Is individual mining a thing of the past? Mining these coins is still profitable in 2020

Cryptocurrency mining is becoming increasingly competitive. In the past, anyone with a PC could profit from mining, such as the early days of Bitcoin mining, which only required a computer, but now you need expensive mining equipment to have a chance of making a profit. So, what are the most profitable cryptocurrencies to mine in 2020?

If you have millions of dollars to invest, Bitcoin is the most profitable

Cryptocurrency mining profitability is very nuanced and depends on a variety of variables such as hardware, electricity costs, and the type of cryptocurrency you wish to mine.

Bitcoin is currently the most profitable coin to mine, although in most cases it is not the most profitable if you are an individual miner. Bitcoin mining is extremely competitive and requires specialized hardware with ASIC (Application Specific Integrated Circuit) chips and cheap electricity to maximize profits.

Bitcoin is mined primarily by large companies that invest millions of dollars in thousands of ASIC miners, cooling systems, and operate in countries with competitive electricity prices. At current Bitcoin prices, miners are able to earn $14.13 million in block rewards per day.

Besides Bitcoin, which cryptocurrency mining would bring you the most profit?

Ethereum - This second most popular cryptocurrency is the most profitable for most home miners. Ethereum still supports GPU mining, although mining rig manufacturers have developed more advantageous ASIC miners for Ethereum mining, which makes GPU mining less profitable. ProgPOW is a mining algorithm change that aims to restore ETH mining's resistance to ASIC miners, but it seems unlikely that ProgPoW will be implemented at this time. After Ethereum switches to PoS (abandoning PoW mining), these Ethereum miners can also be used to mine other coins using the ETHASH mining algorithm.

Ethereum Classic (ETC) – This is another ETHASH cryptocurrency that is profitable for home miners using GPU mining rigs. After the release of Ethereum 2.0, it is expected that the original Ethereum miners will switch directly to ETC mining, and the ETC hashrate is expected to climb significantly.

Grin — Grin’s CR29 and CT31 hashing algorithms are also profitable for home miners. Grin is designed to be ASIC-resistant similar to ETH and other coins, with the goal of keeping mining decentralized and accessible to amateur miners.

Haven Protocol — Haven uses Cryptonight, a PoW algorithm that is also used by Monero and several other cryptocurrencies. Nvidia and AMD graphics cards are better suited for mining Cryptonight efficiently, and both can be used to mine Haven.

BitTube – BitTube is a decentralized Youtube alternative based on the blockchain. Content creators can get paid in TUBE tokens. BitTube also uses the Cryptonight mining algorithm and is a smaller coin that has proven profitable for GPU miners in recent history.

In addition, there are many smaller capped coins that can be equally profitable to mine. However, many of the smaller capped projects may disappear at any time, or be hacked or become scams. Therefore, these smaller projects pose a higher risk to miners trying to get a return on the purchased hardware, and it is not recommended to invest too much money in mining these small coins.