CPU Mining: Most profitable crypto coins in 2024
3 min readCPU Mining 2024 Guide
CPU Mining means using the central processing unit(CPU) on a computer to mine cryptocurrency.
Cryptocurrency Mining on computers originally started with Bitcoin(BTC) mining back in 2009 when it was lesser known.
Though it is no longer profitable to mine Bitcoin from a simple computer, and attempting to it likely blow up your computer up, there are a few lesser know coins which were created specifically to be ASIC resistant in order to be efficient for computer mining.
How to find the best coins
The word crypto is derived from the word ‘cryptography’ which is defined by Wikipedia, ‘The art of solving problems’.
This also known as ‘encryption’.
Step 1: Making a list
Go the Bitmain Website and go through all the algorithms.
There are many popular cryptocurrencies such as Dogecoin and Litecoin which claim to be CPU mineable.
Just because you can, doesn’t mean you should.
However, the likelihood of you ever earning any of those cryptocurrencies by mining a simple computer is very unlikely.
Unless, you actually do want want to invest in more power equipment in order to compete.
Step 2: Choosing the best coins
Once you have found which coins not to mine, then you want to go to Coinmarketcap and filter out the non-mineable coins.
Because of all these problems with Bitcoin, many people have been trying to create ASIC resistant cyptocurrencies.
Remember that no algorithm is 100% ASIC resistant and companies such as Bitmain have made it their mission to decrypt popular coins.
Look for ASIC Resistant Coins
Ideally, you are looking for projects which are constantly releasing update and the founders are very vocal about being ASIC resistant.
Pro tip: Regular forks are usually a good example that the devs are taking on the ASIC war head on.
Check the vibe in the telegram group and ask the founders directly their thoughts on ASIC mining.
Several cryptocurrencies ASIC resistant but are open to GPUs (graphic processing unit)
If you are a gamer and already have the equipment, you are looking for are the coins that can not be mined on ASIC miners.
Look for coins which are listed on exchanges.
Before getting in, make sure you know how to get out.
Projects in their earlier faces are more likely to be listed on decentralized exchanges than centralized cryptocurrency exchanges.
Possible but not profitable coins
- Script
- Dash
- Dagger Hashimoto – Ethash Algorithm
Getting Started
Step1: Get a blockchain wallet
What you will need
- Crypto Wallet
- Paper and pen to save your keys
- Laptop or computer
- An exchange to cashout (see above)
Step 2: Create your wallet
If you decided to go for a project in their early phases, it is likely that they are not listed on popular multi-cryptocurrency wallet like Exodus,
- Go the project website, there should be a participate.
- Click Wallet or Scroll down towards the wallets.
- Save the file to your computer.
- Extract the files from the Zip folder.
- Decent projects usually have some sort of wiki or knowledge base.
- If this does not work for you, like it didn’t for me, click on the folder called vcredistx64 first and it will install a Microsoft Visual Software ( I am using Windows).
Step 3: Sync your wallet to the blockchain
- The next step is usually to encrypt your wallet by clicking on Settings=>Encrypt
- Wait for the Green check in the lower left hand corner for your wallet to fully sync with the blockchain.
Then you’re good to go
This may take a while so I would recommend signing up to a cryptocurrency exchange in the meantime to cash out your cryptocurrency.
The sign up process takes only a few minutes.
As a safety precaution, remember to activate Google Authenticator
Earning your first crypto
This is just a waiting process
Once you have earned enough crypto satisfy the minimum required by the exchange, hit the send button.
Is CPU mining profitable?
Many miners will say that cryptocurrency mining is about betting on the future value of cryptocurrency.
However, I believe that the best mindset is to simply support your favorite project and the same time learn how blockchain works.
Simply because it can take years before a cryptocurrency can become profitable and as there are so many cryptocurrencies, the odds of new cryptocoins succeeding are decreasing.
In other words, you are mining coinXwith hope that its value will increase in the future.
The Truth
The reason many people become rich with cryptocurrency mining is because they did it to support the network and MOST IMPORTANTLY held on to their coins.
Getting profit was just a bonus for their passion.
It is important to remember that investing in any cryptocurrency is a high risk investment which makes cryptocurrency mining even more high risk.
Advantages of CPU Mining
- CPU mining is good option to see if mining is for you before investing larger amounts of money.
- This method allows a person to understand how blockchains work.
- Anybody with a computer can mine.
- There are some coins which can be mined only on CPUs.
- Entering the market early.
Disadvantages of CPU Mining
- It may burn your processor. (not recommended on laptops for certain coins)
- Can easily become unprofitable as operational tend to be more than the coins received.
- Many of the block rewards are worth only a few cents.
- Some coins won’t become profitable until a few years.
Mistakes to avoid
The biggest mistake you can do is rely on forums or google to help you find coins.
Why?
Because by the time search engines have picked it up, it is usually TOO LATE.
The shoe shine boy rule
Joe Kennedy famously became famously rich when he exited the stock market before the 1929 depression.
You know it’s time to sell them the shoe shine boy gives you stock tips.- Joe Kennedy
Because cryptocurrency is still in its early phases and has not reached the shoe-shine level yet.
This rule applies to cryptocurrency mining, because the less users the cheaper the mining cost and the less mining difficulty.
Alternatives
If you are looking for a safer investment, consider simply buying cryptocurrencies and trading or holding them.
1. Cloud mining
Cloud mining has been marketed as a lower risk entry point.
You are not actually mining and instead giving another company money to mine for you.
Check out my experience with cloud mining here: Genesis Mining Review
2. Decentralized internet
Here is something cool I’m looking into:
A friend on mine is deep into HNT which is a decentralized internet blockchain project.
Apparently, for $500 you just install the antenna on your roof and capture a signal for another antenna.
And you get rewarded in HNT tokens.
Is it cheaper to buy the tokens on an exchange? – YES
But does it sound cool to be a part of ? Also yes
Will it generate passive income in bear market? Absolutely not!
Bottom Line
I recommend giving it a try just for fun if you have an old computer lying around.
This will give you an idea of how mining works, and potentially get an edge to spot good projects in their early phases.
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