Which cryptocurrencies can be mined: overview by algorithm and hardware
Only cryptocurrencies that use Proof of Work can be mined – that is Bitcoin, Litecoin, Dogecoin, Kaspa, Zcash, Monero and dozens of others. Each of them has its own algorithm, and that determines what it can be mined with: for most big coins only an ASIC miner pays off today, a smaller number are mined on graphics cards or on a CPU. Proof of Stake coins, such as Ethereum, Solana or Cardano, cannot be mined at all.
Summary
- What to mine with is decided by the coin's algorithm, not its name. One miner therefore often mines several coins with the same algorithm.
- SHA-256 (Bitcoin and related coins), Scrypt (Litecoin + Dogecoin), kHeavyHash (Kaspa), Equihash (Zcash) and X11 (Dash) are today purely the domain of ASIC miners.
- On a CPU it mainly makes sense to mine Monero (RandomX); on graphics cards, smaller coins such as Ravencoin or Ethereum Classic.
- Ethereum has not been mined since September 2022 – it switched to Proof of Stake.
Overview of mineable cryptocurrencies by algorithm
| Algorithm | Coins | Mined with | Note |
|---|---|---|---|
| SHA-256 | Bitcoin, Bitcoin Cash, Bitcoin SV, eCash | ASIC | the same miner mines all four; more coins in the list of SHA-256 coins |
| Scrypt | Litecoin, Dogecoin | ASIC | merged mining – both coins at once |
| kHeavyHash | Kaspa | ASIC | no longer pays off on GPUs |
| Equihash | Zcash | ASIC | Antminer Z15 |
| X11 | Dash | ASIC | Antminer D9 |
| Blake2b | BTCB2, Siacoin | ASIC | mined alternately, not simultaneously |
| Blake3 | Alephium | ASIC | formerly GPUs too, today ASICs dominate |
| Aleo PoSW | Aleo | ASIC, GPU | a network based on zero-knowledge proofs |
| SHA3x | Tari | ASIC | Tari also has a second algorithm, RandomX, for CPUs |
| VersaHash | InitVerse | ASIC (INIBOX) | a young project, higher risk |
| XPHash | Xphere | ASIC (IceRiver XP0) | the network's own algorithm |
| RandomX | Monero | CPU | deliberately ASIC-resistant |
| KawPoW, Etchash | Ravencoin, Ethereum Classic | GPU (Etchash also ASIC) | for current earnings see graphics card profitability |
Why not everything can be mined
Mining is the way a Proof of Work network chooses who adds the next block. A miner tries an enormous number of calculations, and whoever finds a valid result first receives the reward. Proof of Stake networks use staked coins instead of calculations – there is nothing to mine there, only to “stake”.
For Proof of Work coins, the algorithm decides which hardware is suitable. On SHA-256 an ASIC miner is tens of thousands of times faster than a graphics card, so mining Bitcoin on a GPU or CPU makes no economic sense today. Monero, on the other hand, designed its algorithm so that ASICs have no advantage.
Example: one machine, several coins
A SHA-256 Antminer can switch between Bitcoin, Bitcoin Cash or eCash just by changing the pool. At today's difficulty and exchange rate, 1 TH/s earns 0,84 Kč a day on Bitcoin and 0,81 Kč on Bitcoin Cash; the differences tend to be small. Scrypt is different: Litecoin and Dogecoin are mined simultaneously, so the earnings of both coins add up (1,86 Kč + 10,60 Kč per 1 GH/s a day).
Why it matters for miners
When choosing a miner, you are mainly buying an algorithm. If the price of one coin falls, the machine can mine another with the same algorithm. But if a network changes its algorithm or moves to Proof of Stake, as Ethereum did, the hardware becomes unusable for it. That is why it pays to follow the state of the network, not just current earnings. How to choose a specific machine is described in the article How to choose an ASIC miner.
Related terms
- ASIC miner – a machine built for a single algorithm.
- Proof of Work vs. Proof of Stake – why some coins cannot be mined.
- Graphics cards for mining – what is left for GPUs today.
What next
Which coins and machines are earning right now can be compared in the tables of ASIC miner profitability and graphics card profitability. Ready-made machines by algorithm can be found in the ASIC miners collection.
Sources
Frequently asked questions
Can Ethereum still be mined?
Which cryptocurrency can I mine on an ordinary computer?
Can one ASIC miner mine more than one cryptocurrency?
Why isn't Bitcoin mined on graphics cards?
This text was prepared with the help of AI. Facts, figures and procedures were checked by Yegor.
