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Crypto miners enjoyed one of the best years in history. With many coins skyrocketing to all-time highs and adoption growing exponentially, mining was more profitable than ever.
However, some coins definitely did better than others in terms of mining. Let’s see which were the best cryptos to mine in 2021. Please note that this is only based on total miner revenue in US dollars on a daily basis throughout the year.
1. Dogecoin (DOGE)
Dogecoin had an amazing year. Pushed by its passionate community and enjoying the support of Elon Musk, the popular meme coin reached an all-time high of $0.68, gaining ~7,455% since the start of the year at $0.009.
Regarding mining, Dogecoin was discreet until April, when its price surged unprecedently. Since then, Dogecoin mining revenue climbed to third place in the ranking and never came back down.
Dogecoin miners averaged revenue of ~$3M a day. The most profitable day was May 7, when they earned $9.55M in DOGE.
2: Bitcoin (BTC)
Bitcoin started the year hovering around $22,000, although it quickly started surging. By April, it had reached $63,000 for the first time ever.
Not long after, the Chinese crackdown on crypto mining led to the loss of more than half the network’s hashrate. Difficulty dropped abruptly, leading to an unusually high profitability period. Price soon followed.
Bitcoin’s price recovered quickly, but hashrate took months. As a result, miners who remained online enjoyed mining at an all-time high BTC at a reduced difficulty.
3. Ethereum (ETH)
As its blockchain has switched to the proof-of-stake consensus mechanism, Ethereum can no longer be mined. Instead, you can opt to stake it
Ethereum had to do a hard fork back in 2016 in order to recover from a DAO attack. Ethereum Classic is, just as the name suggests, a slightly modified and upgraded version of that original, pre-2016 Ether. It can be mined using CPU and graphics cards.
With a market cap of around 6 billion USD, Ethereum Classic undoubtedly has a lot of fans, albeit fewer than its younger cousin. As a result, it also requires a considerable amount of computing power to get the block mining reward – but is likely to give miners stable profit in the long run, considering it’s an established cryptocurrency. Overall, it can be thought of as a nice alternative to Ethereum – the reduced complexity of mining Ethereum Classic is balanced out by its less stable and lower price.
Top 3 cryptocurrencies with the highest mining profit of 2023
