Mining Altcoins: 4 Picks For 2023

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Last Updated January 20th 2023
5 Min Read

Top Mining Altcoins - Our Picks 

Litecoin - the best Bitcoin fork for profitable mining

Dogecoin - one of the best altcoins to mine

Ethereum Classic - smart contracts altcoin to mine

Monero - an excellent long-term investment and altcoin to mine

 

A Closer Look At The Top Mining Altcoins

Crypto mining is the process by which new digital coins are entered into circulation. It is also one of the best ways to get exposure to the crypto industry without purchasing digital assets via third-party exchanges and marketplaces.

In this guide, we discuss the top 4 altcoins to mine in 2023.

Litecoin (LTC) 

Litecoin (LTC), which is amongst the best Bitcoin hard forks, has a wide appeal as well as solid functionalities. It is counted as one of the top 10 profitable altcoins to mine, and for a good reason too. LTC mining uses Scrypt protocol and is one of the leading profitable coins mined with GPU. As evident, the hashing function used is Scrypt, and up until August 2023, all Litecoin miners will be rewarded with 12.5 LTC for every mined block. As of Jan 2021, 66.8 million LTCs had been mined out of a maximum of 84 million.

Litecoin is a Bitcoin fork, so it inherits the same basic block structure. It uses Scrypt as its hashing algorithm, which is designed to be easier on GPUs than Bitcoin’s SHA-256. As such, its mining is more GPU-friendly than BTC mining, which can be hard on your hardware if you’re not careful.

This crypto has a faster block time than Bitcoin — 2.5 minutes versus 10 minutes for BTC. Blocks are generated more frequently, making it quicker to complete transactions. The difficulty adjusts every three and a half days, rather than every 2016 block like Bitcoin.  

It is still possible to mine Litecoin with a GPU. However, there are ASICs for Scrypt mining, which are far more powerful. Even so, exploring Litecoin when looking into mining altcoins can be worthwhile. 

Mining Litecoin will always be a right decision as it is a robust cryptocurrency used by a range of users. 

Besides, it is less volatile than other altcoins, making it easily exchangeable on a wide array of platforms. Furthermore, it is a high-speed coin with lower transaction fees.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Dogecoin (DOGE)

Dogecoin has the reputation of being one of the best altcoins to mine. Although the coin doesn’t have any real-world utility, it has impressive community support that drives its price. That being said, the market sentiment towards this coin is notoriously volatile, and so is its price.

Regardless, Dogecoin has secured a place among the best cryptos to mine right now. 

Even when going through a mining pool, it takes less than a minute to validate a single DOGE token and add it to the blockchain ledger. The profitability, of course, will depend on the token's market price.

It uses a Scrypt protocol similar to Litecoin as it does not let you buy expensive machines to add doge to your portfolio. However, this does not mean you should use your pc or laptop to mine this coin. To make its mining seamless, you can use a GPU/CPU to ensure efficient performance.

Although Dogecoin’s market capitalization has diminished since its all-time high in 2021, it is still one of the most popular cryptocurrencies. The coin is becoming more widely accepted as a payment method and is available to purchase via most crypto exchanges. Traders can also consider automated portfolios offered by the likes of ECOS when investing in Dogecoin.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Ethereum Classic (ETC)

Ethereum Classic is a cryptocurrency aiming to maintain the original Ethereum blockchain. This spectacular crypto platform was launched in July 2016. Currently, it has a market capitalization of more than $13 billion. 

It is on the list of top cryptocurrencies in the world. Ethereum Classic is a modified version of Ethereum’s Ethash mining algorithm called EtcHash, supporting the DApps and Smart Contracts.

Ethereum Classic uses a Proof-of-Work consensus and relies on miners to secure the network. This cryptocurrency is a hard fork of Ethereum and offers support for smart contracts. However, the project has yet to replicate the success of Ethereum in terms of market capitalization and token holders.

With Ethereum shifting to a PoS blockchain, some miners could jump over to Ethereum Classic. This might help Ethereum Classic become more stable and secure. Furthermore, unlike ETH, ETC has a fixed supply of just over 2 billion tokens.

In other words, there are a few different factors that can boost the long-term adoption of Ethereum Classic. As such, many would argue that Ethereum Classic is one of the best cryptos to mine right now. However, once again, the profitability of mining Ethereum Classic will largely depend on how the coin performs in the open market. 

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Monero (XMR)

Monero is one of the easiest coins to mine using GPUs or CPUs. However, GPUs are more efficient and are recommended by the Monero network. The standout feature of Monero is that transactions are untraceable.

Unlike other cryptocurrencies, such as Bitcoin or Ethereum, Monero does not have a trackable transaction history. As such, the blockchain has been able to maintain the confidentiality of its network users. Therefore, we put forward Monero as one of the best coins to mine for privacy-minded users.

It is one of the easiest cryptos to mine with GPU and also one of those you can try mining on a VCPU, for instance, for experimentation projects. The following GPUs can be used for mining Monero — ASRock Radeon RX 5700, XT Phantom Gaming D, ASUS DUAL Radeon RX 480 8GB OC, and MSI GeForce GTX 1660 Ventus XS OC.

In terms of market performance, Monero is highly volatile. Nevertheless, due to its privacy-centric nature, the coin is widely viewed as an excellent investment in the long term and one of the top altcoins to mine.

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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

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