift and secure international transactions.
Algorithm: Proof-of-Work
Hashing Function: X11
Block Mining Time: @ 420 GH/s- 18 Days
Block Mining Reward: 2.68 DASH
Official website: https://www.dash.org/
Launched in 2018, RavenCoin creates and facilitates the peer-to-peer transfer of assets. It has been well received in the crypto markets and has managed to amass an impressive market capitalization in a short space of time.
The coin has also added great features to the platform increasing its use case with features like messaging, mobile wallets with seed phrases, and voting with RVN. The cryptocurrency is attractive for miners due to its X16R hashing function and KawPoW protocol functionality.
Algorithm: KawPoW
Hashing Function: X16R
Block Mining Time: @ 70 MH/s- 86 Days
Block Mining Reward: 2,500 RVN
Official website: https://ravencoin.org/
What started as a joke cryptocurrency soon grew to a widely adopted and surprisingly successful crypto coin. Another Litecoin fork, Dogecoin sits in the top 50 cryptocurrencies and is mainly used for tipping content creators on Twitter and Reddit. Dogecoin uses the Scrypt protocol and has no limit on its total supply.
Algorithm: Proof-of-Work
Hashing Function: Scrypt
Block Mining Time: @ 3000 MH/s- 76 Days
Block Mining Reward: 10,000 DOGE
Official website: https://dogecoin.com/
Bag Crypto Coins
That concludes our list of the top 10 most profitable crypto coins to mine in 2022. Be sure to find out what equipment will best suit the process, what the electricity costs are in your area, and other factors to establish whether this will be profitable for you.
Whether you choose to mine these or not, you can still purchase most of these cryptocurrencies through Oobit, either by credit or debit card, or Apple and Google Pay. Whatever you choose to do, make sure you start 2022 with a healthy portfolio of cryptocurrencies.
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