The Top 7 Ethereum Mining Alternatives
Reading Time: 4 minutesIt’s time to turn your mining attention elsewhere; these are the best Ethereum mining alternatives.
The Ethereum Merge is great news for many transaction speeds and fees but not so great for miners. Switching to the proof of stake consensus mechanism means Ethereum no longer needs to be mined, so miners have now lost a stream of income. But there are other cryptocurrencies that you can mine using your GPU. So, let’s discuss the best Ethereum mining alternatives for you.
1. ZCash (ZEC)
ZCash is a privacy coin that allows users to hide their wallet addresses when conducting transactions. This crypto operates using the proof of work mechanism, and it is a solid mining option for those with GPUs.
ZCash uses the Equihash mining algorithm, making it resistant to ASIC mining. This is great news for GPU owners, as it cuts out a big chunk of competition.
At the time of writing, the ZCash mining reward sits at 3.125 ZEC, which currently amounts to just over $140. The network has a block time of 75 seconds, which is lower than other popular proof of work cryptos like Bitcoin and Litecoin.
2. Vertcoin (VTC)
Launched in 2014, Vertcoin is another ASIC-resistant cryptocurrency ideal for GPU mining. Note that you can’t mine Vertcoin using a CPU. The Vertcoin blockchain uses the Verthash algorithm, which shares similarities with the more popular Ethash algorithm.
Vertcoin’s development team offers a software program specifically designed for Vertcoin mining, known as One-Click Miner. You can download this program for free on GitHub via the Vertcoin website.
At the moment, the Vertcoin block reward is 12.5 VTC, which currently equates to around $1.80. This is a pretty small reward and may be off-putting for some. So, if you want to mine Vertcoin, be prepared to have a smaller income stream than you would mining some other proof of work cryptos.
3. Ethereum Classic (ETC)
Ethereum Classic is an Ethereum blockchain hard fork, which, unlike Ethereum 2.0, still uses the proof of work mechanism.
The Ethereum Classic blockchain was formed as a result of the hack of The DAO in 2016. After the enormous hack, community members couldn’t agree on how to resolve the issue. Some wanted to reverse the blockchain, while others believed that the blockchain should remain totally immutable. This led to a compromise, which gave way to Ethereum as we know it, while Ethereum Classic continued without change.
Ethereum Classic uses the Etchash mining algorithm and can be mined using GPUs. The current reward for mining a block is 3.2 ETC, which equates to around $63. This is a solid block reward and can make for a healthy income stream. But it’s worth noting that Ethereum Classic’s mining difficulty is rising as the network becomes more popular.
Various Ethereum Classic mining software programs are available today, including GMiner and NBMiner.
4. Ethereum Proof of Work (ETHW)
Ethereum Proof of Work (EthereumPoW) is another fork of the Ethereum blockchain that still uses the proof of work consensus mechanism. This cryptocurrency was launched via an Ethereum hard fork to support miners after the Ethereum Merge, which made them redundant when the consensus mechanism switched to proof of stake.
It’s worth noting that Ethereum Proof of Work is still a fairly new cryptocurrency at the time of writing, so there is no long-term data on its viability as a mining option. One ETHW coin is currently worth around $3.70, which is a far cry from the current worth of Ether. But this price may increase if Ethereum Proof of Work becomes a more popular asset for mining.
5. Ravencoin (RVN)
Ravencoin has been a popular mining option for some years now. Launched in 2018, this asset is heavily inspired by Bitcoin. However, unlike Bitcoin, Ravencoin is ASIC-resistant. This means that its mining algorithm favors GPU mining above ASIC mining. So, if you’ve got a GPU or GPU rig, Ravencoin mining could suit you.
Ravencoin also differs from Bitcoin in its mining algorithm. Ravencoin uses the X16R mining algorithm, which is designed for ASIC resistance. X16R can also better maintain network decentralization than Bitcoin’s SHA-256.
Ravencoin isn’t worth much at the time of writing, sitting at a value of around 20 cents. But this doesn’t mean it isn’t a viable mining option. The Ravencoin block reward is currently 2500 RVN, which equates to $500. The network’s block time is one minute and has a mining difficulty of 126.65K. Like Ravencoin’s price, these two figures are subject to change.
You can mine Ravencoin via numerous popular mining programs, such as GMiner, T-Rex, and NBMiner. These are all free to download.
6. Ergo (ERG)
You may not have heard of Ergo before, but this asset has a strong foothold among GPU miners. Founded in 2019, the Ergo blockchain allows developers to create decentralized apps (DApps). Like many other cryptocurrencies listed here, Ergo is ASIC-resistant, so it’s a viable choice for ex-Ethereum miners.
Ergo uses the Autolykos v2 mining algorithm and is even available for GPU miners with as little as 3GB RAM. The current Ergo mining reward is 66 ERG, which amounts to around $90 at the time of writing. You can mine Ergo using a variety of software programs, including NBMiner and T-Rex. The mining difficulty is pretty low, so you won’t have to fork out a huge amount of hash power to mine successfully.
7. Haven Protocol (XHV)
Haven Protocol is inspired by Monero, a privacy coin many use to maintain their anonymity when dealing with crypto. Haven Protocol is also concerned with privacy and hosts the world’s only network for private stable assets, including several fiat currencies.
Haven Protocol’s native currency, XHV, can be mined using GPUs and is ASIC-resistant. You can also use a CPU to mine this asset if you’re working with a tighter budget. The current Haven Protocol block reward is 7 XHV, or $3. The block time stands at two minutes, which isn’t as bad as Bitcoin but isn’t exactly fast. But you can make a steady (though small) income stream by mining this asset.
The Ethereum Merge Hasn’t Ended GPU Mining
The GPU mining industry has certainly taken a hit through the Ethereum Merge, but this doesn’t mean that it is dead in the water. There are still plenty of cryptocurrencies out there that you can switch to if you want to continue in your venture, so check out the list above to see which is right for you.
Reference: https://www.makeuseof.com/top-ethereum-mining-alternatives/
Ref: makeuseof