Cryptocurrency represents a unique opportunity for individuals to establish new sources of passive income as long as they have the right resources at their deposal. Most often, this includes a mining rig (computer), a decent power supply, mining software or mining pool membership, and the knowledge of what profitable cryptos to mine.
Just because you have the knowledge of how to mine cryptocurrency, however, doesn’t mean you necessarily know which crypto tokens to mine. After all, there are tons out there. From high-rankers like bitcoin to tiny altcoins like Shiba or Doge, there’s no shortage of options to choose from.
Additionally, depending on what you choose, you could make far more or far less than you would with some of your other options.
For those looking to establish a reliable source of passive income, this makes it imperative that you sink your time (and possibly financial) investment into the right choice.
In this article, we’ll cover the basics of what crypto mining is and help you choose between the 10 most profitable cryptos to mine in 2023 so you can mine confidently and securely.
What is Crypto Mining?
Crypto mining is a form of passive income that involves using your computer to validate blockchain transactions. Once the transaction in question has been proven to be true and correct, it is added to the blockchain that governs the cryptocurrency you are mining. This can be strenuous for a computer, so using your normal setup isn’t recommended.
To mine, you need a CPU, GPU, or ASIC. During your setup, you’ll connect the one you’re using to a mining pool.
What is a Mining Pool?
Mining pools are virtual pools that group many miners together to increase their chances of winning rights to a block’s verification. You need to use a mining pool because the blockchain verification is itself a competition where multiple miners are competing for rights to validate a block, and the winning miner is the one with the most hash rate (computer processing power).
However, with this restriction, many miners wouldn’t stand a chance of ever winning block validation rights. So, to combat this, mining pools were created. With these pools, miners can combine their hash rate to increase their odds of winning block verification.
As you can probably tell, crypto mining is imperative to a blockchain’s success—without sufficient mining numbers, transaction speeds plummet and so does the chain’s utility. And none of this can even begin unless you (the miner) know what profitable cryptos to mine.
To learn more about the mining process and passive income potential, visit our article on everything you need to know about crypto mining.
A Closer Look at What Profitable Cryptocurrencies to Mine in 2023
We define the “best cryptocurrencies to mine” using several factors. In simplest terms, though, the best crypto tokens to mine are those that generate high percentages of returns compared to your initial investment.
Below, you’ll find a list of the top ten most profitable cryptocurrencies you can mine in 2023, broken down by category. Included are the easiest crypto tokens to mine, the best for beginners, the lowest-cost tokens to mine, and the most profitable cryptocurrencies overall (among others).
As you read, keep in mind that cryptocurrency fluctuates with the changing market. What is considered highly profitable now (in March of 2023) may not be as profitable or profitable at all years or even months down the line.
Dypto always recommends you exercise caution when investing, and do your own research. Furthermore, what is profitable for someone else may not be profitable for you. It all depends on the resources you have available to you at the start.
So, to reiterate: as you mine, remember to keep an eye on market conditions, do plenty of research, and remember mining takes some trial and error.
That said, let’s take a look at the top cryptocurrencies to mine in 2023:
List of the Best Cryptocurrencies to Mine
Our picks on the most profitable cryptocurrencies right now:
In the following sections, we’ll go over why we think these are the best cryptocurrencies to mine right now, in 2023.
1. Bitcoin (BTC)- Best Overall Coin to Mine in 2023
- Current Mining Reward: 6.25 BTC/block
- Current Number of Blocks: 777,898
- Profit / Month: $250 on average
As the most popular cryptocurrency of choice, Bitcoin remains the best overall coin to mine as it has in years past. There’s a constant, ever-growing need for this token by both specialized firms and the general populous. This, combined with its investment potential, makes it extremely lucrative to mine.
Right now, the price of Bitcoin is hovering around $24,500. However, this price is actually low compared to the token’s history. Just a few short years ago, in November of 2021, it held steady for several months at its all-time high of $68,000 per BTC. Plus, Bitcoin has a market supply cap of 21 million, making it a limited commodity.
So, what does all this mean?
Essentially, if demand continues the way it has for so long, the value of Bitcoin could skyrocket once again because of its high utility and limited availability.
Keep in mind, though, that Bitcoin mining is intensive and consumes a ton of resources. It is also expensive and difficult to profit from if you’re mining on your own. Many people skirt this issue, though, by taking advantage of cloud mining.
Simply put, cloud mining is a process that allows you to buy a mining contract from those who already have the resources and ability to mine. This funding allows them to continue to run their mining operation, and your investment is returned to you several-fold over the span of a few years. Most people make their entire initial investment back within a few months, though.
2. Ethereum (ETH)- Best For Long-Term Investors
- Current Mining Reward: 2.00 ETH/block
- Current Number of Blocks: 16,684,024
- Profit / Month: $70.00 per month approximately
As the second most popular cryptocurrency, it comes as no shock that Ethereum ranks just under Bitcoin on our list. And with a current cost of $1,669 for a single Ethereum coin, it is outvalued only by its older brother, Bitcoin.
When Ethereum was introduced, it brought with it new blockchain technology that made processing transactions more efficient that its predecessor. These services, like smart contracts and NFTs, have influenced the way the world looks at cryptocurrency. They have also made it easy for Ethereum to lend itself to building and deploying DApps, or decentralized applications.
Because of these technologies and their many uses, investors widely regard Ethereum as a major investment token. That is, while the average monthly mining yield and general cost per coin may pale in comparison to Bitcoin, its predicted growth in coming years makes it a valuable asset.
Don’t take Dypto’s word for it, though. Here are some numbers for you to look at:
When Ethereum (ETH) was first launched in 2015 (nearly 10 years after Bitcoin), it traded at around $0.70 each. Today, a single Ethereum token is worth around $1,600. That’s an increase of nearly 500,000%!
Additionally, the Ethereum blockchain is currently transitioning to a Proof-of-Stake consensus mechanism, which will help make it cheaper, faster, and (presumably) more popular.
So, in short, if you’re looking for a long-haul coin, Ethereum might just be the one for you.
3. Vertcoin (VTC)- Best Coin for Mining Accessibility
- Current Mining Reward:12.5 VTC/block
- Current Number of Blocks: 1,933,263
- Profit / Month: $25
Because of its low price (around $0.16), Vertcoin is not a token known for its extreme profitability. Rather, this token is ranked as one of the most profitable cryptos to mine because of its accessibility.
To elaborate, Vertcoin can not be mined using ASIC equipment. This type of equipment is generally used by large mining firms that operate on a large scale. Instead, it must be mined using a CPU or GPU. This takes large firms out of the equation, making it easier for single miners and smaller pools to win blocks.
Needless to say, this makes Vertcoin extremely valuable to beginner miners and investors on a budget. Vertcoin mining can even be done with inexpensive, 2GB GPUs (and even some smartphones!)
As we said though, you won’t get rich from mining Vertcoin. It had a great run in 2017, but the price has stagnated since then. At best, it will supplement your monthly income and give you a little extra spending money.
4. Cardano (ADA)- Great for Sustainability and Programmability
- Current Mining Reward: N/A
- Current Number of Blocks: 8,432,795
- Profit / Month: Dependant on the number of ADA staked
As you probably noticed, there’s something different about this cryptocurrency: we don’t have a mining reward for it. That’s because, from a perspective of profitable cryptos to mine, Cardano technically isn’t one of them.
The reason for this is that Cardano is a proof of stake blockchain, rather than proof of work. As such, Cardano is not “mined” like most of the other tokens on this list. Instead, you make your money by staking the Cardano you own.
The way this works is that you first start by buying a few of Cardano’s native token, ADA. You then continue on by finding a mining pool that supports crypto staking. Next, you’ll sign up and deposit your Cardano into the mining pool to generate interest over a period of time. You’ll receive a certain amount of interest payouts each month for the length of your contract.
While the process may be different, the end result is the same: you make money. Cardano is popular because it was designed to support smart contract functionality and quick transaction speeds. This makes it valuable, and its price is estimated to continue rising for the next several years as it continues to develop technologically.
5. Litecoin (LTC)- Best for Mining Groups
- Current Mining Reward:12.5 LTC/block
- Current Number of Blocks: 2,428,885
- Profit / Month: $66.74
This coin operates on a blockchain that ensures speedy transaction processing built specifically to combat Bitcoin’s 10 minutes waiting period. Like most other cryptocurrencies, it is an open-source blockchain that uses a decentralized ledger to track transactions.
The Litecoin blockchain was also forked directly from Bitcoin with the intention of making it more realistically profitable for those using CPUs and GPUs to mine. At the time it was released, it had become nearly impossible to validate blocks on the Bitcoin chain without ASIC hardware. However, Litecoin is now in the same boat and can only be profitably mined using mining pools and ASICs. However, this makes it one of the most profitable cryptos to mine if you’re using mining pools.
Currently, Litecoin is worth about $95 USD. And since one Litecoin block can be mined in around 2.5 minutes and the current block reward is 12.5 LTC, it is definitely a profitable crypto to pledge money towards.
Furthermore, just because it is difficult to mine profitably with CPUs and GPUs doesn’t mean you can’t. It can be mined using these pieces of hardware with the help of programs like Easy Miner, MultiMiner, GUIMiner, Scrypt, CPUMiner, Awesome Miner, etc.
As far as pools go, the most notable Litecoin pools include MinerGate, Litecoinpool, ViaBTC, F2pool, and Antpool.
6. Ravencoin (RVN)- Best for Low-Cost Mining
- Current Mining Reward: 2500 RVN/block
- Current Number of Blocks: 2,682,939
- Profit / Month: Approximately $87 per month
Ravencoin’s low investment cost and higher-than-most monthly payouts make it ideal for the beginner crypto miner. Based on a Bitcoin fork, this blockchain uses a peer-to-peer network using no master nodes or initial coin offerings.
Most consider Ravencoin a sound choice among the top profitable cryptos to mine because of its low hardware requirements. Similar to Vertcoin, RVN can be mined using low-cost, 4GB GPUs.This is quite low when you compare it to other cryptocurrencies that require much high lever GPUs or ASIC technology to be competitive.
Additionally, Ravencoin continues to attract miners because of its low gas fees. Once mined, it can also be used to tokenize actual assets like gold or virtual goods, or you can use it to issue things like reward points or gift cards.
At the end of the day, when you combine Ravencoin’s ability to be easily mined with its real-world applications, it quickly gains popularity as a top-tier pick for new and experienced miners alike.
7. Monero (XMR)- Best for Private Miners
- Current Mining Reward: 0.6 XMR/block
- Current Number of Blocks: 2,827,631
- Profit / Month: $8.56 on average
While perhaps not as profitable as the other cryptocurrencies on this list, Monero is widely considered to be one of the easiest profitable cryptos to mine with CPUs and GPUs. However, GPUs are generally more efficient and are recommended by the Monero network itself. It is designed specifically to resist ASIC mining, as the network administrators want to maintain as much decentralization as possible.
The most standout feature of Monero, though, is that transactions made through this blockchain are completely untraceable.
Where blockchains like Bitcoin and Ethereum are touted for their decentralized public transaction ledger, Monero’s transaction history is not traceable. This is appealing to network users who prefer their identities to remain confidential. As such, it’s one of the best coins to mine if you’re a privacy-minded user.
Before mining this cryptocurrency, though, understand that Monero is more of a long-term investment than a short one. Its position in the market is currently very volatile. Its popularity holds much steadier, though, due to the features it offers.
8. Grin (GRIN)- Best for Privacy
- Current Mining Reward: 60 GRIN/block
- Current Number of Blocks: 244,586
- Profit / Month: $43.32 on average
This crypto is another so-called “privacy” coin that works to facilitate private transactions for its users. Much like Monero, Grin’s platform prevents the public from viewing certain transaction factors, such as amounts sent or sending and receiving addresses.
For non-privacy coins, these things aren’t purposefully publicized but can still be viewed using block explorers. To prevent the use of such software from jeopardizing their users’ privacy, Grin uses something called the MimbleWimble protocol to ensure transactional security.
The MimbleWimble protocol was first coined in 2016 when a research paper was anonymously released that described a new, privacy-oriented protocol that August. Then, a developer named Ignotus Peverell began to work on it in October 2016, and Grin was later launched on January 15th, 2019.
As far as profitability goes, Grin is a pretty average token. You are awarded 60 Grin per block verified and with a current average price of $0.06 per Grin, you can average around $43 per month.
9. Dash (DASH)- Highest Profit Margins
- Current Mining Reward: 1.08 DASH/block
- Current Number of Blocks: 1,826,182
- Profit / Month: $306.31 approximately
Perhaps one of the most successful (and oldest) privacy coins, Dash was launched in 2014 from a Bitcoin code fork. As such, it has many of Bitcoin’s key functions combined with unique additions that support added privacy and faster transaction processing.
Like its parent coin, Dash utilizes the Proof of Work consensus mechanism, allowing it to be mined, either on your own or through mining pools. At this time, Dash is one of the most profitable cryptos to mine.
Unlike Bitcoin, though, Dash must be mined through a process called Dash mining. Instead of the typical mining system, Dash allows for larger incentives to speed the system up. This is the reason it’s so profitable.
The process, though, is essentially the same as all other cryptocurrency mining. To get started, you set up your machine, connect it to the internet, and let it work. The recommended equipment for mining Dash is ASIC because of its efficiency. This piece of hardware allows for the most profitability in the least amount of time. However, they are expensive.
You can also effectively mine with a CPU or GPU, but they work a bit slower.
10. Dogecoin (DOGE)- Fastest Growing Cryptocurrency to Mine
- Current Mining Reward: 10,000 DOGE/block
- Current Number of Blocks: 4,607,823
- Profit / Month: $269.36 approximately
Doge was initially launched in 2013 as a sarcastic meme coin and never quite gained traction. In early 2021, however, it quickly grew into an internet sensation following a massive movement of Gamestop stock that made many individuals rich quickly.
It reached its all-time high of 74 cents in May of 2021 when the internet attempted a coordinated purchase to mimic the Gamestop buyout.
Because of the source of its creation, though, it doesn’t have much real-world utility, which prevents its price from climbing too high. Rather, the impressive community backing it is what supports it.
Today, Dogecoin has secured its place among one of the best profitable cryptos to mine in 2023. Each block takes less than a minute to validate and awards 10,000 Dogecoin. Its profitability naturally depends on the current market price, but at that number, it’s easy to make a profit even with the high energy consumption.
Furthermore, Dogecoin is also currently the crypto with the largest market cap in this list, even since its popularity has diminished since 2021. This, in combination with the fact that it is becoming more widely accepted as a payment method, makes it one of the best profitable cryptos to mine right now.
Cryptocurrency is one of the fastest-growing industries in the world, and it doesn’t appear to be slowing down anytime soon. 2023 brought with it many surprises in the crypto sector, including new coins that sport higher returns than ever and new opportunities to break into the market.
For those new to the industry, though, there are just as many lucrative opportunities with tokens that are already well established.