The cryptocurrency universe is too big and complicated for many current and prospective investors. That is the major reason some lose money while trying to make money from the market. But most people who lose are those who don’t understand all the possible ways of making money through cryptocurrencies.
The average person invests in the cryptocurrency market by buying and selling. Some people take further steps like mining and staking cryptocurrencies for profits. In the past, mining was a little too difficult for most investors, which is understandable. However, there have been notable advancements in the industry that has made mining cryptocurrencies cheaper and more profitable.
Can Cryptocurrency Mining Be Cheap And Profitable?
As hinted in the paragraph above, a lot has changed since Bitcoin was invented. The days people had to invest so much in cryptocurrency mining are also over. But there are still lots of potentials for those who are willing to learn and invest the right way.
Even if you have little or no experience in cryptocurrency investing or mining, it is possible to make profits when you choose to mine the right coins. However, if you are just starting off, it is always better to choose coins that are also cheap.
Indeed, there are cryptocurrencies that are both cheap and profitable you can mine in 2023. Actually, there are so many of them. But you have to go for the best.
Best 10 Cheap And Profitable Cryptocurrencies To Mine In 2023
The following 10 cryptocurrencies are both cheap and profitable for mining this year:
1. Litecoin
Litecoin is an open-source software project that has grown so much in terms of popularity. The project was released under MIT/X11 license as a peer-to-peer cryptocurrency. It is a fork of Bitcoin and has several similarities to the mother of all cryptocurrencies.
Litecoin is still considered a cheap coin. It is also one of the most profitable coins to mine. Mining Litecoin is not as complicated as mining many other coins. It uses SCRYPT protocol, meaning you can simply buy ASIC chips and then mine easily with the GPU. Litecoin is also not as volatile as most cryptos, so you can be sure you are mining a top-quality digital asset.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
2. Ethereum
Ethereum has one of the most robust infrastructures in the cryptocurrency universe. The blockchain is an excellent base for developers to create other projects that can solve real problems. Ethereum is one of the reasons cryptocurrencies are enjoying wide adoption, and it is currently the ultimate facilitator of the fast-growing DeFi sector.
At the moment, Ethereum can be mined. A lot can change in the future, and there have been indications that Ether, the native currency of Ethereum, can become unmineable in the near future. As it stands now, Ethereum remains one of the most profitable cryptocurrencies to mine.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
3. Monero
Monero is one of the most loved privacy tokens. It is the cryptocurrency of choice for investors who want to deal anonymously. It is also known for its robust security features. It uses the RandomX hash function, which is one of the reasons it is favourable for mining.
In addition to being a straightforward coin to mine, Monero is considered a high-performance cryptocurrency. It is one of the most valuable cryptos, with a market capitalization of more than $4 billion. Setting up a Monero mining rig can be super-easy.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
4. Ethereum Classic
Ethereum Classic is the cryptocurrency platform that seeks to maintain the original Ethereum blockchain. Launched in 2016, it came with notable improvement to the original blockchain that was abandoned. It has achieved so much in about five years and remains a good asset to mine.
One of the reasons Ethereum Classic is great for intending miners is the fact that it is very simple to mine. You just need to acquire a good digital wallet and a graphic card that supports the mining of the cryptocurrency. The token is also really valuable, improving the overall profitability of the mining operation.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
5. Ravencoin
Ravencoin is a Bitcoin code fork that allows users to issue tokens and digital assets. It is a peer-to-peer cryptocurrency network that facilitates the trading and transfer of digital assets.
If you are just getting into cryptocurrency mining and want the experience to be as seamless as possible, Ravencoin is one of the best coins to mine. It is also great for low investment mining. It doesn't even need ASIC. You also have the option of mining individually or with any of the many available mining pools.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
6. Zcash
Zcash is a privacy coin like Monera. It prioritizes the security and privacy of users, though there are options for public, transparent wallet addresses. This is necessary for companies that are after transparency and traceability.
Zcash is one of the cryptos you will love to mine. It is great for individual miners who prefer private transactions and are ready to make the commitment. You have several options when it comes to setting up your mining machine. GPU miners, GUI miners, as well as console and Android mining app can also be used.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
7. Dogecoin
Dogecoin has been around for a while, but its popularity only soared in recent times. The coin, which was reportedly started as a joke, has become the toast of many people, including several celebrities and a few billionaires. In addition to being a profitable coin to trade, DOGE is also a good option for investors looking to start mining cryptocurrencies in 2023.
It is a well-known fact that Dogecoin is a cheap cryptocurrency. It is one of the coins you can start trading with very little amount. Mining the coin is not expensive, either. Its SCRYPT protocol means you don’t need to buy any expensive machine to get started with mining.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
8. Dash
Dash was coined from two words, “digital” and “cash”. It was initially released as “Xcoin” in 2014, was renamed “Darkcoin" a few months afterwards, before settling for "Dash" in March 2021. Do not be deceived by the name changes, the Dash is a fully developed ecosystem with a native coin that is doing great in the cryptocurrency market.
Dash is also a decent crypto to mine. It was forked from Litecoin, which implies that it shares similarities with both Litecoin and Bitcoin. It doesn’t require expensive mining machines, but the Antminer A3 from Bitman is considered the best ASIC miner for the coin.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
9. Bitcoin Cash
Yet another fork of Bitcoin, Bitcoin Cash was created in 2017 by some Bitcoin developers and users. The cryptocurrency is similar to Bitcoin in some ways but has several improvements. For instance, it increased the size of blocks, allowing more transactions to be processed. Improved scalability is one of the reasons it has recorded notable success.
Just like many forks of Bitcoin, Bitcoin Cash can be mined. It is also considered a cheap and profitable altcoin to mine in 2023. You need three major things to get started – a dedicated mining rig or a mining pool, a good digital wallet, and the right infrastructure to host your mining operation. It is still relatively cheap and profitable to mine Bitcoin Cash.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
10. DigiByte
DigiByte is one of the most remarkable cryptocurrency platforms, though its native coin is not as popular as most of the names here. The open-source blockchain facilitates asset creation and uses five different algorithms to improve security. It is also built on three layers, including a smart contract “App Store”, a public ledger, and the core protocol.
In addition to having a fully developed and functional ecosystem, DigiByte is a good cryptocurrency to mine. Though it is restricting ASIC miners from acquiring too much power over the network, it allows SHA-256 mining. Overall, mining DigiByte is cheap and profitable.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Final Words
There are different ways to make money from cryptocurrencies, and mining is one of them. There are several coins you can mine, but you will want to focus on the ones that are likely to yield a decent profit.
It is also ideal to choose coins that are cheap to mine, especially when you are just venturing into cryptocurrency mining for the first time. Here, we have discussed ten cryptocurrencies you can mine this year that are both cheap and profitable.
Depending on your budget or capacity, you can start mining any one of these coins as soon as possible. You can also choose two or more coins to start with. The most important thing is understanding what is involved in mining each coin and getting everything you need to make the experience straightforward.
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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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