As the crypto market's total value surges in 2024, mining has become a vital method for acquiring cryptocurrency. Unlike direct purchases, mining offers a relatively stable income stream, less influenced by market volatility.
Despite the rising interest in cryptocurrencies, many remain unfamiliar with mining. This article examines the most promising cryptocurrencies to mine in 2024, analyzing their costs, potential returns, and future prospects.
Bitcoin (BTC)
Bitcoin continues to dominate as the most popular choice for miners. As the pioneer and leader in the crypto space, Bitcoin’s market value and widespread recognition make it a focal point for long-term investors.
Blocks on the Bitcoin network are generated every 10 minutes. Following its fourth halving in 2024, block rewards decreased to 3.125 BTC, resulting in about 450 new bitcoins mined daily. With Bitcoin’s price surpassing $100,000 this year, daily mining revenue has soared to $45 million—a lucrative opportunity for miners.
The high returns have driven Bitcoin’s network hashrate to exceed 750 EH/s. Miners often rely on ASIC rigs and participate in established mining pools like ViaBTC to secure consistent earnings.
For example, a 200T Bitcoin mining rig generates about $12.5 per day. With electricity costs at $0.04/kWh, miners can recover their investment in approximately 400 days, making Bitcoin mining an attractive option compared to traditional investments with longer payback periods.
Litecoin (LTC)
Litecoin has also impressed miners in 2024. Its price nearly doubled this year, and the ecosystem of coins supporting merged mining with LTC has expanded. Notable examples include DOGE, a popular meme coin, alongside legacy projects like BELLS and LKY, as well as newcomers like PEP, which have diversified income streams for Litecoin miners.
By December 2024, the combined daily revenue from LTC and its merged mining coins reached nearly $7 million, with DOGE contributing 86%, LTC 6%, and LKY 5%.
A 10G Litecoin miner currently generates $40 per day. With electricity costs at $0.04/kWh, miners can expect to break even within 200 days. Compared to Bitcoin, Litecoin mining is less competitive and offers more consistent returns. The continuous addition of merged mining coins and the ongoing meme coin trend make Litecoin mining a promising option.
Kaspa (KAS)
Kaspa ranks as the third most profitable PoW cryptocurrency by daily production value and is one of the most prominent emerging projects in recent years. Over the past year, KAS has demonstrated remarkable growth, with its price rising approximately 45%. The increasing popularity of the KRC20 protocol has boosted Kaspa’s network activity and miner fee revenues. Notably, October 2024 marked the peak for miner income this year.
A 20T Kaspa mining rig can currently generate about $15 per day. With electricity costs managed at $0.04/kWh, the investment payback period is approximately 200 days. However, Kaspa’s monthly reduction in production rewards requires miners to carefully evaluate potential risks based on market conditions.
Alephium (ALPH)
Alephium transitioned fully into ASIC mining this year, signaling a step toward professionalization. However, ALPH's market performance has been inconsistent, with prices declining after peaking in February, settling back to last year’s levels. Despite this, Alephium stands out for its low mining competition and reduced hardware costs, making it a cryptocurrency worth monitoring.
Currently, a 15T Alephium miner generates about $50 per day. Under comparable electricity cost assumptions, the payback period is estimated at 100 days.
Conclusion
The mining industry continues to scale, with mainstream cryptocurrencies increasingly shifting toward ASIC machines, raising initial investment costs. However, the overall increase in cryptocurrency prices in 2024 ensures that miner revenues remain substantial. For those capable of managing operational and electricity expenses effectively, mining continues to offer significant long-term investment potential.
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