- Although many people understand Bitcoin to be a proof-of-work (PoW) network, mining Bitcoin isn’t always the most profitable PoW asset.
- Since the hashprice of Bitcoin is so low, miners are focusing more and more on mining Kaspa (KAS) and Alephium (ALPH).
- According to the most recent mining data, these two digital currencies presently provide the greatest income for miners.
Cryptocurrency Miners Go Beyond
As of today, in the final four months of 2024, the fourth most profitable way to mine bitcoin is by employing the SHA256 consensus algorithm. The most profitable bitcoin mining rig as of August 21, 2024, is Microbt’s Whatsminer M63S, which generates $9.08 daily with its 390 terahash per second (TH/s) of hashpower.
As of right now, asicminervalue.com reports that a Blake3-powered Bitmain ALPH miner AL1, with a throughput of 15.6 TH/s and an efficiency rating of 225 joules per terahash (J/T), may generate $308 daily after deducting $0.04 for each kWh of electricity used. Blake3 hashing power is mostly focused on Alephium, although it also supports the Decred network.
Layer 1 (L1) blockchain Alephium presents a unique consensus technique called proof-of-less-work (PoLW), which is a modification of the classic proof-of-work (PoW) paradigm. Alephium’s hashrate was cruising at 500.8 terahash per second (TH/s) on February 20, 2024. However, as of right now, it is accelerating at 2,850 TH/s, or 2.85 petahash per second (PH/s).
The value of ALPH has risen by 586% against the US dollar in the past year, and on February 27, 2024, it reached its all-time high (ATH) of $3.86. Around 59% down its peak, ALPH is currently trading at $1.53 per coin as of August 21. With a hashpower of 16.6 TH/s, Bitmain plans to release the AL1 Pro miner in September, with a possible daily revenue of $327. Even though this beast hasn’t arrived on store shelves yet, the first model in the AL1 series costs $41,800 apiece.
Bitmain’s KS5 Pro, which generates about 21 TH/s of Kheavyhash hashpower, is the next most profitable device. According to data as of August 20, this Kaspa network miner can produce roughly $26.48 per day, assuming $0.04 per kWh for power. The Ghostdag protocol is used by the PoW coin Kaspa. Ghostdag, in contrast to traditional blockchains, aligns parallel block production in consensus by allowing it to coexist rather than be deleted.
In addition, Kaspa’s hashrate has surpassed Alephium by a large margin, now hovering around 824 PH/s, an all-time high. Over the past year, the Kaspa network’s native token, KAS, has grown by 283%. Based on current measurements, the original KS5 model continues to generate approximately $25 per day in revenue alongside the Antminer Pro. Bitmain’s Antminer L9 Scrypt miner is still more profitable than the top Bitcoin miners right now, even after the AL1s and KS5s.
The L9 earns approximately $15.96 daily, however the Whatsminer M63S only makes $9.08. L9 units give users the option to mine either LTC or DOGE at their discretion. The world of cryptocurrency mining is changing quickly, and miners are adopting new technology and networks in an effort to increase their profitability. The majority of significant miners haven’t formally declared their forays into other cryptocurrencies, however MARA, a publicly listed bitcoin miner, revealed that it was mining KAS. Considering the current condition of Bitcoin mining, it’s highly probable that additional people are researching different currency.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
